№ 3/2018

Fìnansi Ukr. 2018 (3): 97–115

MARKET OF FINANCIAL SERVICES

SHKOLNYK Inna ¹, KREMEN Viktoriia ²

¹Sumy State University
²Sumy State University

Periodization of the financial sector and financial supervision development in Ukraine

Throughout 25 years, the financial sector of Ukraine has been the driving force behind economic growth and financial development, as well as a source of financial and economic crises. And in this regard, financial supervising requires constant adjustment, especially taking into account the specific changes in the functioning and development of the financial sector, as well as financial crises, which are becoming more and more frequent. The purpose of the scientific paper is to make periodization of the development of the financial sector and financial supervision in Ukraine. Due to the complexity of the financial sector and its development, the authors employ a cluster method, which allows classifying observations, described by a set of input variables. For this, indicators of the activities of banks, credit unions, insurance companies, financial companies, non-state pension funds, pawnshops and securities market for 2005-2016 are used. Periodization of the development of financial supervision in the research is of secondary importance to the periodization of the financial sector development and is based on the analysis of changes in the legal and regulatory framework for financial supervision within the periods of the financial sector development. The authors identify five clusters-periods of the financial sector development in Ukraine during 2005-2016. They are recognized as stages of development of the financial sector as follows: 2005-2006 – growth; 2007-2008 – peak, decline; 2009-2011 – crisis, post-crisis recovery; 2012-2014 – peak, decline; 2015-2016 – crisis, stagnation. Comparing regulatory and supervisory measures with the financial sector development demonstrates that they were applied more closely to the aftermath of the activity in the financial sector and did not prevent financial problems. Therefore, supervision over the activities of non-bank financial institutions, especially acting in insurance, on the credit and stock market, financial and financial-industrial groups, financial conglomerates and systemically important financial intermediaries needs further improvement.

Keywords:financial sector, financial supervision, banks, stock market, securities, insurance

JEL: E42, E44, G18, G20

SHKOLNYK I. . Periodization of the financial sector and financial supervision development in Ukraine / I. . SHKOLNYK, V. . KREMEN // Фінанси України. - 2018. - № 3. - C. 97-115.

Article original in Ukrainian (pp. 97 - 115)

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