CURRENT TRENDS IN SUSTAINABLE DEVELOPMENT OF THE FINANCIAL SYSTEM IN THE CONDITIONS OF DIGITIZATION AND GLOBAL RISKS (BASED ON THE EXAMPLE OF KAZAKHSTAN)
Таlimova L.A.1, Gagarina M.A.2 https://elibrary.ru/bvrgdqAbstract. The purpose of the study is to identify drivers for the further development of financial markets in the context of financial globalization and integration, which have a contradictory impact on the development of the economy of Kazakhstan. It is noted that along with the positive effects, the internal contradictions of the financial system are aggravating, increasing systemic risks and causing the emergence of crisis phenomena. In this context, the objective necessity raises the question of developing a stable financial market as an institutional basis and an effective mechanism for ensuring the stability of the financial system.
At the same time, the global financial crisis revealed the key problems of the modern financial system: unipolarity, lack of proper regulation and control, uncontrolled capital flows, the growing role of financial capital and the widening gap between the financial and real sectors of the economy, as well as the widespread proliferation of financial innovations with high risks and clearly expressed speculative effect. All this points to the need to conduct research into the formation of a sustainable financial system, its nature and the principles of transformational development in the conditions of cyclical economic development. Understanding the paradigm of transformation of the financial system is important for the formation of national financial systems, including Kazakhstan.
The article substantiates the importance and identifies the factors of innovative development of the economy, among which the special importance of digital technologies and its impact on the development of a sustainable financial system is emphasized; the problems of regulation of international financial markets, the role and importance of the banking system in the financial market are outlined.
Keywords: financial system, financial crisis, economic development, innovative development, sustainable financial system, sustainable development, digitalization