DEVELOPING A COMPREHENSIVE APPROACH TO ASSESSING FINANCIAL OPENNESS

The article presents a theoretical generalization of approaches to the assessment of the level of financial openness of the economy, made by scientists and international financial organizations. In attempt to clarify the definition of financial openness it should be considered as one of the dynamic characteristics of the financial system, which may be changed under the influence of macroeconomic dynamics and the development of the institutional environment of the financial sector and embody the quantitative determination of the current state of existing formal and informal restrictions on the cross-border movement. At the same time, the changing of the level of financial openness can act as an indicator of the country's involvement in the process of financial globalization and a regulatory parameter to manage the impact of capital movements on the economic growth of an individual country. In accordance with the analyze results, the stages and important features that provided changes in the trends of introduction of financial openness were distinguished. It is concluded that the existing methods of its assessment, both in the «de jure» and «de facto» approach, as well as the integral ones based on them, have a number of shortcomings and do not reveal the numerous features of the movement of capital flows in the country. Therefore, it is necessary to use a combination of basic methods of assessing financial openness with ratings of informal perception of economic openness and its institutional environment by economic entities. A comprehensive assessment of the level of financial openness of an economy should reflect the existing restrictions on international capital movements, the dynamics of their real volumes, as well as the informal perception of corresponding restrictions in the economy.