Efficiency of Financial Systems and Sustainability of Economic Growth. The abstract of the thesis for the degree of Doctor of Economics

Abstract

The relevance and importance of this research topic are determined by the need to improve the efficiency of financial systems, which is one of the most important factors for sustainable economic growth during market transformation. A country's level of sustainable development largely depends on its potential and ability to increase financial resources to align financial flows, decisions, instruments, and mechanisms with economic, social, and environmental priorities. In this regard, the role and importance of a country's financial system is difficult to overestimate. The financial system is the foundation for the development and successful functioning of any national economy, as well as a necessary prerequisite for growth and overall stability. Building a strong and sustainable financial system in a country is a process that addresses all aspects of its effective functioning in a developing global world, which contains numerous contradictory factors and influences. The borderless circulation of money and increasing financial flows between countries negatively impact the stability of financial systems when the principles of financial mechanisms and financial policy are neglected. Currently, the Republic of Moldova's financial system remains underdeveloped and is not fully capable of providing the necessary financial resources for economic growth. Its key shortcomings include high dependence on external markets, a mismatch between the financial system's scale and the needs of the national economy, distorted financial benchmarks, inefficient allocation of financial resources, and limited sources of long-term financing. The low efficiency of individual components of the financial system, caused in particular by insufficient economies of scale among providers of financial services and products, reduces its ability to fully perform its inherent functions. Taken together, this limits investment activity, hinders financial intermediation, and negatively impacts the formation of preconditions for the country's sustainable socioeconomic development. CZU: 336:330.35(478)