TRANSFORMATION TRENDS AND CHALLENGES IN THE GLOBAL FINANCIAL SYSTEM UNDER CONDITIONS OF FINANCIAL GLOBALIZATION

Abstract

The article examines the changes in global financial markets, the processes of reforming the world financial system, and the main causes of global imbalances. Accordingly, firstly, the current trends in the world financial system, and secondly, the problems that have arisen for the world financial system as a result of fluctuations in the global financial market are studied. Also, the impact of changes in the global financial architecture on the economy of developed and developing countries and the measures used to prevent its negative consequences are highlighted. In this process, the impact of digitalization processes on the world financial system, including the strengthening of competition between traditional and new forms of financial intermediation, the emergence and wide spread of private digital currencies and crypto-assets, researching the processes and defining prospective directions on this basis is an urgent issue. In this regard, the description of the latest trends related to ensuring the stability of the financial system in foreign countries, methods of stimulating economic growth in the conditions of an economic crisis or recession, and effective measures to prevent the debt problem are the main directions of the research. Therefore, attention was paid to the development of scientific conclusions and recommendations based on the research of the impact of global financial trends on the international financial system.