The article considers the problems of information quality affecting the level of uncertainty of the economic space and on trust in the system of economic relations. The author analyzes information in the context of its worth and value over time.

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The division of the objects of property rights into "tangible" and "intangible" is reviewed in the article, as well as their division according to the nature of these rights (object, convergence and intellectual) and the way of their usage (private property, open access property and intermediate). This enabled the author to clearly categorize not only the objects of property rights, but such their derivative elements as the licenses for the use of these rights. The typical features of the "converging" goods as of those most frequently present in contemporary market are examined. The model of marketing the goods with the highest share of intellectual property is analyzed by the scholar.

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The author considers different measures of the broadsense political economy, and defines the contents and structure of its object space in the paradigmal context

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The article highlights the philosophical foundations of the theory of informational economy in the context of postnonclassical science. Informational economy is shown as a result of the informationalandtechnological revolution of late XX early XXI centuries. The author investigates various characteristic features of the theory of informational economy in the context of the evolution of theoretical knowledge.

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The article highlights the results of a research of modern transformations in the system of regulation of the global financial markets and defines the basic approaches to the global anti-crisis reforming. Main attention is focused on the financial and institutional transformations of the European economic space, implemented both in the context of global measures, and as a response to the endogenous needs of deepening European integration. The article systematizes the basic processes in the formation of a single European financial market, namely, the introduction of single rules for operational activities of the banking institutions, creation of the European system of financial supervision as supranational system of control over all operators of the financial markets, formation of a unified system for guaranteeing the deposits in the EU countries, gradual creation of a general system of rules and authorities as to the management of depressive banking institutions. Special attention is given to the formation of the Banking Union and centralization of banking supervision in the Euro zone and gradually, in the whole of EU. Based on the conducted analysis, conclusions have been made as to the strengthening of the role of the European Central Bank, which now not only performs the role of the Euro zone’s central bank, but also represents a single supervising center both for the banking sector, and for the whole Euro zone’s financial market. The author justifies the gradual expansion of the ECB not only in the Euro zone, but also in the general financial space on the EU. In the context of the prospects of Ukraine’s European integration, the authors make conclusions on the necessity to create a single regulating and supervising system on the financial markets.

Keywords:Financial markets, European financial space, Banking Union, European Central Bank, single supervision system

The work considers the problems of European financial and institutional reform in the context of the creation of the Banking Union and the impact of these processes on the formation of a sustainable, in the long-term context, financial market and overcoming the vicious circle between depressive banking institutions and public finance. The focus is placed on the analysis of the main provisions of the Directive on Bank Recovery and Resolution (BRRD, MEMO/14/297) - the directive on bank recovery, which allows creating a general system of management of those banking institutions in Eurozone and the EU that are in difficult financial condition; justified the importance of the recovery plans for efficient supervisory practices in the European financial and institutional space; proven the correspondence between the trends in Ukrainian financial and institutional environment and European approaches to bank refinancing; proposed recommendations on laying the foundations of a long-term strategy for reforming supervisory approaches, among which the corner element should be the establishment of an effective preventive management practices of banks.

Keywords:financial and institutional reforms, financial market, financial and institutional environment, depressive financial institutions, regulation of banks

The author considers the transformation of capitalist system under the influence of information and network management methods, accompanied by the deepening conflict in the global system of coordinates, a decrease in the efficiency of formal and informal institutions, destruction of the value foundations of the society, and social destabilization. Analyzed the growing contradictions of the closely related geopolitical allies and satellites, the EU and the US; thus concluded that effective overcoming of the crisis tendencies in the US is related to the dominance of network approaches in the organization and regulation of production that are basic in the new technological wave. However, the hierarchical approaches that are now developing in the EU in the course of the anti-crisis reform clearly contradict the actual information and networking paradigm that provides a high level of autonomy of the units that make up the whole structure. It has been found that the deep transformation of the financial and credit institutions during the transition from capitalism to the information and network economy is changing the economic purpose of loan as a basic financial institution in market economy: under capitalism, loan is mainly used to ensure the production process, while in the information and network economy it is used to monetize the demand for the realization of the growing produce of global corporations.

Keywords: global capitalism, the anti-crisis reform, globalized capitalism, global structures

The article presents the results of a study on the relationship between the basic financial phenomenon of liquidity and its realization in the bitcoin system. It is proved that bitcoin is a natural phase of financialisation trends developing in the global financial space as a result of the activities of financial intermediaries, aimed at ensuring the maximum liquidity of their transactions. Author displays the basic principles of operation of the blockade technology in the context of relations with the underlying conditions of social and economic development (information asymmetry and trust). Characterized the potential of value-institutional changes connected with the circulation of cryptocurrencies and the blockchain technology, which may indicate to the fundamental social uncertainty of the modern stage of technological development.

Keywords:bitcoin, blockchain, cryptocurrencies, information asymmetry and trust.

The article presents the results of a study on the relationship between the basic financial phenomenon of liquidity and its realization in the bitcoin system. It is proved that bitcoin is a natural phase of financialisation trends developing in the global financial space as a result of the activities of financial intermediaries, aimed at ensuring the maximum liquidity of their transactions. Author displays the basic principles of operation of the blockade technology in the context of relations with the underlying conditions of social and economic development (information asymmetry and trust). Characterized the potential of value-institutional changes connected with the circulation of cryptocurrencies and the blockchain technology, which may indicate to the fundamental social uncertainty of the modern stage of technological development

Keywords:bitcoin, blockchain, cryptocurrencies, information asymmetry and trust

The paper shows the actual transformations of the value component in the system of economic and social interaction that arise and develop as a result of the introduction of information and network principles of economic activity. The author defines pattern as a model of behavior in the conditions of information surplus, which replaces the institution as the basic structural element of economic systems. It is shown that an underlying condition for the abstinence of institutions is the interweaving of the Western short-term time paradigm and the active innovation development inherent in the new economy with its special network character.
The paper shows the production of new information as a basic pattern of the new society. Innovation is defined as a deep characteristic of the information-network economy and it is proved that the per-manence of changes inherent in the new economy leads to institutional bifurcation. The author justifies the statement of the fundamental conflictness of the information-network economy, and shows the loss of social content in the economic processes taking place in the conditions of capitalism and crisis of the national state. The example of securitization illustrates the effects of implementing network forms in predominantly capitalist institutional systems. The author also demonstrates examples of conflicting interactions in mainly hierarchical and dominant network systems.
The cycles of global liquidity in the context of its network character are characterized and its contra-dictory influence on states as an embodiment of the hierarchy is shown. It is justified that the underlying cause of the limited efficiency of the state’s monetary regulatory function is the conflict between the hierarchical transmission mechanism and the network system of interaction in the financial space.

Keywords:information-network economy, pattern, innovation, institution

The paper shows the actual transformations of the value component in the system of economic and social interaction that arise and develop as a result of the introduction of information and network principles of economic activity. The author defines pattern as a model of behavior in the conditions of information surplus, which replaces the institution as the basic structural element of economic systems. It is shown that an underlying condition for the abstinence of institutions is the interweaving of the Western short-term time paradigm and the active innovation development inherent in the new economy with its special network character. The paper shows the production of new information as a basic pattern of the new society. Innovation is defined as a deep characteristic of the information-network economy and it is proved that the permanence of changes inherent in the new economy leads to institutional bifurcation. The author justifies the statement of the fundamental conflictness of the information-network economy, and shows the loss of social content in the economic processes taking place in the conditions of capitalism and crisis of the national state. The example of securitization illustrates the effects of implementing network forms in predominantly capitalist institutional sys-tems. The author also demonstrates examples of conflicting interactions in mainly hierarchical and dominant network systems. The cycles of global liquidity in the context of its network character are characterized and its contradictory influence on states as an embodiment of the hierarchy is shown. It is justified that the underlying cause of the limited efficiency of the state’s monetary regulatory function is the conflict between the hierarchical transmission mechanism and the network system of interaction in the financial space.

Keywords:information-network economy, pattern, innovation, institution

The article deals with the existing theoretical concepts of global liquidity. On this basis, the author concludes that they reflect the evolution of views on the essential factors affecting the international interaction of economic actors. It is proved that in the conditions of growing uncertainty, the approaches to the calculation of global liquidity should be based on its properties to ensure, for economic entities, uninterrupted calculations under all conditions. In this case, to determine the components of global liquidity, the author uses the J.M. Keynes’ liquidity preference theory.
The article analyzes the growing contradictions in the functioning of the world economic space caused by the widening gap between quasi-liquid assets and global liquidity. A liquidity surplus is described which represents a surplus of liquidity that allows financial institutions to go beyond the established limits, regulations or standard performance indicators, while expanding the ability to generate income by optimizing the portfolio, but transforming the economic purpose of financial intermediaries and actually creating quasi-liquidity. The institutional and structural development factor of the liquidity surplus is shown.
The influence of securitization on the development of the liquidity surplus is clarified and it is proved that it largely represents a reformatting of hierarchical relations based on individual responsibility of the debtor before the creditor, into dominant network relations, in which responsibility becomes pseudo-collective in the branched system of interconnections of many intermediaries, and then, in the process of securities circulation, gradually disappears.

Keywords: financial intermediary, liquidity surplus, global liquidity, securitization

The article presents the results of a study on modern transformations of financial intermediation institutions and shows the processes of reformatting the classic purpose of banks as intermediaries between the deficit and surplus of financial assets of market entities. The author shows global financial and structural development, global trends of disintermediation and revival of operating activities of the stock sector, and characterizes the features of regional development, the most important of which are: financial and credit dysfunction in European continental countries in the context of growing stock activities in the global financial centers; long-term reduction of the influence of banking institutions on the development of the real sector in classical countries (mainly bank investment financing); prece-dents of the predominance of the stock segment in countries of historical banking dominance; and accelerated growth in stock activities in developing countries as a possible factor in financial and economic instability due to the significant pres-ence of foreign investors. Characterized the tendencies of European (continental) credit apathy and deactivation of banks as depository institutions in conditions of simplified customer demand, limited by consumer motivations against the back-ground of a reduced influence of accumulative motivations. The paper shows that the basic factor of the development of digital retail banking is the increased com-petition between banking institutions, Fin-tech companies and global trading plat-forms, which, satisfying consumer needs, are increasing their competitive ad-vantages over traditional banks. The author characterizes the global consumer-financial space and shows the mechanisms and factors of its formation, associated with the intensification of the development of digital banking and the activities of modern global trading platforms in the context of the transformation of the financial culture and financial behavior of households towards increasing consum-er motivations. Also characterized the risks of monopolization of the global consumer-financial space and the development trend of financial intermediaries un-der the influence of these processes are characterized.

Keywords:financial intermediaries, digitalization, consumer-financial space, the risk of mo-nopolization

The article presents the results of a research on the current processes of financial
inclusion, substantiates the concept of financial inclusion and its world level, and
systematizes the existing theoretical-methodological and empirical approaches to
determining its role for sustainable development. Based on the analysis of fundamental conditions and current factors of intensification of financial inclusion, the
author substantiates the real purpose and consequences of the introduction of
digital financial inclusion in national economies and in the global economy and
shows the role of global financial institutions in these processes. Particular attention is paid to the impact of financial inclusion on solving the problems of poverty
and inequality in society. It is shown that modern financial inclusion does not serve
the interests of the majority, but rather the interests of a clearly limited circle of
representatives of the global economic and financial elite by creating conditions for the invariance of financial inclusion for ordinary economic agents. The author
argues that the main long-term institutional risk of global financial inclusion and noncash circulation is the consent to the loss of financial freedom by market participants in the face of growing uncertainty in economic and social life and poverty.

Keywords:financial inclusion, World Bank, global corporations, monetization of demand, poverty, inequality, institutional risk

The article presents the results of a research on the current processes of financial inclusion, substantiates the concept of financial inclusion and its world level, and systematizes the existing theoretical-methodological and empirical approaches to determining its role for sustainable development. Based on the analysis of fundamental conditions and current factors of intensification of financial inclusion, the author substantiates the real purpose and consequences of the introduction of digital financial inclusion in national economies and in the global economy and shows the role of global financial institutions in these processes. Particular attention is paid to the impact of financial inclusion on solving the problems of poverty and inequality in society. It is shown that modern financial inclusion does not serve the interests of the majority, but rather the interests of a clearly limited circle of representatives of the global economic and financial elite by creating conditions for the invariance of financial inclusion for ordinary economic agents. The author argues that the main long-term institutional risk of global financial inclusion and non-cash circulation is the consent to the loss of financial freedom by market participants in the face of growing uncertainty in economic and social life and poverty.

Keywords:financial inclusion, World Bank, global corporations, monetization of demand, poverty, inequality, institutional risk

The article presents the results of a study on the problems of leveling economic freedom and, as its component, financial freedom in the process of formation of a new society. Given the asymmetry of the information space in which economic freedom develops, the article proves that it can not be just a set of mechanisms for the realization of interests, but rather an extensive system of ideas, principles, traditions, and rules of economic activity and requires a certain institutional structure for formation and development, which consists of certain levels, the first of which are the institutions of initial socialization (family), institutions of operational activities (institutions of qualification, professional environment, financial institutions, etc.), and the highest level is the state. At the same time, it is shown that in modern conditions the crisis distortion of the subjective desire for freedom continues and evolves due to the transformation of the institutional structure of its formation and development, which occurs at all levels as a result of ongoing crises, socio-economic destabilization, and middle class erosion. The author describes the processes of leveling financial freedom as to the interaction of market entities, the state and financial institutions. The risk of paternalistic participation of the state in the operational activities of market entities is proved, which in the long run may lead to the destruction of entrepreneurial initiative and emergence of an entity exclusively dependent on government and credit financing of life. It is shown that the destruction of basic institutions, which created the basis of financial freedom of the Western model, together with the actualization of individualized patterns of socialization and professional behavior will lead to situation where the desire for social stability of an acceptable middle level will be the dominant of operational activity. And its provision will take place in a transparent space of public and financial liquidity circulation.

Keywords:economic freedom, financial freedom, corona crisis, household lending, state financial aid

The article considers the current trends of strengthening supranational supervision as a result of global counter-crisis reform in the context of the shrinking unregulated space of operational activity of financial intermediaries and the implementation of the principles of global govern-ance. The author characterizes the basic approaches of financial com-pliance, its goals, and implementation mechanisms in the global and na-tional financial spaces. The legislative and normative basis for the im-plementation of financial compliance in the European financial and insti-tutional coordinate system is systematized and the effectiveness of supranational financial control systems is determined. Features of supranational regulatory development are revealed. The ambivalence of finan-cial compliance in terms of its implementation in the field of client-bank interaction is shown: against the background of banking dictates about clients, financial institutions themselves have the opportunity to overcome regulatory restrictions by more active use of shadow banking, off-shore operations and more. There is a vision of quasi-institutionalization, or imaginary institutionalization, which manifests itself in the formal increase of supervisory procedures, the growth of regulatory mechanisms and the strengthening of general control, and at the same time in the ac-tual avoidance by global financial structures from undesirable financial compliance. It is concluded that global trends of strengthening supervision close to hyperinstitutionalization at the local level lead to the emergence and expansion of noninstitutional spaces that are not subject to classical regulation (shadow banking), or in which rules of operation are not available for adoption and use by ordinary entities (banking compliance).

Keywords:supranational regulation, financial intermediation, financial compliance, hyperinstitutionalization, quasi-institutionalization, non-institutional spaces

The article presents the results of a study of deep transformations of the institutional environment, unfolding during the digital transition and related to ideas about information asymmetry. The author shows the latter’s evolution and various features of its modern reformatting, whose cornerstone is the introduction of digital currencies of central banks. Information asymmetry is considered as the basic awareness of economic players in the context of the spatiotemporal conditions of existence as an integral state of the market communication process, which is connected with the very existence of human society and its creative activities and restructuring in the process of economic evolution based on professional knowledge. Information asymmetry is a risk distribution format adequate for a market society. At the same time, market stability under eco-nomic freedom requires information asymmetry and a decentralized information circu-lation system. The article shows that the global structuring of information on the basis of transparency criteria, which is characteristic of the digital transition, leads to the degradation of the basic historical foundations of the regulation of socio-economic interaction based on ideas about information asymmetry, trust, credibility and professionalism. At the same time, the structuring of the digital society in order to achieve information orderliness and the a priori reliability of the communication environment results in the denial of the institution of trust. The comprehensive fight against the "human factor" through increased supervision of the state and financial operators concentrates the risks of the economic system. The introduction of digital currencies of central banks becomes the final stage on the way to the creation of a fully transparent, and information-ordered economic environment, which is actually ambivalent and contradictory, as it reduces the economic competences of market subjects and delegates a significant part of market communications to digital algorithms, which leads to the emergence of societies with concentrated and undiversified risks.

Keywords:information asymmetry, evolution of information asymmetry, digital transformations, transparency, information orderliness, digital currencies of central banks, risks

The article presents the results of a study of institutional efficiency in EU countries based on the Worldwide Governance Indicators (WGI) methodology implemented by the World Bank. The segmentation of the European institutional space is shown, and it is proved that the differentiation of the institutional efficiency of the European countries is the result of the historical features of the institutional architecture of the EU, which implies socio-institutional eclecticism that ensures the inclusiveness of the institutional environment. The peculiarities of the institutional development of the leading countries are characterized and it is shown that they maintain their status over long periods of time, external dependence on global fluctuations and growing uncertainty. It is re-vealed that as the pan-European space expands, the indicators of the institutional effi-ciency of countries tend to decrease, on which basis assumptions are made about the limits of the positive expansion of the pan-European economic and socio-institutional space. The author founds that most EU countries reached the maximum of institutional efficiency in the late 1990s and early 2000s, while for many countries it was 2004-2005, the years of the penultimate pre-crisis stage of integration, with maximum expec-tations and maximum synergy. It has been proven that integration into the EU is not necessarily a factor in the growth of institutional efficiency, since countries with strong institutions preserve and increase their quality, while those with weak institutions do not show such a tendency. The institutional features of Ukraine’s European integration are revealed as the joining of a country with weak institutions in the downward phase of institutional dynamics to a historically institutionally segmented, and currently institutionally unbalanced integration association.

Keywords:institution, institutional efficiency, European integration

The paper shows the actual transformations of the value component in the system of economic and social interaction that arise and develop as a result of the introduction of information and network principles of economic activity. The author defines pattern as a model of behavior in the conditions of information surplus, which replaces the institution as the basic structural element of economic systems. It is shown that an underlying condition for the abstinence of institutions is the interweaving of the Western short-term time paradigm and the active innovation development inherent in the new economy with its special network character. The paper shows the production of new information as a basic pattern of the new society. Innovation is defined as a deep characteristic of the information-network economy and it is proved that the permanence of changes inherent in the new economy leads to institutional bifurcation. The author justifies the statement of the fundamental conflictness of the information-network economy, and shows the loss of social content in the economic processes taking place in the conditions of capitalism and crisis of the national state. The example of securitization illustrates the effects of implementing network forms in predominantly capitalist institutional sys-tems. The author also demonstrates examples of conflicting interactions in mainly hierarchical and dominant network systems. The cycles of global liquidity in the context of its network character are characterized and its contradictory influence on states as an embodiment of the hierarchy is shown. It is justified that the underlying cause of the limited efficiency of the state’s monetary regulatory function is the conflict between the hierarchical transmission mechanism and the network system of interaction in the financial space.

Keywords:information-network economy, pattern, innovation, institution