№ 2/2016

Fìnansi Ukr. 2016 (2): 7–27

INTERNATIONAL FINANCES

GAVRYLIUK Oleh ¹

¹Kyiv National Linguistic University

Trends of anti-crisis institutional modernization of the international finance structure

The article deals with the need to modernize the institutional framework of modern international finance, especially the Bretton Woods institutions, which is approaching crisis. The hierarchy of international agencies that are involved in the global reforminf is shown. The reasons of unsatisfactory state of the international financial institutions as a result of ignoring the interests of a numerous countries, notably China and BRICS is finded out. The author's understanding of the institutions, the criteria for their dysfunctional state and extrapolated to the realities of the international financial architecture are formulated. The latest global trends of transformation of the institutional system of global regulation are characterized and start regrouping due to the transition to a multi-polarization and the direction of the anti-crisis modernization — primarily as a result of China’ activity and the establishment of new institutions — Asian Infrastructure Investment Bank and the New Development Bank ascertained. Main motivation and relationships among key actors in the global financial processes (USA, China, Great Britain, BRICS)) and the hypothetical implications of the further course of events are disclosed. The policy and consequences of the transformation of the yuan into freely convertible currency are defined.

Keywords:globalization, international financial institutions, reform, institutional disfunction, the quotas.

JEL: F10, F15, F33, F36, F37

GAVRYLIUK O. . Trends of anti-crisis institutional modernization of the international finance structure / O. . GAVRYLIUK // Фінанси України. - 2016. - № 2. - C. 7-27.

Article original in Ukrainian (pp. 7 - 27)

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