The impact of financial globalization on the development of a national economy

The purpose of this paper is to identify main benefits and risks of financial globalization for the economies of developing countries. The article studies the specificity and features of globalization in the light of the recent financial crisis, and distinguishes a factor and conditional approach to determine the consequences of their impact on the national economy. Special attention is paid to the risks arising from the intensification of capital flows for the countries with insufficiently effective regulatory system, weak macroeconomic environment and low activity of market institutions. The main research methods are: scientific abstraction, analysis and synthesis, the method of statistical comparisons. While comparing indicators of financial integration in low- and middle-income countries, the author points out to relatively high integration of Ukraine in the global financial sector, and identifies a number of factors limiting the opportunities of getting potential benefits of financial globalization in Ukraine.