The role of non-economic factors in the formation and development of the structure of financial markets

The author examines how non-economic factors influence the process of formation and development of the structure of national financial markets. Based on a retrospective analysis, it reveals the dominant role of legal tradition at the initial stages of this process and its changes as markets develop. Based on the results of cross-country analysis of indicators of economic and financial development, the quality of institutions, he concludes that their levels are interdependent, achieved in a balanced structure of national financial markets, and the decisive role of non-economic factors in changes in the structure of financial markets, including those related to the expansion of the sphere of decentralized finance.