Modern theoretical approaches to the stock market trade networks determination
Keywords:
stock market, trade networks, the stock market infrastructure, globalizationAbstract
Introduction. Modern development of international economic relations, including financial ones, is marked by spreading of integration and globalization processes. Intensive research and implementation of new technologies, their wide application at the international financial markets and international integration have become a major factors of changes in the global financial space structure.
Goal. The purpose of the article is to define the nature of stock market trade networks, their structure, elements and principles of their functioning.
Results. The basic approaches to the international stock markets analysis (systemic, institutional and network) are investigated. It has been detected that the application of the social networks theory is expedient for studying the scheme of modern stock market infrastructure. Stock market trade network category has been introduced as a system of organizations and institutions of immaterial sphere of production (nodes) that provides the communication of the stock market elements in order to minimize information asymmetry, transaction costs and risks in time and space. The structure of the stock market trade networks and their characteristics are given. The basic principles of the stock market trade networks construction are formulated. They are the degree of the global financial space integration; the possibility of further transition to the highest level; the principle of irreversibility; the principle of self-preservation. Further expedience of stock market trade networks studies for the full value integration of Ukraine into the global financial space is reasoned.
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