ROLE OF WORLD FINANCIAL INSTITUTIONS IN DE-SHADOWING OF GLOBAL ECONOMY

Abstract

The article examines practical aspects of world financial institutions’ influence on preventing the spread of shadowing processes in global economy. The systematization of literary sources and approaches for solving the investigated problem shows that despite the diversity and content of views surrounding the problems of global and national economies’ de-shadowing, the study of potential role of global financial institutions in these processes remains poor. The methodological basis of the research are the methods of economic analysis and methods of fundamental research: system analysis, synthesis and comparative analysis to outline the main directions and means of detinization of the economy; a functional-systemic approach for assessing the state and trends of the shadow sector of the global economy and determining its impact on the country's international competitiveness; generalization method for forming research conclusions. The object of the study is the process of global economy de-shadowing. The article assesses the level of economic shadowing, tolerance to corruption, and the level of international competitiveness of Ukraine and its close neighbors - the countries of the Visegrad Group (Poland, the Czech Republic, Hungary and Slovakia), the USA - the world's first economy, Denmark and Switzerland - the leading countries in the rating international competitiveness. The article empirically confirms that the strategic directions of global economic de-shadowing require coordinated and comprehensive actions of international organizations. The elements of the complex economic de-shadowing on a global scale are characterized, which can be effectively implemented and observed only with intervention in these processes international institutions, in particular financial ones. The areas of influence of international financial institutions regarding global economic de-shadowing are determined. The commited research proves the need for multi-vector cooperation with international financial organizations and highly developed countries that have at their disposal effective mechanisms of de-shadowing of economic activity. The results of the study can be useful for the development of science-based recommendations for improving the mechanisms of cooperation with international financial institutions for effective global economy de-shadowing.