N. Mashkina, A. Mukovnina
DIGITAL FINANCE AS PART OF THE GLOBAL ECONOMY
Natalya A. Mashkina – PhD in Economics, Associate Professor, Department of Finance and Credit Southwestern State University, Kursk, Russian Federation, RSCI SPIN code: 4702-4436, E-mail: email@example.com
Anna A. Mukovnina – Student of the department of economics, management and audit Southwestern State University, Kursk, Russian Federation, RSCI SPIN code: 460-013, E-mail: firstname.lastname@example.org
Abstract. The article is devoted to the modern stage of development of the world community, the topical issue of which is the concept of “digital economy”. Consideration and analysis of the digital economy, opens a new segment of market relations of the twenty-first century – digital Finance. It is noted that at present, Finance is a key aspect of the world economy. Each organization, regardless of the form of ownership is constantly monitoring the activities of the enterprise. Balance sheet and financial statements became available online, which greatly simplified the work of corporate staff. Digitalization of the world economy greatly simplifies the cooperation of all countries of the world community. In the near future, all aspects of life, the economy and production will be transformed into a digital network, it becomes obvious that the sooner this happens, the more effectively the state will function. These studies are especially in demand because the world economy is developing dynamically, under the influence of global economic processes, as well as the current political situation. Currently, there is a rapid development of technological infrastructure. The economy is transforming into a digital one, which forms large-scale databases. Digital Finance is of great interest, consideration and study of this phenomenon allows us to understand the vector of development of the financial sector throughout the world community. Each state of the world is committed to dynamic development, so significant amounts for the development of the “digital economy”, pre-budgeted in most countries. The era of digitalization came in the twenty-first century, the study of this issue cannot be ignored, as it directly affects all spheres, as well as each person as a whole. The aim of the study is to study the phenomenon of digital Finance, and their impact on the world economy. The study used methods of comparison and economic and statistical methods. The objectives of the work are to study the individual elements of the development of digitalization. Consideration of the future economy leads to the analysis of digital Finance as a new segment of market relations in the world economy. The future belongs to technological progress, so digital Finance is considered within the scope of the work. The contribution of world countries to digitalization is also an important aspect of this work. The methodology of the work consists in the use of dialectical method of cognition and system approach, synthesis and generalization of logical modeling, as well as mathematical and statistical method. The result of the work was the study of the concept of digital Finance in the aspect of different countries of the world. Also discussed are the large companies with huge digital resources. It is noted that each person interacts with digitalization. Made a comparison of the development of digital Finance in the world. The study found that most of the world’s Finance is concentrated in China, as the banks of this country have the largest number of assets that are gradually becoming digital resources. Measuring the current state of development of the digital economy and the pace of its development, the map of the “digital planet” was considered, in which countries are divided into four groups: leaders, States with a slowing growth rate, promising and problematic. There are countries that are on the border of the study groups. Currently, digital Finance is a new tool of the economy, the correct use of resources will allow to conduct an effective policy in the world community. The main conclusion of the work was the conclusion that for more effective functioning of the States, more attention should be paid to the development of the digital economy. So every year technology is developing, gradually filling all spheres of life. Developed countries have almost fully embraced digitalization as a new stage of development. Part of the digital economy in developed countries is growing every year, so from 2012-2018 from 6.1 to 8.9%. In developing countries, from 5.7 to 8.9 per cent over the same period. The UK is the leader in terms of GDP in the economy – 13.8%. Based on a study of the total global costs of digitalization in 2018, analysts have forecast that the cost of technology transformation will increase by 20% annually, which by 2021 will be about two and a half trillion. USD.
Keywords: digital economy, financial resources, world community, digital Finance, world banks, GDP, digitalization of the country, economy, development.
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Mashkina N.A., Mukovnina A. A. Digital finance as part of the global economy . CITISE, 2019, no. 5, pp. 324-334. DOI: http://doi.org/10.15350/24097616.019.5.29