Igonina L.L. Financial University under Government of Russian Federation, Krasnodar Branch, Krasnodar, Russian Federation LLIgonina@fa.ru
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.
Levin R. Finance and Growth: Theory and Evidence. Handbook of Economic Growth. Eds. P. Aghion and S.N. Durlauf. Elsevier North Holland, 2005, рp. 866–934.
Stiglitz J. Financial Systems for Eastern Europe’s Emerging Democracies. San Francisco, International Center for Economic Growth Publication, 1993, 41 р.
Merton R.C., Bodie Z.A. Conceptual Framework for Analyzing the Financial System. In: The Global Financial System: A Functional Perspective, by D.B. Crane, K.A. Froot et al. Boston, Harvard Business School Press, 1995, рр. 3–31.
Molchanova N.P., Molchanov I.N. [The financial system in the national economy: The formation and development]. Audit i finansovyi analiz = Audit and Financial Analysis, 2016, no. 1, рр. 217–225. (In Russ.)
Igonina L.L. Finansovaya sistema i ekonomicheskoe razvitie: monografiya [The financial system and economic development: a monograph]. Moscow, Rusains Publ., 2016, 140 р.
Rodionova V.M. [The substance of finance and their role in the market economy]. Finansy = Finance, 2010, no. 6, pp. 60–66. (In Russ.)
Rubtsov B.B., Seleznev P.S. Sovremennye tendentsii razvitiya i antikrizisnogo regulirovaniya finansovo-ekonomicheskoi sistemy:monografiya [Modern trends in developing crisis management and the economic and financial system: a monograph]. Moscow, INFRA-M Publ., 2015, 180 р. (In Russ.)
Sabitova N.M. [The conceptual apparatus in finance]. Vestnik Finansovogo universiteta = Bulletin of the Financial University, 2014, no. 1, pp. 74–80. (In Russ.)
Easterly W., Islam R., Stiglitz J. Shaken and Stirred: Explaining Growth Volatility. Crises and Recovery. Annual Bank Conference on Development Economics. Washington D.C., World Bank, 2001, рр. 191–211.
Denizer C., Iyigun M., Owen A. Finance and Macroeconomic Volatility. Policy Research Working Paper Series, 2000, no. 2487.
Beck T., Lundberg M., Majnoni G. Financial Intermediary Development and Growth Volatility: Do Intermediaries Dampen or Magnify Shocks? Journal of International Money and Finance, 2006, vol. 25, iss. 7, рр. 1146–1167.
Musgrave R. Gosudarstvennye finansy: teoriya i praktika [Public Finance in Theory and Practice]. Moscow, Byudzhet Publ., 2009, 708 p.
Rousseau P.L., Sylla R. Financial Systems Economic Growth and Globalization. In: Globalization in Historical Perspective. University of Chicago Press, 2003, pp. 373–413.
Abramova M.A. Natsional'naya denezhnaya sistema: teoriya, metodologiya issledovaniya, kontseptsiya razvitiya v usloviyakh modernizatsii sovremennoi ekonomiki: monografiya [National monetary system: Theory, research methodology, development concept during the modernization of contemporary economy]. Moscow, INFRA-M Publ., 2014, 380 р. (In Russ.)
Mirkin Ya.M. Finansovoe budushchee Rossii: ekstremumy, bumy, sistemnye riski [The financial future of Russia: Extremes, booms, systemic risks]. Moscow, GELEOS Publishing House, Capital Trade Company Publ., 2011, 480 р. (In Russ.)
Igonina L.L. [Financial determinants of the economy and social sphere development of Russia]. Mezhdunarodnyi zhurnal prikladnykh i fundamental'nykh issledovanii = International Journal of Applied and Basic Research, 2014, no. 10-3, pp. 74–78. (In Russ.)
Parsons T. Sistema sovremennykh obshchestv [Structure and Process in Modern Societies]. Moscow, Aspekt Press Publ., 1998, 270 р.