STAGES OF SOLVING PROBLEMS OF EXTERNAL FINANCING FOR DEVELOPING COUNTRIES

The purpose of the article is to disclosure the problems of external financing for developing countries in conditions of internationalization and economic globalization of the world economy and the stages of their decision. The process of transition to a market economy in developing countries is very difficult and ambiguous. The rate, the nature and outcome of this process depends first of all on economic factors, such as the scale and level of development of national economies, the tactics of reform, duration reforms in these countries and the level of external financing. The survey is based on an organizational methods, logical-dialectic method of knowledge and methods of system-wide analysis: comparison and formal-logical. Limited domestic resources for economic development, actually is effective international external financing, and therefore productive in developing countries to achieve economic growth sufficient to service the external debt. The effectiveness of investment should be considered from a position of economic growth, which is not so simple and evident, so it is advisable to select a few main approaches and models, related to this problem. Economic growth is the increase in the production of the country goods, services and works, which leads to increase in real gross national income. But in the current process of globalization and internationalization of the foreign economic relations of developing countries, should take into account quality characteristics in the factors of production: capital, labor, technology. Quantitative and qualitative increase their characteristics led to the two types of growth: extensive and intensive. The extensive type of economic growth is expansion of reproduction on the basis of its quantitative increase of factors while maintaining the previous level of technological development, the workforce and productivity in which the efficiency of production remains unchanged. The intensive type of economic growth is expanded reproduction on the basis of a qualitative improvement of its factors and the improvement of organizational and economic relations of production. This increases both productivity and production efficiency and the increase in output are not provided due to the quantitative increase in production factors involved and due to their qualitative improvement. Developing countries have intense or predominantly extensive growth, and are classified by type of economic growth according to their share in the increase in production resulting from qualitative or quantitative changes in its factors. The important factors of economic growth are traditionally considered economic openness and integration into the world economy, competitiveness, monetary, social and legal factors, but that technological progress now occupies the main place in the structure factor of influence on GDP growth. The model of economic growth of intensive type differs from the extensive type of quality of production factors, changes in their roles and the amount of profit they have created, due to the influence of technological innovation used in developing countries. For the model of intensive type of technological innovation rather than investments in various countries, constitute the material basis of economic growth, provide increased efficiency and quality of the use of certain resources. For the model of extensive type of economic growth is the basis for the increase in leverage resources and increase their quantitative impact. Various contents of the material basis of economic growth as the difference between intensive and extensive model also lies in determining the content of an intensive for economic growth in an effort to obtain the average income and for intensive model to super-profits.