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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