The article argues that the world order is a complex system of international interactions that is constantly transforming under the influence of various factors. It suggests examining the world order on the basis of an interdisciplinary approach. The peculiarities of the development of the world order are analyzed from various academic perspectives. Examining academic approaches to understanding the world order reveals an absence of a clearly defined interpretation. The differences between the international and global orders are explained in detail. The article finds that there is no single periodization of the world order development and analyses the approaches taken by international organizations, including the OECD, the International Monetary Fund, the World Bank, UNCTAD, and the UN. The analysis confirms that the determination of periods depends on the specific nature of the organization’s activities. Emphasis is placed on the role of global leadership in transforming the world order and its evolution, confirming that the model of the world order and the configuration of global leadership are not always aligned. The article reveals that a new model of global leadership of multi-level and networked nature is emerging under the influence of new global challenges at the start of the 21st century. The authors confirm that, since 2020, the world order has been shaped by new challenges, among which the active phase of the global leadership crisis is particularly noteworthy. This article argues that the crisis of global leadership is a broader phenomenon than a shift in the balance of power, and manifests itself through the decline in the effectiveness of international institutions, the incompatibility of traditional leadership mechanisms with the new structure of the world system, the weakening of the dominance of a single center of power, the decline in trust in multilateral cooperation, and the increasing difficulty of jointly managing global challenges. Five stages in the development of the global leadership crisis are identified, and the main characteristics of each are analyzed. The most far-reaching was the financial and economic crisis of 2008–2009, which led to reforms within the IMF. The article shows that, since the early 2020s, the crisis of global leadership has taken on a multidimensional nature, linked to the COVID-19 pandemic and the war in Ukraine. Signs of a crisis in political coordination within the UN system and the results of voting on UN Security Council draft resolutions over the past decade are analyzed. An institutional crisis in ensuring peace and security is confirmed. The application of restrictive measures in international trade is analyzed. The militarization of national economies is assessed as an indicator of the crisis in global leadership. The article reveals that the transformation of the contemporary world order is creating new conditions for the development of global leadership, but this process also has a reverse aspect. The authors propose directions for the transformation of the contemporary world order, including the reform of global governance mechanisms, the expansion of state representation in international institutions, the modernisation of decision-making procedures, the prevention of the blocking of collective action, the diversification of global leadership, and the harmonisation of global and regional levels of governance based on a network model of interaction. 

globalization, global leadership, world order, international relations, international organizations, economic development, instability, fragmentation, IMF, UN 

The article argues that the current transformations and changes to the world order require the development of theoretical approaches to assessing economic diplomacy. It substantiates the dual purpose of economic diplomacy. The author emphasizes the absence of a single indicator that would make it possible to assess a country’s economic diplomacy. Countries are analyzed according to the Globalization Index, which structurally encompasses economic globalization. Significant asymmetries are identified. Academic and analytical studies often use indicators of a country’s diplomatic presence to assess its economic diplomacy. The study reviews works in which the authors adopt this approach to determine an integrated indicator. Undoubtedly, for countries leading in terms of the number of diplomatic missions, such a presence contributes to the development of multilateral and bilateral diplomacy. However, there are significant discrepancies between countries’ diplomatic presence worldwide and the number of countries covered by a visa-free regime. The article reveals that methodologies for calculating the Economic Diplomacy Index that are based on the use of macroeconomic indicators cover the trade and investment sectors, as well as macroeconomic trends. In some studies, the assessment is supplemented by indicators of countries’ diplomatic presence, political situation, and the level of development of the legal framework. The analysis reveals the fragmentary nature of the situation and the lack of a consistent methodology (or methodologies) for assessing the economic diplomacy of countries. The author suggests an Integral Index of Economic Diplomacy, comprising the number of multilateral investment agreements, the number of preferential trade agreements, the number of diplomatic missions abroad, the number of visa-free countries, and the social component of the KOF Globalization Index. The sample for the assessment comprises 113 countries. The weight coefficients are determined by the principal component analysis (PCA). The article determines the significance of the first component, which explains 71.94% of the variance, and the second component, which explains 14.93%. Therefore, the weight of the first principal component is used for the assessment. The indicators with the greatest influence on the first principal component are identified. The results of the assessment confirm that it is positively influenced by all variables. A correlation matrix is constructed for the principal components, visually illustrating the relationships between the selected variables and the principal components. A formula for determining the Integral Index of Economic Globalization is proposed and calculations are carried out. Using a clustering method, clusters of countries are identified according to their level of the Integral Index of Economic Diplomacy. The calculation of the Integral Index of Economic Diplomacy confirms significant differences between countries. The group of leaders in terms of economic diplomacy comprises economically developed countries. The distribution of the Integral Index is analyzed. A heat map is constructed to identify the relationships between the variables selected for calculating the Index. Of the selected indicators, the number of diplomatic missions abroad has the least impact on the Integral Index. The article confirms that economic diplomacy combines the tools of foreign economic policy, diplomatic presence, and international economic cooperation. 

global order, globalization, economic diplomacy, diplomatic presence, foreign policy, foreign investment, trade, integral index of economic diplomacy 

The article analyzes the peculiarities of economic diplomacy in the context of global uncertainty. The authors argue that challenges for national economies are being developed under the influence of global megatrends. The main global megatrends affecting economic, social, and environmental outcomes are assessed. The article identifies the main trends that have long-term tendencies and highlights the areas they cover: nature, people, government, technology, and economy. The authors detail the main trends in the economy, in particular, the formation of a circular economy, the growth of corporate responsibility, rising inequality, changes in the labor market, the vulnerability of global value chains, etc. The world is experiencing not just crises but permanent crises, essentially creating a state of permanent instability. The impact of the war in Ukraine on global instability is argued. The main forms of economic diplomacy are analyzed. Emphasis is placed on investment, trade, and financial diplomacy. Significant differences in the positions of scholars on the components of economic diplomacy are revealed. The article argues that the emergence of new global trends and their transformation into global megatrends leads to the emergence of new types of economic diplomacy. The main changes in the investment and foreign trade policy of Ukraine in recent years are identified, with the intensification of European integration processes taking an important place among them. The authors confirm that the EU remains a leading partner for Ukraine, providing assistance in the economic, humanitarian, and military spheres. Changes in Ukraine’s foreign trade are analyzed and the need to strengthen export capacity and expand its presence in the markets of the world is substantiated. The changes in the geographical structure, primarily in the export of goods from Ukraine, are detected. The NAZOVNI platform is favorable for the development of Ukraine’s export capacity. The changes in the structure of foreign direct investment in Ukraine’s economy are identified as one of the trends. The Advantage Ukraine platform is positive for finding potential investors and implementing projects. Special attention is paid to ensuring the energy security of the state and the role of energy diplomacy as a component of economic diplomacy is substantiated since energy management has a direct impact on economic development and stability. The expansion of international partnerships and the attraction of funds for the reconstruction of Ukraine are noted, but this process requires support and guarantees from the state. The following priorities of Ukraine’s economic diplomacy in the current conditions and for the future are determined: the development of a foreign policy strategy adapted to external challenges, implementation of strategies to support and protect national interests, development of effective integration of Ukraine into the global economic space, diversification of trade relations, etc. 

global megatrends, global uncertainty, economic diplomacy of Ukraine, investment diplomacy, financial diplomacy, energy diplomacy, foreign trade, foreign investment 

The nature of bank system sustainability is researched. Taking into account a considerable instability of economic development in Ukraine and accelerated changes in the structure of its socio-economic environment, the features of maintaining the sustainable economy development in general and bank system in particular are outlined. In the process of analysis of major parameters of domestic bank system’s functioning the authors confirm that the fall in bank sector activity and its reliability as well as an absence of predicated development trends are among the main reasons of crisis phenomena in economy. The impact of the defined parameters on maintenance of bank system sustainability is determined. Indeed, bank sector is the component of economic system and has a direct impact on real sector, therefore, credit opportunities and restoration of its development paces depend on sustainability of bank system. Domestic bank system had experienced difficulties with maintenance of stability and reliability even before crisis, so the crisis only contributed to existing latent problems. Therefore, one of the major tasks to be solved by regulating authorities is conducting of complex structural reforms based on anti-crisis mechanisms of banks system stability restoration. The nature of bank system’s anti-crisis regulation is defined and its role in conditions of financial instability is revealed. Anti-crisis programs of bank sector development help timely detection, prevention and elimination of risks and crisis phenomena in bank activity. Major activities in terms of anti-crisis regulation of bank system in conditions of global instability are outlined. In order to restore the sustainability of bank system it is necessary to perform strict control for targeted use of refinanced loans, to continue the process of bank institutions’ recapitalization and to raise the level of clients’ deposits protection in terms of change of priorities from the banned early withdrawal of deposits to guaranteeing of repayment of all depositors’ money on part of regulator. These measures will contribute to the country’s overcoming of internal misbalances and minimizing of financial stabilization risks. 

bank system, bank system sustainability, crisis, crisis phenomena, anti-crisis regulation, monetary policy, bank system strategies