Uman National University | today: 06/19/2025
| Author(s) | Савчук І. І., , , | ||
|---|---|---|---|
| Category | Economics | ||
| year | 2025 | issue | Випуск 106 Частина 2 |
| pages | 515-522 | index UDK | 336.76:336.012.23 | DOI | 10.32782/2415-8240-2025-106-2-515-522 (Link) |
| Abstract | In economically developed countries, the financial market is a special and necessary environment for the successful functioning of the state as a whole and the formation of a favorable financial and economic environment for sustainable comprehensive development. At the same time, the financial market reaches the highest level of efficiency when it accumulates free financial resources aimed at meeting the investment needs of the market. In this context, it is important to determine the model of its functioning based on the priority role of a certain financial intermediary and the main financial instruments used by economic agents to finance their activities. In general, there are four models of financial market functioning in the world. The first, and most common in European countries, is the bank-centered model. Its peculiarity is the concentration on the banking sector as the main intermediary in the provision of financial services. The second most common is the American financial market model, which is centered around the stock market and its instruments. The Islamic model of the financial market is quite unique, but limited in practice (mainly in Islamic countries), as it is characterized by a focus on cultural and religious traditions in financial transactions. At the same time, it is noted that no financial market model functions in its pure form. After all, each state chooses the model that is most convenient for it in the context of established traditions. Therefore, it forms an authentic financial market environment that combines several elements from different models into one. The Ukrainian financial market in general has signs of a bank-centered model. However, it is noted that in order to stimulate its development in the post-war period, to balance and strengthen its positions, it is necessary to reorient to the elements of the stock market. It is their introduction that will help to increase the number of financial market participants and practiced financial instruments. It will also open up new financial and investment opportunities for the real sector of the economy | ||
| Key words | financial market models, bank-centered financial market model, American financial model, Islamic model, mixed financial market model | ||