Market Volume Research Articles

Predictor Choice, Investor Types, and the Price Impact of Trades on the Tokyo Stock Exchange

Several agent-based theoretical models demonstrate that the fundamental or trend-following predictor, or the dynamic predictor selection between them, is the main generator of price deviation from fundamental value. However, little research has empirically attempted to determine which theory has the most explanatory power on the empirical phenomenon. This study empirically identifies which predictor is most commonly utilized by actual investors and causes the empirical feature. We identify that life or postal life insurance entities, trust banks, industrial corporations, and other corporations (branches of foreign companies located in Japan or corporations related to governments, employee stock ownership, or labor unions) interchangeably switch fundamental and technical rules over time. We also find individual investors, security companies, and investment trusts to be fundamentalists, while foreign investors are trend-followers, and investors involved in proprietary trading and other financial institutions are contrarians. Furthermore, we demonstrate that all the investors in our sample have experienced a significant price impact in their trades. Our findings provide broad support for several types of agent-based models for the generation of the empirical feature in financial markets. In addition, trust banks—considered long-term investors—use a dynamic predictor selection between fundamental and technical rules but use a contrarian strategy for their technical rule. Meanwhile, trend-following foreign investors—the most active investors in our sample—are usually short-term. Therefore, our evidence on the price impact of their trades is consistent with the finding in Fama and French (J Finance 57: 637–659, 2002) that price momentum persists in the short and medium terms but reverses in the long term. We demonstrate our result by using a unique panel dataset on order flows by investor type from the Tokyo Stock Exchange that covers 87% of the total market volume.

Day‐of‐the‐week effect and market liquidity: A comparative study from emerging stock markets of Asia†

AbstractIn the second half of the 20th century, it was observed that weekday‐of‐Monday generate significantly lower returns than other days of the week. Literature has shown that the day effect exists on weekdays of the week, which is different from this day Monday. This study investigates day‐of‐the‐week effect in returns and volume of stock in emerging Asian markets by using ordinary least square regression (OLS), generalized autoregressive conditional heteroscedasticity (GARCH) (1, 1) and Kruskal‐Wallis test. The data are obtained from Thomson Reuters from July 2013 to March 2019 for the market indices and volume. The OLS and GARCH (1, 1) are employed through Eviews, while Kruskal‐Wallis test is used through SPSS. The results show a significant day‐of‐the‐week effect in returns in China, South Korea, Taiwan, Thailand, Indonesia and Pakistan. On the other hand, no significant day‐of‐the‐week effect in returns is revealed in India and Malaysia. Furthermore, significant differences in traded volume on different days are also observed in all markets except for Malaysia, where Monday is the least traded day in most markets. No evidence for co‐occurrence of day‐of‐the‐week effect in returns and volume is observed. The findings affirm inconsistency in the day‐of‐the‐week effect.

Influence of the COVID-19 Crisis on Steel Production in Poland Compared to the Financial Crisis of 2009 and to Boom Periods in the Market

This paper presents an analysis of the volume of steel production in Poland during the COVID-19 crisis in the first half of 2020 in comparison to the volume of steel production during the financial crisis initiated in the US during the period 2007–2008, whose effects, in the form of a large decrease in steel production, were seen in 2009 in Poland. A comparison is also made to periods of prosperity in 2004, 2007, and 2017 (when there was a good economic situation in the steel market in Poland). The selection of the time period—the first half of 2020—was based on the emergence of a new situation in the economy, which was lockdown. The aim of the analysis is to determine the impact of the COVID-19 situation on the steel market (volume of steel production) in Poland. The analysis performed could help entrepreneurs manage their companies during the COVID-19 crisis. This paper belongs to the category of research work. The statistical analysis was realized regarding steel production in Poland. Three periods were analyzed: The first half of 2020—the period termed the COVID-19 crisis; the year 2019—the year of a large decrease in steel production in Poland caused by the world financial crisis; and periods of prosperity in the steel market—the years 2004, 2007, and 2017 (periods before crises). The analysis shows that, in order to assess the impact of the COVID-19 crisis on the functioning of enterprises or industries, it is necessary to analyze the situation and compare it with other situations in the past. Moreover, crisis management in the COVID-19 situation must be highly rationalized and real, and the various industrial sectors and companies forming them should adapt this process to their own situation. Results: On the basis of the statistical data, it was found that, in the short term (months), the production of steel during the COVID-19 crisis was a little higher than in the financial crisis of 2009 (excluding steel production in June 2020), and lower than during the boom in the steel market (the comparison to the periods when there was a boom in the Polish steel market was made to show the dynamics of decline).

Обучение переводу в языковой паре русский-английский с помощью компьютерных игр

Nowadays, computer games occupy a large share of the entertainment industry market: according to data for 2019, the market volume was $ 152.1 billion (for comparison, the market volume in 2018 was $ 137.9 billion). The growing popularity of the industry led to the inclusion of computer games in 2005 on the UNESCO World Heritage List, and in 2003 – to the establishment of a video game award by the British Academy of Film and Television Arts. Computer games are increasingly penetrating our lives, and thus follows the language of “gamers”, exerting an increas-ing influence on the normative language. Computer games are a vast topic for research and study, especially in terms of language and teaching. Teaching translation in the modern world should in-clude a comprehensive preparation of future specialists for work. In the current education system of the Russian Federation, there is no professional training of translators for the localization of computer games, therefore, translators who wish to work in this area need to undergo additional training outside the higher education system. This brings to the fore the issue of needing to identify the features of the translation process and localization of computer games in order to improve the quality of teaching translation. We consider the features of translation and localization from English into Russian based on the texts of the computer game “The Witcher 3: Wild Hunt”.

Uticaj korupcije na razvoj istočnih evropskih tržišta

This paper analyzes the impact of corruption level on East European financial markets development. Financial market liquidity for 15 national markets is presented and market volume per capita is used as an indicator for market maturity. Market volume per capita values are compared to corruption perception index values, using classical logic method. Findings of the research are quite interesting and unexpected, as they show modest impact of corruption on financial market development. Results suggest that further research of corruption should be done, in order to develop better, quantitative corruption indicator.

Three Remarks On Asset Pricing

The consideration of an averaging interval Δ of market trade time-series change the basic consumption-based asset pricing equation. The duration of Δ determines Taylor series of investor’s utility over current and future values of consumption. We present consumption at current and future moments as sums of their mean values and perturbations during Δ of the price at current moment t and perturbations of the payoff at day t+1. Linear and quadratic Taylor series approximations of the basic equation describe new relations on mean price, mean payoff, their volatilities, skewness and amount of asset ξmax that delivers max to investor’s utility. The stochasticity of market trade time-series defines the randomness of the asset price. We introduce the new price probability measure entirely determined by the probability measures of market trade value and volume. The conventional frequency-based price probability is a special case of the new price probability measure when all trade volumes during the averaging interval Δ equal unit. Prediction of the price probability measure at horizon T equals forecasts of the market trade value and volume probabilities at same horizon.

The 4th European Alternative Finance Benchmarking Report

This year’s report is titled ‘Shifting Paradigms’ to, in part, emphasise the continued growth and development of the European Alternative Finance Industry, but also underscore that these patterns of growth can develop and change as the sector continues to develop and mature. Throughout the region, platforms have continued to grow, respond to regulation, and expand operations internationally. In some regions, model prominence has shifted, allowing for others to grow. At times, this has been a response to the development or lack of regulation, or simply a result of competing market forces. Last year’s report, ‘Expanding Horizons’, sought to exemplify the positive developments in European Alternative Finance in 2016 and foreshadowed future developments in the industry. The sector as a whole has continued to expand, and across the board has grown in volume. As with last year, this study captured market data from 45 European countries, and continued to explore issues with regard to innovation, research and development, as well as internationalisation trends. This year’s European Alternative Finance Industry Report has been produced by the Cambridge Centre for Alternative Finance at Cambridge Judge Business School and the University of Agder. This report was generously supported by Invesco and the CME Group Foundation. Highlights from the report This year’s study gathered data from 269 platforms with reported operations in 2017. These 269 platforms were responsible for 519 unique data entries across 45 countries in Europe. The study shows that the total European online alternative finance market (including the UK) grew by 36 per cent to reach €10.44 billion in 2017. The United Kingdom is still the largest individual alternative finance market, albeit with a declining market share from 73 per cent in 2016 to 68 per cent in 2017. Excluding the UK from overall volume, the European online alternative finance industry grew 63 per cent from €2.06 billion to €3.37 billion in 2017. France (€661.37 million), Germany (€595.41 million) and the Netherlands (€279.93 million) remained the top three national markets for online alternative finance by market volume in Europe, excluding the United Kingdom. For the fourth year in a row P2P Consumer Lending accounted for the largest market share of European Alterative Finance (excluding the UK). This model accounted for 41 per cent of all volume and grew by 99.8 per cent from €697 million in 2016 to €1.39 billion in 2017. Internationalisation of platforms is on the rise. In 2017, 88 per cent of platforms reported some level of cross-border inflows, while 61 per cent reported outflows. This represents a growth of 11 per cent for platforms reporting cross-border inflows, and 17 per cent growth for those reporting cross-border outflows. Despite growth in international orientation of platforms, the extent of actual localisation of services, interface and brand remains limited. While in 2016, models that were associated with larger volumes reported a higher level of change to their business model, the opposite trend was observed in 2017. For the top five model types by volume, 50 per cent or more of platforms reported making no changes to their business model. Product innovation, however, was high across the board. As was observed in the previous year, most innovation focused on improving the operational efficiency of platforms through process streamlining and automation, as well as optimising payment processing and customer verification. Additionally, as with last year, the secondary research focus for platforms in Europe regards investment and development in customer service features, predominantly social media and promotional tools, community management, and CRM systems. As regulatory regimes across Europe continue to develop, so to do the perceptions of platforms on the adequacy of these regulations. In general, while overall views are still divided, it appears that the level of approval has been increasing.

User interest in car sharing as an indicator of sustainable urban agglomeration development

The use of car sharing instead of owning a car minimises the negative impact of logistics activities on the urban environment. This research aims to show that sustainable development of densely populated cities is accompanied by an increase in Internet users’ interest in sharing services. The research of Internet users’ interest in car sharing services was based on Google Trends data on search queries originating from Russia, the United States and Canada over the past five years. In the course of this work, the hypothesis was confirmed that high user interest in car sharing is mainly observed in urban agglomerations with high population numbers and density, where the positive effects of car sharing are most noticeable. The paper emphasises the need to encourage the creation of new services in urban logistics, which will contribute to sustainable development and increase the competitiveness of cities. It also confirms the hypothesis that the growing interest of Internet users in the new service is accompanied by an increase in the market volume. User interest in established car sharing markets is at a stable level, except for the occurrence of significant events (e.g., the emergence of a new major player in the market) that stimulate an increase in interest.

The Global Alternative Finance Market Benchmarking Report

For the first time, the Cambridge Centre for Alternative Finance has consolidated its annual regional reports to produce one global benchmarking report, with the intention of presenting world-wide online alternative finance data for 2018.This report presents the key findings from the CCAF annual global survey of online alternative finance. In all, 1,227 unique firms contributed to this study, providing 2,322 firm-level observations globally. Investigating in crowdfunding, P2P/marketplace lending or related capital raising activities, the study shows that 47 per cent of the firms were operating in two or more countries or jurisdictions. Highlights from the report In 2018, the global alternative finance industry facilitated USD $304.5 billion in transaction volume. This global alternative finance volume is representative of funds that were raised via an online alternative finance platform for consumers, business and other fundraisers. This volume represents a 27 per cent annual decline against the $419 billion recorded in 2017. However, this drop in global volume stems primarily from a sharp decline in alternative finance activities in China. Excluding the Chinese market, the global alternative finance market volume actually grew by 48 per cent year-on-year, from the $60 billion in 2017 to $89 billion In 2018. China had the largest alternative finance volume by country, having generated a total of $215.37 billion in 2018. The United States ($61 billion) and the United Kingdom ($10.4 billion) came in second and third respectively. In 2018, five additional countries surpassed the $1 billion threshold of alternative finance market volume including the Netherlands ($1.8 billion), Indonesia ($1.45 billion), Germany ($1.27 billion), Australia ($1.16 billion) and Japan ($1.07 billion). In 2018, online alternative business funding for start-ups and SMEs accounted for $82 billion, which fell by almost half from the high of $153 billion recorded in 2017. Much like the global total market volume, this significant reduction in alternative business funding was largely due to the sharp decline in business focused funding activity in China. Excluding China, global business funding through alternative channels increased from the $21 billion in 2017 to $31 billion in 2018. This represented a 47 per cent annual increase against the previous year. Approximately $162 billion of alternative finance volumes directly stem from funding provided by institutional investors such as banks, pension funds, mutual funds and family offices. With the involvement of institutional investors on the rise, most regions were fairly equally split, with roughly 50 per cent of funding coming from the institutions and rest provided by retail investors.

CRM-СИСТЕМА: ЕТАПИ РОЗВИТКУ ТА КЛАСИФІКАЦІЯ ВИДІВ

The article identifies the need to automate the main processes at the enterprise using a CRM system capable of providing continuous standardization of customer relationship management. The author considers the main stages of the development of CRM systems in the world market. Revealing the peculiarities of the development of various types of CRM systems in the historical space in accordance with the market volumes from the end of the 20th century to 1919 of the 21st century, which they serve. The advantages and disadvantages of the CRM-system in the process of its implementation by the enterprise were clarified, it allowed us to offer our own view of the concept of CRM-systems in accordance with the requirements of transparency, planning and shaving. It has been established that the CRM system makes it possible to ensure effective interaction with customers and suppliers; intermediaries; structural divisions of the enterprise. These capabilities are able to provide automation of the main and auxiliary business processes, which are accompanied by the preparation of reports, the extract of documents and the like. The types of CRM systems that are most in demand are investigated and their classification is presented: according to the assigned (sales management, marketing management, customer service management) according to the level of information processing (operational, analytical and collaborative) according to the type of access points according to the distribution method. The toolkit is described that allow you to create a data warehouse with the composition of goods or services produced, their assortment, a list of buyers and suppliers. CRM system tools include: advertising in the media, the Internet, mobile devices, CRM systems, call centers, direct contact in the office and directly through the product. The interface allows you to work with heterogeneous data and simultaneously plan, manage and control all business processes. Recommendations for the distribution of CRM systems in the activities of the enterprise are given and the priorities for the further development of these systems in Ukraine are outlined.

Analysis, forecasting, and management of indicators of the forest industry of the region

The article considers the theoretical and methodological foundations of forest industry research. The analysis of indicators of the forest industry of Khmelnytskyi region and Ukraine is carried out. To do this, a list of indicators and methods of their collection for the study of the forest industry. Since the state of ecology and forestry in Ukraine is not in the best condition, it is objectively necessary to use methods of economic and mathematical modeling of forest management, which would take into account environmental, economic and social factors, which will quickly implement the principles of sustainable development in forest management. The dynamics of forestry indicators is estimated. Models of dynamics of indicators of forest branch are developed; the received forecasts are analyzed and recommendations on forest management in the region are given. It is determined that with an increase in investment in the development of the forest industry by 1%, we can expect an increase in the volume of the logging market by 524632.5 points. The results of the study can serve as a basis for management decisions on the management of forestry indicators.

РОССИЙСКИЙ ЭКСПОРТ ПРОДОВОЛЬСТВИЯ: ТЕНДЕНЦИИ И ПЕРСПЕКТИВЫ РАЗВИТИЯ

An analysis of the dynamics of export-import food flows of the Russian Federa-tion since the introduction of the food embargo against Western countries has been carried out. It was established that as a result of the imple-mentation of the concept of import substitution in the food sector for the period from 2014 to 2018, the domestic agricultural sector managed to reduce the gap between import and export from 107.5 to 19.1%, which led to the loss of a significant volume of the Russian food market by Western agricultural producers, and the Russian agro-industrial sector 46% growth over 5 years. The duality of food trade restrictions is shown, along with the growth of the economic potential of Russian agriculture, a number of negative fac-tors were noted, primarily an increase in domestic food prices, as well as a decrease in the economic availability of food for the population. By apply-ing the method of paired correlation analysis, the main correlation relationships of Russian food exports were identified, primarily from the total level of agricultural production, the value of population expenditures on the purchase of food products on the domestic food market, the balanced financial result of economic activity in the agro-industrial complex, the introduction of organic fertilizers for crops, the provision of agri-cultural equipment, the use of irrigation systems, as well as the development of energy capacities. It has been established that such an indicator as government spending to support the agro-indus-trial complex has only an indirect effect on Rus-sian food exports, which indicates the preferential spending of financial resources allocated by the government of the Russian Federation to sup-port the national agro-industrial complex, not in the interests of export-oriented companies, but to solve the current and seasonal problems of ag-ricultural producers. The use of the forecast ex-trapolation method made it possible to determine the parameters for the functioning of the Russian agricultural sector, in which Russian food exports will reach $45 billion. The USA by 2030, which can serve as a reference and be used by govern-ment bodies as target indicators, the achievement of which will contribute to solving the tasks set by the President of Russia to the national agro-industrial complex.

ОРГАНІЧНЕ ВИРОБНИЦТВО У СИСТЕМІ АГРОПРОДОВОЛЬЧОГО ВИРОБНИЦТВА В УКРАЇНІ

In the scientific article the need to develop organic production as an important priority for the development of the state food industry are emphasized. A comparative description of European countries with similar natural development potential of the organic sector to Ukraine is made, the volume of the domestic market of organic products in Ukraine is analyzed. The research revealed that Ukraine is a world leader in the production of organic honey, occupies a leading position in the area of certified land, and mainly specializes in the cultivation of grain and oilseeds. It is determined that the key element in the process of development of organic production in Ukraine was the adoption of the Law of Ukraine «On basic principles and requirements for organic production, circulation and labeling of organic products». The law regulates the basic principles and requirements for state organic production, circulation and labeling of organic products, principles of legal regulation of organic production, circulation of organic products and functioning of the organic products market, legal bases of central executive bodies, organic market participants and public policy in these areas. It is proved that an important step towards the development of state organic production is the adoption by the Government of the «Procedure for certification of organic production and circulation of organic products», which was developed taking into account the requirements of EU legislation. The document defines the rules of certification of organic production and circulation of organic products, as well as the procedure for issuing a certificate, its duplicate and form. Given that Ukraine is a leading supplier of organic products to foreign markets, as evidenced by the above data, the introduction of its own certification system will enhance Ukraine’s image in the world trade arena. In addition, it will contribute to the sustainable development of the state organic sector, increase the transparency of production and saturate the state market with organic products. The author notes the first important steps in the development of state organic production, based on which the main problems of such development are identified, which will form an effective infrastructure of the organic market, ensure both environmental and food security of agriculture as a whole.

Development of branding strategy in the system of marketing of children's goods

The relevance of the research is predetermined by the important role that the concepts “child” and “childhood” play in the value system of a person as a person in general and as a consumer and buyer in particular. The level of socio-economic development of Uzbekistan allows us to assert a significant share of expenditures in the household budget for goods for children. In 2020, more than a third of the volume of the children's goods market was accounted for by domestically produced brands. Digital marketing tools are becoming essential in the process of brandformation and promotion in the market. Under the conditions of the negative impact of the demographic situation on the market of goods for children and an increase in the share of domestic products for children in the market, the role of branding of children's goods is increasing.

ОСОБЛИВОСТІ СПІВРОБІТНИЦТВА ВІТЧИЗНЯНОГО БІЗНЕСУ З ТНК

At the beginning of the XXI century it can be argued that the formation of Ukrainian corporations can become one of the strategic priorities of public policy, which, provided the appropriate external environment, will increase the competitiveness of the economy and through the exclusive capabilities of national corporations development of Ukrainian economic structures, internationalization of their production and capital, integration of Ukraine into the world economy, its participation in global transformation processes. Promoting the generation of knowledge resources in Ukraine is determined mainly by increasing the competitiveness of both individual regions and the state as a whole. At the same time, the region’s ability to produce knowledge, in particular scientific knowledge, implement it and use it effectively to achieve effective socio-economic development are now becoming the main factors ensuring positive dynamics of economic development of regions along with traditional sources – investment and human labor. And Ukraine is no exception, as in terms of analysis of the preconditions for the formation of the knowledge economy in Ukraine, it can be argued that the modern domestic economy is in a new qualitative state, which is associated with changing economic conditions due to introduction of new, high technology in production, expansion of information space, mobility of capital, increasing the role of creativity, creative work, increasing the role of theoretical knowledge. As a result, one of the primary challenges facing the companies of the independent sovereign state of Ukraine at the beginning of the transition period was to restore the supply chain and find new markets in order to use excess production capacity. The emergence and nature of the activities of corporations in the Ukrainian market are influenced primarily by the volume of the domestic market; adequate structure of “free” labor (the region has significant resources of both qualified personnel and cheap labor needed to organize mass production; traditionally close economic ties between the countries).

Online education in Russia: status and development trends

The online education market is showing growth and strengthening of its position as a business area not only in Russia, but also all over the world, increasing the industry growth rate up to 20% per year. The main and significant jump occurred because of the active transition to online due to the covid-19 quarantine restrictions. The purpose of this work is to study the online education system in Russia and determine the prospects for the development of this industry. The tasks of the research include comparing online education with the offline sphere, analyzing popular categories in online education and forecasting the dynamics of market development, taking into account the influence of the revenue of online education companies. The main methods used in the work: data analysis and comparison. Based on the results of the study, the main conclusions were obtained: every year there is an increase in investments in the field of online education, large companies buy promising projects. Based on the correlation-regression model of the dependence of the period under study on the volume of the online education market in Russia, a forecast for the coming years has been made. The most popular areas of study: foreign languages, IT and marketing. The year 2020 allowed the industry to increase its performance more than it was predicted, and by 2021, the revenue is expected to increase to 73 billion rubles.

Impact of COVID on the stock market: a study of BRIC countries

The study examined the impact of COVID confirmed cases and deaths on BRIC countries' stock market return and volatility. The entire data was collected for the time duration from 1 June 2019 to 31 May 2020 for all the four BRIC nations. The results based on GARCH (1, 1) model revealed that stock markets were adversely affected due to COVID 19 crisis. Moreover, results suggest the negative correlation between stock market return and volatility index. The results are robust, as VAR-X model also suggests that volume of BRIC nations stock market have a negative significant impacted due to cases and deaths by COVID. The study highlights that investors are in a pessimistic mode due to COVID, which is evident from stock market results of BRIC nations. Overall, the results illustrate the changes in financial markets globally due to COVID.

Impact of COVID on the stock market: a study of BRIC countries

The study examined the impact of COVID confirmed cases and deaths on BRIC countries' stock market return and volatility. The entire data was collected for the time duration from 1 June 2019 to 31 May 2020 for all the four BRIC nations. The results based on GARCH (1, 1) model revealed that stock markets were adversely affected due to COVID 19 crisis. Moreover, results suggest the negative correlation between stock market return and volatility index. The results are robust, as VAR-X model also suggests that volume of BRIC nations stock market have a negative significant impacted due to cases and deaths by COVID. The study highlights that investors are in a pessimistic mode due to COVID, which is evident from stock market results of BRIC nations. Overall, the results illustrate the changes in financial markets globally due to COVID.

ЦИФРОВОЕ УПРАВЛЕНИЕ БИООТХОДАМИ В США

The article considers the experience of the United States in the management of garbage waste, including biosolids (BO) of animals. It provides an understanding of deposit and waste management processes as a timely example of the integration of science into the environmental and economic process and presents the policy of the US government in the field of spent biological waste management, as well as efforts at recycling through composting, disposal and other methods. A national strategy for converting BW into various types of energy and the cost-effectiveness of environmental measures is considered using the example of the USA, presented by such authors and researchers as Gasanov M. A., Kolotov K. A., Demidenko K. A., Podgornaya E. A., Kadnikova O. V. and others. At the end of 2015, 71 incinerators (MSZs) were operating in 20 US states, more than 20% of which are concentrated in the state of Florida. The installed capacity of power generation systems at such MSZs is 2.3 GW, which corresponds to < 1% of the installed capacity of US energy facilities. Almost all of the country's MSZs were built before 1995, and only one plant was commissioned in 2015 - West Palm Beach-2, with a capacity of 95 MW. According to the consulting and consulting company Frost & Sullivan, by 2020 the volume of the US digital transformation technology market in the field of biosolids management in monetary terms increased to $3.6 billion, compared to $3.3 billion in 2017. At the same time, the average annual growth rate of this market is expected to be 2.74% by 2030.

Сучасний вектор розвитку ломбардів в Україні

The article is aimed at establishing a modern vector of development of pawnshops in Ukraine. The current state of the pawnshop loans market is analyzed and its detailed analysis is carried out from the point of view of opportunities and threats at the macrolevel and strengths and weaknesses at the microlevel. In the course of a SWOT analysis of the state of the pawnshop loans market, the relative balance of prospects and challenges of economic, social and political nature, which have an impact on the functioning of pawnshops, is determined. The hypothesis about the significant impact on the development of pawnshops in Ukraine such factors as the solvency of the population and the volume of economic development (in terms of GDP per capita) is put forward. A regressive model of development of the pawnshop lending market is formed, the economic interpretation of which is the possibility of increasing the volume of issued pawnshop loans with an increase in the volume of average monthly incomes of citizens, and their reduction is possible with an increase in the unemployment rate in Ukraine and a build-up in the level of GDP per capita. It is assumed that the results of the model reflect a critical limit of the cumulative impact of selected socio-economic factors, when low incomes of the population with high unemployment and slow GDP growth cause an unconventional effect – a reduction in the volume of the short-term lending market, characterized by the effect of behavioral finances, when it is more important for borrowers to avoid unjustified costs than to receive short-term benefits. It is emphasized that the possibilities of development of pawnshops are concentrated in the vector of their qualitative renewal: the formation of a legislative basis for self-regulation of the market, deepening of work to improve financial literacy of the population, in particular, public awareness of the risks of obtaining loans in pawnshops.