Suchergebnisse

UK: В статті розглянуто стан і проблеми функціонування важливого сегменту фондовому ринку - ринку облігацій, якій є міцним джерелом боргового фінансування інвестиційних потреб емітентів і економіки в цілому. Метою роботи є дослідження динаміки і структури вітчизняного ринку державних і корпоративних облігацій, їх дохідності і ризику, можливостей і перспектив його розвитку в світі сучасних тенденцій. Обґрунтовано необхідність детального вивчення і аналізу кількісних і якісних параметрів обігу облігацій. На прикладі базових показників проаналізовано сучасний стан ринку облігацій, його структура, встановлені позитивні та негативні тенденції функціонування, виявлено чинники, що обумовлюють динаміку його кон'юнктури. Визначено місце різних груп учасників вітчизняного ринку облігацій, розкрито їх роль і значення в ефективному функціонуванні боргового сегмента фондового ринку. Зазначені ключові компоненти розвитку вітчизняного ринку облігацій. EN: The article considers the state and problems of functioning of an important segment of the stock market - the bond market, which is a strong source of debt financing of investment needs of issuers and the economy in a whole. The purpose of the work is to analyze the dynamics and structure of the domestic market of government and corporate bonds, their yield and risk, opportunities and prospects for its development in the world of modern trends. The necessity of detailed study and analysis of quantitative and qualitative parameters of bond circulation is substantiated, among which: bond market capitalization, trading volumes, number and branch affiliation of issuers, volumes of corporate bond listing. An important indicator is the ratio of trading volume to capitalization. The general qualitative characteristics of the stock market are the parameters of liquidity, activity, manufacturability and internationality of the market. On the example of basic indicators, the current state of the bond market, its structure, positive and negative trends are identified, the factors that determine the dynamics of its situation are identified. It has been established that activity is observed in the government bond market (the largest volume of issue, trade, and, accordingly, liquidity), and the segment of corporate debt is in decline and does not solve the problem of attracting investment in the real sector of the economy. The low interest and confidence of potential investors in corporate debt is due to the mismatch between the "risk-return" ratio, as well as the approach to the taxation of transactions. Unresolved problematic aspects of the domestic market of debt financial instruments also remain: insignificant capitalization, illiquidity, lack of fast, complete and open access to information, lack of qualified personnel, violation of investors' rights, especially individuals, low confidence, imperfect legislation and regulatory infrastructure, high level risk. The article identifies the place of different groups of participants in the domestic bond market, reveals their role in the effective functioning of the debt segment of the stock market. These are the key components of further recovery of the domestic bond market, which require consolidation of efforts of all market participants to implement systemic measures to build an investment-attractive and efficient environment for the circulation of debt financial instruments.

UK: В роботі розглянута роль інвестиційної активності населення на фінансовому ринку, її важливість для розвитку економіки. Проаналізовані можливості, особливості та пріоритетні напрями приватного інвестування коштів у фінансові активи; окреслені основні проблеми, що стримують процес інвестування коштів населення в сучасних умовах функціонування фінансового ринку України. EN: The financial market of Ukraine operates in conditions of low investment activity of the population. Investment activity of the population in the financial market is a multifactorial category that reflects the ability and desire of entities to invest in financial instruments in order to save capitalize and generate income. The key forms of accumulation of money and formation of private savings by citizens of our country today are: storage of savings in the form of cash (in national and foreign currency); opening a deposit in banking institutions; formation of a portfolio of securities; consumption of investment services of financial institutions outside the banking system. Bank deposits are a classic method of saving and increasing the value of money savings. The deposit portfolio of individuals in Ukrainian banks increased in 2019 compared to previous years. Deposits of households are growing more slowly than incomes (15.5% vs. 39.5%). Return on deposits in 2020 ranges from 9-13% per annum in hryvnia and 2-3% in foreign currency, depending on the terms of the deposit. Unfortunately, such profitability only protects money from devaluation. The investment direction of placement of free funds of citizens is possible in non-banking financial institutions, which include credit unions, private pension funds, insurance companies, mutual investment institutions, etc. Due to various objective and subjective factors, the level of development of non-bank financial institutions in Ukraine remains quite low. The restraining factors to increase the investment activity of the population in the financial market are: low income of the majority of the population with a high level of consumer spending; preservation of significant savings of households outside the banking system; macroeconomic and political instability in the country; shadowing and dollarization of the economy; high inflation; low confidence in financial intermediation institutions; low efficiency of non-bank financial institutions in the market, lack of interest in them from the population; lack of a developed, transparent, efficient securities market and low availability of investment instruments for citizens; low financial literacy of the population, lack of motives and incentives to invest. Scaling-up the participation of citizens to investment through financial market instruments and services requires the implementation of specific measures aimed at rapid and efficient the use of free funds in economic circulation, promotion of investments, development of effective programs (both state and regional) for development of real sectorof economy.

Purpose – The article deals with the imperatives of functioning of the financial market of Ukraine in the global space of debt loading. Design/methodology/approach – Within the Laffer debt curve model, the dependence of gross domestic product (GDP) change on the level of debt of the financial system for countries that form the economic core in the global financial space and well control the level of the indicator, as well as new member states that have a different level of secure debt loading and affect the portion of the financial market that forms a portfolio of securities to cover the cost of nonperforming government securities is mentioned. Findings – It has been shown that stock indices, as constituent indicators of changes in the price environment of a certain group of securities in time space, allow to estimate the general direction of the market movement even when prices within the index basket change in different directions. Originality/value – The dynamics of changing the debt loading of the financial system of Ukraine in the current, medium-term perspective is analyzed. The amount of the fixed and floating rate debt of the government internal securities is determined to ensure the diversification of interest rate risk. Using the parameters of the model of approximation functions of dimensionless quantities, the corridor of a safe level of general government debt in the country was determined.

UK: В роботі розглянуто основні аспекти функціонування кредитних спілок на вітчизняному ринку фінансових послуг, їх роль і задачі в сучасній фінансовій системі; проаналізовано стан розвитку, проблеми діяльності та обґрунтовані напрямки активізації потенціалу кредитних спілок. EN: Credit unions are part of the country's financial system and an important participant in the financial services market. Their main function is to provide deposit and credit and other related financial services to its members - individuals, small farms and farms, small businesses. In recent years, the number of credit unions and the scale of their activities have begun to decline rapidly, and this process continues. Financially unstable credit unions with a low level of management and bankrupt unions have disappeared from the financial services market. The remaining credit unions have relatively good performance and are the basis for further development of credit cooperation in Ukraine. The number of credit unions in 2019-2020 decreased by 15 units and the downward trend continues. Thus, in 2020, there were 322 credit unions in Ukraine, with 427 members. About 24.2% of members of credit unions had current loan agreements, 4.5% had deposits on deposit accounts. The scale of lending by the unions of its members for the analyzed period is increasing - in 2020 compared to the previous period by UAH 89.5 million. This is against the background of an increase in deposits of credit union members - 2.3 times compared to 2016, and 1.6 times compared to 2019. The advantages of credit unions as financial institutions are non-profit status, which helps reduce the overall cost of organizing its activities; lack of hidden interest and commissions that increase the total cost of consumers to service the loan. The cooperative nature of credit unions contributes to the interest of its members in effective cooperation, development and reliability of the institution (that is the involvement of members of the credit union in its results). Besides it is possible to note democracy, interest, personalization in work of system of credit cooperation. The decline in the popularity of credit unions in the financial market of Ukraine is due to many reasons: low capitalization, limited customer base, low level of information technology, remote customer service opportunities, significant financial risks (late and incomplete fulfillment of obligations to customers, lack of deposit guarantee system). Against this background, the unprofitability of credit unions is growing. The situation with the pandemic in 2020 made a negative contribution. Among non-bank financial institutions, credit unions proved to be the most vulnerable to quarantine restrictions. Effective development and intensification of credit unions in the market requires transformations in the credit cooperation market. First, it is the improvement of the regulatory framework based on a proportional approach; introduction and use of digitalization opportunities, wider online customer service of unions; attracting new participants - among the young, financially literate generation.