INTEGRATION OF STATES INTO INTERNATIONAL CAPITAL MARKETS: OPPORTUNITIES, CHALLENGES, AND OBSTACLES

This article examines the processes of integration of states into international capital markets, as well as the economic opportunities, institutional challenges, and structural barriers associated with this process. The study analyzes the role of globalization in expanding financial flows, attracting foreign direct investment, and improving economic growth. At the same time, attention is paid to financial instability, external debt dependence, exchange rate volatility, and the unequal distribution of capital between developed and developing economies. The article is based on statistical data and analytical reports of international organizations such as the International Monetary Fund, the World Bank, the United Nations Conference on Trade and Development, and the Organization for Economic Cooperation and Development. The research identifies the key mechanisms that determine successful integration into global capital markets and evaluates the importance of institutional reforms, financial regulation, and macroeconomic stability in ensuring sustainable participation in international financial systems.