Стратегічні аспекти розвитку фінансової системи в умовах економічної нестабільності

Dmytro Byuryuk

doi:10.26906/EiR.2025.1(96).3763

Authors

Dmytro Byuryuk State Tax University https://orcid.org/0009-0001-0273-9867

DOI:

https://doi.org/10.26906/EiR.2025.1(96).3763

Keywords:

financial system, financial strategy, financial resources, internal financing sources, financial paradigm, financial space

Abstract

This article is dedicated to a comprehensive analysis of the strategic goals and objectives of the financial system's development. Achieving these goals is determined by the necessity of attracting and effectively utilizing financial resources. The research examines the possibility of ensuring this unity through the development of a comprehensive financial strategy or by isolating and thoroughly analyzing the strategic financial aspects of the chosen strategy. It is determined that setting a strategic task to strengthen endogenous development factors with a gradual transition to predominantly internal financing sources requires aligning them with changes in the financial paradigm, structure, and model of the financial system, as well as the state's participation in these initiatives. The issues of financial support for strategic goals are considered, taking into account the impact of globalization, digitalization, and military aggression. The necessity of transitioning to non-traditional approaches in forming mechanisms for financing strategic tasks is analyzed, with an emphasis on strengthening internal financing sources and reducing dependence on external ones. The article explores the role of decentralized finance (DeFi) as a new financial paradigm that uses distributed ledger technologies (DLT) to provide financial services without centralized intermediaries. The advantages and risks of DeFi are analyzed, including issues of transparency, transaction automation, and potential threats to financial stability. The key conclusions of the article relate to the necessity of adapting strategic development goals to changes in the financial paradigm, structure, and model of the financial system, as well as the importance of strengthening the state's own financial capabilities. It is emphasized that the development of digitalization, particularly DeFi, can significantly change the principles of functioning and regulation of the financial system, and create additional liquidity during asset pair trading.

Author Biography

Dmytro Byuryuk, State Tax University

Candidate of Pedagogical Sciences, Doctoral Student

References

1. Porter, M.E. Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: Free Press, 1980. (Republished with a new introduction, 1998). URL: http://ijevanlib.ysu.am/wp-content/uploads/2023/02/Michael-E.-Porter-Competitive-Strategy.pdf

2. Економіка України: стратегія і політика довгострокового розвитку / за ред. акад. НАН України В.М. Гейця. Київ : Ін-т екон. прогнозув.; Фенікс, 2003. 1008 с.

3. Mintzberg, H. Strategy Formation: Schools of Thought. In: Frederickson, J., Ed., Perspectives on Strategic Management, Harper Business, New York, 1990105-237. URL: https://www.scirp.org/reference/referencespapers?referenceid=1444125

4. Трансформація моделі економіки України (ідеологія, протиріччя, перспективи). Інститут економічного прогнозування; за ред. академіка НАН України В.М. Гейця. Київ: Логос, 1999. 500 с.

5. Auer, R, B Haslhofer, S. Kitzler, P. Saggese and V. Friedhelm. The technology of decentralized finance (DeFi). BIS Working Papers, 2023. No 1066. URL: https://www.bis.org/publ/work1066.htm

6. Arner, D.W., Barberis, J. and Bucley, R.P. The evolution of Fintech: A new post-crisis paradigm. Georgetown Journal of International Law, 2016. Vol. 47 (4). Pp. 1271-1319.

7. Organisation for Economic Co-operation and Development: Why Decentralised Finance (DeFi) Matters and the Policy Implications. 2022. URL: https://www.oecd.org/en/topic/policy-sub-issue/digital-finance.html

8. International Organisation of Securities Commissions: Report of decentralised finance. 2022. URL: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD392.pdf

1. Porter, M. E. (1980) Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: Free Press,. (Republished with a new introduction, 1998.) Available at: http://ijevanlib.ysu.am/wp-content/uploads/2023/02/Michael-E.-Porter-Competitive-Strategy.pdf

2. Heits V. M. (eds.) (2003) Ekonomika Ukrainy: stratehiia i polityka dovhostrokovoho rozvytku [Economy of Ukraine: strategy and policy of long-term development]. Kyiv: In-t ekon. prohnozuv.; Feniks, 1008 p.

3. Mintzberg, H. (1990) Strategy Formation: Schools of Thought. In: Frederickson, J., Ed., Perspectives on Strategic Management, Harper Business, New York, pp. 105-237. Available at: https://www.scirp.org/reference/referencespapers?referenceid=1444125

4. Heits V. M. (eds.) (1999) Transformatsiia modeli ekonomiky Ukrainy (ideolohiia, protyrichchia, perspektyvy). [Transformation of the Ukrainian economic model (ideology, contradictions, prospects)]. Instytut ekonomichnoho prohnozuvannia –Institute of Economic Forecasting. Kyiv: Lohos, 500 p.

5. Auer, R, B Haslhofer, S. Kitzler, P. Saggese and V. Friedhelm (2023) The technology of decentralized finance (DeFi). BIS Working Papers, no. 1066. Available at: https://www.bis.org/publ/work1066.htm

6. Arner, D. W., Barberis, J. and Bucley, R. P. (2016). The evolution of Fintech: A new post-crisis paradigm. Georgetown Journal of International Law, vol. 47 (4), pp. 1271-1319.

7. Organisation for Economic Co-operation and Development: Why Decentralised Finance (DeFi) Matters and the Policy Implications. (2022). Available at: https://www.oecd.org/en/topic/policy-sub-issue/digital-finance.html

8. International Organisation of Securities Commissions: Report of decentralised finance. (2022). Available at: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD392.pdf