РИСКИ ФИНАНСОВОЙ СИСТЕМЫ В УСЛОВИЯХ ЦИФРОВОЙ ТРАНСФОРМАЦИИ ЭКОНОМИКИ

Abstract

A financial system reflects the dominant economic order and meets the demand for technological development at the national and supernational levels; moreover, it can ensure the sustainability and stability of the economy, keep the balance between the supply and demand in periods of crisis. The developed financial systems have the tools and mechanisms of regulation of actual wellness, employment, social security, and technological innovations support. The substitution of traditional financial relations during digital transformation influences the financial system structure and the financial processes essence. The paper presents the updating of definitions in terms of the research of the financial system, identification of structural changes influencing its stability, and the consequences of the entry of digital economy into the sphere of public finances, companies’ finances, and households’ finances. The author carried out the theoretical research of scientific approaches to the financial system structure and the financial market functioning and proved the financial system structure accepted for the analysis. Based on the empirical and economic and statistical methods, the author identified the factors caused by the digitalization processes and unpredictable events challenges, which influence the financial system and its structure. The study identified the imbalances and factors influencing the ensuring of the financial system stability. Among key imbalances, the author mentions the imbalances between the budgets of the budgeting system in terms of incomes and obligations; the deficiencies of long-term sources of financial assets; the little share of the non-bank financial sector. The author highlights the expansion of some segments of the financial market and the formation of a new type of economic entities of the financial system – technological platforms. Risks are classified and grouped by the financial system areas. The author proves that state financial regulation has a decisive effect on the development of the financial system in the context of digital transformation and should be aimed at the elimination of imbalances.