Abstract:

Within the article, the most relevant issues concerning functioning of financial systems and markets of the world countries in terms of an evolutionary approach to their models formation are revealed. Currently, states are trying to transform them in the face of changing exogenous or endogenous money supply, globalization, economic processes financialization, crisis phenomena exacerbation and finding ways to overcome them, certain fragmentation in conceptual approaches to understanding the nature and place of the financial market in economies. The purpose of the article is to cover theoretical and methodological foundations of the formation and evolution of financial systems and markets, their models, and the role of certain groups of financial intermediaries in the global economies. The article is based on general scientific methods of cognition, i.e. the analysis and synthesis, functional and system analysis, induction and deduction, historical and logical method, system-structural method, the method of analogy, quantitative and qualitative comparison, graphic, economic and statistical methods of information collection and processing, in particular, sample inquiries, groupings, statistical comparisons of absolute and relative values, the method of logic generalization.Results. Categories of organizing financial systems and markets are driven by evolutionary factors behind the development of the world's economies. The exogenous model (financing through securities markets) and the endogenous model (bank lending) are pointed out. It is illustrated that current development processes of financial systems and markets are characterized by the spread of a new stage of financial relations - turbo-capitalism, under its terms, global financial assets grow. With the economic development of countries, the financial depth of the economy increases, the financial system is diversified, while banks' share of total assets decreases. Each model of financial systems and markets has its advantages and disadvantages by economic processes implementation. It is important to ensure the perfection of the legal framework and the informal institutional culture existing in the country, as well as the formation of a new complementary model.