Petrenko, E.

SocioEconomic Challenges Journal (Sumy State University)

Evgeniya Petrenko 
Rostov State Economic University “RINH”, Russia 
TRANSFORMATION OF COMMERCIAL BANKS’ FUNCTIONING 
STANDARDS  
IN GLOBALISATION CONTEXT 
Throughout recent years Russian economy entered a new stage of 
development. From the country with transition “catching up” economy it became 
one of participants of the international economic and financial relations. Along with 
other countries showing the tendency to accelerated growth of economy in last 
decades, such as China, Brazil, India, Russia has entered the world financial 
market. For successful performing on international level Russian financial 
institutions should observe the universal rules that absorb codes of best practice. 
Russian entities should be able to perceive, and also to give the adequate and 
comparable information.  
The present stage of Russian financial system development, shown in 
convergence of national standards and the best international practice, is 
accompanied by considerable unsettling of its institutional bases that interferes 
with achievement of national financial stability in the conditions of globalization.  
All it predetermines the necessity of revealing of new approaches to the 
research of theoretical and practical problems of convergence of national financial 
institutions functioning standards in globalization context. 
For unobstructed participation of the Russian entities in the international 
economic activities the conventional international standards should be accepted on 
the national level. Now Russia is at a stage of gradual adaptation of international 
standards: some standards are already actively applied by Russian entities, others 
are at a stage of introduction and are gradually entered into the practice, some 
standards were considered in creating domestic norms, requirements and laws. In 
Russia there is a process of gradual transition to the international standards. The 
most appreciable is introduction of the International financial reporting standards 
(IFRS/IAS) as the overall performance, both of separate financial institutions, 
and the state as a whole, is reached only if there is real and comparable 
information.  
In recent years the quantity of standards in the financial sphere has 
considerably increased, they are devoted to various aspects of financial 
institutions’ or financial market activity and developed by the international 
organizations (the International Monetary Fund, the Organization of economic 
cooperation and development, etc.). However the international standards represent 
principles of institutional organization of certain financial market sectors, or the 
best practice and behavior rules.  
At the same time, undeservedly little attention is paid by the economic 
science to the development of national or internal standards of financial institutions 
activity, though these formal and informal rules represent the unified minimal 
requirements which are developed both by regulators, and by the self-adjustable 
organizations. The role of internal standards is to be further analyzed by the 
international organizations, systematized and then to pass selection and be 
extended as the best practice worldwide.  
One of priority problems of the Russian Federation at present stage is 
development of optimum forms of financial and economic integration. Harmonious 
integration of Russian financial system into world financial architecture assumes 
necessity of preliminary achievement of steady and long-term convergence of 
Russian financial institutions’ functioning standards with international standards, 
and also expansions of possibilities of flexible adaptation of national economy to 
consequences of financial globalization, including carrying out institutional 
reforms by the government. However it is necessary to understand, that the 
establishment and a recognition of the international standards itself cannot 
guarantee financial stability to the country; it is only condition and means which 
creates background for financial system strengthening, and additional potential of 
economic growth. 
 


Transformation of commercial banks’ functioning standards  in globalization context

https://essuir.sumdu.edu.ua/bitstream/123456789/61324/5/Petrenko_globalization.pdf

Transformation of commercial banks’ functioning standards in globalization context

Abstract

Similar works

Full text

Available Versions

SocioEconomic Challenges Journal (Sumy State University)