Системні детермінанти формування неофінансового порядку в умовах нерівноважного глобального розвитку

Abstract

Розкрито системні детермінанти глобальної фінансової нестабільності. Наголошено на нових системних ризиках, що провокують світові фінансові кризи в епоху цифрової економіки та цифрової фінансизації; необхідності реформування світової валютної системи і глобальної фінансової архітектури, а останнім часом – і в необхідності формування неофінансового світового порядку – порядку нового рівня, який базуватиметься на абсолютно нових засадах і принципах. Обґрунтовано концепцію побудови світового неофінансового порядку в умовах нерівноважного глобального розвитку. Introduction. By monitoring the aggregate cumulative effects of the recent global financial turmoil, it becomes clear that the world financial order and the system of international economic relations are based on the “debris” of Bretton Woods agreements. This can be explained by the fact that there are no alternatives for the outdated agreements. The modern world economy continues to have a pronounced rental character. Thus, it can be argued that it is one of the root causes of the global development divergence, the income imbalances, and financial imbal- ances. Those, in turn, are causing global asymmetries and socio-economic inequalities. Con- sequently, the modern world economy can be defined as a financial economy (in its essence). Therefore, the consideration of fundamental global financial imbalances will lead to an under- standing of the system determinants of the need to change the modern world financial order. The purpose of the study is to deepen the theoretical and methodological foundations of both identification and development of system determinants of global financial instability. As well as to substantiate and develop the concept of constructing neo-financial order in the conditions of nonequilibrium global development. Results. System determinants of global financial instability are revealed. The new systemic risks that provoke global financial crises in the era of the digital economy and digital finance are highlighted. In addition to that, the need for the global currency system reform and the global fi- nancial architecture reform were discussed. As well as the more recent need – the formation of a neo-financial world order (a new level based on absolute new principles and principles) was studied. The essential basis of modern crises is highlighted. Among which, first, contradictions be- tween the laws of the functioning of the globally-centered economy, which is a systemic integrity. Second, the heterogeneity of the structure-functional construction of a geospatial, which oper- ates on the principles of globalization diversion. Additionally, the nature of the crises spread, which resembles the spread of seismic waves with resonance effect, is substantiated. The events that have taken place in recent years, and which gave a powerful impetus to the processes of formation of qualitatively other geo-economic and geopolitical foundations for the reform of the global financial system have been characterized. Conclusions. The concept of construction of the world neo-finance order in the conditions of nonequilibrium global development is substantiated. The objective necessity of building a new world financial architecture was proven. The last should be based on qualitatively new principles, mechanisms, and interconnections of global governance, and should challenge the creation of a new world financial order.