MARKETS OF NONBANK FINANCIAL SERVICES OF UKRAINE UNDER CONDITIONS OF ECONOMY’S CRISIS STATE

Abstract

The markets of nonbank financial services are a component of the total financial-economic system of Ukraine. The state of a market of nonbank financial services is analyzed by examples of the activity of its separate segments, namely, insurance companies, credit unions, nongovernmental pension funds, hockshops, and other financial institutions. Those markets depend essentially, on the one hand, on the financial-economic state of the state and influence it, on the other hand. It is shown that the stability of the functioning of the markets of nonbank financial services depends directly on GDP of the country, the rate of hryvna to dollar, and sizes of mean wages and pensions. Their main regularities, dynamics, and directions of development, including those in the crisis periods of state’s economy, are revealed. On the basis of the executed analysis, it is concluded that the markets of nonbank financial services are developing even under conditions of the crisis situation in Ukraine. The reasons and factors that hamper the development of business in this sphere and form both positive and negative tendencies and consequences are determined.
The presented data indicate that the further purposes and tasks in this sphere of the economy consist in the enhancement of the transparency and the capitalization of the markets of nonbank financial services, as well as in the improvement of state’s normative-legal regulation of their functioning. Some propositions concerning the stabilization of those markets, enhancement of their stability, and strengthening of their positive influence on state’s general financial system are given. It is shown that the strategic urgent task of state’s regulation of the markets of nonbank financial services is the guarantee of financial security, strengthening of the protection of the consumers of services, and integration of those markets into the European financial space.