Articles by : Lambekova Aygerim № 1/2024
International economyBORZENKO Olena 1, LAMBEKOVA Aygerim 2, MYRZHYKBAYEVA Ainur 3, PANFILOVA Tamara 4
1Institute for Economics and Forecasting of NAS of Ukraine
2Academician E.A.Buketov Karaganda University
3Academician E.A. Buketov Karaganda University
4Institute for Economics and Forecasting of NAS of Ukraine
Reforming international financial organizations in the context of the influsion to socio-economic development of Ukraine and Kazakhstan
ABSTRACT ▼
The article presents the results of a study on current problems of reforming the international financial architecture under the expanding crisis phenomena of a financial nature and the vulnerability of financial markets and public finances to sharp economies political and geopolitical changes. The meta-statistics are aimed at identifying the main institutional fundamentals of the reform of international financial organizations in the context of the transformation of mutual relations with certain neighboring groups of countries and their impact on the socio-economic development in Ukraine and Kazakhstan. Systematized the main guidelines in the transformation of international financial architecture, such as: reform of certain international organizations; changes in the policy of cooperation between individual countries and international financial organizations, transformation of the latter’s influence; creation of a global institution based on international multilateral agreements; strengthening the regulatory mechanisms of international financial law and increasing the responsibilities of national regulators for the functioning of individual segments of financial markets; facilitating reforms of the global financial architecture to achieve the goals of global development and climate change; creation of new international financial institutions etc.
The impact of the reforms of international financial organizations on the socio-economic development of Ukraine and Kazakhstan is manifested in the changes in the directions of Kazakhstan’s and Ukraine’s cooperation with modern international institutions, culminating in the updated policy frameworks and special programs for market reform, in ensuring the stability of the national currency, in the solution of socio-economic problems, in financing the deficit of the sovereign budget and in balancing the balance of payments. The allocation of financial resources of a credit and investment nature is accompanied by recommendations on the institutional development of market economy, reforms of the necessary legal framework, development of the private sector and the shaping of a corporate governance system. A comparative analysis of the effectiveness of Kazakhstan’s and Ukraine’s cooperation with international financial organizations allows us to recognize the vulnerability of both countries’ financial systems to crisis phenomena of a global nature, including through the growth of the foreign debt and their weak positions in terms of the EBRD Financial Market Development Index in 2020 compared to the European countries, which became EU members 2004.
Keywords:international financial architecture, international financial organizations, international financial law, crises, IMF reform, foreign debt, EBRD Financial Market Development Index
JEL: O 19, E 60, F 34
| Article in Ukrainian (pp. 93 - 119) | Download | Downloads :20 |
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