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Title The financial instruments market – an institutional approach
Authors Dovhan, Zh.
Kravchuk, I.
Karas, P.
ORCID
Keywords financial instruments market
ринок фінансових інструментів
рынок финансовых инструментов
institution
установа
учреждение
transformation bridge
міст перетворення
мост трансформации
bounded rationality
обмежена раціональність
ограниченная рациональность
opportunism
оппортунізм
оппортунизм
Type Article
Date of Issue 2017
URI http://essuir.sumdu.edu.ua/handle/123456789/61724
Publisher Sumy State University
License
Citation Dovhan, Zh., Kravchuk, I., Karaś P. (2017). The financial instruments market – an institutional approach. Financial Markets, Institutions and Risks, 1(1), 22-28. http://doi.org/10.21272/fmir.1(1).22-28.2017.
Abstract In response to the last financial crisis new institutional reforms were implemented. The aim for these reforms is to save and secure the functioning of markets in financial instruments. It seems though that these efforts lack the clarity of the basic notion, which is the term “institution”. This weakness my cause interpretational problems on both theoretical and practical level. The aim of this article is to clarify the understanding of the notion of “institution” in finance. One of ways to achieve this goal is to present the institutional structure of the market in financial instruments, to specify the characteristics of both individual institutions and the whole environment in which they act. And, lastly, to outline an institutional transformation process which is driven by innovations. The classification of institutions is also proposed. As a result of analysis, following types of institutions are singled out: institutions in a broad meaning (established through institutional contracts), institutions in a narrow sense (norms and social rules). Additionally, the formal and informal institutions are distinguished.
Appears in Collections: Financial Markets, Institutions and Risks (FMIR)

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