Igonina L.L.Financial University under Government of Russian Federation, Krasnodar branch, Krasnodar, Krasnodar Krai, Russian Federation LLIgonina@fa.ru
Importance The article examines theoretical and methodological approaches to analyzing the substance of the financial system as part of various economic teachings and views. Objectives The research substantiates an integrated approach to defining the financial system, thus getting a complement understanding of the financial system as a complex and multivariate economic phenomenon. Methods The research applies methods of logic, systems and comparative analysis. Results I studied and generalized theoretical views of the substance of the financial system that originated at various development stages of the science of finance. The article shows that the specifics of key approaches to understanding of the substance of the financial system stems from the specifics of research objectives, evolution of financial systems as part of social development, their specific historical and national differences. The research unveils principal conceptual determinants, which historically arose in foreign and national literature. I pointed out key approaches to defining the concept of the financial system and provided the rationale for the integral approach ensuring adequate theoretical comprehension and generalization of real processes in this area. Conclusions and Relevance This is an integrated approach that allows defining the substance of the financial system as a complex economic phenomenon as it reflects multifaceted nature of the phenomenon. The findings can be used as the theoretical and methodological basis for researches into the financial system, its qualitative and quantitative properties, and development paths.
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