Finance and Credit
 

On conceptual approaches to creation of the common financial market of EAEU member states

Vol. 24, Iss. 1, JANUARY 2018

Received: 25 October 2017

Received in revised form: 8 November 2017

Accepted: 22 November 2017

Available online: 29 January 2018

Subject Heading: Financial system

JEL Classification: E31, E44, F36, F45, F52

Pages: 5–18

https://doi.org/10.24891/fc.24.1.5

Zvonova E.A. Financial University under Government of Russian Federation, Moscow, Russian Federation
zvonovaelena7@mail.ru

https://orcid.org/0000-0002-8923-860X

Pishchik V.Ya. Financial University under Government of Russian Federation, Moscow, Russian Federation
pv915@mail.ru

https://orcid.org/0000-0002-9013-7670

Importance This paper considers the development of Eurasian economic integration after the creation of the Common Economic Space.
Objectives The article aims to develop conceptual approaches to the formation of EAEU common financial market.
Methods In this work, the methods of comparative and statistical analysis are used. The article explores the features of the EAEU Members' national financial markets.
Results The article highlights and analyzes the criteria, goals, objectives, principles and expected stages of common financial market construction and substantiates methodological approaches to the creation of the common financial market of the EAEC countries. As well, the article presents a classification of financial instability risks in the EAEU.
Conclusions and Relevance The article concludes that the principles, structure and content of the measures of the concept of formation of common financial market of the EAEU Member States should be based on the model of evolutionary progressive development of the process of integration of the financial markets of the participating countries, taking into account the peculiarities of national economies and financial systems. The results of the research can find practical application in the activities of the Eurasian Economic Commission, as well as the ministries of finance and central banks of the EAEU Member States. It is proposed to establish the Eurasian Financial Stability Board and supranational supervisory authority.

Keywords: financial market, banking services market, securities market, insurance market, financial stability, institutional structure

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