Noble International Journal of Economics and Financial Research


Online ISSN: 2519-9730 | Print ISSN: 2523-0565

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    Volume 5 Number 11 November 2020

THE INTERNATIONAL FINANCIAL ARCHITECTURE IMPLICATIONS ON THE INSTITUTIONAL DEVELOPMENT OF NATIONAL FINANCIAL SYSTEMS

Pages: 125-135
Authors: Lopotenco Viorica
Abstract
The study’s main objective is to analyze the particularities of the institutional development of the global financial architecture and build a composite index of the financial infrastructure. The international financial architecture and the national financial architecture are, first of all, a network of institutions. Therefore, the argument that they matter for the financial sector’s performance and for the macroeconomic implies that institutions are not economically neutral and that transaction costs matter. This highlights the multidimensional nature of financial infrastructure. The infrastructure of the financial system, having a multidimensional character, requires complex analysis. To perform such an analysis, a composite index of financial infrastructure was built, which is compiled from 9 individual indicators from 139 countries in the period 2014-2018. Then, the countries were grouped by income level to outline a trend. Thus, following the analysis, there was interdependence between the country’s income level and the value of the composite index of financial infrastructure.

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