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FINANCIAL MARKET IN THE ECONOMIC RELATIONS

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UDC 336.76:330.1
 
UMANTSIV Yuriy,
Doctor of Economics, Professor at the Economic Theory and Competition Policy Department
Kyiv National University of Trade and Economics
 
MINYAYLO Oleksandr,
PhD in Economics, Associate Professor at the Economic Theory and Competition Policy Department
Kyiv National University of Trade and Economics
 
FINANCIAL MARKET IN THE ECONOMIC RELATIONS
 
Background. Studying the nature of the financial market as a special sphere of economics involves outlining methodological bases of its functioning. The current financial market is macroeconomic integrity which encourages financial flows and reduces costs in the formation of supply and demand for financial services, and promotes the distribution and redistribution of assets. Consequently the issue of structural development of trends of key financial market, in particular by increasing the efficiency of institutional regulation to primarily legitimization of the financial sector, providing a systematic approach to the development of the national economy and preventing possible financial and economic imbalances is important.
The aim of the article is to outline the characteristics of financial market and identify its place and role in modern economic system.
Materials and methods. The article used a combination of methods and approaches that allow implementing the conceptual unity of research, namely the dialectical method of scientific knowledge, methods of synthesis and comparative method, system and institutional approaches.
Results. The financial market is complex, multidimensional, multisystem structure that was formed as a result of evolutionary processes in the area of property relations, acts as a special form of the movement of money in the economy and ensures its flow from its owners to the users. Financial processes are sufficiently dynamic and as a result the imbalance in any sector or segment can quickly spread to the entire macroeconomic system. System disclosure of the essential basic categorical structures, primarily in the financial economy in terms of increasing globalization impacts, allowed generalizing the whole conglomerate of structural segments.
The modern economy demonstrates withdrawal of financial transactions from real economic development that leads to isolation of financial capital accumulation rather than forming real one. These processes are increasingly conditioned by the release of financial markets beyond the monetary dimension. Excess spread of financialization has caused a number of contradictions that became apparent in crisis phenomena. It is clear that, on the one hand, the financial market should be an engine of economic dynamics, on the other hand, there is a situation in which such function of the financial market to promote transformation of savings into real investments are not fully implemented. That’s why the issue of market financial development is important, as the more developed it is, the faster investment resources appear.
Financial market summarizes a wide conglomerate of many structural segments with a wide range of financial transactions. However, intensification of globalization causes the appearance of new forms and financial instruments. System disclosure of the essential basic categories under the conditions of globalization influences allowed to generalize the whole conglomerate of structural segments of the financial market. However, there is a problem of the contradictions between the increased stability of the global market due to the redistribution of financial risks between a large number of participants and the hazard of a chain reaction of negative impulses.
Conclusion. The issue of scientific identification of the financial market, determination of its place and role in the modern economic system is becoming increasingly important. Financial market both in the national and global dimension provides system-communicative aspect, the activation of market mechanisms, enhanced regulatory influence. Therefore, government regulation is gradually becoming not only an outside line of regulatory impact, but also an organic component of the economy. Financial market creates a synergy, namely the processes of integration as a condition of their organic combination and development. From timeliness, efficiency and accuracy of the state decisions to financial market development and integrated coordination of actions of its subjects depends on the effectiveness of macroeconomic processes.
 
Keywords: financial market, capital, financial resources, institutionalization, globalization, macroeconomic processes.


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