FINANCIAL STABILITY, FINANCIAL INSTABILITY AND FINANCIAL SUSTAINABILITY OF THE ECONOMY
Authors: CHYRAK Iryna 
Published: October 2020

Introduction. The financial instability has significantly increased due to the liberalization of foreign economic relations, the weakening of state control over the movement of capital and the acceleration of globalization processes in the financial and credit sphere. It has weakened the sustainability of national economies and made them more vulnerable to crisis shocks. Significant economic losses from crisis phenomena increase the need for research of the nature of financial instability and sustainability of the economy, the factors affecting its condition and the identification of pre-crisis risks. Issues of developing and effectively utilizing measures aimed at improving the financial stability of the economy remain relevant. It will minimize the negative impact of shocks and maintain steadily growing economic dynamics.

The purpose is to generalize theoretical approaches in order to determine the essence of financial stability, financial instability and financial sustainability, to identify factors affecting it, and also to define the peculiarities of providing financial sustainability of the economy in conditions of Covid-19 pandemic.

Methods. It has been used a number of scientific and special methods of the research such as: analysis, synthesis, induction, deduction, abstract, logic and generalization methods while studying the modern theoretical approaches to determine the nature of financial stability and financial stability of the economy, identifying the interdependencies between them, analyzing of scientists' views on the nature of financial instability, the causes of its occurrence and possible negative consequences for the economy.

Results. Theoretical approaches to determining the essence of financial stability and financial stability of the economy have been considered and generalized. It has been established that they are interrelated and interdependent phenomena and the most important conditions for stable development of the national economy. The views of scientists and researchers on the nature of financial instability, the causes of its occurrence and possible negative consequences for the economy have been analyzed. It has been found that the vast majority of scientists associate instability with the inability of the financial system to withstand shocks and prevent their devastating impact on the real economy. It has been determined that there are many factors that can cause financial instability and the impact of each of them at some point in time can be significant. It has been emphasized on increasing risks of crisis emergence and deployment in both global and national economies in the conditions of the Covid-19 pandemic and the importance of providing government support to businesses and industries to adapt to evolving circumstances.

Conclusions. Further research suggests focusing on the development and effective use of measures aimed at improving the financial sustainability of the economy, which will minimize the negative impact of shocks and maintain a steadily increasing economic dynamic.