FINANCIAL IMBALANCES AND THEIR IMPACT ON A COUNTRY'S FINANCIAL SYSTEM
Abstract
The paper examines the terms “financial imbalances, global financial imbalances, structural imbalances, volatility, and turbulence”, which are directly related to the financial system. Their identity was examined in detail, as well as the content of each of the definitions, and was consistent with the approaches formed in the materials of international financial organizations and in the Ukrainian scientific literature. The paper gives the author's interpretation of the conceptual foundations of shaping financialimbalances. The emphasis was placed on the need to coordinate the actions of the Ministry of Finance of Ukraine, the National Bank of Ukraine and other financial institutions related to the emergence of cryptocurrencies and their rapid spread, inconsistencies in monetary and exchange rate policies, and the lack of real instruments to stimulate the development of the stock market for domestic government loan bonds (DGLBs). Since DGLBs are associated with the external debt repayment, this gradually creates conditions for a paradigm shift in the further development of financial relations and results in financial imbalances. It was also noted that the lack of legal regulation of the financial system, such as too slow response of legislation to technological changes in the financial system, can significantly slow down the development of the entire financial system and individual financial institutions. This situation can lead to the formation of financial imbalances and hinder its further effective development. It is noted that the source of financial imbalances is the volatility and turbulence of financial flows, which create financial imbalances and are the cause of financial stability and financial steadiness of the system. The analysis of the main interpretations of financial imbalances, such as financial stability, financial steadiness, volatility and turbulence allowed forming a conceptual understanding of financial stability through the prism of structural financial imbalances, which was reflected in the author's interpretation.
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