FINANCIAL INNOVATION AND DIGITAL TRANSFORMATION OF THE BUSINESS ENVIRONMENT

D. I. Philippov ()

International Trade and Trade Policy, 2018, issue 3

Abstract: Financial innovation and digital technology are transforming the way of life, work, investment and production of goods and services. In an increasingly competitive environment, the Internet offers opportunities to improve business and benefit from lower production costs. Using information and communication technologies (ICT), small and medium-sized enterprises (SMEs) have access to global markets that were once the prerogative of large corporations only. In such circumstances, the Internet offers opportunities to improve marketing and benefit from lower production costs. The Internet can be used by SMEs as an unlimited and up-to-date source of information about markets, especially about prices, trends, products and research occurring abroad. Digital globalization is changing the value chain, creating new hubs, transforming economic activity. In this context, policymakers need to find the right balance between taking advantage of openness and reducing the risks that are emerging at an unprecedented rate in the digital world. The potential of the digital economy in the medium and long term period remains uncertain, but they undoubtedly will expand.

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:acl:journl:y:2018:id:253

DOI: 10.21686/2410-7395-2018-3-31-50

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