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Liburkina L. M.

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The Place of Global Financial Institutions in the Global Environment
Shkurat M. Y., Barchuk K. V.

Shkurat, Mariia Ye., and Barchuk, Kateryna V. (2025) “The Place of Global Financial Institutions in the Global Environment.” Business Inform 5:54–59.
https://doi.org/10.32983/2222-4459-2025-5-54-59

Section: International Economic Relations

Article is written in Ukrainian
Downloads/views: 9

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UDC 339.7

Abstract:
The article conducts a comprehensive analysis of the processes of formation, development, and functioning of global financial centers under modern globalization and geopolitical challenges. The problem statement is driven by the increasing role of financial institutions in the movement of multi-billion dollar capital flows, which determines their significance in maintaining global economic stability. The aim of the research is to identify the key factors that ensure the competitiveness of financial centers and to assess the dynamics of their positions in the Global Financial Centres Index rankings for the period 2019–2024. The study employs methods of comparative analysis of rankings, systematization of statistical data from international organizations (World Bank, IMF, UNCTAD), content analysis of scientific publications and reports from financial institutions, as well as case studies on the impact of external shocks. Particular attention is focused on two major crises: the COVID-19 pandemic and the ongoing war in Ukraine, which have caused a redistribution of financial flows, changes in crisis management strategies, and the geography of financial hubs. The analysis results indicate that New York and London maintain leading positions due to high liquidity, diversified infrastructure, and investor trust. Asian centers (Hong Kong and Singapore) show high adaptability to regulatory reforms and innovations in the fintech sector. San Francisco has established itself as a venture capital center, while regional players (Dubai, Abu Dhabi) are strengthening their positions against the backdrop of capital outflows from jurisdictions that have faced sanctions due to the war in Ukraine. The analysis shows that effective crisis policies, measures to stimulate investments, and the development of digital financial services are crucial for preserving and enhancing the status of these centers. In summary, the modern financial environment is characterized by increasing regional competition, accelerated digitization, and the need for flexible responses to geopolitical risks. Prospects for further research lie in studying the role of ESG factors and green finance in the competitiveness of financial centers, analyzing the long-term consequences of applying blockchain technologies in international settlements, and developing models of inter-center cooperation in the face of multi targeted risks.

Keywords: finance, global financial centers, war in Ukraine, competitiveness, GFCI rankings.

Fig.: 1. Tabl.: 1. Bibl.: 10.

Shkurat Mariia Ye. – Candidate of Sciences (Economics), Associate Professor, Head of the Department, Department of International Economic Relations, Vasyl’ Stus Donetsk National University (21 600-richchia Str., Vinnytsia, 21021, Ukraine)
Email: [email protected]
Barchuk Kateryna V. – Student, Vasyl’ Stus Donetsk National University (21 600-richchia Str., Vinnytsia, 21021, Ukraine)
Email: [email protected]

List of references in article

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“Central Bank Digital Currency: Progress And Further Considerations“. IMF eLibrary. https://www.elibrary.imf.org/view/journals/007/2024/052/article-A001-en.xml
“Annual Review 2023“. Dubai International Financial Centre. Dubai, 2023. https://landing.difc.ae/2023-annual-review
“Annual Report 2024“. Abu Dhabi Global Market. Abu Dhabi, 2024. https://www.adgm.com/
“World Economic Outlook 2023“. International Monetary Fund. Washington, 2023. https://www.imf.org/en/Publications/WEO
“Global Financial Markets and COVID-19: Policy Responses“. OECD. Paris, 2022. https://www.oecd.org/en/publications/global-financial-markets-policy-responses-to-covid-19_2d98c7e0-en.html
“The post-pandemic investment cycle: winners and losers“. Financial Times. 2025. https://professional-monetary-policy-radar.ft.com/access-error/444ab175-e474-4dc8-b27f-9a1a123b69d0
Horobin, W. “Global Economy Moves Beyond Inflation Crisis to Stable Growth“. Bloomberg. September 25, 2024. https://www.bloomberg.com/news/articles/2024-09-25/global-economy-moves-beyond-inflation-crisis-to-stable-growth
Shuba, M. V. “Svitovi finansovi tsentry - «sertse» hlobalnoho finansovoho rynku“ [International Financial Centers as the «Heart» of the Global Financial Market]. Visnyk Kharkivskoho natsionalnoho universytetu imeni V. N. Karazina. Seriia «Mizhnarodni vidnosyny. Ekonomika. Krainoznavstvo. Turyzm». 2014. https://international-relations-tourism.karazin.ua/themes/irtb/resources/54f6f3354269928607e75d30d50ce984.pdf

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