Priorities for the reform of the financial market in the modern macroeconomic situation of Ukraine

Ruzanna Arutyunyan
PhD in Economics, Associate Professor, Department of Banking, Odessa National Economic University, e-mail:ruzaodessa@gmail.com

Svetlana Arutyunyan
PhD in Economics, Associate Professor, Department of financial management and stock market, Odessa National Economic University, e-mail:svitlar1950@mail.ru

Cite this article:

Arutyunyan, R., Arutyunyan, S. (2016), Priorities for the reform of the financial market in the modern macroeconomic situation of Ukraine. Ed.: M. Zveryakov (ed.-in-ch.) and others [Priorytety reformuvannia finansovoho rynku v umovakh suchasnoi makroekonomichnoi sytuatsii Ukrainy; za red.: М. I. Zveriakova (gol. red.) ta in.], Socio-economic research bulletin; Vìsnik socìal’no-ekonomìčnih doslìdžen’ (ISSN 2313-4569), Odessa National Economic University, Odessa, Issue 1, No. 60, pp. 223–229.

Abstract

The article analyzes the accumulated problems of the financial market of Ukraine in today’s macroeconomic situation and the main priorities of their decisions on the basis of the creation of institutional and legal frameworks that will ensure a sustainable and dynamic growth of the national economy. The priorities of financial system and financial market reforming in the context of crisis management and in globalization conditions are determined. The necessity of creating a new forecasting and regulation of the financial sector, to overcome the causes of structural and cyclical and financial crises and mitigate their effects is substantiated.

Keywords

financial market; reforming; crisis management; financial stability; financialization.

JEL classification: G180; G210; G280;  DOI: https://doi.org/10.33987/vsed.1(60).2016.223-229

UD classification: 336.71.339

References

1. Allen, F., Gale, D. (2009), Comparing Financial System, Cambridge MJT Press, MA, 520 p.
2. Bereslavska, O. I. (2012), «Reforming of the financial sector of Ukraine in the context of crisis management» [Reformuvannia finansovoho sektoru Ukrainy v konteksti antykryzovoho rehuliuvannia], Scientific Bulletin of National University of State Tax Service of Ukraine (Series: Economics, Law), No. 4, pp. 61–66 (ukr)
3. Baranovsky, O. I. (2009), Actual problems of foreign exchange markets functioning [Aktualni problemy funktsionuvannia valiutnykh rynkiv], Finance of Ukraine, No. 6, pp. 13–32 (ukr)
4. Galchinskiy, A. (2016), EU reforms is really the matter on today’s agenda [Reformy ES – deystvitelno vopros segodnyashney povestki dnya], Zerkalo Nedeli, No. 3 (rus)
5. Naumenkova, S. V., Mіschenko, S. V. (2009), The development of the financial sector of Ukraine in the formation of a new financial architecture: monograph [Rozvytok finansovoho sektoru Ukrainy v umovakh formuvannia novoi finansovoi arkhitektury: monohrafiia], NBU, Banking University, Center for Scientific Research, Kyiv, 384 p. (ukr)
6. Kublіkov, V. K., Velichko, G. O. and other (2014), Theoretical and practical problems of financial market development in Ukraine: monograph. Ed. by V. K. Kublіkov, G. O. Velichko [Teoretychni i praktychni problemy rozvytku finansovoho rynku v Ukraini: monohrafiia; za red. V. K. Kublіkova, G. O. Velichko], Atlant, Odessa, 422 p. (ukr)
7. Klimenko, K. V. (2015), «Directions of reforming the financial system of Ukraine in the context of anticrisis regulation» [Napriamy reformuvannia finansovoi systemy Ukrainy v konteksti antykryzovoho rehuliuvannia], Finance of Ukraine, No. 7, pp. 75–85 (ukr)
8. «The development strategy of Ukraine «Ukraine-2020: a strategy of national modernization» [Stratehiia rozvytku Ukrainy «Ukraina-2020: stratehiia natsionalnoi modernizatsii], available at: http://www.nbuviap.gov.ua/images/4/sts.pdf (ukr)
9. «The Association Agreement between Ukraine, on the one hand, and the European Union and its member states on the other hand» [Uhoda pro asotsiatsiiu mizh Ukrainoiu, z odniiei storony, ta Yevropeiskym Soiuzom i ikhnimy derzhavamy-chlenamy, z inshoi storony], available at: http://www.kmu.gov.ua/kmu/docs/EA/00_Ukraine.-EVAssociationAgreement_(boby).pdf (ukr)
10. «A comprehensive program of financial sector development in Ukraine until 2020» [Kompleksna prohrama rozvytku finansovoho sektoru Ukrainy do 2020 roku], available at: http://www.reforms.in.ua (ukr)
11. «The draft program of the stock market of Ukraine for 2015–2017 years «European choice – new opportunities for progress and growth» [Yevropeiskyi vybir – novi mozhlyvosti dlia prohresu ta zrostannia], available at: http://nssmc.gov.ua/fund/development/plan (ukr)
12. «The current state of the system of protection of rights and legal interests of consumers of financial services through its reforming» [Suchasnyi stan systemy zakhystu prav i zakonnykh interesiv spozhyvachiv finansovykh posluh, shliakhy yii reformuvannia], available at: http: //rada.gov.ua/news/novyny/107513.html (ukr)
13. Bilorus, O. (2014), «Hyper financialisation of the global economy and its global consequences and problems» [Hyperfinansializatsiia svitovoi ekonomiky ta yii hlobalni naslidky i problemy], Finance of Ukraine, No. 12, pp. 32–41 (ukr)
14. Kovalenko, V. V. (2012), The development of the banking system in the formation of a new financial market architecture [Rozvytok bankivskoi systemy v umovakh formuvannia novoi arkhitektury finansovoho rynku], Atlant, Odessa, pp. 82–101 (ukr)