Behavioral factors in foreign economic relations: essence and role in financial decision-making

Currently, the relationship between countries in the global economy is fraught with contradictions and ambiguities, which form the basis for the emergence of problems in financial decision-making. In turn, understanding and taking into account behavioral factors in foreign economic relations make it possible to build international integration at the highest level. Financial decisions in foreign economic activity require the maximum concentration of economic knowledge, which in turn is not without the peculiarities of behavioral factors, which together can have a significant impact on making such a decision. The author of the article notes that economics has a close relationship with psychology. The author also concludes that emotionality, cognition, and distortion of social factors affect financial decision-making. In conclusion, the author concludes that understanding behavioral factors for financial decision-making helps to develop more effective risk management strategies that are inevitable in international trade