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Institutions and instruments of the emerging financial market

Vol. 25, Iss. 2, FEBRUARY 2019

Received: 25 October 2018

Received in revised form: 8 November 2018

Accepted: 22 November 2018

Available online: 28 February 2019

Subject Heading: Financial system

JEL Classification: G00, G10, G20

Pages: 248–262

https://doi.org/10.24891/fc.25.2.248

L'vova N.A. Saint Petersburg State University, St. Petersburg, Russian Federation
n.lvova@spbu.ru

https://orcid.org/0000-0002-9467-2785

Darushin I.A. Saint Petersburg State University, St. Petersburg, Russian Federation
i.darushin@spbu.ru

https://orcid.org/0000-0001-5246-3056

Subject The paper discusses the issues related to emerging financial markets in the context of modern financial systems and methodological approaches to the assessment of financial development.
Objectives The paper aims to disclose the content and main characteristics of the emerging financial market in conjunction with the category emerging financial system and analyze the criteria to assess the level of financial development.
Methods For the study, we used the methods of logical analysis, theoretical generalization and systematization.
Results The paper identifies functional and institutional features of the emerging financial system and emerging financial market.
Conclusions An emerging financial market is part of the emerging financial system. The existing approaches to assess the level of development of the financial market do not consider the institutional and instrumental features of its functioning. The most important characteristic for an emerging financial market is the development of equity and debt and foreign exchange markets.

Keywords: financial market, financial system, financial services, financial institutions, financial instruments

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