Global Dysfunction Determinants of Regional Capital Markets (Russia and Iraq as Case Studies)

摘要

The article analyzes the impact of globalization and internationalization of the world economy on capital markets functioning in macro-regions - Russia and Iraq and development of these markets dysfunction. The research is based on the methodology of a systematic approach, which allows considering territorial-industrial complexes, economic sectors, regions as parts of the larger system - a national economy of the world economy, a capital market as an integral part of a national economy system. The study is aimed at identifying exogenous factors of unstable development for integral multilevel spatial-territorial economic systems of a certain branch specialization holding a peripheral position in the world-system space organization. The article draws attention to the formation of capital markets dysfunction of these macro-regions - the most important element of their self-development mechanism. The forms of influence of global determinants on the capital markets functioning which were established in the course of the study enable to determine the limits of sustainable development of territorial economic systems and the need to improve state financial and investment policy aimed at reducing destructive effects of the influence.