Структурно-функціональна деформація фінансового сектора в економіці України

Abstract

A full-fledged financial sector can play a significant supporting role in the economic development of the country. Therefore, it is an actual question for financial researchers to make a proper assessment of the current role of national financial sector in supporting economic development in order to identify the existing bottlenecks and find opportunities to improve the overall efficiency of the financial sector in executing its social, economic and innovative functions. For that reason, the article studies the change in the role of Ukrainian financial sector in supporting the economic development in 2003-2017. The author analyzes such parameters as financial depth of financial market segments, intensity of capital accumulation and redistribution of savings through the financial sector. The article also analyzes the index of debt load (Credit-to-GDP) in the Ukrainian economy and identifies gaps with the Credit-to-GDP long-time trend line, which shows a significant lack of credits in the economy. The latter allowed determining the influence of the Ukrainian credit market on the support of the economic growth in this period. Conclusions are made about the characteristics of the financial sector's role and its impact on the allocation of financial resources in the real sector. It is noted that the banks remain the main segment of Ukraine's financial sector. In the bank segment, a predominant share of assets belongs to the state as government and regulator. At the same time, the relative sizes of the other segments such as insurance, stock market and non-banking deposit and credit institutions remain insignificant. However, even in the banking sector, the parameters of intensity of capital attraction, monetization of the economy and financial depth have been declining for a long period of time since the start of the crisis. The same is happening to the Credit-to-GDP indicator whose current state reflects the weak credit support in the economy and a necessity of measures to stimulate credit growth.