CONCEPTUAL PRINCIPLES OF FORMATION OF WORLD FINANCIAL ARCHITECTURE

Keywords: financial architecture, global disparities, globalization transformations, global markets, IMF, national economy.

Abstract

The article considers the conceptual principles of formation of the world financial architecture. It is determined that the negative impact of global disparities is significantly exacerbated by the imperfection of the current financial mechanism, which follows from the basic fundamental principles of the global financial architecture. The main factors of negative impact of global disparities on the world economy include: imperfection of the financial mechanism, exacerbation of contradictions between financial and real sectors of the economy, national and international structures in the direction of strategic state and strengthening regionalism. It is proved that in the formation of the financial architecture in the context of globalization transformations it is necessary to clearly define the conditions for the implementation of the principle of fair burden sharing between private and official creditors, as well as between relevant groups of private creditors. That is, efforts should be directed at regulating liquidity, stabilizing the behavior of investors, using effective methods of assessing sovereign risk, establishing a mechanism for regulating financial markets in developed countries; formation of a financial system that could use all the benefits of global markets and capital mobility with minimal risk, obtaining effective protection of socially vulnerable groups. It is concluded that the development of modern financial architecture takes place in conditions of significant aggravation of contradictions between financial and real sectors of the national economy, national and international structures in the process of implementing effective strategic state interests and opportunities for large multinational corporations. It is proposed in further research to determine the organizational and economic principles for the interaction of national and global financial markets in the context of global transformation.

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Author Biographies

Borys Samorodov, V.N. Karazin Kharkiv National University

Doctor of Economics, Professor, Director of the Educational and Scientific Institute «Karazin Banking Institute»

Maksym Zhytar, Університет державної фіскальної служби України

Doctor of Economics, Associate Professor, Deputy Director of the Educational and Scientific Institute of Finance and Banking

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Published
2021-07-26
Section
Modern macroeconomic trends and tendencies