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Issue № 77. December 2019

Crowdfunding as an Innovative Financial Instrument of the Digital Economy: National Models

Yulia N. Gambeeva, Nadezhda N. Kozhukhova

Yulia N. Gambeeva — Senior Lecturer, Department of Management, Branch of Lomonosov Moscow State University, Sevastopol, Russian Federation.

Nadezhda N. Kozhukhova — Senior Lecturer, Department of Management, Branch of Lomonosov Moscow State University, Sevastopol, Russian Federation.

The article deals with the influence of information and computer technologies on the development and transformation of financial relations in the digital economy. The theoretical basis of the study consists of the works of domestic and foreign authors within the field of studying the features of financial behavior and innovation funding. The methodological base of the study draws on the application of general scientific methods within the comparative, logical and statistical analyses.
The purpose of the study is to identify trends and characteristics of crowdfunding development, which is the innovative financial instrument for the population to invest in the real sector during the economy digitalization era. The article provides with the main stages of the public financing mechanism formation and the global crowdfunding market dynamics; the features of state regulation are characterized. It was revealed that the global collective finance market has been growing rapidly since its appearance in 2007, and it is changing the role of financial institutions, public policy and market trends around the world. The study also concluded that, as crowdfunding developed in the digital space, the following national characteristics and models were formed: Anglo-Saxon, European, Asian and East European, as well as that the degree of national crowdfunding development depends on the formation of digital infrastructure and regulatory controls. In conclusion, it is proved that crowdfunding can change the motivation and rules of the game in the field of innovation funding in the digital economy.


Digital economy, crowdfunding, crowdfunding projects, crowdfunding platforms, crowdfunding market, financial instrument.

DOI: 10.24411/2070-1381-2019-10016

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