The Russian-Ukrainian War Crisis as Part of the Profound Global Transformation Process: The Financial Mechanisms for Stabilization and Recovery
Kornіvska V. O.

Kornіvska, Valerіia O. (2022) “The Russian-Ukrainian War Crisis as Part of the Profound Global Transformation Process: The Financial Mechanisms for Stabilization and Recovery.” The Problems of Economy 2:22–31.
https://doi.org/10.32983/2222-0712-2022-2-22-31

Section: World economy and international relations

UDC 330.34:330.88

Abstract:
The article is aimed at characterizing the modern crisis caused by the Russian-Ukrainian war as part of the profound world transformation process, and theoretical-methodological substantiating of the financial mechanisms for stabilization and recovery of the Ukrainian economy. As a result of the carried out study, it is shown that the current crisis in Ukraine is a component of the global transformational transition against the background of the formation of the information and digital economy. On the surface of economic phenomena, this transition is presented as: destabilization as result of the conflict adaptation of the networked person and the social simplification of the classical market entity; the clash of the fading liberal model of the world order and the beginnings of a new digital society; the crisis of globalization and localization. The stages of the unfolding crisis of globalization and localization are the following: the global financial and economic collapse of 2007-2009, the COVID-19 pandemic of 2020-2021, the stage of maximum entropy during the Russian military aggression against Ukraine in 2022. In the context of the crisis of globalization and localization, the role of the State-owned institutions is growing, which absorb global fluctuations and take maximum responsibility for themselves, creating risks for the formation of authoritarian societies. Simultaneously, with the crisis uncertainty growing, this is the most likely option to ensure relative stability and consistency. Financial mechanisms for stabilization and recovery of the Ukrainian economy should be implemented on the basis of the use of digital technologies to ensure supply and demand through the introduction of digital currency, the institution of unconditional income, the development of programs for automatic assistance to small and medium-sized enterprises in the context of crisis, the creation of financial development institutions in the format of a digital bank. Digital technologies will increase the risks of final leveling of market principles of economic activity and cause excessive overregulation, so further research in this direction will be focused on minimizing the risks of totalitarianization of the financial space in the digital economy.

Keywords: Russian-Ukrainian war, world transformation process, financial stabilization mechanisms.

Bibl.: 33.

Kornіvska Valerіia O. – Doctor of Sciences (Economics), Senior Research Fellow, Department of Economic Theory, Institute for Economics and Forecasting of NAS of Ukraine (26 Panasa Myrnoho Str., Kyiv, 01011, Ukraine)
Email: vkornivska@ukr.net

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