ФІНАНСОВИЙ ІНЖИНІРИНГ: ЕТАПИ ЕВОЛЮЦІЇ ТА ЇХ СУТНІСНІ ХАРАКТЕРИСТИКИ

Abstract

The article reflects the process of evolution of financial engineering as a direction in the development of financial technologies – from the simplest to complex modern ones. Based on the results of research published in leading scientific publications and a thorough study of a wide range of sources covering the period of the second half of the 19th century – the first quarter of the 21st century, four periods have been distinguished that reflect the specifics of the forma- tion and development of financial engineering. They are presented in the author's periodiza- tion, which has a logical justification, supported by relevant facts and essential characteristics. So, the 1st period covers 550 BC. – 60 years of the 19th century. Its main content was the formation of basic approaches to solving financial issues, natural for the process of establishing and establishing market relations. The specifics of the 2nd period, covering the 70–90s of the 19th century, were determined by the contemporary needs of the "capitalist economy." The task of financial engineers was to find new optimal approaches to the financial provision of business, whose representatives quite naturally sought to maximize profit. In the 3rd period, which lasted from 1900 to the 1960s, financial engineering, as before, continued to perform its traditional functions. In addition, in the mentioned period, there was an accumulation of interdisciplinary knowledge "for a qualitative leap". The 4th period began in the 70s of the 20th century. Since then, financial engineering has developed particularly rapidly, which is recognized at the international level. This period is characterized by the widespread use of innovative financial instruments developed on the basis of interdisciplinary developments developed earlier. It is also confirmed on the basis of published sources that the term "financial engineering" has been widely used since the second half of the 19th century. And in the first half of the 20th century. the basics of financial engineering were taught in certain universities and colleges, primarily in the USA and Canada. It was concluded that at each stage of its development, financial engineering was associated with the development of innovative financial instruments (approaches) that corresponded to the interests of certain groups of market participants