Factors of Financial and Economical Security of Foreign Economic Activity in Ukraine in Context of Globalization Challenges

Abstract

Problems regarding foreign economic activity of economic entities are extremely diverse. One of the aspects of these issues gets considerable attention, while others are much less studied, and some aspects have been updated not so long ago. Among the latter is the financial and economic security of foreign economic activity, in the provision of which the influence of many factors must be taken into account. One of these factors is globalization, which today becomes an objective reality for development of modern world. However, impact of globalization on financialeconomical processes on macro-and microlevel is ambiguous. Taking into account prevalence of many global conflicts and other factors of negative impact, globalization challenges, existing trends of development of economical processes stipulate mostly negative impact on subjects of foreign economic activity. The financial and economic security of foreign economic activity of the enterprise and the country as a whole are considered from the point of view of joint application of the protection and harmonization approaches and recognized as one of the most important conditions for the effectiveness of its implementation. The theoretical basis of the study were the ideas of the theory of interaction (the theory of exchange J. Humans and P. Blau, the theory of interaction between the results of D. Tibo and G. Keelli and the theory of potential conflicts). The factors of financial-economical security of foreign economic activity for domestic subjects of entrepreneurial activity and country in general are considered in the article. It is displayed that foreign economic activity with Russia, which so far is carried out by domestic enterprises, is a very serious threat to the economic security of Ukraine as a whole, as well as its business entities. The main globalization challenges in the field of foreign economic activity for domestic subjects of entrepreneurial activity are identified. The main challenges in the field of foreign trade of goods are specified in the article. The changes in the guidelines for foreign trade in goods are given and the reasons for such changes are detailed. The global, local and institutional impacts on system of economic security of enterprises that are subjects of foreign economic activity are specified and the appropriate reaction of their systems to such influence is suggested.

External Economic Security of Ukraine: Conditions, Problems and Prospects

“…In the work of Kozachenko G., Illiashenko O., Matkovskiy A. determines the factors of financial and economic security of domestic business entities and the country as a whole external economic activity. The authors show that the external economic activity with Russia, which is still carried out by domestic enterprises, is a major threat to the Ukraine's economic security in general, and of economic entities including (Kozachenko, 2019).…”