State policy in the financial sphere in the context of entering the post-crisis trajectory of development

The article provides results of the study of the state policy in the financial sphere at the pre-crisis stage of development of the world economy. It shows the phenomenon of inclination to liberalisation, which hinders realisation of effective state policy in the field of finances in the long run, and identifies its in-depth basis. It systemises factors, which caused liberalisation of the financial sector, and tendencies of financisation, which mean primary significance of financial relations, financial motives and elites in the system of economic links, are shown as its result. The article proves that conditions of liberalisation and financisation resulted in domination of preference of liquidity and growth of capitalisation as basic motives of behaviour of financial market operators, whose activity was directed at permanent overcoming regulatory limitations with the aim to obtain maximum profit, which resulted to development of regulation dialectics - contradictory process of development of financial innovations in response to regulatory innovations introduced by the state. The article provides recommendations with respect to the state policy in the financial sphere in the context of entering the post-crisis trajectory of development.