LEGAL REGULATION DEVELOPING REGIONAL INNOVATION CLUSTERS IN THE FINANCIAL SECTOR IN UKRAINE

Abstract

The need to increase the autonomy of Ukraine’s financial system makes it advisable to undertake a series of activities aimed at consolidation of the banking system, development of the non-banking financial institution’s sector, increasing public and business confidence in the country’s financial sector. The formation of regional innovation clusters in the financial sector is seen as a major measure of improving the financial system’s condition. Therefore, the purpose of the article was to develop a system of directions for improving the legal regulation of the formation and development of regional innovation clusters in the financial sector of Ukraine. In the article, a system of indicators for determining financial clusters in the regions of Ukraine is determined using the method of expert assessments. 20 experts from the regional offices of the Ministry of Communities and Territories of Ukraine were experts. The basic methods of the research were clustering methods and Kohonen maps, on the basis of which associations (clusters) of objects (regions) by the level of innovative activity in the financial sphere of Ukraine were selected. According to the results of the Kohonen map, according to the indicators of 2018, for all administrative and territorial units of Ukraine 4 clusters were determined according to the level of innovative development of the financial sector. The feasibility of creating innovative clusters was assessed by calculating the synergistic effect, where the gross regional product (GRP) of the administrative-territorial unit was used as the resultant indicator. With the help of the production function, the priority of influence of indicators of activity of financial clusters of synergetic effect on GRP of the administrative-territorial unit was empirically established. Multivariate regression analysis was used to solve the production function in the study. Regression models for cost-effectiveness assessment have been developed to create regional innovation clusters of the financial sector in Ukraine. Economically advantageous, which brings a synergistic effect to the development of regions innovative financial clusters have been identified. The main gaps in the regulatory regulation of the formation and development of regional innovation clusters in the financial sector of Ukraine are substantiated. The system of measures for improvement of regulatory legal regulation of development of regional innovative clusters of the financial sector is substantiated and presented. The practical implementation of the results of the scientific research will help to create qualitatively new integration associations of financial and credit institutions, the purpose of which is to develop new financial instruments and new schemes for financial transactions in Ukraine.