ТЕОРЕТИКО-МЕТОДОЛОГІЧНІ АСПЕКТИ ФІНАНСОВОГО ЗАБЕЗПЕЧЕННЯ ЕКОНОМІЧНОГО ЗРОСТАННЯ

Abstract

This paper investigates the theoretical and methodological aspects of financial provisioning for economic growth, a vital area in economic research influenced by globalization and international competition. It emphasizes the importance of nations' ability to sustain economic growth, impacting socio-economic development, public welfare, social inequality, and resource optimization. The study highlights the role of financial provisioning as a mechanism for mobilizing and distributing resources essential for developing new enterprises and investing in key economic sectors. Our analysis extends from the foundational theories of J. Schumpeter, who stressed the significance of innovations and credit for entrepreneurial activities, to modern research indicating thresholds in financial depth which, when exceeded, might negatively impact economic growth. For instance, Arcand, Berkes, and Panizza suggest that excessive financial deepening can impede growth by misallocating resources. Similarly, de la Torre, Ize, and Schmukler discuss the risks associated with unregulated financial expansion, which can increase economic volatility and crisis susceptibility. Beck, Buyukkarabacak, Rioja, and Valev's cross-country analysis differentiates the impacts of financial provisioning on various economic sectors, showing that while enterprise financing positively correlates with growth, household financing does not significantly affect economic outcomes. This paper also reviews the contributions of M. Keynes and R. Solow, who underscored the importance of savings and investments. It discusses the evolving perspectives on the financial systems' relationship with economic growth, advocating for a nuanced understanding of financial depth. Empirical evidence suggests that the optimal level of financial provisioning varies by country and context, necessitating tailored financial strategies for different developmental stages and conditions. By providing a comprehensive analysis of the theoretical foundations and methodological approaches to financial provisioning for economic growth, this paper contributes to academic dialogue, emphasizing the balance between the quantity and quality of financial resources in fostering sustainable economic environments.