№ 4/2018

Fìnansi Ukr. 2018 (4): 115–126https://doi.org/10.33763/finukr2018.04.115

THEORY AND HISTORY OF FINANCES

KRAUS Nataliia

Institutional cross-section of the dychotomia of valid and new institutes of financial sector development under innovatization

The institutional cross-section of the dichotomy of valid and new institutions of the development of the financial sector is investigated in the article. The content of formal and informal institutions of financial development through the prism of evolutionary and institutional paradigms is substantiated and disclosed. It is concluded that formal institutions of finance are a way to organize the financial relations, considering the economical and account formalization of relations, statuses and norms, and informal institutions that have developed spontaneously and formed financial and economic interrelations, interactions and norms of interpersonal and intergroup communication between financiers and economists. An informal financial institution arises where the formal financial institution ceases to operate. Using the scientific category of “dichotomy”, the institutional support of the sphere of finance has been able to represent in a logical combination of two components: formal and informal institutions and “old” and “new” financial institutions of development. As a result of theoretical and methodological analysis of formal and informal institutions in the field of finance, it is found that financial institutions are in the process of continuous improvement through changes in certain institutions. In practice, it becomes a form of improvement of the normative framework of the financial sector, the formation of new traditions and rules of business ethics and financial culture. Evolutionary development of financial system is carried out through constant and diligent work on careful study and substantiation of the need to improve the conditions for the interaction of financial actors that provide the best results of financial and economic activity. The content of such economic categories of the sphere of finance as: custom, informal habit, tradition, value, rule, norm and law are revealed. The author’s understanding of the following concepts are given: “financial order”, “institutional order of the financial sphere”, “institutional platform of the financial sphere”, “institutional palette”.

Keywords:financial order, dichotomy of institutes, formal financial institutions, informal financial institutions, valid and new financial institutions, institutional-evolutionary field

JEL: B52

Kraus N. . Institutional cross-section of the dychotomia of valid and new institutes of financial sector development under innovatization / N. Kraus // Фінанси України. - 2018. - № 4. - C. 115-126.

Article original in Ukrainian (pp. 115 - 126)

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