VECTORS OF ECONOMIC DEVELOPMENT OF UKRAINE IN THE TERMS OF FINANCIAL SECURITY

V Bazylevych,N Prykazyuk,H Tlusta

doi:10.18371/fcaptp.v1i22.110042

V Bazylevych, N Prykazyuk + Show 1 more

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https://doi.org/10.18371/fcaptp.v1i22.110042

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Abstract

This article discusses the issue of the state financial security and its components. The study compares the essence of financial security from different points of view, identifies internal and external threats to financial security, and defines the main financial security components, such as budget security, currency security, monetary security, debt security, insurance market security and stock market security. The article examines the current state and role of financial security in the context of the national economic growth, and identifies the trends in the economic development of Ukraine in the long term. The authors analyzed the key indicators of financial security of Ukraine in 2011–2015. The paper demonstrates the calculation of the general indicator of financial security in Ukraine, defines the factors that lead to the negative impact on the state financial security and suggests the ways to improve the financial security under conditions of military conflict in the East and uncertainty in society.

Highlights

The openness of the national economy on one side contributes to the development and enhancing of the business, industrial, financial, social, cultural and other relations between different countries
Under the term “financial security” we suggest to understand a unique system of financial interests protection at all levels of financial relations; a certain level of independence, stability and resistance of the national financial system to the influence of external and internal destabilizing factors, which pose a threat to financial security; an ability of the state’s financial system to provide an efficient performance of the national economy and sustainable economic growth
Performed study showed that the financial security of the state is a multidimensional concept that includes budget, debt, stock, insurance, credit, tax, exchange, banking, investment, monetary, and corporate components

Summary

Introduction

The openness of the national economy on one side contributes to the development and enhancing of the business, industrial, financial, social, cultural and other relations between different countries. Some Ukrainian academics explain the term “financial security” as the state of financial, monetary, currency, banking, budget and fiscal systems, that has such peculiarities as balance, resistance to internal and external negative factors, ability to provide efficient performance of the national economic system and economic growth [3]. Indicators of financial security introduce specifics of the certain management level (at the level of households, firms, organizations and institutions, different sectors of economy, regions, banking system, stock market, the whole country) or of such its components as monetary security, inflation–adjusted, foreign exchange, budget, debt and investment security [8].

Results

Conclusion