National Financial Market under Modern Conditions: Functions and Structure

The presented study aims to systematize approaches to the interpretation of the essence and structure of the financial market in theoretical and practical terms.

Aim. The study aims to determine the direction in which the substantive and analytical aspects of interpretations of the financial market are developing.

Tasks. The authors systematize modern approaches to determining the essence of the financial market, examine views and opinions on the functions of the financial market, and generalize approaches to breaking down the composition of the financial market. Based on the determined approach to structuring the financial market, the authors provide a generalized analytical description of the national financial market of the Russian Federation.

Methods. This study describes the results of the examination of modern development of the conceptual framework of the financial market in terms of determining its essence, identifying its functions, and describing its structure. It also analyzes the structure of the Russian financial market. For the analysis, the study uses data available on the official website of the Central Bank of the Russian Federation. Examination of empirical data is preceded by a detailed description of the essence of contemporary discussions on the development of financial market theory.

Results. The current methodological framework of development of the terminology of financial market theory are characterized. Approaches are identified for the following fundamental areas of theoretical research: determining the essence of the financial market, specifying the functions of the financial market, and forming the structure of the financial market. The structure of the Russian financial market is analyzed, and the area of emerging imbalances is briefly described.

Conclusions. The ongoing rapid development of financial markets requires theoretical concepts to be updated. The Russian theory of financial market development is currently characterized by the accumulation of new facts that are yet to be fully evaluated. Nevertheless, new practical experience facilitates discussion and scientific search for solutions to the problem of updating the theoretical concepts of the financial market to clear the path to its effective development.

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