Market infrastructure is a holistic system,allowing the sellers and buyers to make a free process of buying and selling goods. The problems of formation of effective market infrastructure are especially relevant for those countries whose economy is at a transitional level. This structure appears in many different forms. It includes the usual urban market, and stock, commodity, currency exchanges, and newspaper and computer ads such as "buy-sell."
The market infrastructure is grouped according to certain criteria:
- by its economic purpose (capital markets, consumer, means of production, production forces, foreign exchange, financial, information);
- on a spatial basis (local market, national, world, international, regional);
- in accordance with the current legislation (legal and shadow market).
All these markets are divided into their componentselements. For example, the market of production assets includes the land market, energy resources, equipment, buildings and structures, feed and many other elements of it.
Market infrastructure is an economica category that includes many links. It is inherent in the system of relationships between producers and consumers, that is, all subjects of economic relations.
Elements of a market system should alwaysbe considered and classified using a macroeconomic approach. They are influenced by objective and subjective factors, and the role of the latter in today's conditions has increased significantly.
According to the macroeconomic approach in the marketeconomic system, the infrastructure performs non-serving functions, but ensures the effective existence of the entire economy. It can not be regarded only as a system consisting of inanimate and materialized elements. Market infrastructure is a set of organizational and legal forms that mediate the promotion of services and goods, the complex of all systems, institutions, enterprises that serve the market and play specific roles to ensure its optimal functioning.
It is necessary to distinguish between its local and globallevel. The latter exists in two dimensions: national and world, and includes local infrastructures. The totality of the elements ensuring a multi-level uninterrupted functioning of economic interrelations of economic entities fulfills and regulating functions with respect to commodity-cash flows. This infrastructure is formed by various institutions, which include brokerage firms, currency exchanges, banks, investment and leasing companies, insurance organizations, employment centers and many others. Market infrastructure performs such functions:
- Providing, that characterizes its essence andpurpose (has a passive character). This direct function provides the economy opportunities and conditions for the accumulation of resources and the production of commodity products from them.
- Regulatory (is an extension ofproviding). This active function has an external character. It exists over the entire process of interaction of economic entities and has a significant impact on the production process. It signals the economy about the problems in the processes of creating a product.
These functions are closely related and can not beimplemented without each other. Their interaction leads to an optimization of the commodity-cash flow. Institutions of market infrastructure are engaged in providing intermediary services in the field of investment, insurance, and conduct confidential transactions. Thanks to it, any state conducts anti-inflationary measures, counteracts the sharp fluctuations in the economy, implements the employment policy.