Balance of payments of the state: influence of economic factors, mechanisms of balancing and assessment of Ukraine's positions in the system of international financial relations

Анотація

The paper examines the theoretical and applied aspects of the formation of the balance of payments of the state as a key indicator of its participation in the system of international financial relations. The economic essence of the balance of payments, its structure and role in ensuring the macroeconomic stability of the country are substantiated. Particular attention is paid to the analysis of the main economic factors that affect the state of the balance of payments, including the dynamics of exports and imports of goods and services, the exchange rate, the volume of direct and portfolio investments, the level of external debt, the state of international reserves, as well as the general situation in world financial markets. The key mechanisms for balancing the balance of payments are identified, in particular the use of exchange rate, monetary and fiscal policy instruments, regulation of capital flows, and the attraction of financial support from international financial organizations. The role of state regulation in maintaining external economic balance and preventing the emergence of crisis phenomena is revealed. An assessment of Ukraine's current positions in the system of international financial relations was carried out based on an analysis of balance of payments indicators, in particular the current account balance, financial account and the level of international reserves. The impact of military operations that have been ongoing since 2022 on the state's foreign economic activity, the structure of the balance of payments and its financial stability was separately considered. It was established that the increase in dependence on external financing, the decrease in export potential and the strengthening of imbalances require the activation of effective macroeconomic policy instruments. As a result of the study, the main directions for increasing the stability of Ukraine's balance of payments were identified, including export diversification, attracting long-term investments, optimizing debt policy and deepening cooperation with international financial institutions. The results obtained can be used to form an effective strategy for Ukraine's integration into the global financial space and strengthening its positions in the system of international finance.

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