Money, finances and credit

Categorical basis of financial development process

Economic Annals-XXI

Economic Annals-ХХI: Volume 152, Issue 7-8(1), Pages: 78-81

Citation information:
Medvedieva, I., & Ahapova, M. (2015). Categorical basis of financial development process. Economic Annals-XXI, 7-8(1), 78-81. https://ea21journal.world/index.php/ea-v152-19/

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Iryna Medvedieva
PhD (Economics),
Associate Professor,
Simon Kuznets Kharkiv National University of Economics
9 Lenin Ave, Kharkiv, 61166, Ukraine
Iryna.Medvedieva@hneu.net

Mariia Ahapova
PhD (Economics),
Associate Professor,
Simon Kuznets Kharkiv National University of Economics
9 Lenin Ave, Kharkiv, 61166, Ukraine
Mariya.Agapova@hneu.net

Categorical basis of financial development process

Abstract. Introduction. The weakest part of the national economic system is a subsystem of formation, distribution and redistribution of financial resources which ensures its sustainability in general. Therefore, in crisis conditions the issue of managing financial development receives special urgency.

Purpose of the paper is summarizing of approaches to determining the nature of the category «development» and the concept of «financial development».

Results. The essence of the category «development» is studied in the paper in connection with those categories of dialectics as the content and form, cause and consequence, possibility and reality. With regard to the summary of modern approaches to understanding the concepts of economic growth and economic development, it was proved, that development of any system is transition to more qualitative state through complication of its structure which is characterized by the absence of contradictions between form and content. The difference in understanding key features of the concept «financial development» by national and European scientists has been determined, which consists in giving preference by the latter to financial intermediation being the instruments of access to capital markets and financial services. We have formulated our own vision of the «financial development» concept which is relevant at the present stage of formation of Ukrainian society.

Conclusions. The categorical background of defining the essence of the concept «financial development» should take into account the need to shift focus from the administrative and fiscal component of distribution function of finance towards mechanisms of market regulation which will facilitate harmonization of modern requirements for the content of financial relations with the form of their implementation.

Keywords: Categories of Dialectics; Contradiction; Qualitative State; Development; Financial Development

JEL Classіfіcatіon: O11; O16; B30; E69

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Received 24.04.2015

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