№ 5/2016

Fìnansi Ukr. 2016 (5): 112–0

MARKET OF FINANCIAL SERVICES

REDZIUK Yevhenii ¹

¹SI “Institute of the Economy and Forecasting of the National Academy of Sciences of Ukraine”
OrcID ID : https://orcid.org/0000-0001-5592-5121

THE DEVELOPMENT OF UKRAINE’S SECURITIES MARKET IN THE CONTEXT OF GLOBALIZATION: CHALLENGES AND OPPORTUNITIES

The article identifies the cause and formulates strategic areas that relate to full-fledged reform of the domestic securities market in view of globalization, as well as the distinctive features of the macroeconomic and political and military situation. Given the dangerous financial and economic situation in Ukraine, it is suggested that the standards, objectives and priorities in the work of public authorities be changed to focus on the improvement of macroeconomic situation, stabilization in the business environment and the financial sector, reforms of public authorities, and also on deregulation, demonopolization, deoligarhizatsion and decentralization. The article explains a significant impact of uncontrolled movement of speculative capital, the volatility of asset prices, monetary and exchange rate fluctuations on national stock exchanges integrated in the global capital market. The author proposes to implement nine fundamental measures that will lead to qualitative changes in the domestic public sector and the business environment. These measures, in particular, will allow for full integration of Ukraine’s economy and stock market into the global investment and financial infrastructure, systemic attraction of a wide range of domestic and foreign investors into the national economy, and, as a result, will help provide substantial capital inflows for economic development of Ukraine.

Keywords:securities market, stock market, world economy, globalization, reform of the public authorities.

JEL: F60, F65, G10, G15.

REDZIUK Y. . THE DEVELOPMENT OF UKRAINE’S SECURITIES MARKET IN THE CONTEXT OF GLOBALIZATION: CHALLENGES AND OPPORTUNITIES / Y. . REDZIUK // Фінанси України. - 2016. - № 5. - C. 112-0.

Article original in Ukrainian (pp. 112 - 126)

Download

Downloads :260

1. Bodie, Z., & Merton, R. (2009). Finances. Moscow: Vil’yams [in Russian].
2. Graham, B., & Zweig, J. (2009). The intelligent investor. Moscow: Vil’yams [in Russian].
3. Krugman, P., Wells, R., & Olney, M. (2011). Essentials of Economics. Moscow: Piter [in Russian].
4. Mirkin, Ya. (n. d.). The financial future of Russia: the extremes, booms, systemic risks. Retrieved from www.mirkin.ru/fin-future/ [in Russsian].
5. Whatever is noticed by rating agencies. Nouriel Roubini’s opinion. (2015, September 1). LIGA BusinessIform. Retrieved from finance.liga.net/economics/2015/9/1/opinion/44780.htm?utm_source=bigmir&utm_medium=blocknovostei&utm_campaign=informer [in Russian].
6. Soros, G. (2010). The first wave of the global financial crisis. Subtotals. New paradigm for financial markets. Moscow: Mann, Ivanov i Ferber [in Russian].
7. Stiglitz, J. (2010). The Stiglitz report. Reforming the lnternational monetary and financial systems in the wake of the global crisis. Moscow: Mezhdunarodnye otnosheniya [in Russian].
8. Sharpe, W., Alexander, G., & Bailey, J. (2001). Fundamentals of investments. Moscow: Infra-M [in Russian].
9. Bohdan, T. P. (2010). Global financial crisis and challenges for economic policy during the post-crisis period. Finance of Ukraine, 6, 3-14 [in Ukrainian].
10. Mozgovyj, O. M. (1999). Formation of regulation of the stock market of Ukraine (methodology and organization) (Unpublished doctoral dissertation). KNEU, Kyiv [in Ukrainian].
11. Moshenskij, S. Z. (2010). Securities market: transformation processes. Moscow: Ekonomika [in Russian].
12. Najman, E. (n. d.). Strategic targeting of Ukraine 2015-2040. Retrieved from www.slideshare.net/dlubkin/20152040 [in Ukrainian].
13. Plotnikov, O. V., Sl’ozko, O. O., & Panfilova, T. O. (2010). Fiscal policy in Ukraine under the influence of world economic development in crisis. Proceedings of the Institute of World Economy and International Relations of NAS of Ukraine, 63, 40-63 [in Ukrainian].
14. Fedorenko, A. V. (2009). The ways of integration of fund market of Ukraine in world capital markets. The herald of Ternopil National Economic University, 3, 7-19 [in Ukrainian].
15. Website of International Monetary Fund. (n. d.). imf.org.ua. Retrieved from imf.org.ua.
16. Website of State Statistic Service of Ukraine. (n. d.). www.ukrstat.gov.ua. Retrieved from www.ukrstat.gov.ua [in Ukrainian].
17. Website of PFTS. (n. d.). www.pfts.ua. Retrieved from www.pfts.ua [in Ukrainian].
18. Website of National Bank of Ukraine. (n. d.). www.bank.gov.ua. Retrieved from www.bank.gov.ua/control/uk/index [in Ukrainian].
19. Ochrimenko, A. (n. d.). Export of Ukraine fell by 35%. Is there a chance to fix it? Retrieved from ubr.ua/finances/macroeconomics-ukraine/eksport-ukrainy-upal-na-35-est-li-shans-eto-ispravit-339931 [in Russian].
20. Starinecz, V. (2015, September 11). Why is the “Narodnyj Front” does not go to the polls? ReviewerUA. Retrieved from obozrevatel.com/blogs/56321-pochemu-narodnyij-front-ne-idet-na-vyiboryi.htm [in Russian].
21. Off-market: what does prevent investors to invest in Ukraine. (2015, June 17). www.investfunds.ua. Retrieved from investfunds.ua/news/mertvyj-rynok-chto-meshaet-investoram-vkladyvat-dengi-v-ukrainu-infografika-apostrof-130465/ [in Russian].
22. Slowing growth in emerging markets, a gradual increase in rates in the advanced economies. (2015, July 9). Bulletin of the International Monetary Fund. Retrieved from www.imf.org/external/russian/pubs/ft/weo/2015/update/02/pdf/0715r.pdf [in Russian].
23. Polevoj, M. (2015, August 12). In favor of the rich. www.investfunds.ua. Retrieved from www.investfunds.ua/news/v-polzu-bogatyh-minprom-131919/ [in Russian].
24. Golubev, A. V. (2005). The impact of monetary and exchange rate policy on economic growth (Unpublished master’s dissertation). Sankt-Peterburgskij universitet ekonomiki i finansov, St. Petersburg [in Russian].