Lifanova M. Transformation of international financial centres in the global economy

The object of research is the processes of formation and functioning of international financial centers in the global economy. The aim is to reveal theoretical foundations and practical aspects of the research of the process of transformation of international financial centers, as well as to single out their systemic determinants, identify tendencies in their development and substantiate on this basis a new format of an international financial center in the global economy and potential directions for the development of financial capital in Ukraine. The methods used in this study include: scientific abstraction; historical and logical; analysis and synthesis; induction and deduction; statistical and correlation-regression analysis and modeling; graphical and table interpretation. The results of the research consist in developing the theoretical-methodical and applied approaches to the research of international financial center formation by means of revealing regularities and new tendencies of their formation in the world economy and the genesis of emergence and transformation of these centers, as well as identifying the strategic directions of social and economic development of Ukraine with the aim of creating conditions for the formation of the financial capital in the city of Kyiv with its further reorientation into a regional financial center. The novelty of research consists in the development of theoretical approaches and identification of new tendencies in the transformation of international financial centers, as well as elaboration on this basis of system-wide recommendations concerning the creation of potential preconditions for the formation in the city of Kyiv of the financial capital for redistribution of global financial profits. The scientific approaches to the classification of international financial centres are investigated. The major trends of international financial centres’ development are generalized, while substantiating the indicators that allow making comparisons between financial centres in terms of their level of entry into the world financial space. The theoretical approaches to selecting the main stages of the international financial centre’s life cycle are systematized. The conceptual approach to the development of institutional support for the process of international financial centres’ formation in terms of their direct or indirect transformational influence on other institutions and the state economy as a whole is substantiated. Theoretical and organizational approaches to the implementation of the adaptive model of Kyiv developing as a financial capital are defined. The findings of the research were implemented into practical activity of Ternopil Chamber of Commerce, the Department for Strategic Development of the City at Ternopil City Council, the Department for International Cooperation and Fundraising at Ternopil Regional State Administration, and Ternopil National Economic University. Their area of application is the respective activity of the Ministry of Economic Development and Trade of Ukrainе, Committee of the Verkhovna Rada of Ukraine on issues of European integration.