International financial organizations in the economic modernization processes of countries

• Published in: Journal of international economic policy 2020-09 (32-33), p.99-138
• Main Authors: Sidenko, Svitlana, Kulbida, Maksym
• Format: Article
• Language: English
• Subjects: Banking industry; Cooperation; Development projects; Economic development; Economic growth; Economics; Exports; GDP; Global economy; Globalization; Gross Domestic Product; International economic relations; International finance; International organizations; International relations; International trade; Multinational corporations; NGOs; Nongovernmental organizations; Trends
• ISSN: 1811-9832; 1812-0660
• DOI: 10.33111/iep.2020.32_33.05_eng

The article is devoted to substantiation of theoretical and practical aspects of the functioning of international financial organizations, which play a key role in the system of international economic relations and global governance, at the same time, being an integral part of the world economy. The article analyzes the current trends and patterns of operation of IFO, identifies determinants and social and economic consequences of cooperation with them for countries in different regions of the world. The research uses a systematic approach; the methodological basis of the work includes the provisions of theories and concepts of development of international financial organizations, conceptual approaches to the study of IFO cooperation with countries. The source and statistical basis of the article are fundamental monographic studies and periodical publications of domestic and foreign scientists, materials and analytical reports of the International Monetary Fund, the World Bank and other international organizations, as well as laws and regulations of Ukraine on issues of cooperation with international financial organizations, credit, monetary and exchange rate policy, statistical and analytical data of the National Bank of Ukraine, State Statistics Service of Ukraine, Ministry of Finance of Ukraine, etc. The article examines the objective causes and evolution of IFO and the strengthening of their impact on the world economy; problems of global governance, it was established that in modern international relations it is characterized as a process of joint governance, uniting governments of the world, international non-governmental organizations and civil society institutions with the aim to achieve common goals. Features and essential characteristics of the place and role of IFO in the global system of governance and impact on social and economic transformations in the world have been considered and it has been found that they are key elements of the institutional framework of the global financial system in globalization, play a key role in regulating international economic relations and promote active participation of countries in international monetary relations, play the role of a crisis manager and are a reliable and stable source of short- and long-term financing of priority development projects. The formation, development and prospects of cooperation of IFO with the countries of the world, in particular the countries of Latin America, Eastern Europe and