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Certain aspects of securities market development as a complex adaptive system

Vol. 22, Iss. 31, AUGUST 2016

PDF  Article PDF Version

Received: 5 April 2016

Received in revised form: 11 July 2016

Accepted: 8 August 2016

Available online: 30 August 2016

Subject Heading: Securities market

JEL Classification: G10

Pages: 32-41

Lakhno Yu.V. Rostov State University of Economics, Rostov-on-Don, Russian Federation
lachnojulia@gmail.com

Importance The securities market develops under the impact of many factors of external environment, including the domestic economic system, developed and developing economies, global markets of capital and goods. It is crucial to study the reaction of the entire system of the securities market to external influence.
Objectives The aim is to show the adequacy of the securities market to complex adaptive systems and reveal properties enabling the market to ‘survive’ in the constantly changing environment.
Methods The multidimensional consideration of the securities market rests on the use of a new approach within the economic theory, i.e. the system paradigm that explores the emergence, interaction, transformation, development and liquidation of economic systems, and methods of scientific knowledge, including induction, deduction and abstraction technique.
Results The paper defines the adaptive development of the securities market concept, highlights properties allowing the securities market to adapt to new environmental conditions, determines the patterns of its adaptive development.
Conclusions The securities market is a complex adaptive economic system. It has adapted to the influence of external environment. The findings may be useful for researching the rapidly developing modern securities markets.

Keywords: securities market, economic system, adaptability

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