THE DETINIZATION OF FINANCIAL RESOURCES AND THE DE-OFFSHORING OF CAPITAL IN THE STRUCTURE OF THE STATE’S FINANCIAL SECURITY

Abstract

This article examines current issues relating to ensuring the financial security of the state in the context of the growing scale of the shadow economy and the offshoring of capital. It is argued that in the current context of global and domestic crises, particularly the pandemic and military aggression, these processes significantly affect the stability of the financial system, limiting the state’s resource capacity and complicating the implementation of effective budgetary and macro-financial policies. The aim of the article is to substantiate the role of withdrawing financial resources from the shadow economy and delocalising capital as interrelated components of the state’s financial security architecture, as well as to identify the main mechanisms through which they influence its stability. The methodological basis of the study comprises general scientific and specialised methods of inquiry, in particular: the systems approach - to substantiate the place of de-shadowing and de-offshorisation within the architecture of financial security; methods of analysis and synthesis - to investigate the causes and consequences of the shadowing of the economy; comparative analysis - to assess the dynamics of the shadow sector; the structural-logical method - to identify the key channels through which capital offshoring influences the state’s financial system. The study demonstrates that the shadow economy acts as a systemic factor destabilising financial security, generating a range of interrelated threats, including corruption, the laundering of illicit proceeds, financial fraud and the offshoring of capital. It has been established that offshoring has a multi-faceted impact on the financial system through a reduction in tax revenues, distortion of investment processes and an exacerbation of macro-financial imbalances. The dynamics of the shadow economy in Ukraine are analysed, and its growth in the context of crisis-driven transformations is substantiated. It is demonstrated that de-shadowing and de-offshorisation should be regarded as interrelated instruments aimed at enhancing the transparency of financial flows and strengthening the state’s financial stability. It has been demonstrated that effective financial security for the state is only possible through the implementation of a comprehensive policy aimed at reducing the shadow economy and limiting capital offshoreisation. It has been demonstrated that integrating these processes into a single system for managing financial flows will contribute to enhancing the effectiveness of state regulation, strengthening fiscal capacity and creating the conditions for sustainable economic development.