ANALYSIS OF THE REGIONAL DIFFERENTIATION OF THE WORLD FINANCIAL MARKET

The object of research is the global financial market, which unites national financial systems and has significant regional development differentiation. One of the most problematic places for the development of the world market is the reduction of the internal regulatory influence of countries on their financial system as well as the growth of world debt of countries on foreign borrowing, the volatile nature of market development, where the law of uneven economic development manifests itself. The analysis of the dynamics of the global market is used for such indicators as: foreign direct investment and its net outflow (% of GDP); foreign direct investment and its net inflow (% of GDP); the number of national companies listed on the stock exchange and their market capitalization. With the help of classical general scientific research methods, regression analysis, statistical data processing methods, it is obtained that the lowest indicators of capital outflow are inherent in the countries of rapid development (Latin America and the Caribbean, South Asia). The highest rates of capital inflows are inherent in highly developed countries within the European Union or the Eurozone. Most of the companies with quotes on the stock exchange and the largest market capitalization, located in the OECD (Organization for Economic Cooperation and Development), including in the European Union. This is due to the fact that all components of the market are in close relationship. The increase in the volume of monetary savings of the population and free funds of enterprises contributes to the expansion and revitalization of the credit market and the securities market. And the issue of securities reduces the need for financing the economy through loans and accumulates temporarily free funds of investors. This ensures the conditional nature of the separation of financial markets into the money and capital markets.


Introduction
In the modern world, the processes of financial globalization are unfolding and the dependence of individual countries on world financial markets is increasing. This trend is typical for many countries of the world and requires coordinated actions from financial market regulators in order to ensure sustainable and dynamic development of the financial sector. The objective basis for the development of the world market is the development of the international division of labor; internationalization of social production; concentration and centralization of financial capital. The modern world financial market unites the na-tional financial markets of countries and the international financial market, they differ in terms of the issue and the mechanism of circulation of financial assets. Considering this, the study of imbalances in the development of the world market and the study of its regional differences at the present stage is highly relevant.

The object of research and its technological audit
The object of research is the global financial market, which unites national financial systems and has significant regional development differentiation. In particular, the ISSN 2226-3780 main feature of the financial market at the present stage can be defined financial integration, which involves the process: -unification of financial services, banking operations; -liberalization of customs procedures; -unification of the coordination system through international financial institutions, electronic means of payment; -movement to the world monetary system with a single world money. The financial markets of developed countries have united in the global financial system, which allows directing large amounts of capital not only to its economy, but also to the economies of developing countries.
One of the most problematic places for development of the world market is the reduction of the internal regulatory influence of countries on their financial system while increasing the influence on national economies of supranational entities and international companies. Also a big problem is the growth of world debt of countries on foreign borrowing. Increasing the availability of international borrowed funds for use in the domestic economy has allowed emerging countries to attract additional resources to meet the needs of the national economy.

The aim and objectives of research
The aim of research is studying regional imbalances in the development of the world market in the context of its dynamic development during 2000-2017. According to the aim, the objectives of research are: 1. Analysis of net inflows and outflows of foreign direct investment in % of the global economy GDP.
2. Estimation of the number of national companies listed on world markets and their market capitalization.

Research of existing solutions of the problem
Among the main areas of world market research, it is necessary, first of all, to single out a thorough study of its development [1,2], however, they do not consider current market trends.
In [3,4], an analysis of development of the global financial market in the conditions of cyclical development of the world economy is carried out; however, dynamic transformations are indicated only for certain countries of the world without taking into account regional entities.
Many scientists have considered the significant impact of globalization transformations on the development of global finance. In particular, in [5] market institutions and possible post-crisis risks of financial markets are investigated, however, using only developed countries in the world as an example, and similar problems of developing countries remained outside the study. Interesting results of a study of the financial markets of Sweden and the USA are given in [6,7], however, the rest of the countries and regions of the world also remained outside the attention of the authors. The work [8] is devoted to the differentiation of market levels and the levers of their regulation. However, the author's opinion is not sufficiently supported by statistical data. The authors of [9] using the economic and mathematical methods of research have to connect the securities market and the development of the real economy in the dynamics from 1926 to 2000. However, despite the thoroughness of the calculations, the study lacks a regional approach that would reveal significant regional segmentation on the world financial market.
The authors of the study [10] make significant calculations on the international differentiation of the development of the financial market and the influence on it of the structural changes that are taking place at the present stage of its development. However, the study focuses on the mood of American investors in various economies of the world.
Thus, the results of the analysis allow to conclude that, despite the considerable amount of theoretical and practical research in the field of global finance, it is necessary to expand the analytical base of the study, which would reflect the dynamics of quantitative changes in the development of the global financial market from 2000 to 2017.

Methods of research
Classical general scientific research methods are used, namely: -regression analysis to assess the prospects for the dynamics of market capitalization of companies listed on the stock exchange; -methods of statistical data processing, in particular, the countries of the world are systematized in terms of the net inflow and outflow of foreign direct investment and the market capitalization of national companies listed on world exchanges.

Research results
An important part of the financial system of the global economy is the financial markets, in which the redistribution of financial resources. Such markets arise from the existence of temporarily free capital in the economy. Thanks to financial markets, they turn into loan capital invested in the economy.
In general, the types of financial assets of the financial market can be divided into ( Fig. 1): -credit market (capital market); -stock market or share market; -currency market; -insurance market; -gold market; -financial services market. Also, financial markets are divided into capital markets and money markets. Capital markets have financial claims with a maturity longer than one year, usually referred to as long-term claims. Short-term claims with a maturity of less than one year apply in money markets.
The money market is a highly competitive market in which a wide range of investors operate, from individuals and government agencies to large corporations, and all of them are offered a whole menu of documents of the internal money market. So, financial markets are a combination of financial institutions and securities markets. The global financial system is very complex and diverse, it operates with a huge number of development indicators. So, to determine the main imbalances in the market, time series from 2000 to 2017 are analyzed. In such indicators [11]: 1. Foreign direct investment and its net outflow (% of GDP).
2. Foreign direct investment and its net inflow (% of GDP). Let's consider in more detail the results of the analysis.

The net outflow of foreign direct investment is an important indicator of a country's investment security.
The analyzed data reflect the net outflow of foreign investment from this economy to other countries in % of the country's GDP.
The total global dynamics of the outflow of foreign direct investment for the period from 1970 to 2017 in % of global GDP are shown in Fig. 2.
As can be seen from the above data ( Fig. 2), the maximum outflows of investment of the global economy were in the early 2000s and are on average 2.5 % per year.
Analysis of the regional diversification of the indicator under study during 2010-2017 is given in Table 1. They indicate a uniform trend in each of the investigated regions. The lowest rates of capital outflows in 2016-2017 are in countries characterized by the rapid development of the region of Latin America and the Caribbean, as well as South Asia.
In general, over the study period, the average values of changes in the volumes of the net outflow of foreign direct investment are analyzed (Fig. 3 [11] It is concluded that the biggest outflows are inherent in regions that unite countries of high socio-economic development (Eurozone, European Union, Europe and Central Asia, OECD countries (Organization for Economic Cooperation and Development)).
The smallest outflow indicators for the study period are characteristic for the countries of South Asia and Africa.
Outsider   The general global dynamics of the inflow of foreign direct investment for the period from 1970 to 2017 (compared to the dynamics of the outflow of investments) in % of global GDP is shown in Fig. 4.
As can be seen from the above data (Fig. 4), the maximum volumes of investment inflows of the global economy were in the early 2000s and average of 3 % per year. In the 1970s and 1990s the outflow of investments was dominated by the net inflow of investment in the global economy, which indicated a longterm stagnation period of development and its end in the early 2000s.
Analysis of the regional diversification of the studied indicator during 2010-2017 is given in Table 2. It indicates uneven dynamics in each of the studied regions. The highest rates of capital inflows in 2017 are inherent in highly developed countries within the European Union or the Eurozone.
In general, over the study period, the ave rage values of changes in the volumes of net inflows of foreign direct investment are analyzed (Fig. 5).
It is concluded that the biggest inflow values are inherent in the regions that unite countries of rapid or sustainable socio-economic development (Eurozone, European Union, Europe and Central Asia, Latin America and the Caribbean).
The smallest outflow indicators for the study period are characteristic for the countries of South Asia and Africa.
Leading countries were selected, capital inflows into which in 2017 reached the highest values (Fig. 6    3. The number of national companies listed on the stock exchange is an indicator of the functioning of the securities market as part of the capital market, where the issue, purchase and sale of securities is carried out. The greater the number of national companies attracted to functioning on the stock exchange, the greater the degree of openness the national economy.
The general global dynamics of the number of national companies listed on the stock exchange from 1990 to 2017 is shown in Fig. 7.
As can be seen from the data (Fig. 7), since 2010 the number of such companies does not increase and amounts to 43000-44000 units.
Analysis of the indicator under study comparing 2010 and 2017 (Table 3, Fig. 8) shows that the majority of companies in the world are located in OECD countries (over 50 % of all relevant companies in the world). The countries of the European Union account for 1/5 of the companies in the world. In the countries of the Arab world there are only 2 % of companies that have quotes on world markets. And only the companies of the Arab world for the study period slightly increased the percentage of their companies in the world. The countries of the European Union and the OECD, on the contrary, have somewhat lost their positions in the global dimension.
In terms of the number of companies in the world, the countries of East Asia and the Pacific are leading   The general global dynamics of market capitalization of companies listed on the stock exchange for the period from 1990 to 2017 are shown in Fig. 9.
As can be seen from the above data ( Fig. 9), the dynamics of the market capitalization of companies lis ted on the stock exchange in the world, has a positive development trend and indicates the growth of the global economy.
Analysis of the investigated indicator comparing 2010 and 2017 (Table 4, Fig. 10) shows that the majority of companies in the world are located in OECD countries (almost 70 % of all relevant companies in the world). The countries of the European Union account for only 1/10 of the companies in the world.
In the countries of the Arab world there are only 1 % of companies that have quotes on world markets. And only the companies of the European Union and the Eurozone du ring the study period have somewhat lost their positions in terms of capitalization.
The countries of the Arab world and the OECD increased the capitalization of their companies during 2010-2017.
In terms of the number of companies in the world, the countries of East Asia and the Pacific are leading (33.53 % in 2017 compared to 30.96 % in 2010) and North America (43.54 % in 2017 compared to 37.8 % in 2010).
Leading countries in terms of market capitalization of companies listed on the stock exchange in 2017 are highlighted: the USA, China, Japan, Hong Kong and others (Fig. 11).
So, the analysis of regional differences in the development of the world market is made and the leading regions in terms of its development and the outsider regions are determined.

SWOT analysis of research results
Strengths. The global financial market operates on the basis of multilateral relations and is a harmonious combination of financial relations on a bilateral basis. This makes it possible to conduct research in the context of countries and regions of the world by definition of leading countries and countries-outsiders of the world market.
Weaknesses. The constant development of international markets and the integration processes in them contribute to the development of the world economy, but they make the economies of different countries more interdependent and reduce the opportunities for governments to regulate processes in national financial markets. However, it is this feature that makes it possible to quantify the interdependence of countries in terms of the net outflow and inflow of foreign direct investment.
Opportunities. The promising areas of world market research are the expansion of the database of indicators describing the state of its development, and further multivariate assessment using cluster and factor analysis. This will allow for a regional differentiation of the development of the world market at a higher scientific level.
Threats. Between the structural elements of the world market there is a constantly recurring interconnection, which determines the stages and forms of the process of the forma-tion and development of the world economy. However, the development of world monetary and financial relations and the entire world economy is of an intermittent nature. In this case, the law of uneven economic development manifests itself. Thus, the dynamics of the global market has periods of growth and decline. Such situation does not always allow for regression analysis and requires the use of more complex methods of assessing the global market.