Nedobuga M. V., Mudrenko A. A., Akseonova L. O.

Oles Honchar Dnipropetrovsk National University

FINANCIAL MARKET PROSPECTS IN UKRAINE

The development and establishment of Ukraine's financial market is a prerequisite for the development of other sectors of the state economy. Developed non-bank credit institutions, a well-functioning insurance market, pension funds and other financial institutions to promote stable and predictable development of all economic processes in a society. Accumulating large amounts of cash, financial institutions are a powerful source of investment in the economy that is developing dynamically.

The leading domestic and foreign experts in this field are: TV Galenko, V. Hembala, AP Kovalev, A. Mertens, BB Scar, etc.

The relevance of this trend study is due to several reasons. Firstly, the need for effective, in practical terms, recommendations for the further development and establish­ment of the Ukrainian financial market. Second, insufficient attention in the science at our country is paid to the theoretical development of a legal nature relating to the regulation of financial markets.

It should be noted that the financial market is a vital foundation for growth, develop­ment and stability of the national economy. Formation and development of the financial market have to become key elements of a strong economic environment that will support corporate initiatives, provide the real economy financing by means of investment, payment and capital redistribution. As a catalyst for the economic growth, financial markets will significantly affect the sovereignty of the state and the im­ple­mentation of its national interests in globalization processes.

Under the global integration of financial service markets an extremely important task for each country is to ensure the functioning of a competitive financial service market. The lack of consistent legislation, effective management principles and control of the activities of non-bank financial institutions is one of the serious problems of the financial sector in general. Gaps in current non-bank financial institution laws and inadequate regulation and supervision of non-bank financial institution also hinder effective implementation of government policies aimed at improving the social security system, including the effective implementation of health and pension reforms.

Ukraine has already taken important steps towards strategic analysis and prediction of development of certain financial institutions. But we should apply a holistic long-term strategy to develop a financial sector.

The main aim of this strategy should be:

- creation of an effective system of regulation and supervision of non-bank financial institutions, including those types which don’t have clear and full legislation and regulatory authority and supervision bodies;

- creation of consistent legislation and a stable political and economic environment;

- design and coordination of the concept of the financial sector legislation develop­ment. This concept should include strategy development and adoption of a number of laws that will regulate the activity of certain types of non-bank financial institutions and complement the existing stock market and banking sector laws.

- development and approximation of a common strategy of Ukraine's financial sector and identify within it a long-term program aimed at creating favorable conditions for the development of a non-bank financial sector in general and certain types of non-bank financial institutions in particular [1].

Therefore, one of the major objectives in the current stage of the development of the economy is to implement reasonable and systematic reforms in the financial sector to provide additional funding for the economic growth. This, in turn, requires the develop­ment and implementation of a consistent long-term comprehensive strategy of Ukraine's financial sector, taken into account the current economic realities and strategic priorities of Ukraine in the context of globalization of world financial markets.

The list of references:

1. Lytvynenko TN Economic Culture stock market – the key to successful reform of economy // Finance Ukrainy. – 2000. – № 2. – P. 50–53.