Ринкові інвестиційні механізми у формуванні господарської системи України (друга половина ХІХ – початок ХХ ст.)

Abstract

The study of economic heritage and the historical trajectory of the formation of the economic system of Ukraine is an important scientific task. The relevance of the problem of the formation of effective capital formation and investment mechanisms is increasing in the conditions of macroeconomic destabilization and the destruction of economic potential caused by the military attack of the Russian Federation. The purpose of the publication is to present the results of a comprehensive study of the main factors, prerequisites and trends in the formation and development of institutions and mechanisms of the functioning of the stock market in Ukraine during the second half of the 19th and early 20th centuries. Special attention is paid to the study of the components of the institutional structure of this market, which stimulate its formation and development in Ukraine. The peculiarities of the functioning of the Ukrainian segment of the stock market of the Russian Empire are determined. The process of circulation of securities on the Odesa, Kyiv, and Kharkiv stock exchanges was characterized by a lower level of state regulation compared to other stock exchanges. This contributed to the activation of investment processes and the acceleration of the development of stock market institutions and mechanisms. The contribution of Ukrainian scientists-economists of the second half of the 19th and the beginning of the 20th centuries is revealed. In the development of scientific analysis of the stock market and practical approaches to the formation of market institutions and mechanisms. A historical regularity in the formation of the stock market under the influence of state regulation of the circulation of securities has been revealed. This practice was a driver of the development of the stock market in the short term, but became an institutional barrier to the implementation of long-term investment strategies. The banking structures' monopolization of the over-the-counter circulation of securities and the establishment of control over transactions on the stock exchange led to the destruction of the mechanism of market pricing in the stock market and the increase in the cost of investment resources. The conclusion is argued that the first wave of market transformations of the Ukrainian economy (the second half of the 19th century - the beginning of the 20th century) ensured the formation of institutions and mechanisms of financial support for economic development with significant features and limitations.