Optimisation of international financial institutions: A comparative analysis of Ukraine and South Korea’s roles in enhancing global economic stability

Abstract

The study aims to analyse ways to optimise the activities of international financial institutions to increase their efficiency and impact on the stability of the global economy. The study analysed the main aspects of increasing transparency, strengthening cooperation with national governments and improving crisis management mechanisms. The research methodology included a detailed analysis of official reports from the International Monetary Fund, the World Bank and the Bank for International Settlements, as well as statistics from the governments of South Korea and Ukraine. The study examined the reports of international organisations and official government documents, which allowed for a comprehensive approach to the study of the activities of international financial institutions. The main aspects of optimising the activities of international financial institutions in the form of increased transparency, strengthening cooperation with national governments, institutional reforms and improving crisis management mechanisms were analysed. An analysis of South Korean and Ukrainian cooperation with international financial institutions was carried out to demonstrate the differences in the use of international financial support for the stabilisation and development of their economies. While South Korea was able to successfully overcome the consequences of the Asian financial crisis thanks to the support of the International Monetary Fund and the World Bank, Ukraine is constantly facing challenges that require effective use of international support. The importance of supporting small and medium-sized enterprises as a crucial element for ensuring economic growth and social stability was stressed. The study shows that optimising the activities of international financial institutions can significantly increase their efficiency, contribute to global economic stability, mitigate the effects of the economic crisis and promote sustainable development.