mechanisms of maintenance of the financial equilibrium regime by the economic
system;
4) it becomes possible to give clear structural definitions of financial stability for
the economic systems at different levels (nonfinancial corporations, banks, industries,
markets, national economies and world economy as a whole) on the universal
conceptual basis;
5) offered approach allows to solve the existent methodological paradoxes
mentioned above, and to develop the system of diagnostics of financial destabilizing
potentials for the economic systems at micro- and macro levels.
In order to clear up the definition of financial stability, it is necessary to give the
exact and accurate definition of initial concept “financial equilibrium of the economic
system”. Next section is devoted to this question.
Definition of the conception of financial equilibrium for the economic
systems at the micro- and macro levels.
3.1. Definition of financial equilibrium of the economic system at micro level
The term «financial equilibrium» (l’equilibre des flux) has the most complete
development in the field of financial management at micro level within the framework
of the French scientific school. This term denotes the financial regime of a company
functioning in conditions when the cash flows of receipts and expenses are in the
balance in every period. That is the sum of positive cash flows (
)
)
(
1
1
=
+
n
i
i
t
f
is equal to
sum of negative cash flows
=
−
2
1
))
(
(
n
j
j
t
f
for determined period:
=
−
=
+
=
2
1
1
1
)
(
)
(
n
j
j
n
i
i
t
f
t
f
,
]
,
0
[T
t
,
Such financial regime of company functioning, named by the regime of financial
equilibrium, provides its crisis-free financial development: the crises of liquidity and
solvency are absent.
In the American school financial management conceptual structure , the term
«financial equilibrium» is absent; however, there is a similar conception of cash flows
synchronization.
From our point of view, the concept «financial equilibrium» has deeper sense that
covers the wide spectrum of financial interrelations in the complex dynamic economic
systems. From our point of view, the sense of the concept “financial equilibrium” is
wider than just the cash flows synchronization. This concept can be applicable to the
economic systems of different levels – nonfinancial corporations, banks, householders,
banking systems, consumer markets, assets markets, public budget, balance of
payments, national economies and the global economy as a whole. Hence, the concept
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