Abstract
Financial services market (FSM) is one of the effective mechanisms for ensuring the competitiveness of the country’s economy. It is precisely because of its ability to direct investment flows into the most attractive segments of the economy, and the FSM development can contribute to economic growth. Accordingly, today it is important to strengthen the financial services market in Ukraine. For this purpose, it is necessary to study the current state, identify problems and determine the main directions of its development in a timely manner.The article investigates the financial services market in Ukraine, which is unstable, characterized by a significant outflow of financial resources, and underdeveloped financial intermediaries. FSM deterioration was also influenced by factors such as: financial crisis, sharp exchange rate fluctuations, military conflict, decline of the country’s economy, etc. Negative consequences of the events in the country were reflected even in a quite developed banking system. The focus is on the lack of financial culture in society, which is due to low deposit activity, high level of non-repayment of loans, lack of confidence in the new tools, and the introduction of new products in the financial services market. However, the development of the country as a whole is impossible without a strong financial services market.It is noted that one of the important conditions for the FSM development and the effectiveness of macroeconomic tasks entrusted to it is the formation of an effective mechanism of the financial market state regulation. Such a mechanism should include both elements of state regulation and self-regulation of the financial services market. Accordingly, the formation of indicators aimed at assessing the impact of state regulation on the development of the financial services market becomes relevant.The article examines the implementation of state regulation in financial services markets, analyzes the activity of the FSM state regulation in Ukraine and the control function effectiveness, considers the dynamics of the main indicators of the financial services markets development in Ukraine, and analyzes the level of financial services markets development.
Highlights
The financial services market (FSM) is the coordinator of the entire financial system, it is the sphere of relations through which financial resources move, and which is a mechanism for increasing the competitiveness of the country’s economy
Supervision and control in the financial services market should be maximally harmonized based on the unity of the capital market and the need to unify operations with financial institutions
In order to improve the system of FSM state regu- development of the domestic financial services lation, it is necessary to formulate a procedure for market, an indicator of the level of state regulaassessing the regulators’ performance, both cen- tion activity is not considered and is not taken tral and territorial branches, which will make it into account, it would provide fairly obpossible to monitor the state regulation system jective information on the frequency and effecboth in separate regions and in Ukraine in general, tive use of a regulatory instrument
Summary
The financial services market (FSM) is the coordinator of the entire financial system, it is the sphere of relations through which financial resources move, and which is a mechanism for increasing the competitiveness of the country’s economy. Well-developed legal regulation principles by state regulators are the basis of the financial services market effectiveness. On the way toward the European Community, creating an effective legal mechanism for regulating the financial services market is one of the key tasks of the modern Ukrainian society. The tense political situation in Ukraine, instable economic principles of functioning of the whole economic complex, external aggression and a number of other destructive causes resulted in a turbulent environment of financial institutions and the financial services market in general. The outlined reasons do not allow us to form a stable and solid platform for its further development Such a situation requires the FSM research, and the application of new scientific approaches to assessing the current state of this market
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