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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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File | Size | Format | Downloads |
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Dovhan_Kravchuk_Karas_FMIR_1_2017_22-28.pdf | 462,26 kB | Adobe PDF | -320648986 |
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