The economy of post-Soviet countries has its own specifics, including those related to the development of the financial system and the financial intermediation market. Based on the results of a study, the author has identified a problem associated with the lack of sound tools that could be used to improve the efficiency of the financial intermediary market. The main directions of such a process are mobilization of savings, distribution of financial assets, payment system, risk management and control over market agents involved in financial transactions. The digital or cyber-social approach proposed by the author involves the use of innovations in the financial market, expanding the accumulated pool of knowledge and increasing the intellectual capital of financial intermediaries, and the active use of information and communication networks to perform various financial transactions and provide financial services. The unique characteristics of financial intermediation development in former USSR countries are determined by the emerging type of economy, characteristic of many states, which causes an insufficient degree of development of traditional forms of financial intermediation, the use of specific tools, such as Islamic finance, and poor penetration of digital technologies into the economy.

population welfare; invention; cyber-social approach; strategizing; financial intermediaries; involvement effect

Alampay, E.A., Moshi, G.C., Ghosh, I., Peralta, M.L.C., Harshanti, J. (2017). The Impact of Mobile Financial Services in Low- and Lower Middle-Income Countries. International Development Research Centre, and Department for International Development, Ottawa, Canada, UK.

Alekseev, S.M., Sosunova, I.A., Boriskin, D.A. (2002). Ecology, Economics, Society: State, Trends, Prospects. NIA-Priroda, Moscow, ISBN 5–7844–0072–Х, (in Russian).

Artemieva, N. (2020). Improvement of the financial literacy of households with a view to decreasing risks of the financial sector stability. Banking Bulletin 11, 18–26, (in Russian).

Arzhaev, F. I. (2022). Eurasian development bank as a consolidating financial instrument of the Eurasian initiative: role, opportunities, prospects. Res. Result Econ. Res. 8, 109–120, https://doi.org/10.18413/2409-1634-2022-8-1-0-11, (in Russian).

Barro, R., Sala-i-Martin, X. (2004). Economic growth. The MIT Press, London and Cambridge, ISBN 0-262-02553-1.

Bloomfield, S. (2013). Theory and Practice of. Corporate Governance: An Integrated Approach. Cambridge University Press, Cambridge.

Burtless, G., Jencks, C. (2002). American Inequality and Its Consequences. Luxembourg Income Study Working Paper Series, No. 339, https://hdl.handle.net/10419/95399.

Caprio, G. (2013). Financial regulation after the crisis: how did we get here, and how do we get out? SSRN Electron. J., https://doi.org/10.2139/ssrn.2350564.

Castro-Iragorri, C., Ramirez, J., Velez, S. (2021). Financial intermediation and risk in decentralized lending protocols. arXiv:2107.14678, https://doi.org/10.48550/arXiv.2107.14678

Cavallaro, E., Villani, I. (2022). Beyond financial deepening: rethinking the finance-growth relationship in an uneven world. Econ. Model. 116, 106009, https://doi.org/10.1016/j.econmod.2022.106009.

Cetorelli, N., Mandel, B. H., Mollineaux, L. (2012). The evolution of banks and financial intermediation: framing the analysis. Econ. Policy Rev. 18, 1–12.

Collins, J. M., O’Rourke, C. M. (2012). Still holding out promise: a review of financial literacy education and financial counseling studies. SSRN Electron. J., https://doi.org/10.2139/ssrn.2088863.

Demirguc-Kunt, A., Klapper, L., Singer, D. (2017). Financial Inclusion and Inclusive Growth: A Review of Recent Empirical Evidence. Policy Research Working Paper 8040. World Bank, Washington, DC.

Diamond, D. W. (1984). Financial intermediation and delegated monitoring. Rev. Econ. Stud. 51, 393–414, https://doi.org/10.2307/2297430.

Eichengreen, B., Csonto, B., ElGanainy, A., Koczan, Z. (2021). Financial globalization and inequality: capital flows as a two-edged sword. IMF Work. Pap. 21, 1–37, https://doi.org/10.5089/9781513566382.001.

Galbraith, J. K. (2009). The Great Crash. Houghton Mifflin Harcourt Publishing Company, New York, ISBN 978-0-395-85999-5.

Gatti, D. D., Gallegati, M., Minsky, H. P. (1994). Financial Institutions, Economic Policy, and the Dynamic Behavior of the Economy, Working Paper, No. 126, Levy Economics Institute of Bard College, Annandale-on-Hudson, NY, https://hdl.handle.net/10419/186808.

Grinberg, R .C. (2015). Russian way out of the crisis: originality versus universal trend. J. New Econ. Assoc. 2, 190–196, (in Russian).

He, Zhiguo and Li, Jian (2021). Intermediation via Credit Chains (November 10, 2021). University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2021-133, November 10, 2021, Available at SSRN: https://ssrn.com/abstract=3961085 or http://dx.doi.org/10.2139/ssrn.3961085

Hodgson, G. M. (2006). What are institutions? J. Econ. Issues 40, 1–25, https://doi.org/10.1080/00213624.2006.11506879.

Hodgson, G. M., Knudsen, T. (2004). The complex evolution of a simple traffic convention: the functions and implications of habit. J. Econ. Behav. Organ. 54, 19–47, https://doi.org/10.1016/j.jebo.2003.04.001.

Kaiser, T., Lusardi, A. (2024). Financial Literacy and Financial Education: An Overview. NBER Working Paper No. 32355, April 2024, DOI 10.3386/w32355.

Kaur, S., Singh, S., Gupta, S. et al. (2023). Risk analysis in decentralized finance (DeFi): a fuzzy-AHP approach. Risk Manag 25, 13. https://doi.org/10.1057/s41283-023-00118-0.

Kim, B., Cruden, G., Crable, E.L. et al. (2023). A structured approach to applying systems analysis methods for examining implementation mechanisms. Implement Sci Commun 4, 127 (2023). https://doi.org/10.1186/s43058-023-00504-5.

Kindleberger, C. P., Laffargue, J.P. (1982). Financial Crises: Theory, History, and Policy. Cambridge University Press, Cambridge

Kolomak, E., А. (2014). The evolution of the spatial distribution of economic activity in Russia. Region: Economics and Sociology. 3 (83), 75–93, (in Russian).

Kunieda, T. (2008). Financial Globalization and Inequality. Munich Personal RePEc Archive Paper no. 11343, https://mpra.ub.uni-muenchen.de/11343/.

Laffont, J. J. (1985). On the welfare analysis of rational expectations equilibria with asymmetric information. Econometrica 53, 1–30, https://doi.org/10.2307/1911721.

Levine, R. (2002). Bank-based or market-based financial systems: which is better? J. Financ. Intermediation 11, 398–428, https://doi.org/10.1006/jfin.2002.0341.

Lucas, R. E. (1988). On the mechanics of economic development. J. Monet. Econ. 22, 3–42, https://doi.org/10.1016/0304-3932(88)90168-7.

Lusardi, A., Messy, F. A. (2023). The importance of financial literacy and its impact on financial wellbeing. J. Financ. Lit. Wellbeing 1, 1–11, https://doi.org/10.1017/flw.2023.8.

Magyar, B., Madlovich, B. (2020). The Anatomy of Post-Communist Regimes. A Conceptual Framework. Central European University Press, Budapest.

Merton, R. K. (1968). The Matthew effect in science. The reward and communication systems of science are considered. Science 159, 56–63, https://doi.org/10.1126/science.159.3810.56.

Mhlanga, D. (2022). Financial Inclusion, Social Exclusion, Social Capital, and Psychological Theories of Poverty in the Fourth Industrial Revolution. In: Digital Financial Inclusion. Palgrave Studies in Impact Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-16687-7_16.

Minsky, H. P. (1986). Stabilizing an Unstable Economy. Yale University Press, New Haven and London.

Mishkin, F. S. (1991). Anatomy of a Financial Crisis. NBER Working Paper No. w3934. National Bureau of Economic Research.

Musabeh, A., Alrifai, K., Kalloub, M. (2020). Financial development, economic growth and welfare: evidence from emerging countries. Pressacademia 9, 118–131, https://doi.org/10.17261/pressacademia.2020.1218.

North, D. C. (1990). Institutions, Institutional Change, and Economic Performance. Cambridge University Press, New York.

Özdemir, B. (2022). Financial Literacy in Education Process: Literature Study. The Universal Academic Research Journal, 4(2), 64-70. https://doi.org/10.55236/tuara.977841.

Pece, A. M., Simona, O. E. O., Salisteanu, F. (2015). Innovation and economic growth: an empirical analysis for CEE countries. Procedia Econ. Finance 26, 461–467, https://doi.org/10.1016/s2212-5671(15)00874-6.

Piketty, T. (2014). Capital in the Twenty-First Century. Belknap Press of Harvard University Press, Cambridge

Pisarenko, Zh, V., Chernova, G., V. (2015). Financial convergence as a tool to increas the competitive ability of financial market participants. Finance and Credit 46, 10–23, ISSN: 2311-8709, (in Russian).

Pischik, V. Y. (2016). Building a capital markets union in the euro area: Projection on the EAEU with the participation of Russia. Economics. Taxes. Law, 9 (2), 60–66, (in Russian).

Pishchulov, V. M. (2021). Connecting primary investors and final borrowers is one of the most important functions of financial intermediaries. Economics: Yesterday, Today and Tomorrow 11 (11A), 167–175, DOI: 10.34670/AR.2021.99.42.020, (in Russian).

Pivovarov, I. S., Ostrovsky, D. A. (2020). Prospects of corporate governance development in joint-stock companies of EAEU countries. J. Leg. Econ. Res., 175–180, https://doi.org/10.26163/gief.2020.89.10.029, (in Russian).

Popov, E.V., Vlasov, M.V. (2013). Formal and informal institutes of inventions. Ser. Econ. Manag. 3, 4–14, (in Russian).

Rabie, M. (2018). Debt, inequality and economic growth. In: Rabie, M. (ed.) The Global Debt Crisis and Its Socioeconomic Implications, pp. 125–138. Palgrave Macmillan, Cham, DOI: 10.1007/978-3-319-66215-2_8.

Rajan, R. (2010). Fault Lines: How Hidden Fractures Still Threaten the World Economy. Princeton University Press, New Jersey, ISBN 978-0-691-14683-6.

Singh, A. (2023). The Role Of Central Banks In Managing Monetary Policy And It’s Effects On The Economy. Iosr Journal Of Economics And Finance (Iosr-Jef) E-Issn: 2321-5933,P-Issn: 2321-5925.Volume 14, Issue 4 Ser. IV (July. – August. 2023), 41-53, DOI: 10.9790/5933-1404044153

Spicker, P. (2014). Social Policy: Theory and Practice. Policy Press, Bristol, p. 500, ISBN 978-1-44731-610-7.

Stiglitz, J. E. (1985). Credit markets and the control of capital. J. Money Credit Bank. 17, 133–152, https://doi.org/10.2307/1992329.

Stiglitz, J. E. (2007). Making Globalization Work. W. W. Norton, and Company, New York.

Strategy of the Eurasian Development Bank 2022–2026 [Electronic resource] (2024). Eurasian Development Bank. Available online: https://eabr.org/upload/EDB_Strategy_for_2022-2026-RU.cleaned.pdf, (accessed on 28.11.2024), (in Russian).

Sudakova, A. E. (2018). Financial literacy: From theory to practice. Conference Paper. Conference: 18th International Multidisciplinary Scientific GeoConference SGEM2018, DOI: 10.5593/sgem2018/5.4/S22.010.

Tirole, J. (2002). Financial Crises, Liquidity, and the International Monetary System. Princeton University Press, Princeton, ISBN: 9780691099859.

Turyan K. (2024). Paths for the development of financial intermediation in industry 5.0: Opportunities for developing economies (on the example of former USSR republics). Journal of Infrastructure, Policy and Development. 8(12): 9569, https://doi.org/10.24294/jipd9569.

Turyan, K. V. (2023a). Decentralized finance as a factor of growth of population welfare in post-Soviet countries. Conference Paper. Conference: Intelligent Engineering Economics and Industry 5.0 (IEEI_5.0_ECOPROM): Collection of Works of the International Scientific and Practical Conference, pp. 561–565, DOI: 10.18720/IEP/2023.4/164, (in Russian).

Turyan, K. V. (2023b). Influence of financial intermediation institutes on the welfare of the population in the post-Soviet countries: a comparative analysis. Cogent Soc. Sci. 9, https://doi.org/10.1080/23311886.2023.2252260.

Uglitskikh, O. N., Yu, E. K., Gladilin, A. A. (2017). The role of financial intermediaries in the financial market. Econ. Manag. Probl. Solut. 4, 49–53, (in Russian).

UN Framework Convention on Climate Change. Paris Agreement, United Nations (2015). Available online: https://unfccc.int/files/essential_background/convention/application/pdf/english_paris_agreement.pdf, (accessed on 28.11.2024).

Wilkinson, R., Pickett, K. (2010). The Spirit Level: Why Equality is Better for Everyone. Penguin, London.

Zeqiraj, V., Sohag, K., Hammoudeh, S. (2022). Financial inclusion in developing countries: do quality institutions matter? J. Int. Financ. Mark. Inst. Money 81, 101677, https://doi.org/10.1016/j.intfin.2022.101677.

Zetzsche, D. A., Arner, D. W., Buckley, R. (2020) Decentralized Finance. Journal of Financial Regulation, Volume 6, Issue 2, 20 September 2020, 172–203, https://doi.org/10.1093/jfr/fjaa010.