Financial Analytics: Science and Experience

On functions of the national financial system

Vol. 10, Iss. 10, OCTOBER 2017

Received: 1 March 2017

Received in revised form: 28 August 2017

Accepted: 7 September 2017

Available online: 16 October 2017

Subject Heading: SCHOLAR DISPUTE

JEL Classification: B41, G00, G10, G20

Pages: 1188–1202

Igonina L.L. Financial University under Government of Russian Federation, Krasnodar Branch, Krasnodar, Russian Federation

Importance The article overviews conceptual approaches to analyzing the composition and content of functions of the national financial system as mentioned in the contemporary economic literature.
Objectives I review and summarize scientific stances on the composition and content of functions of the national financial system and justify my own opinion.
Methods The article draws upon methods of logic, systems, functional and comparative analysis.
Results I examine and summarize theoretical approaches to defining the composition and content of functions of the national financial system as formulated by various economic schools and streams. I point out distributive, regulatory, accumulative, controlling and communicative function. The potential of the national financial system shall be assessed by performance results.
Conclusions and Relevance Approaches to determining the functions of the financial system are mainly viewed through theoretical ideas of its substance. The composition and content of the functions were specified by summarizing complementary stances that exist in economic literature, and an integral approach that reflect multifaceted nature of the financial system. The findings can be used as a scientific basis for researches into the financial system, its functionality and their implementation degree.

Keywords: financial system, function, theoretical concept, effectiveness, functioning


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