Maksym Zhytar

The article proves that the state regulation of negative manifestations in the functioning of the financial architecture of the national economy is carried out on the basis of a list of effective instruments of national financial policy, directly fiscal and monetary. It is determined that the subjects of ordinary state regulation of the financial architecture of the national economy are the National Bank of Ukraine, the National Commission on Securities and Stock Market, other regulatory bodies (such as the Antimonopoly Committee of Ukraine and the Ministry of Finance of Ukraine and others). It is proposed to include in the goals of such regulation: protection of socio-economic interests of potential participants in financial architecture; equal access of relevant market participants to various components of the financial architecture; support of healthy competition in the financial market, level of transparency and openness, gradual integration into the international financial architecture. It is concluded that the presented strategic directions for state regulation of negative manifestations in the functioning of the financial architecture of the national economy are aimed at forming a reliable system for protecting the rights of investors, as well as protecting socio-economic interests of relevant consumers of financial services. The regulatory mechanism is presented, under which we propose to understand the interconnected system of subjects, forms, instruments and objects of financial market regulation, which operates to achieve sustainable development of financial architecture and all its components, which is generally aimed at improving the sustainability of national economy.

The article considers the strategic directions of development of the financial architecture of the Ukrainian economy. It is proved that it is necessary to pay close attention to the following areas: the use of specific accounting standards; promoting the increase of the level of transparency of domestic capital markets in the context of introduction of complex market segments and financial instruments for coordinated regulation, first of all, including relevant derivatives; organization of effective prudential regulation and control over banking institutions; systemic risk management of the banking sector; increasing the effectiveness of control over institutions that are insured in a single system of insurance of their deposits; consolidation of supervision in the context of the use of a wider range of diversified instruments in order to control and limit the relevant financial risks that are directly related to the activities of a particular consolidated group; development of special programs to control companies with a complex structure, on the basis of using a system of indicators to identify possible problems and imbalances, corporate risks that arise directly, the formation of a strict regime of control over all functionally strategic financial organizations.

The article considers the conceptual principles of formation of the world financial architecture. It is determined that the negative impact of global disparities is significantly exacerbated by the imperfection of the current financial mechanism, which follows from the basic fundamental principles of the global financial architecture. The main factors of negative impact of global disparities on the world economy include: imperfection of the financial mechanism, exacerbation of contradictions between financial and real sectors of the economy, national and international structures in the direction of strategic state and strengthening regionalism. It is proved that in the formation of the financial architecture in the context of globalization transformations it is necessary to clearly define the conditions for the implementation of the principle of fair burden sharing between private and official creditors, as well as between relevant groups of private creditors. That is, efforts should be directed at regulating liquidity, stabilizing the behavior of investors, using effective methods of assessing sovereign risk, establishing a mechanism for regulating financial markets in developed countries; formation of a financial system that could use all the benefits of global markets and capital mobility with minimal risk, obtaining effective protection of socially vulnerable groups. It is concluded that the development of modern financial architecture takes place in conditions of significant aggravation of contradictions between financial and real sectors of the national economy, national and international structures in the process of implementing effective strategic state interests and opportunities for large multinational corporations. It is proposed in further research to determine the organizational and economic principles for the interaction of national and global financial markets in the context of global transformation.