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Convergent and Divergent Development of National Economies in the Context of Financialization
Hrazhevska N. I., Shemakhina I. V.

Hrazhevska, Nadiia I., and Shemakhina, Iryna V. (2019) “Convergent and Divergent Development of National Economies in the Context of Financialization.” Business Inform 5:14–19.
https://doi.org/10.32983/2222-4459-2019-5-14-19

Section: Globalization Processes in the Economy

Article is written in Ukrainian
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UDC 330.342

Abstract:
The aim of the study is to identify the impact of financialization on convergent and divergent development of national economies. It is argued that convergence and divergence are two interrelated determinants of the development of the world economy. Based on the analysis of statistical data for the period 2000–2018, it is found that the high growth rates of the relative majority of less developed countries, compared to developed ones, confirm the hypothesis of ?-convergence of national economies and transformation of the world economy into a single structural and functional system. On the other hand, the implementation of the neoliberal model of globalization in the absence of an effective institutional and organizational streamlining of world economic processes deepens the gap between different groups of countries, increasing the divergence of national economies, as evidenced by the growing differentiation of countries in terms of per capita income, which does not support the hypothesis about ?-convergence. Under these circumstances, further institutional and organizational harmonization of the global economy, creation of effective national and international institutions and organizations, mitigating the contradictions of the financialization of the world economy and directing globalization processes towards the coordination of the interests of various groups of countries, are gaining importance.

Keywords: globalization, financialization of the global economy, convergent and divergent development of national economies, ?-convergence, ?-divergence.

Fig.: 1. Tabl.: 2. Bibl.: 16.

Hrazhevska Nadiia I. – Doctor of Sciences (Economics), Professor, Head of the Department, Department of Economic Theory, Macro- and Microeconomics, Taras Shevchenko National University of Kyiv (60 Volodymyrska Str., Kyiv, 01033, Ukraine)
Email: [email protected]
Shemakhina Iryna V. – Masters Student, Taras Shevchenko National University of Kyiv (60 Volodymyrska Str., Kyiv, 01033, Ukraine)
Email: [email protected]

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