Institutional Environment as a Factor in the Development of Financial Intermediation System in Transition Economies |
Author: Mariam A. Voskanyan, Cand. Sc. (Ec.), AssistantProf., Head of Economic Theory and Transition Economics Dept., Russian-Armenian (Slavonic) University Abstract: The globalization that has significantly accelerated over the past two decades has led to the elimination of borders what allowed expanding investment opportunities of the country if there is a favorable investment climate. What is even more important it is the creation of an institutional environment for generating and accumulating domestic savings and their subsequent transformation into longterm financial assets. The article presents the results of a study devoted to the identification of regulatory, monetary and fiscal mechanisms which facilitate the formation of the institutional environment as a factor in the development of institutions of financial intermediation in developing and transition economies. Keywords: Institutional environment, mechanisms of state regulation, financial sector, developing and transition economies |