The Paradigm of Formation of Modern Financial Architecture

Abstract

The aim of the article is to study the paradigm of formation of modern financial architecture. It is proved that the paradigm of economic development in the context of a systemic crisis of management mechanisms is the designed format of the financial architecture to increase the predictability and manageability of the global financial system; trends in its development are identified. The systematization of generalizations of theoretical aspects concerning the paradigm of formation of modern financial architecture is presented. It is substantiated that the scientific investigation of the paradigm of formation and development of financial architecture in the context of financial development can serve as the basis for further research on the impact of financial development on economic growth of the national economy, with consideration for the role of financial architecture in this process. In this regard, the issue of modern financial science of XXI century is becoming relevant. It is concluded that the paradigm of formation of modern financial architecture can become the basis for studying organizational and methodological support to form the financial architecture of the Ukrainian economy, identifying modern trends in its development, presenting methodological approaches to analysis of transformations of financial architecture and considering the impact of financial globalization on the formation of the financial architecture of the national economy. Using a theoretical analysis, based on the Finance-Growth Nexus-FG model, the existence of a relationship between the degree of development of the financial architecture of the national economy and the level of economic growth of the country is revealed. It is determined that a stronger positive relationship is characteristic of countries with lower rates of economic development, a decrease in the degree of responsibility of dependence is characteristic of countries with a higher (complex) level of development of the financial system and financial architecture.

Keywords

• financial architecture
• national economy
• paradigm
• financial development
• economic growth