Ukraine’s Integration into the International Financial Environment: Trends and Perspectives

Abstract

This article has investigated the processes of interaction of Ukraine with international financial institutions, forms of international cooperation of Ukraine taking into account the fact national interests. According to the results of the analysis, the major global institutions have been identi-fied, which interact with Ukraine. Those are the United Nations, the World Bank, the European Bank for reconstruction and development, Council of Europe, Organization for security and cooperation in Europe, international monetary Fund. The main mechanisms for interaction, form and direction of crediting of Ukraine by the international financial institutions have been identified as well as the degree of influence of activity of these structures on the state of the Ukrainian economy. According to the analysis of globalization processes the anticipated positive and negative effects of Ukraine's integration into the international financial space have been determined. The projected positive results of international integration of Ukraine connected with obtaining benefits from the production and implementation of innovative, competitive products have been described. And also, the possibility to use advantages of international division of labor, with assistance of international financial organizations, access to world markets a competitive scienceintensive products have been stated with the use of the experience of economic transformation in other countries. The predicted negative results, such as restriction of freedom of economic and political ac-tion, increased dependence on external creditors, rising external debt and budget deficit, the preservation of their peripheral location in the world, the decline of uncompetitive industries, loss of part of the national culture, can be the effects of a weak economic development of modern Ukraine. Priorities of Ukraine's integration into the international financial space. Strategic direc-tions of adaptation of Ukrainian economy to the globalization phenomena in order to exploit opportunities and prevent global threats have been proposed.