World financial architectonics: current state and the directions of its reformation

Abstract

The war broken out by Russia against Ukraine caused a violation of the financial balance in the world and resulted in the need to reform the existing structure of the world financial architectonics. The purpose of the paper is to study the problems, identify threats and risks of the functioning of the world financial architectonics; develop and substantiate the directions for its reformation in current conditions. To achieve the purpose, it has been investigated the essence of the term "financial architectonics" and determined its difference from the term "financial architecture". The author's definition of the essence of world financial architecture has been provided, which refers to the development potential of the world economy, world financial and currency systems, and world financial market, which is based on the close interaction of all participants of the world financial space in the direction of forecasting, planning and timely response to all challenges and threats of external and internal environment in order to reduce the negative impact of global financial risks on the world financial security. The problems, threats and risks of the functioning of the world financial architectonics have been identified. Among the main ones are the growth of inflation; deterioration of logistics; destabilization of the situation on the energy market; food and social crises in many countries of the world. The directions for reforming the world financial architectonics in current conditions have been developed and substantiated. The main directions of reforming the world financial architectonics include the need for digitalization, informatization and networking of the world financial space; the development of a cyber security strategy, the global economy and national economies of the world, as well as increasing the efficiency and effectiveness of the international financial policy.