Uman National University | today: 06/19/2025
| Author(s) |
Bechko P.K., Candidate of Economics, , Uman National University of Horticulture, Ukraine Бондаренко Н. В., , , Колотуха С. М., , , Деркач Т. А., , , |
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| Category | Economics | ||
| year | 2025 | issue | Випуск 106 Частина 2 |
| pages | 432-443 | index UDK | 336.76:330.34 | DOI | 10.32782/2415-8240-2025-106-2-432-443 (Link) |
| Abstract | The article examines the transformation of Ukraine’s financial market under globalization and global economic shifts. It emphasizes adapting the national financial system to international standards. The financial market is considered an integrated mechanism ensuring capital allocation and economic development. The study highlights the institutional environment, including its structure, key functions, actors, and regulatory tools. Special attention is paid to the evolution of the national regulatory model and the concept of megaregulation as a modern governance tool. The paper analyzes megaregulation practices in developed economies, particularly the separation of responsibilities for financial stability and consumer protection. It evaluates the potential for implementing such models in Ukraine amid instability, war risks, and institutional changes. The article presents a comparative analysis of Ukraine’s banking sector with foreign markets, focusing on capitalization, asset structure, credit volume, and financial inclusion. It identifies critical challenges: low trust in institutions, a weak non-banking sector, a narrow range of instruments, underdeveloped stock infrastructure, and poor access to long-term financing. The effects of martial law, migration, and macroeconomic uncertainty are also considered. Based on the analysis, the article proposes reform priorities: integration into the global financial space, expanded regulatory capacity, better financial monitoring, development of fintech and innovative services, and improvements in tax and currency policy. The conclusion stresses the need to revise state financial policy to ensure system sustainability, transparency, stability, and long-term investment attractiveness. | ||
| Key words | financial market, globalization, regulation, mega-regulation, institutional environment, financial stability, financial instruments, banking sector, non-bank institutions, financial infrastructure, investment attractiveness | ||