INFORMATION ASYMMETRY IN THE WORLD ECONOMY

Abstract

The article is devoted to studying the phenomenon of information asymmetry in the world economy. It is postulated that information asymmetry has existed in the world economy since the birth of international relations – however, with the accelerated introduction of information technology, it becomes more and more pronounced, and the significance of its effects grows. According to the results of researching the existing theoretical approaches, it is proved that without the free movement of information, it is impossible to move goods, services and financial assets freely. The main factors that cause information asymmetry are identified. The main reasons that prevent the free access of economic subjects to information are analyzed: misinterpretation of information due to lack of competence, conditions of secrecy on certain information; formation of a state-bounded symmetric information field; the international level of information is not always characterized by relevance because of its scale. It is proved that the main incentives for the growth of information asymmetry are deliberate distortion, silence, or lack of the necessary methodological basis for identifying trends in predictions of situations in the world economy. The main policy approaches to benefit from reducing information asymmetry are classified. It is determined that in the absence of regulation, information asymmetry creates conditions for an oligopolistic domination of China and the US, through the formed global value chains. The findings suggest that information in the global economy is a source of competitive advantage for firms in developing countries, and trade deals still retain the pioneering advantages of dominant players. It is proposed to regulate the flow of information generated domestically through: the creation of a digital industry, while solving the problems of market concentration and taxation in the economy; by digitizing and integrating information into value chains. It is desirable that the legal regulation of the information field takes into account the specificity of countries. But on the other hand, it may be easier to regulate international data flows as a way to promote innovation and trade, as information asymmetry increases costs and reduces efficiency in the field. Further scientific and methodological researches of the author will be devoted to the study of these aspects of information asymmetry in the world economy.