Global transformations of the international finance architecture in the context of geopolitical fragmentation and digitalization
The article examines the transformation of the global architecture of international finance under the influence of geopolitical fragmentation and digitalization. The purpose of the work is to identify structural shifts in the dynamics of foreign direct investment and to assess the role of digital trade integration in the formation of international capital flows. The empirical base is made up of data on Foreign Direct Investment inflows and outflows for 1990–2024, as well as the Index of Digital Trade Integration and Openness. Descriptive analysis, correlation analysis based on Spearman's coefficient, regression analysis and econometric modeling with subsequent forecasting are used. The results indicate a significant increase in the role of developing countries in global investment flows, as well as a decrease in synchronization between the investment cycles of developed economies and countries of the Global South. A positive but moderate impact of digital trade integration on international investment flows has been established, which is more pronounced for outgoing capital flows. The results obtained confirm the formation of a fragmented and multipolar structure of global finance. The scientific novelty lies in the simultaneous analysis of the impact of geopolitical fragmentation and digitalization on international investment flows and the identification of asymmetric effects of digital integration.