FINANCIAL GLOBALIZATION

BILORUS Oleh ¹

¹Institute for Economics and Forecasting of the NAS of Ukraine
OrcID ID : https://orcid.org/0000-0003-0731-5649

The hyperfinancialisation of the world economy, its global problems and consequences

Modern transformations of the world financial system carry both positive and negative trends and socio-economic consequences. The essence of positive results is unprecedented expansion of financial resource base and the intensive integration of financial markets to the global financial market, potentially increasing access of transitive and developing countries to the global financial and resource pool. The main adverse effect of hyperfinansialisation is disruption of global extended reproduction and development in the real economy, which inevitably leads to its degradation or slower development. In addition, hyperfinansialisation of the global economy opens a new historical form of exploitation of industrial capital by global financial capital, and exploitation of the national capital by global oligarchic financial capital. Scaled problems are caused by the current global financial and oligarchic capitalism and hyperfinansialization of the world economic development. It is concluded that transitive and developing countries can counteract the devastating impact fac­tors of hyperfinansialisation through integration into the regional and global safeguard financial structures, and through national mobilization strategy of modernization and development.

Keywords: hyperfinansialisation of the world economy, global financial neoconvergation, global financial market, global fictive capital, integrative financial world system, global financial exploitation, integrative financial safeguard systems

JEL: F60, F63, F65

Bilorus O. . The hyperfinancialisation of the world economy, its global problems and consequences / O. . Bilorus // Фінанси України. - 2014. - № 12. - C. 32-41.