THE FINANCIAL DIMENSION OF MANAGEMENT OF GLOBAL PUBLIC GOODS: INTERACTION BETWEEN NATIONAL ECONOMIES AND INTERNATIONAL ORGANIZATIONS

Анотація

Introduction. The article is devoted to the study of the competitive interaction of national economies and international organizations in managing the processes of creating and maintaining global public goods on the sample of global financial stability. The purpose is to study the distribution of contributions and benefits of national economies’ participation in the functioning and transformation of the global financial system to substantiate recommendations for the better implementation of national economic interests. Despite progress in the formation of the world financial architecture as part of the relevant infrastructure and international organizations, the implementation of national economic interests of countries faces the issue of managing financial resources, their accumulation, determining priorities and conditions of use, as well as the distribution of results. Materials and methods. The study is based on the theoretical and methodological basis of the institutional paradigm, international political economy, concept of national power and world economic order, neoconservatism and the doctrine of liberal interventionism. The key methodological tools were descriptive analytics, smart modeling and the use of the case method. To argue the views the authors used statistical databases and analytical materials of experts from international organizations and national research centers. Results and discussion. It was found that studies mostly bypass the issue of competitive interaction between national economies and international organizations to maintain global financial stability. It was demonstrated that the division of countries by role types into donors and recipients of financial resources of international organizations should provide for appropriate approaches to the processes of managing these financial resources and the results of their use, as well as other functions. It was determined that the depth of state participation in the activities of international financial organizations is determined not only by the availability of financial resources, but also by the level of development of internal processes that support the relationship between politics and economics, which enable high-quality management for national economic interests. It was found that the different efficiency of both international financial organizations and national governments creates a space where contradictions accumulate, which hinder the maintenance of global financial stability through joint efforts and shift the function of maintaining it under competitive interaction to the leading countries of the world economy. The cyclical nature of the development of the world economy creates an additional challenge for the implementation of national economic interests, and its scale - for the resource capacity of international financial organizations. The feasibility of smartizing the processes of identifying national economic interests and representing states in international financial organizations by improving the quality of intellectual interaction between stakeholders is put forward for discussion. Conclusions. It is proven that the competitive interaction of governments, as representatives of national economies, and international financial organizations should be subordinated to the goal of maintaining global financial stability, as one of the forms of global public goods. Such interaction corresponds to the 17th UN Sustainable Development Goal and will bring the world economy closer to the ideals of sustainable development.

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