Integration of Ukraine to the world financial space in the context of cooperation with the IMF and the world bank

  • Iryna Adamenko Kyiv National University of Trade and Economics
  • Ivan Makohon Ministry of Finance of Ukraine
Keywords: financial globalization, fiscal policy, integration, international relations, macroeconomic stability, economic growth

Abstract

Relevance of the research topic. After the national sovereignty proclamation, the Ukraine`s important task was to create a new model of socio-economic development of the country based on openness of the economy and integration into the world financial space. The process of integration is extremely complex and multifaceted, which involves the formation and implementation of an effective state policy in the field of international financial relations, raising the level of efficiency of the state administration system and creating conditions for the development of the real economy. Formulation of the problem. Transformations in the global economic environment, accelerating the processes of financial globalization are currently actualizing issues of countries integration into the world financial space. At the same time, the implications of integration are rather ambiguous, especially from the point of view of their financial component, which requires further scientific research of the theoretical and applied aspects of Ukraine's integration into the world financial space, in particular in the context of cooperation with the IMF and the World Bank. Analysis of recent research and publications. The problem of the globalization processes impact on the domestic economy, the development of international financial and economic relations is quite widespread today in the scientific research of famous foreign and domestic scientists: J. Buchanan, P. Samuelson, J. Stiglitz, T. Bogolib, V. Kolosova, G. Kucher, L. Lisyak, I. Lukyanenko, A. Mazaraki, V. Sidenko, I. Chugunov and others. Selection of unexplored parts of the general problem. The issues mentioned above are actualized in connection with the acceleration of the financial globalization processes, which determine the solution of a significant range of tasks related to the integration of developed and transformational economies into the world financial space. Setting the task, the purpose of the study. The purpose of the study is to determine the main directions of Ukraine's integration into the world financial space in the context of cooperation with the IMF and the World Bank. To achieve this goal, the following tasks were set: to analyze and evaluate the peculiarities of Ukraine's cooperation with the IMF and the World Bank; to substantiate the influence of globalization processes on the development of the financial and economic environment in Ukraine, to reveal the peculiarities and to determine the main directions of Ukraine's integration into the world financial space. Method or methodology for conducting research. The article uses a set of methods of scientific research: system approach, statistical analysis, structuring, analysis and synthesis, etc. Presentation of the main material (results of work). The analysis and evaluation of the peculiarities of Ukraine's cooperation with the IMF and the World Bank is carried out. The globalization processes influence on the development of the financial and economic environment in Ukraine is substantiated. The peculiarities and the main directions of integration of Ukraine into the world financial space are determined. The field of application of results. The results of this study can be applied in the process of formation and implementation of Ukraine's fiscal policy. Conclusions according to the article. Cooperation with international financial organizations is a powerful tool for attracting external state loans aimed at addressing the strategic objectives of socio-economic development of countries. Investments of international organizations create appropriate conditions for accelerating economic growth. The domestic economy restructuring in combination with the measures proposed by international financial organizations creates the basis for increasing the population welfare. The article substantiates that Ukraine's integration into the world financial space is a complicated and multi-faceted process, and the continuation of cooperation with international financial organizations will allow to receive financing on attractive conditions and to increase international reserves.

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Author Biographies

Iryna Adamenko, Kyiv National University of Trade and Economics

Adamenko Iryna, PhD in Economics, Senior Research Fellow at budget system division of Research Financial Institute

Ivan Makohon, Ministry of Finance of Ukraine

Makohon Ivan, PhD in Economics, Chief Specialist of the Department for Budget Forecasting and Accounting Methodology

Published
2018-11-27
How to Cite
Adamenko, I., & Makohon, I. (2018). Integration of Ukraine to the world financial space in the context of cooperation with the IMF and the world bank. University Economic Bulletin, (39), 129-136. https://doi.org/10.31470/2306-546X-2018-39-129-136
Section
Finance, Monetary Circulation and Credit