Global transformation and socioeconomic development of the national economy: the role of finance, accumulation, and reserves in ensuring sovereign development

This article examines the role of the reproduction block – finance, accumulation, and reserves – in ensuring the socioeconomic development of the national economy in the context of global transformation. The initial methodological framework is a systemic reproduction approach, which views finance as a link between the internal and external contours of national economic reproduction. The goal of the study is to identify configurations of financial flows and accumulation structures that contribute to increasing the resilience of the national economy to global shocks and the formation of sovereign development trajectories. The empirical basis consists of indicators characterizing domestic savings, gross fixed capital formation, the structure of investment financing, the volume and structure of international reserves, external debt indicators, and the current account. Based on integrated indicators of domestic reproduction sufficiency and external sustainability, a typology of financial configurations is proposed, including models of dependence on external financing, export-reserve models, balanced models of domestic accumulation, and transitional models. The sustainability and sovereignty of socio-economic development are determined by the volume and quality of the distribution of financial resources between reproduction blocks, as well as the combination of domestic accumulation and insurance mechanisms in the form of international reserves.