New configuration of the international capital market in the system of crisis development.

Abstract

In article analyzes the performance of key sectors of the global economy over the last decade and a trend of dynamic development of the capital market in comparison with other sectors of the world economy. Identified strengthening the role of capital markets in developing countries, over the last ten years, their growth rates were several times higher than in developed countries, which contributed to the formation of a new configuration of the institutional development of international capital markets in the system of crisis development. The rapid development of today's global financial crisis and its transformation into an economic structure, questioning many proven theoretical approaches and empirical solutions that can quickly stop the proliferation crisis sample of the twentieth century. Because of this, there was a theoretical and practical problem of the optimal choice between procyclical and countercyclical financial policies of both the national and international level in each phase of the macroeconomic cycle, the solution of which will quickly detect and adequately respond to future financial shocks.