Definition and Modernization of the Toolkit for Ensuring Responsible Behavior of Participants in Financial Relations

Abstract

The article addresses the problem of unsatisfactory fulfillment of duties and assumed obligations by participants in financial relations and emphasizes that insufficient attention to monitoring their ability to perform such obligations intensifies the accumulation of financial imbalances. The study is based on analysis and synthesis, comparison, a systemic approach, and conceptual interpretation of the categories “capacity” and “possibility” in order to expand the model for ensuring responsible behavior in the financial sphere. It is substantiated that identifying the constraints generating irresponsible behavior requires a more accurate consideration of the causes and links between the initial state of participants in financial relations and the trajectory of subsequent changes that affected this state. Capacity is treated as the key condition for realizing possibility and as its starting point. Financial capacity is presented as a process model that integrates various elements characterizing it in a comprehensive way, serves as the foundation for achieving the set objectives, and acts as a catalyst for necessary processes in financial policy. In the context of feedback with behavioral transformations, financial capacity is also interpreted as the ability to create optimistic emotions among participants in financial relations and rational motives for their behavior. The significance of distinguishing between functional financial capacity and financial capacity for development is proved, as well as the expediency of introducing them into financial practice as innovative forms of financial instruments, the effective management of which is relevant both at the stages of crisis accumulation and during further progressive development. The formation of responsible behavior is considered as the result of a balance between individual elements of the behavioral chain and the mechanisms of self-regulation and regulation in terms of their optimization. The absence of such a balance leads to associating responsibility only with repressive measures, which reduces its potential to ensure a self-sustaining type of functioning and development of financial relations.