Year: 2025
Type: article
Abstract: The successful implementation of the Sustainable Development Goals (SDGs) depends on effective public governance and strong public institutions.SDG 16 emphasizes building accountable institutions at all levels, which requires public trust in institutions and interpersonal trust among citizens because trust influences policy effectiveness and public responses.The 2008 global financial crisis revealed a substantial decline in trust in public and financial institutions, underscoring the urgent need for restorationPurpose.This study aims to conceptualize trust as an emotional determinant of economic and social processes, as well as outline a multilevel framework for rebuilding trust within a country's financial system.Furthermore, the study presents a case analysis of ensuring integrity and transparency in Ukraine's financial system within the context of building effective institutions for SDG implementation following the 2014 reform.Results.Trust is identified as a multidimensional, multilevel concept comprising interpersonal, institutional, and systemic components.Interpersonal trust fosters cooperation and reduces transaction costs.Systemic trust reflects confidence in the overall economic system, with price and financial stability as key indicators.Institutional trust is vital for good governance and policy compliance.Globally, financial services remain among the least trusted sectors. Conclusions.In order to achieve the SDGs, strong institutions built on trust are required, particularly in the financial sector.The multilevel trust concept provides a framework for restoration.To address the lack of transparency in Ukraine's financial system, this study recommends implementing mandatory, standardized disclosure requirements for financial products and services.These measures-including clear, upfront information; enhanced consumer rights protection; and the application of behavioral research-are crucial for fostering trust, enabling informed consumer choices, and establishing long-term bankcustomer relationships Keywords: good governance; public institutions; trust; financial system.This work would not have been possible without the financial support of the Ministry of Education and Science of Ukraine.The paper was prepared as part of the Young Scientist Research on the topic "Economic-mathematical modeling of the mechanism for restoring public trust in the financial sector: a guarantee of economic security of Ukraine" (registration number 0117U003924).УДК 35:330.341:316.35Анна Буряк, доктор філософії, доцент, Американський університет у Києві, Україна В'ячеслав Пластун, доктор економічних наук, професор, Американський університет у Києві, Україна Владислав Домбровський, доктор філософії, доцент, Американський університет у Києві, Україна Досягнення стратегій розвитку через державні інституції та належне управління: чому довіра має значення Анотація, Вступ.Успішна реалізація Цілей сталого розвитку (ЦСР) залежить від ефективного державного управління та надійних державних інституцій.ЦСР 16 наголошує на побудові підзвітних інституцій на всіх рівнях, що вимагає довіри громадськості до інституцій та міжособистісної довіри
Source: Modern Economics
Institution: American University Kyiv
Language: English
Topic: Social Capital and Networks
Subfield: Sociology and Political Science
Field: Social Sciences
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4414614498
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