World Experience of Digital Development: Problems of Financial Subjectivity in the Context of Ukrainian Realities

Abstract

The aim of the article is to characterize the concept of financial subjectivity in the context of ensuring the reconstructive process, identifying the leading directions of digital financial development of Ukraine and determining their impact on the reconstructive process, as well as systematizing the world experience of digital financial transformations. To achieve the aim, the concept of financial subjectivity as the ability to exercise one’s financial freedom, which is a contradictory unity of independence and dependence on the inner essence of the decision-maker, has been substantiated. Taking into account the consideration that the implementation of financial subjectivity at the State level provides for the dominance of national priorities, it is shown that the intensification of digital development of the financial sector of our country has led to the formation of trends in which financial institutions will create significant risks for the reconstruction process and development of financial subjectivity. It is substantiated how digital lending, the dominant of non-cash circulation and the introduction of the central bank’s digital currency will level financial subjectivity, gradually excluding it from economic communication. At the same time, the European example of digital financial transformations is shown and its effectiveness in the context of harmonization of digital and non-digital development is substantiated. The ways to optimize the digital development of the financial sector of Ukraine are identified, the need to limit the influence of world financial regulators and prevent the experimental nature of the introduction of the central bank’s digital currency is shown.

Keywords

• digital financial transformations
• financial subjectivity
• reconstructive development
• cashless economy
• digital currencies of central banks