SPECIFIC OF FUNCTIONING OF THE WORLD FOREIGN EXCHANGE AND STOCK MARKETS IN THE CONTEXT OF GLOBALIZATION
The paper discusses the current state of the world foreign exchange and stock markets. Researched is the level of their interdependence and interaction. It was identified that the level of interaction between the world foreign exchange and stock markets characterizes them as a single part of the globalized world market being functionally and effectively integrated in modern international cooperation with significant diffusion of relations. However, it is the world's industrially developed countries that mainly determine the functioning of the foreign exchange and stock markets, whereas the developing and emerging economies have a limited impact on these global financial markets. In this context, it is necessary to take into account the factors hindering the formation of financial markets in developing countries. It was proved that, given the regime of regulated floating exchange rate and systemic decline of inflation rate in the countries in question, conditions are created for sustainable economic growth. Emerging economies should improve their basic macroeconomic indicators with the purpose of developing competitive and liquid financial market. It is necessary to make a transition to transparent and balanced state policy on the financial market aimed at the development of economy, which will contribute to the long-term price stability on the foreign exchange market.