FINANCIAL GLOBALISATION IN THE CONTEXT OF ENSURING INCLUSIVE ECONOMIC GROWTH
DOI:
https://doi.org/10.32689/2523-4536/80-27Keywords:
financial globalization, inclusive economic growth, sustainable finance, ESG investments, digital transformation, institutional developmentAbstract
The article provides a comprehensive analysis of financial globalization as a systemic process that shapes the current architecture of the world economy and influences the distribution of global financial power. It investigates the dual impact of globalization on institutional stability and inclusive development, emphasizing the interdependence between financial openness, market regulation, and social equity. Financial globalization is defined as the expansion of international capital mobility, the integration of financial markets, and the growing dominance of transnational financial institutions supported by digital technologies. These processes accelerate capital circulation and improve global investment efficiency while simultaneously increasing income inequality and the concentration of resources in developed economies. For transition countries, the phenomenon intensifies structural dependence on external funding and exposes domestic markets to external shocks. The study identifies that the inclusiveness of globalization depends on the quality of national financial institutions, macroprudential supervision, and policy coordination aimed at social compensation. The paper also highlights the transformative role of financial digitalization, which democratizes access to financial services yet generates new forms of technological inequality related to data ownership and algorithmic control. Particular attention is given to the evolution of ESG finance and social investments as instruments that integrate profitability with environmental and social responsibility. It is argued that sustainable finance practices and digital ecosystems form a new paradigm of responsible capitalism, in which economic efficiency aligns with long-term societal goals. The findings confirm that inclusive economic growth under financial globalization can only be achieved through the synergy of technological innovation, institutional resilience, and ethical investment principles that convert global integration into a driver of stability and sustainable development.
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