Innovational Projects as a Basis of Progress of the Global Financial System

The purpose of the work is to substantiate the basic role of innovations on provision of progress of the global financial system and to develop recommendations for optimization of innovational development of this system in the modern economic conditions in view of experience of the recent global financial crisis. For verification of the offered hypothesis and determination of the innovations' influence on development of the global financial system, the authors use the methods of regression and correlation analysis. The research objects are countries from various categories that are grouped according to GDP per capita based on the data of the International Monetary Fund for 2017. Developed countries include Luxembourg, Switzerland, Norway, the USA, and Germany; developing countries include Russia, Brazil, Turkey, China, and Mexico; underdeveloped countries include Madagascar, Mozambique, Congo, Burundi, and Malawi. The information and analytical basis of the research include the materials of the global competitiveness report for 2017-2018 that was presented at the World economic forum in 2018. As a result, it is concluded that innovational projects are the basis of progress of the global financial system, but they require a serious state control over provision of social responsibility and security in the long-term. The authors' recommendation for anti-crisis management of the process of innovational development of this system in the modern economic conditions consists on the optimization algorithm of implementing innovational projects in the financial sphere.