THE EVOLUTION OF FACTORS DETERMINING FINANCIAL STABILITY IN THE ERA OF DIGITAL ECONOMIC TRANSFORMATION

This article examines the historical evolution of the factors determining financial stability in the context of the digital economy and institutional transformation. It traces the transition from traditional macroeconomic and prudential factors to contemporary determinants, including fintech, artificial intelligence, big data, blockchain technologies, and cybersecurity. The article also examines the evolving role of central banks and financial supervisory authorities in the digitalisation process, considers relevant international experience, and discusses its practical implications for the Republic of Uzbekistan.