2012 № 1

Institutional aspects of contemporary cycles and crises

Abstract:

In the article authors on the basis of analysis of institutional and technological approaches to investigation of contemporary cycles and crises put forward idea that institutional constituent of the cycle play the role of «superstructure» over its technological constituent, due to which the parameters of cycle, i.e. its time and amplitude, are changing. Authors differentiate and characterize following institutional foundations of modern cyclicality: «demand paradigm» of economic regulation; active liberalization of financial sphere, that caused primary development of highrisk financial innovations; acquisition by real assets markets of financial market’s characteristics; behavioral aspects of contemporary stage of market economy; and institutional order of the world monetary system. The indicators are adduced which testify to leading of financial sector away from real sector of economy, and that conditioned the mechanism of disturbances transmission from the first mentioned to the second mentioned sector. Authors conclude about the necessity of changing of the regulation paradigm, namely transition from «demand economics» to «supply economics», and of adequate institutions creation, that will influence on stimulus of innovation entrepreneurial activity in real sector of economy, and of the world monetary system institutional architecture changes.

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Marina Y. Malkina – Dr. Sci. (Econ.), Professor, Head of the Department of Theory of Economics, Lobachevsky State University of Nizhny Novgorod (Nizhny Novgorod, Russian Federation; e-mail: mmuri@yandex.ru).

Sergey Yu. Lavrov –  PhD student, Nizhny Novgorod State University (Nizhny Novgorod, Russian Federation; e-mail: mmuri@yandex.ru).