THE WORLD MONETARY SYSTEM IN SEARCH OF INVARIANTS GLOBAL FINANCIAL STABILITY

Abstract

Abstract. The current development of world-system requires a comprehensive rethinking of
the principles and mechanisms of functioning of the world monetary system. In an era when
modern reality proves that the agenda of the economy production of goods has largely been exhausted,
a new genotype of economic development based on a new paradigm of economic development,
the approaches of modelling the economic development of the world economy are
being recognised as such that may not fully take into account the human element, policy, behaviour,
and psychology of the individual (R. Lucas, R. Radian) – actually nooeconomy is a matter
of upholding geopolitical interests and their financial component, in particular foreign
exchange, all that becomes of primary significance. The main object of state intervention in economic
processes becomes a sphere of monetary relations, where the Keynesian concept of «managed
money» is transformed into a postulate, in which money is treated not only as an important
factor of economic development but as the most important component of the market system,.
This exchange mechanism is becoming more effective in the implementation of the objectives for
global financial stability.
The key problem of reforming the world monetary system is not the currency that will be the
backup of the country, but what criteria (fundamental factors) will be used as an economic invariant
timely settlement of imbalances in the world currency system.
Key words: world monetary system; global financial instability; currency invariants; geofinancial
sphere; monetary asymmetries and imbalances; geostrategic vectors; reforming the
world monetary system, the international financial architecture.