The World Experience of Transformation of Innovative Approaches to Assurance of Financial Stability of Social Economic Systems

Mihail Dudin (), Mikhail Prokofiev, Irina Fedorova and Aleksandr Frygin
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Irina Fedorova: Financial University under the Government of Russian Federation
Aleksandr Frygin: Financial University under the Government of Russian Federation

Published Papers from Russian Presidential Academy of National Economy and Public Administration

Abstract: The aim is to explore main trends of assurance of financial stability of modern small and large social economic systems by using innovative approach. The following fundamental results have been obtained: - Regular external changes affects substantially the performance of social economic systems, their financial stability; - A social economic system is a particular object including two main subsystems; the social economic system can be structured by several hierarchic levels (microlevel, mesolevel, macrolevel); - The social economic system at the macrolevel implies the combination of mutually acting business and economic subjects with the performance in production and distribution spheres , the sphere of barter (the enterprises as independent economic units represent the microlevel or small social economic systems); - The financial stability of social economic systems is the latter’s ability of crisis free development at the balanced capital structure , glow of financial resources and obtaining the financial result ensuring both simple and expanded reproduction; - Assurance of financial stability of social economic systems should be based on the last achievements of the science of management of finances. It means in practice continuous innovations in management, arrangement of mutual cooperation with counteragents, implementation of business processes with their proper transparency; - The innovative transformation of assuring financial stability of social economic systems is a well-planed development process when the system accumulates the abilities for leading counteraction to risk factors, their transformation into economic and financial benefits. It can be considered as formation of the strategic development financial development.

Keywords: financial stability; social economic system; innovational transformation; innovations; influencing factors; external environment; internal environment (search for similar items in EconPapers)
Pages: 4 pages
Date: 2014
Note: Published in "Life science journal", #9'2014
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Citations: View citations in EconPapers (3)

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