SYSTEMIC RISKS OF THE WORLD FINANCIAL SYSTEM IN CONDITIONS OF GLOBAL CRISES

Abstract

The article examines the essence, features of manifestation and mechanisms of spread of systemic risks in the world financial system in the conditions of modern global crises. The impact of geopolitical instability, pandemic consequences, inflationary processes, debt imbalances, digital transformation of the financial sector, and cyber threats on the stability of the international financial architecture is analyzed. The key risk transfer channels between financial institutions, national economies and international capital markets are identified. Special attention is paid to the role of systemically important financial institutions, digital financial technologies and regulatory mechanisms in ensuring financial stability. The purpose of the study is to identify the main systemic risks of the world financial system in the context of global crisis phenomena, to assess their impact on international financial stability, and to justify directions for improving risk management mechanisms at the global level. The scientific novelty of the study consists in the systematization of modern sources of systemic risks, taking into account the latest challenges of the global economy, in particular, the digitalization of financial services, the development of financial technologies, cyber risks and geopolitical conflicts. A comprehensive approach to assessing the interdependence of financial risks is proposed, and priority areas for strengthening the stability of the world financial system in the face of growing global uncertainty are identified. The practical significance of the research lies in the possibility of using the obtained results by international financial organizations, central banks, regulatory bodies and financial institutions to improve systems of monitoring, forecasting and management of systemic risks. The proposed recommendations can be applied during the formation of the policy of macroprudential regulation and the development of anti-crisis measures in the financial sector.

It has been established that modern global crisis significantly strengthen the relationship between financial, economic, technological and geopolitical risks, which increases the probability of systemic shocks in the world financial system. Effective management of systemic risks requires strengthening of international coordination of regulatory policy, implementation of modern financial stability monitoring tools, development of cyber protection mechanisms and improvement of crisis early warning systems. Ensuring financial stability requires a comprehensive approach aimed at increasing the adaptability of financial institutions to new global challenges.