ОСОБЛИВОСТІ ОЦІНКИ ДИСБАЛАНСІВ РОЗВИТКУ СУЧАСНИХ БІРЖОВИХ РИНКІВ

Abstract

The development of the domestic exchange market is constrained by the imperfection of legislative and regulatory regulation of the activities of market participants, the suboptimal infrastructure of the market and the lack of a coherent, fully debugged mechanism for assessing financial instability. Stock market indices of financial stress are used as an important indicator of economic processes, they are the most acceptable tools for financial analysis in world practice, and also reflect fluctuations in supply and demand for securities and are used by investors to form an effective investment strategy. It is proposed to use the method for calculating a structured index of financial stress, which includes a set of factors and indicators as key indicators of the exchange market. The features of filling of each of the constituent elements of this index are disclosed. The indicator characterizing trigger events is separately highlighted, its relationship with stress testing is shown, which makes it possible to assess the vulnerability of the system to shocks of various nature. The presented methodology for calculating the financial stress index, including a set of individual and general financial indicators, will make it possible to respond in a timely and timely manner to periods of exacerbation of instability in the financial sector, identify threats and vulnerabilities. The article proposes a method for determining the general economic index, which is carried out by aggregating indicators of sectoral imbalances in indicators of general economic nature. The use of aggregation tools implies the fact that the excess reserve (stock) of liquidity in a particular sector is not able to balance or mitigate its lack to others. Of course, this is rational, because when trigger events occur, which implies the need for expectations, uncertainty about the credit quality of counterparties often increases. This means that financial markets cannot always provide liquidity flows. The main advantages of the proposed method of calculating the general economic index, which aggregates the indicators of sectoral imbalances in the indicators of general economic nature of modern stock markets should include the ability to prevent and prevent crises at all levels of management decisions. This system can and should become a common tool for maintaining the necessary sustainable economic processes. The highlighted features of determining the imbalances in the development of stock markets will allow to relevantly reflect the main periods of growing instability in the financial sector of Ukraine.