Global Imbalances and Dilemmas of Ukrainian Macroeconomic Policy

Relevance of the topic researched. The system of the world economy is heterogeneous, represented by countries of different levels of institutional and economic development, and therefore, its functioning leads to significant imbalances – deficits and surpluses in balance of payments. The presence and constant reproducibility of global imbalances characterizes the world economy as a system of redistribution of economic resources and incomes in favor of a narrow range of countries with developed markets. The purpose of this research. The research is devoted to the analysis of the nature and macroeconomic consequences of global imbalances, understanding the potential of the government’s regulatory policy to minimize external and internal economic imbalances of the country. Methodology. The study is based on the philosophical and theoretical heritage of the classical school of economics and macroeconomic concepts of modern neoliberalism. Analytical tools are presented by theoretical models and statistical data. Results. The paper argues that the imbalance of the modern world economy and the problems of macroeconomic regulation are rooted in dynamic globalization and the resulting change in the position of countries in world markets, as well as in the established division of national economies as open systems into large and small economies. The analysis focuses on the structural problems of national economies: the imbalance between gross domestic disposable income and aggregate domestic expenditures, between national savings and gross domestic investment, and the financial problems of the state itself. Attention is paid to the peculiarities of the functioning of the global financial market and its role in strengthening imbalances. Conclusions. Reasonable conclusions that the participation in global markets of countries with developed domestic markets and weak countries with quasi–markets has the following consequences: 1) almost synchronous coexistence of significant trade deficits in some countries and significant surpluses in the balances of others; 2) developed countries enjoy the privilege of capitalizing on foreign savings; 3) countries with raw material economies suffer the most, in particular Ukraine ("price scissors" and debt bondage). Practical meaning. The obtained results have theoretical–cognitive and educational significance