Analysis of the Institutional Transformation of the Russian Financial Market Control System by Creating a Mega-regulator

Increased competitive position of the financial market is one of the priority goals of national economic growth and clear-cut ascendancy of the state in the global economic space. The paper discusses one of the key problems of the financial market development and performance, namely, the policy of its regulating. This paper has also specified the stages of the financial market management system reformation, which allow to estimate the level of supervision integration for Russia over the period from 1991 to 2015. The study outcomes have showed that till the end of 2013 in Russia there was the sectoral supervision model, according to which the management was provided by areas of activity. The paper describes the system of the single regulatory authority functioning in the financial market as the improvement of its management policy. Moreover, the paper has determined the principles which are the basis of the mega-regulator performance such as independence, transparency, responsibility, collegiality, uniformity of the application. The advantages and the results of the financial mega-regulator performance were analyzed and powers of the Bank of Russia as a basic regulator of the financial market. Keywords: Financial market, management, control, financial mega-regulator JEL Classifications: G23, G3

On the Impact of Innovations on the Social Structure

The paper investigates the problem, which does not attract much attention of economics and sociology researchers, concerning the impact of revolutionary technological and other innovations on the transformation of the social structure of modern states. The innovations, which are considered by most researchers as a driver for economic growth, cause significant changes. Some of these changes are negative. One of these negative consequences of innovative development is the middle class reduction in the social structure. The USA statistics over the last 50 years are a reliable source of information for this statement formulation. At the same time, not only developed countries but also developing ones face this trend. As the example, the paper presents the experience of such country as Ghana. Also the paper discusses the problem concerning the growth of unemployment as a result of the implementation of technological innovations into production. As shown below, contrary to expectations the fourth industrial revolution will create fewer jobs than they were in the past and will also have an impact on the social structure. Keywords: innovation, economic growth, inequality, middle class, social structure, the fourth industrial revolution JEL Classifications: LOO, O1, O4