Uman National University | today: 06/19/2025
| Author(s) |
Bechko P.K., Candidate of Economics, , Uman National University of Horticulture, Ukraine Kolotukha S.M., Candidate of Economics, , Uman National University of Horticulture, Ukraine Ptashnyk S., Candidate of Ekonomikal Sciences, , Uman National University of Horticulture Гавриленко О. А., , , |
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| Category | Economics | ||
| year | 2025 | issue | Випуск 106 Частина 2 |
| pages | 496-505 | index UDK | 336.1:330 | DOI | 10.32782/2415-8240-2025-106-2-496-505 (Link) |
| Abstract | The relevance of the study lies in the growing importance of using financial market tools to overcome economic instability and global uncertainty. A stable innovative economy increasingly depends on institutional investors, transparency in financial systems, and integration of digital technologies. Over the past years, the financial sector has undergone significant transformation, particularly in the application of IT systems, which strengthened its interaction with the real economy. Research results indicate that despite the substantial volume of global institutional investor assets – estimated by the UN between $75 to $85 trillion – only a minimal share is directed toward infrastructure or long-term innovation projects. The underutilization of these resources is attributed to short investment horizons and risk aversion, particularly in developing economies. The Ukrainian financial system remains constrained by high interest rates, limited access to capital for SMEs, and underdeveloped investment infrastructure. For example, only 2–2.5% of small businesses are involved in innovation activities, compared to 50% in the U.S. The findings emphasize that accelerating innovation-oriented investment requires systemic reforms: legal guarantees for investor protection, expansion of the corporate bond market, stimulation of long-term investment tools such as infrastructure bonds, and the promotion of public-private partnerships (PPP). The use of securitization – transforming illiquid financial assets into marketable securities – is identified as a promising mechanism for risk redistribution and liquidity improvement, although implementation in Ukraine is hindered by institutional and regulatory barriers. The study highlights the strategic value of infrastructure bonds, which are widely used in countries like China, the U.S., Australia, and India. These bonds support the financing of long-term projects while ensuring income for institutional investors. In Ukraine, broader adoption is constrained by low financial market maturity, insufficient legal frameworks, and weak investor participation. Conclusions underline the necessity of integrating traditional and innovative financial instruments to support infrastructure and technological modernization. Strengthening the role of commercial banks in capital formation, enhancing the accessibility of financial services for SMEs, and advancing regional financial clusters are essential for sustainable economic development. The development of an efficient national financial system, aligned with international practices and driven by innovation, will improve the competitiveness and resilience of Ukraine’s economy in the face of global challenges | ||
| Key words | innovative economic development, institutional investors, infrastructure bonds, innovation, public-private partnership | ||