Academy of Accounting and Financial Studies Journal (Print ISSN: 1096-3685; Online ISSN: 1528-2635)


Specificity of Functioning of Financial Systems of Arab Countries

Author(s): Hassan Ali Al-Ababneh, Eyad. M. Malkawi, Olha Popova, Elena Tomashevskaya, Svitlana Popova

Transformation of the global financial system leads to a review of existing approaches to the management of financial institutions in all countries of the world. The purpose of the study is to determine the specifics of the functioning of the financial system of the Arab countries during crisis shocks and stages of economic development. The main objective of the study is to identify and search for new solutions when changing priorities in the financial and economic development of the Arab countries. The dynamics of financial assets by sectors of the economy is structured; the main trends and prospects for further development are identified. In contrast to existing approaches to determining the features of the functioning of the financial system of the Arab countries, an approach is substantiated that is based on the specifics of the development of the oil industry, which is a key trend related to the pricing of oil products and affecting economic changes. The features of the financial system of the Arab countries because of the comparative characteristics of lending systems are highlighted. The perspective trends of the economic development of the Arab countries by region based on the use of extrapolation economic and mathematical forecasting tools are justified. The main results of the study can be applied in practical activities in strategic management and planning, both of an individual industry and of the country as a whole, to optimize costs in the formation of a strategy for further development.

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