№ 2/2019

Fìnansi Ukr. 2019 (2): 20–42https://doi.org/10.33763/finukr2019.02.020

FINANCIAL GLOBALIZATION

LOVINSKA Ljudmyla ¹

¹Kyiv National Economic University named after Vadym Hetman
OrcID ID : https://orcid.org/0000-0001-5427-7185

Information asymmetry in a globalized economy and ways to overcome it

The article deals with the global economy information space structure, the determining factors of its formation in terms of modern conditions and the ways to overcome the asymmetry of economic information at the global level. The influence of the transnational corporations (TNCs) as the core economic agents in global economy on formation and development of the common global space of the economic information is investigated. It is proved that TNCs are an important factor in the information space transformation: firstly, due to the digitalization of national and world economies in the area of data processing and transmission and directly in the field of management of global monetary, financial and goods flows; and, secondly, due to the impact on information space quality producing the operational, accounting data, financial and non-financial reporting. The latter contains indicators serving as a source of information for aggregation by integration associations, unions and international organizations. The core indicators underlying the change of common space of the economic information in the global world economy are determined. These indicators include: its asymmetry caused, on the one hand, by information asymmetry as a feature of market economy at national and international levels, on the other hand – by the consequence of the global economy (asymmetry of economic development) and different methodological and methodical approaches to the formation of data in countries. It is underlined that at a global level the increase in strength of information asymmetry is characterized by other extent, deeper consequences and greater effort for its avoidance. Overcoming the economic information asymmetry, in particular accounting and statistical data occurs through standardization. The latter provides prerequisites for the development of accounting and statistical data systems based on common rules presented in national economies and enhances the unification of economic indicators and its calculation methodology. Legislative and normative information as the element of the global economy information space is developed on the basis of international law based on mechanisms for counteracting information asymmetry. The standardization of relations between trading partners through the accession to international blocks, unions, associations etc. is a preventive measure for the asymmetry of economic information at regional and global levels. It is noticed that crisis phenomena are influenced not only by the economic reasons but also by the inefficiency of regulation and control of international economic activities and certain asymmetry in legislative activities at the international level. The activities of OECD with G20 and FATF (BEPS project) are focused on avoidance of such asymmetry.

Keywords:globalization, information, information space, the transnational corporation, information asymmetry, accounting, statistics

JEL: F63, F65, F69

Lovinska L. . Information asymmetry in a globalized economy and ways to overcome it / L. . Lovinska // Фінанси України. - 2019. - № 2. - C. 20-42.

Article original in Ukrainian (pp. 20 - 42)

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