Abstract
Problem setting. Amid further globalization a role of currency regulation in financial system will increase. It will request from countries an implementation of practical actions in formation of an optimal legislative provisions in currency sphere. Currency liberalization is enshrined in the Law of Ukraine «On Currency and Currency Transactions». Despite legislative consolidation however, currency regulation remains an excuse for discussion. The purpose of article thereby is characteristic of currency regulation through the prism of the financial system. Analysis of recent researches and publications. Issues of currency regulation were investigated by a number of scholars. In the works of M. M. Artemov, A. V. Dzhavagi, V. F. Obke, J. V. Zavalnoy, A. M. Iskorostensky, L. M. Kravchenko, J. O. Krokhina, S. I. Prokopchuk, MV Starynsky, O. Yu. Sheremetieva can be found developing the problems of this topic. Article’s main body. The author suggested that the article start by considering the interrelation between public financial system and financial system and continue to researching the currency regulation. The currency regulation in the work is seen as a broad and narrow sense. The author focuses on the currency regulation as an element of financial system. This article discusses some theoretical issues of definition and contents of currency regulation as the important part of financial system. The main concepts of the financial system are investigated and the emphasis is placed on the need to use an institutional approach in ascertaining the content of currency regulation. It is determined the currency regulation as a financially-legal institute. Direct influence of currency regulation on financial system is installed. This has led us to seek points of agreement on this aspect, and here we should pay particular attention to the results of the foreign experience. An example of abolition capital controls in virtually all OESR member countries is given and how it process has affected the condition of financial system. Conclusions and prospects for the development. The author concluded that for today there is no single understanding of the concept of «financial system» and «public financial system» and the ratio of these categories. Therefore, it is proposed to consider the public financial system as a kind of financial system and their content is revealed through aim which they set for themselves is ensuring the stability of the continuous reproduction process, in particular at the stage of distribution of the aggregate social product. The disclosure of the essence of the financial system should be guided by the institutional approach, as the most appropriate for its purpose, which is a set of interconnected and interdependent financially-legal institutions. Currency regulation should be considered in several ways, taking into account the ambiguous nature of this legal phenomenon. First as the direction of the state's activity aimed at regulating currency relations, and second as a financially-legal institution, where currency regulation supposes as one of the elements of the financial system. Currency regulation has a direct impact on the financial system, as a financially-legal institution.
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