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The development of a methodology for the growth of the stock market through a deep transformation of the economic development system and introduction of digital technologies. The article is devoted to the study of the development of stock markets’ actual problems that affect the redistribution of capital between sectors of the economy by using tools and mechanisms between the financial and stock markets. The purpose of the study is to improve the regulatory segment of the stock market in order to further develop stock exchanges, integrate them into the global economic system, and attract investment in the economy. To achieve the goal, the following tasks were performed: the development of the London Stock Exchange was analyzed and the profit growth was determined; a comparative capitalization of the main stock instruments was carried out; internal factors of influence on the stock market were determined. The problem of the international stock market in all countries with emerging markets, first of all, lies in the improvement of the institutional environment, which is a prerequisite for the stability of the stock market. To analyze the development of stock markets, natural technical sciences were used to identify objective patterns, and determine the state and motives, using various methods and techniques: logic, generalizations, specific methods of cognition, comparison, and graphics. In the development of the stock market, the economy establishes certain natural actions in the real sector of the economy through a regulatory system of measures, and the needs of investments in the real sector of the economy, methods, and tools are used to achieve the desired results. Statistical, analytical, and dynamic methods were used. The essential foundations of the importance of stock markets and the economy are revealed; we discuss the penetration of knowledge and the conduction of a deep transformation through the introduction of digital technologies in all spheres of the economy, including the transformation of the development of the stock and financial markets nowadays. Results. The assessment of the state of securities markets in developed and developing countries is made on the example of the largest stock exchanges in Brazil and the United Kingdom. The features of the effective functioning of stock markets are revealed. The hypothesis is put forward about the insufficiency of research on the stock market of developed and developing countries and the mechanisms used having an insufficient impact on the development of the economy. From this point of view, an analysis of the dynamics of the current state of the issuers’ number and the dynamics of profitability of developed markets is carried out, the comparative capitalization volumes of the stock markets of Great Britain and Brazil are evaluated, and the weaknesses of their functioning are identified. Conclusions. The conducted research shows that countries, where stock markets are successfully functioning and developing, are catalysts for economic development and the accumulation of funds. Each country applies models of stock market development and a strategy for its regulation in accordance with the concept of a functioning market and its maturity.

Предмет/тема. В статье рассматриваются вопросы формирования общего финансового рынка и его инфраструктуры в рамках единого экономического пространства; раскрыты механизмы укрепления сотрудничества в направлении экономической, финансовоинвестиционной, инновационной деятельности государств-членов ЕАЭС. Цели/задачи. В современных экономических условиях процесс формирования Евразийского экономического союза столкнулся с рядом трудностей на пути взаимодействия в рамках правовой, финансовой, таможенной и других сферах. Решающую роль в процессе евразийской интеграции играют финансовые отношения, которые обеспечивают функционирование всех субъектов в экономике. Цель данного исследования заключается в разработке комплекса предложений по формированию эффективных механизмов взаимодействия финансовых институтов государств-членов ЕАЭС в условиях нелинейной экономической динамики. Методология. Проведен ретроспективный анализ создания Евразийского экономического союза; применён анализ статистической информации; использованы методы анализа и синтеза, индукции и дедукции, аналогии и моделирования. Результаты. Дана оценка мультифакторных рисков для валютно-финансовой системы России и других стран ЕАЭС в условиях нелинейной экономической динамики; предложен комплекс практических рекомендаций по формированию эффективных направлений взаимодействия интегрированных финансовых институтов в рамках Евразийского экономического союза. Выводы/значимость. Выводы и рекомендации данного исследования могут быть использованы для целей развития финансовой инфраструктуры в рамках формирования единого экономического пространства с опорой на обеспечение макроэкономической устойчивости, создания условий для повышения деловой активности, усиления сотрудничества в научно-технологической сфере, повышения инвестиционной привлекательности, обеспечения доступности финансовых ресурсов и формирования эффективного финансового рынка России и других стран ЕАЭС. Статья подготовлена при финансовой поддержке Российского фонда фундаментальных исследований (проект № 19-010-00606\19 «Формирование эффективных механизмов взаимодействия национальных инновационных систем государств-членов ЕАЭС: проблемы и перспективы сотрудничества в научно-технологической сфере»).

The research objective is the study of the existing mechanisms of the contemporary financial system and its markets. The general scientific research, the comparative, technical and economic analysis and the expert assessments methods were applied to solve the research tasks. The research reveals the most topical policy priorities of the financial system and its markets development. The article defined the consolidating functions of state regulation aimed at balance correction including the function of demand and supply adapting. It is the financial system where the financial resources are formed at the micro level and the centralized state funds are formed at the macro level. Thus, the state distributes monetary funds through financial instruments, forming budgets of all levels and extra-budgetary funds. Highlighting the priority of any given macroeconomic and institutional theories, the contemporary financial system is studied as a complex and dynamic mechanism that ensures different interests and determines approaches for tasks solving at each specific historical level. The article generalized the information that determines the classification of the financial system and the progressive development of modern financial markets, identifying their organizational and regulatory principles for the financial system modernization. A multiple excess of the financial market over the scale of the economy real sector was investigated and determined. The reasons for the rapid development of financial circulation have not been completely explored yet: financial markets arise at a certain stage of the market relations development, when the state has the opportunity to play a crucial role in market processes and in the financial system. The development of the financial system and financial markets, their functioning as an independent system on the basis of their own principles is enormously influenced by the state policy. The paper discloses the functions of the financial system in the circulation of monetary resources, which must be sufficientmore than necessary for servicing the needs of commodity production and trade. The article analyzes and reveals the beginning of the financial operations rapid development and the transition to financial-unsecured money that occur not by an accidental circumstance but connected with time and these actionswith cause-and-effect relations as well. Only a sufficient amount of money in circulation can ensure the amount of free money supply that can circulate in financial transactions that are not related directly to the purchase and sale of goods and services. Evolutionary processes provide an opportunity to assert that the financial system and financial markets did not simply originate in the process of market mechanisms evolution but arose solely due to the issuing activity of the state, which in turn finds support in the nature of contemporary money.

The article examines the actual scientific and practical problem of budgetary regional policy, the formation and use of a consolidated budget as an effective mechanism for allocating the budget to the municipal territories of the region. The effectiveness of the regional budget policy is influenced by the monetary policy of the central bank, which performs an important function of managing the monetary sphere, using tools and methods that affect socio-economic development with the use of complex processes of influencing the processes of reproduction, which determines the relevance of this study. The aim of the study is to develop tools, use them in budgetary policy in the formation of a consolidated budget, ensure economic development and social standards of the population. The novelty of the research is the application of a synthesis of systemic and institutional approaches based on the specifics of budget policy and the mechanisms of their formation. As a result of the study, an analysis of the formation of a consolidated budget and its use was carried out, using tools and mechanisms of influence, through which adjustments are made to maintain macroeconomic equilibrium and effective development based on their own laws that arise within the economic system. Reproduction processes occur within the economic system and form a complex system of economic development, which is subordinated to the influence of methods and tools, acquiring a new architecture in the management system. Through the provision of development processes, new approaches are being built and created, strengthening competitive advantages in the economic system of regional development. The region is strengthening its position and is able to compete in the market, meet consumer demand, influence the development of the domestic market, ensuring the socio-economic development of the region. Dominant use of budget methods of direct and indirect incentives comprehensively ensures the socio-economic development of the region. The research was carried out on the basis of indicators of the Republic of Crimea, which are in the public domain.