The impact of technological and institutional transformation of the global financial market on education
DOI:
https://doi.org/10.20952/revtee.v14i33.16559Keywords:
Financial globalization, FinTech, Investment ecosystems, Professional investments, Financial educationAbstract
The article is devoted to forming new educational directions conditioned by the technological and institutional transformation of the global financial market in the 21st century. The modern digital economy puts forward new requirements for the competencies and professional ethics of specialists working in the investment sphere. The authors have identified the key factors determining the tasks of modernizing the training of financial analysts, bankers, and lawyers specializing in investment law. The problem concerns issues of digitalizing and globalizing investment flows, forming investment ecosystems, and expanding the participation of large financial businesses in educational projects. The authors conclude that global technological and socio-economic transformations stimulate the entire financial world, including Russia, to revise their business models, and the spheres of financial and specialized legal education – to actively modernize according to market requirements.
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References
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Bernheim, B. D., Garrett, D. M., & Maki, D. M. (2001). Education and saving: the long-term effect of high school financial curriculum mandates. Journal of Public Economics, 80(3), 435-465.
Castro, P., Rodrigues, J. P., & Teixeira, J. G. (2020). Understanding FinTech ecosystem evolution through service innovation and socio-technical system perspective. In: Nóvoa, H., Drăgoicea, M., Kühl, N. (Eds.). Exploring service science. IESS 2020. Lecture notes in business information processing, vol. 377. Cham: Springer, pp. 187-201. https://doi.org/10.1007/978-3-030-38724-2_14
CFA Institute. (2016). From trust to loyalty: a global survey of what investors want. Available: https://www.cfainstitute.org/-/media/documents/survey/from-trust-to-loyalty.ashx
CFA Institute & Edelman. (2013). Investor trust study. Available: https://www.cfainstitute.org/-/media/documents/survey/cfa-institute-edelman-investor-trust-study-2013.ashx
Christelis, D., Jappelli, T., & Padula, M. (2010). Cognitive abilities and portfolio choice. European Economy Review, 54(1), 18-38. http://dx.doi.org/10.1016/j.euroecorev.2009.04.001
Dew, J. P., Dean, L., Duncan, S. F., & Britt-Lutter, S. (2020). A Review of effectiveness evidence in the financial helping fields. Family Relations, 69(3), 614-627. https://doi.org/10.1111/fare.12445
Dudin, M. N., Shakhov, O. F. Ivashchenko, N. P., & Shakhova, M. S. (2020). Development of entrepreneurial competencies in the economy (evidence from digital entrepreneurship). Revista Inclusiones, 7(SI), 54-68.
European Economic and Social Committee. (2017). Financial education for all. Financial education strategies and best practices within the European Union. 2nd ed., 72 p. Available: https://www.eesc.europa.eu/en/our-work/publications-other-work/publications/financial-education-all-second-edition
European Group on Ethics in Science and New Technologies (Ed.). (2018). Proceedings of the Open Round Table on the Future of Work, February 5, 2018. Luxembourg: Publications Office of the European Union, 50 p.
Financial Times. (n.d.). European Business School Rankings 2019. Available: http://rankings.ft.com/businessschoolrankings/european-business-school-rankings-2019 (accessed December 2, 2020).
Finparty. (March 30, 2016). The USA and Russia: comparison of the best financial universities of the two countries. Available: https://finparty.ru/mba/50288/ (accessed December 2, 2020).
Graham, J., Harvey, C., & Huang, H. (2009). Investor competence, trading frequency, and home bias. Management Science, 55(7), 1094-1106. https://doi.org/10.1287/mnsc.1090.1009
Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. L. (September 2012). Financial literacy, financial education and economic outcomes. NBER Working Paper, no 18412. Available: https://www.nber.org/system/files/working_papers/w18412/w18412.pdf
ICO Kriptovalyuty. (November 19, 2017). ICO overview of the CrowdWiz platform – Investments with collective decision-making. Available: https://ico-kriptovalyuty.ru/crowdwiz/ (accessed December 1, 2020).
Ivashkin, A. V. (September 1, 2015). The USA, as a stronghold of world financial literacy. Center for Military and Political Studies of MGIMO (U) of the Russian Foreign Ministry. Available: http://eurasian-defence.ru/?q=node/34324
Kimball, M. S., & Shumway, T. (2010). Investor sophistication and the home bias, diversification, and employer stock puzzles. SSRN Electronic Journal, January, 29, 1-28. http://dx.doi.org/10.2139/ssrn.1572866
Kleiner, G., Rybachuk, M., & Karpinskaya V. (2020). Ecosystem development in the financial sector of Russia. Manager, 11(4), 2-15. https://doi.org/10.29141/2218-5003-2020-11-4-1
The Law Society. (May 21, 2020). Using LawTech in your practice. Available: https://www.lawsociety.org.uk/topics/client-care/using-lawtech-in-your-practice
Lee, I., & Shin, Y. J. (2018). FinTech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35-46. http://dx.doi.org/10.1016/j.bushor.2017.09.003
Mamchits, R. (2020). The largest foreign financial ecosystem: results and plans for 2020. The National Banking Journal, 3(189), 21-25.
Mamonov, S. (2020). The role of information technology in FinTech innovation: insights from the New York City ecosystem. In: Hattingh, M., Matthee, M., Smuts, H., Pappas, I., Dwivedi, Y. K. (Eds). Responsible design, implementation and use of information and communication technology. I3E 2020. Lecture notes in computer
science, vol. 12066. Cham: Springer, pp. 313-324. https://doi.org/10.1007/978-3-030-44999-5_26
Mandell, L. (2009). The Financial literacy of young American adults. Results of the 2008 national jumpstart coalition survey of high school seniors and college students. Washington: Jumpstart Coalition.
Moore, J. (1993). Predators and prey: a new ecology of competition. Harvard Business Review, 71(3), 75-86.
Moore, J. (1996). The Death of competition: leadership and strategy in the age of business ecosystems. New York: Harper Business.
Novick, B., Edkins, M., & Clark, T. (July 24, 2018). The investment stewardship ecosystem. Harvard Law School Forum on Corporate Governance. Available: https://corpgov.law.harvard.edu/2018/07/24/the-investment-stewardship-ecosystem/
Plekhanov Russian University of Economics. (December 1, 2020). In the present – about the future: the development of the profession of a financier was discussed at PRUE. Available: https://www.rea.ru/ru/news/Pages/professia-finansist.aspx (accessed December 2, 2020).
Ruchkina, G., & Vengerovsky E. (2015). Investment activities within the legal framework of the World Trade Organization. Russian Law Journal, 3(4), 124-149. http://dx.doi.org/10.17589/2309-8678-2015-3-4-124-149
Sberbank’s Corporate University. (n.d.). Available: https://sberbank-university.ru/?_ga=2.242124354.1764803960.1603227982-954542920.1603227982 (accessed December 1, 2020).
Sergeychik, S. I., Sergeychik, M. S., & Maksimova, A. A. (2015). World experience in implementing projects in the field of financial education and improving the financial literacy of the population. Bulletin of Tomsk State University, 5(158), 35-41.
Starodubtseva, V. (November 2, 2018). If robots replace financiers, what will we expect in ten years? Business Platform Portal. Available: https://business-platform.ru/blog/esli-robotyi-zamenyat-finansistov,-chto-nas-zhdet-cherez-10-let/ (accessed November 30, 2020).
Stavropol State Agrarian University. (April 24, 2018). Leadership is the necessary competence of the future financier. Available: http://www.stgau.ru/english/obschinf/news_detail.php?ID=159984
Stolyarova, A. A., & Shakhnazaryan, G. E. (2010). Analysis of the world practice of developing financial education and improving the financial literacy of the population. Finance and Credit, 34, 72-78.
TASS. (May 24, 2018). The digital future in finance: the struggle of ecosystems. Key conclusions. Available: tass.ru"pmef-2018/articles/5230441 (accessed December 1, 2020).
Vinichenko, M. V., Rybakova, M. V., Nikiporets-Takigawa, G. Yu., Сhulanova, O. L., & Lyapunova, N. V. (2020). The Influence of artificial intelligence on the human potential development: the views of orthodox clergy and parishioners. Cuestiones Políticas, 37(65), 400-418. http://dx.doi.org/10.46398/cuestpol.3865.27
Voskresenskaya, N. O. (2019). Financial and economic education in the digital future: the issue of popular professions and strategies for training financiers. In: Seregina, T. N., Orekhovskaya, N. A., Omarova, L. B. (Eds.). Proceedings of the scientific and methodological International Conference "Foresight of education: Academic freedoms against accreditation restrictions", April 20-27, 2019, Moscow, Russia. Moscow: Otechestvo, pp. 9-20.
Willis, L. E. (2011). The financial education fallacy. American Economic Review, 101(3), 429-434. http://dx.doi.org/10.1257/aer.101.3.429
Zagrebaeva, E. V. (2020). Artificial intelligence in corporate law as a virtual assistant when approving extraordinary transactions (a look into the future). Law and Digital Economy, 3(9), 44-49.
Published
2021-10-11
How to Cite
Sukiasyan, A. A., Ershov, V. F., Poletaev, V. E., Menshikov, M. S., & Yusupov, R. G. (2021). The impact of technological and institutional transformation of the global financial market on education. Revista Tempos E Espaços Em Educação, 14(33), e16559. https://doi.org/10.20952/revtee.v14i33.16559
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