TOOLS OF INNOVATIVE DEVELOPMENT OF THE FINANCIAL MARKET OF UKRAINE


Keywords: financial market, financial innovations, financial instruments, innovative development, financial culture.

Abstract

Topicality. The urgency of the prospects for the development of the financial market of Ukraine through the introduction of financial innovations today is growing due to the need to build a stable financial system in modern conditions, which is a crucial factor in socio-economic development of any state. This explains the special attention to the development of the financial market, which is a key conductor of financial resources in the real sector of the economy, ensures the movement of capital in the areas most responsible for the economic security of the country.
Globalization of the financial space and competition in financial markets increase the importance of tools for the formation of competitive advantages of national financial markets, creating conditions for sustainable and efficient development of the national economy. As a result, the role of financial innovations is growing, because without them it becomes impossible to develop the financial market in today's competitive environment. That is why the study of this topic is extremely relevant and extremely necessary.
Aim and tasks. The aim of the article is to develop theoretical, methodological provisions and practical proposals that should justify the need for financial innovation as a major component of further development of the financial market of Ukraine by identifying problems of the state financial market, the necessary prerequisites and ways to develop in modern market conditions.
Research results. Ukraine's financial sector has long been a driving force for economic growth and financial development, as well as a source of financial and economic crises. In Ukraine, the development of the financial market is possible through the introduction of radically new financial management tools that would solve the main problems. However, it is necessary to meet some preconditions for their solution, namely to make institutional and infrastructural compliance in the processes and rules of mechanisms for development, implementation and control of financial innovations, to prepare the structure of economic sectors and households to use new financial services, tools and products and pay attention to the financial culture of the population. Fulfillment of these preconditions for the development of the financial market and the introduction of innovations is necessary, they form the foundation for global changes in the country's financial system and the disclosure of financial potential.
Conclusion. For Ukraine, the formation and further development of the financial market is a prerequisite for the emergence of a powerful source of investment that will be directed to sectors of the economy through the accumulation of free cash. The functioning of the financial market is impossible without the work of the financial system and the course of innovative development of the financial sector, which ensures the normal existence and development of the state. To do this, it is necessary to develop a comprehensive approach to solving existing problems, which is why further research on the financial market of Ukraine and prospects for its development through the introduction of financial innovations should be devoted.

Author Biographies

N.V. ZAKHARCHENKO

Doctor of Economics, Associate Professor
Professor at the Department of Department of Finance, Banking and Insurance,
Odessa I. I. Mechnikov National University, Odessa, Ukraine
Frantsuzkyi boulevard, 24/26, Odesa, Ukraine, 65044

N.V. ORLOVA

PhD in Economics, Associate Professor
Professor of Management and Innovation Department,
Odessa I. I. Mechnikov National University,
Frantsuzkyi boulevard, 24/26, Odesa, Ukraine, 65044

Y.S. VOLNEVYCH

Master student of Economics and Law Faculty
Department of Finance, Banking and Insurance,
Odessa I. I. Mechnikov National University, Odessa, Ukraine
Frantsuzkyi boulevard, 24/26, Odesa, Ukraine, 65044

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Published
2021-08-20
How to Cite
ZAKHARCHENKO, N., ORLOVA, N., & VOLNEVYCH, Y. (2021). TOOLS OF INNOVATIVE DEVELOPMENT OF THE FINANCIAL MARKET OF UKRAINE. Economic Innovations, 23(3(80), 133-142. https://doi.org/https://doi.org/10.31520/ei.2021.23.3(80).133-142