№ 3/2016

Fìnansi Ukr. 2016 (3): 15–33

MARKET OF FINANCIAL SERVICES

BARANOVSKY Oleksandr ¹

¹SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0002-5505-5098

Threats to financial security of stock market

This article reveals the substance of security, emphasizes the connection between current research into problems of economic security and the development of relevant aspects of its theory, as well as theories of international relations (theories of conflicts, disasters, compromises, risks, and chaos). The article also analyzes the substance of threats to national interests and economic security of Ukraine that are stated in the Concept Paper (government policy framework) on National Security of Ukraine and current legislation. It is stressed that any classification of security threats is based on two features: reasons for their emergence and the impact of threats on economic system parameters. A departmental classification is discussed together with a philosophical and methodological classification. Threats are shown to be distinguished by quantitative and qualitative characteristics, source, force of impact, with the scale of threats being determined by their scope (quantitative parameters of the territory, population, and production), and impact – by the speed and range of destructive changes. The significance of research into challenges and threats to financial security of the stock market and their substance is discussed; differences between these two concepts are demonstrated. Approaches to the classification of such threats and identification of their types are presented. It is proposed to classify threats to financial security of the stock market by the following features: relation to the object (entity), realism, resilience, duration, stage, type of impact, conditionality, level of danger, significance, scale of impact, attitude to threats, nature of application, type, frequency, probability, nature of encounter, stage of implementation. The article identifies explicit and implicit; fundamental, infrastructural, legislative, managerial, and external economic; general economic and specific threats to financial security of the stock market as a whole and its professional participants.

Keywords:theory of security, theory of international relations, financial security, stock market, challenges, threats, quantitative and qualitative characteristics of treats.

JEL: G20, G28.

BARANOVSKY O. . Threats to financial security of stock market / O. . BARANOVSKY // Фінанси України. - 2016. - № 3. - C. 15-33.

Article original in Ukrainian (pp. 15 - 33)

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