The article aims to develop the methodological base for study and substantiation of homeostatic mechanisms of control of stability of managing systems in the conditions which is implemented according to the sustainable management concept. The article describes features of main types of homeostasis of managing systems (evolutionary, structural, resistant, system homeostasis), their hierarchical closed interrelation and inherent specific and predictive administrative properties. The following is herein substantiated: conditions of homeostasis generation and realization of specific effect of mechanisms and, respectively, regulators of adaptation of managing systems to external and internal transformations; directions and methods to form resistant, to institutional and resource restrictions, complementary managing complexes. The article states that the combinatorics of homeostasis controls includes stabilizing, inertial, adaptation, organizational and economic, kinematic, cybernetic, alarm, cognitive information, reparative, regenerative and other types of controls. It emphasizes that the complex of mechanisms to ensure self-regulating properties of systems must be focused on support of their adaptation abilities to external and internal transformations. Taking into account four-level structural hierarchy of homeostatic properties, the article substantiates the possibility of ensuring adequate design of regulators for their consolidation according to priority objects of tools and events localization.

The paper analyzes origins, challenges and risks, associated with global financial transformations and the aggravation of the national currencies competition, in order to improve the understanding of the changes, taking place in this sphere, and to determine prospects for the development of the world financial system. It is substantiated that, taking into account the actions of global fundamental factors (populational, civilizational, technological, allocative and financial) in the long term, the financial situation on the planet will remain unstable. Based on the application of the developed concept of the economic and monetary poten¬tial, it is grounded that in the medium term the world is likely to be generally divided into (if you ignore the British pound and the Japanese yen) the unstable predominant areas of US dollar (relatively stable), euro (decreasing), and RMB (increasing). The Russian ruble will remain on the world periphery and the potential growth of its influence will only be of a regional character. In general, the world will move to a multipolar financial architecture, the formation of which is connected with the "warming up" of new hotbeds of financial strains. Nevertheless, the US dollar will still remain the world's leading currency for a long time (at least until the 2030s), due to the high political, military and economic influence of the USA, the relatively balanced monetary flows sources, the orientation of the economy on the large internal market, rather than on volatile external markets, as well as taking into account the "path dependence", in this case -the benefits of using the US dollar from the minimizing transaction costs standpoint. The paper also substantiates, that in the medium-term agenda, despite the fact that the leading central banks managed to pacify the global crisis of [2007][2008], to improve the prospects for the developed economies and to begin the processes of normalizing the monetary policy, there remain the following questions of: distorted financial asset values and high risks in the non-financial sector, which is being restructured on cyber-physical technologies; persistently low interest rates in many developed countries; overheated credit and securities markets; high levels of global and national debts; targeted use of national currencies in order to achieve unilateral trading advantages, new challenges, related to the restructuring of the financial intermediation sector 1 / 5Valentin P. Vishnevsky, Nataliia M. Shelud`ko, 80_05Written by Покотиленко Р.В. Wednesday, 06 December 2017 00:51 -under the influence of fintech, etc. This is exactly the modern "financial normality", under which turbulent processes of shaping the new political and economic structure of the world will take place in the forthcoming years.

No abstract

The conditions for raising capital and the availability of capital to finance business are important for the economic development of the country. They are especially relevant for countries with low capital accumulation. The article considers how the institutional environment and macro financial imbalances affect the conditions and ways of attracting capital by business structures in Ukraine. To assess this impact, the ratio of the supply of current assets in the financial market (money supply M3) and the demand of the state for them (public debt), which during 2008-2019 decreased from 2.7 to 0.7. That is unprecedentedly low level and is the reason for the reduction of bank lending to businessses. To assess the level of depletion of the banking system, the BSER indicator (the share of bank assets that is immobilized to finance public debt) was calculated. The growth of the indicator from 5.6% in 2008 to 51.5% in 2020 indicates a progressive depletion of the banking system due to the reallocation of banks' assets to finance public debt. Analysis of the trend of fund raising by business in the stock market by placing shares showed that the number of issues and their volumes during 2015-2020 decreased significantly, and not less than 90% of the volume is carried out to recapitalize banks (including state) and state enterprises sector of the economy. The hypothesis that the identified unfavourable macro financial and institutional factors (crowding out effect, high currency risk, insecurity of property rights, raiding activity, length of court proceedings, etc.) led to the spread of non-transparent business financing practices in Ukraine and segmentation of Ukraine was confirmed. It is proved that the accumulation of a significant part of current assets in the shadow segment creates an artificial deficit of capital in the market and does not contribute to intersectoral mobility of capital, which inhibits the economic development of the country. To solve this problem, a strategy was proposed to restore the functional capacity of the country's financial system by gradually reducing the share of banking system resources invested in public debt to 10%. To deepen the analytical justification of the results obtained in further research, it is advisable to pay special attention to modelling and forecasting the impact of macro financial and institutional factors on the choice of instruments and channels of business financing.

No abstract