DEVELOPMENT MANAGEMENT OF THE FINANCIAL SYSTEM IN THE CONTEXT OF SUSTAINABLE FINANCING
Abstract
It is emphasized that the management of the development of the financial system is permanently in the field of view of financial science, which is due to many factors, among which it is worth highlighting, firstly, that the practice of functioning of the financial system has peculiarities in individual countries, and, secondly, that that there are still different views regarding the definition of the meaning of the concept of "financial system", its modern features, problems and tasks. It is determined that the financial system should be considered as: 1) a set of links, each of which, despite the close connection and interdependence, is relatively independent, has a specific scope of application and its own methods of mobilizing financial resources (household finances, firm/enterprise finances, state finances, international finances, insurance, financial market); 2) a set of certain institutions, the activities of which are aimed at financial support of the economic and social needs of both individual segments of the population, economic structures, and society as a whole. It was established that the inversion nature of the market economic transformation contributed to the dominance of extractive economic institutions, which led to the formation of systemic problems in the development of the financial system of Ukraine. Managing development of the financial system in the context of sustainable financing, as the integration of environmental, social and managerial criteria in financial services, should be carried out on the basis of inclusive institutions based on their support for private property, an impartial legal system and the provision of public services to create a competitive environment, encourage large masses of people to economic activity. It is clarified that the financial system should be oriented towards the creation of an organizational infrastructure that solves a multitude of issues related to environmental "E", social "S" and governance "G" problems gathered under the umbrella of "ESG". Much of the focus in recent years has been on “E” (environmental) risks, particularly climate-related risks.
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