TRANSFORMATIONS OF FOREIGN ECONOMIC RELATIONS: METHODOLOGY OF RISK MANAGEMENT
Journal Title: Економічна теорія та право - Year 2016, Vol 4, Issue 27
Abstract
Problem setting. Economic processes develop unpredictably especially when it comes to foreign trade which changes quite fast while being influenced by uncontrollable factors. To determine how reachable the goal is will help to review the rules which are used for its attainment. The techniques of this process are becoming more varied and include innovative risk management tools. Recent research and publication analysis. F. Knight’s «Risk, Uncertainty and Profit» made a considerable contribution into systemic generalization and development of the economic risk theory. M. Friedman discovered that attitude to risk may be individual, which has helped to develop risk management. In the 1970s D. Kahneman and A. Tverski explained the natural risk-related decision-making trends. Paper objective. Risk management developed through new theoretical understanding of risk which gradually emerged within the classical, neoclassical and institutional paradigms. Paper main body. More data concerning risk has boosted risk management at the macro-level as opposed to the previous experience of updating and generalizing business practices. The World Bank and the World Economic Forum experts have jointly made a considerable contribution into the development of risk management. Conclusion of the research.Yet it is as important as ever to get more theoretical understanding of risk management as part of the economic system at the macro-level especially when the system is going through transformations within the global economic system. Short Abstract for an article Аbstract. The article aims to consider imperative transformations of foreign economic relations within the global economy, to determine features of emerging risks, to prove the influence of risk management on the character of institutional transformations of foreign economic relations. It is important to take into consideration the impact of mutual influence of foreign economic risks as well as the risks related to institutional transformations of foreign economic relations.
Authors and Affiliations
Ольга Володимирівна Меленцова
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