SUSTAINABILITY AND STABILITY OF NON-BANKING FINANCIAL SERVICES MARKETS OF UKRAINE

Abstract

The notion of “sustainability” and “stability” regarding the non-banking financial services markets from the standpoint of theoretical and methodological foundations is defined. The terms “stability” and “sustainability” in scientific and conceptual aspects characterize the ability of markets to function without changing the structure, preserve and reveal their properties over time, be in relative equilibrium, withstand the external impact of political, economic, financial and other factors.
It is shown that stability of these markets directly depends on the state of Ukrainian economy, GDP of the state, hryvnia exchange rate against the dollar, average wage and average pension. The patterns in the reaction of non-banking financial services markets to changes in these indicators of the state of the national economy are revealed.
For the first time correlation coefficients and regression equations between the capital of credit unions and contributions to deposit accounts, as well as the dependencies of assets on capital, have been calculated. The correlation coefficient between these indicators exceeds 0.9. It is identified that credit cooperation among other segments of the non-banking financial services markets is most sensitive to economic crises in the state, to the depreciation of currency. Over the past decade, the total assets and other financial indicators of insurance companies were changing to a lesser degree than those of credit unions. Dependencies between various financial performances of insurance companies are identified and regression equations and correlation coefficients are determined.
For the first time, in relation to the non-banking financial services markets, a concept of “transport delay” of response of their performance indicators to changes in the indicators of the financial and economic state of the state was introduced. Dependence of the financial performance of credit unions and insurance companies is represented by a time function of the argument, which is one of the financial indicators of the country's economic development (GDP, hryvnia rate, wages and pensions).