RISKS AND LIMITATIONS OF EXPORT FINANCING IN THE SYSTEM OF INTERNATIONAL MARKETS

Abstract

Introduction. The transformation of international markets under the influence of geopolitical instability, macroeconomic fluctuations, the digitalization of international trade, changes in global supply chains, and the tightening of regulatory requirements is generating new risks and constraints in export financing. This affects the availability of financial resources, the conditions for their mobilization, and the efficiency of export activities, thereby necessitating the improvement of theoretical and methodological approaches to the comprehensive assessment of risks, their interrelationships, and their impact on export financing sources. Purpose. To develop the Conceptual Model of the Export Financing Risk Architecture (EFRA) as a theoretical and methodological framework for the comprehensive assessment of risks and constraints, improve the risk–export financing sources relationship matrix, develop a risk map, and substantiate directions for enhancing the resilience of the export financing system. Materials and Methods. The study is based on scholarly works in international finance, risk management, and international trade. The research employs systemic, structural-logical, comparative, analytical, and graphical methods, the method of scientific generalization, and conceptual modelling. The proposed approach integrates the risk architecture, the constraints architecture, the risk–export financing sources relationship matrix, methodological assessment, the risk map, and the management decision-making mechanism. Results. The EFRA model was developed, conceptualizing export financing as a multi-level system of interconnected risks and constraints. A seven-level architecture is proposed, encompassing the drivers of transformation in the international economic environment, the risk architecture, the constraints architecture, the risk–export financing sources relationship matrix, methodological assessment, the risk map, and the management decision-making system. The methodological approach was improved through the introduction of the Integral Export Financing Risk Index and the Export Financing Accessibility Index, enabling a comprehensive assessment of the overall risk level, the criticality of individual risks, and the accessibility of financial resources for exporters. Practical directions for enhancing the resilience of the export financing system under contemporary global challenges are substantiated. Prospects. Further research should focus on developing a methodology for the quantitative calculation of the Integral Export Financing Risk Index and the Export Financing Accessibility Index, establishing a system of indicators for their empirical assessment, validating the EFRA model using evidence from individual countries, industries, and exporting enterprises, as well as investigating the impact of digital financial technologies, artificial intelligence, and ESG factors on the resilience of export financing.