ПОВЕДІНКОВІ АНОМАЛІЇ ГЛОБАЛЬНИХ РИНКІВ: ВПЛИВ КОГНІТИВНИХ ВИКРИВЛЕНЬ НА МІЖНАРОДНІ ПОТОКИ КАПІТАЛУ

The article presents a systemic investigation into the behavioral determinants driving international financial relations, specifically within the context of escalating global instability and structural uncertainty. The relevance of the research is predicated on the conceptual insufficiency of classical economic paradigms, notably the Efficient Market Hypothesis (EMH), to adequately interpret the genesis of modern financial crises, the formation of speculative bubbles, and the excessive volatility of cross-border capital flows. The primary objective of this work is to identify, systematize, and critically analyze the key cognitive biases that distort the investment decision-making process, thereby deforming the global market architecture and amplifying systemic risks.The methodological framework of the study is constructed upon a synthesis of behavioral finance theory and international macroeconomics, employing a qualitative analysis of market anomalies. The article provides a detailed examination of specific psychological phenomena, including the “Home Bias Puzzle,” “Herding behavior,” and “Overconfidence.” It is substantiated that the Home Bias effect - manifested in the disproportionate concentration of domestic assets in portfolios - is not merely a consequence of transaction costs or information asymmetry, but is primarily driven by the investor’s psychological aversion to ambiguity and the illusion of competence. This cognitive distortion leads to inefficient global asset allocation and a failure to capitalize on international diversification benefits.Furthermore, the mechanism of “herding” is analyzed as a critical catalyst for the contagion of financial stress across borders. The study demonstrates how information cascades and collective irrationality trigger the formation of asset bubbles and subsequent panic selling. Special attention is paid to the impact of these biases on emerging markets, where shifts in global risk appetite can cause sudden capital stops or reversals unrelated to fundamental economic indicators. Based on a retrospective analysis of stock market dynamics, the author proves that the psychological component of market cycles is a dominant factor in precipitating financial collapses.The practical significance of the results lies in the proposal to integrate behavioral markers into the system of macroprudential regulation. The author concludes that enhancing the financial security of the state requires the development of adaptive mechanisms capable of mitigating the negative effects of investors' irrational exuberance. The article suggests that regulators should utilize behavioral insights to predict market anomalies and correct imbalances in international capital movements before they evolve into full-scale crises.