ADMINISTRATIVE AND LEGAL PRINCIPLES OF FUNCTIONING OF THE FINANCIAL SYSTEM IN UKRAINE AND EUROPE: A COMPARATIVE ANALYSIS
Journal Title: Baltic Journal of Economic Studies - Year 2017, Vol 3, Issue 5
Abstract
The purpose of the article is a comparative legal analysis of the administrative and legal principles of the functioning of the financial system in Ukraine and European countries. The subject of the study is the peculiarities of the state regulation of financial systems in Great Britain, Germany, Poland, Spain, Sweden, and Ukraine. Methodology. The research is based on comparing the legal regulation of the financial system in Ukraine and in the EU countries. An analysis of European experience in the administrative regulation of financial systems and financial activity has shown that most European states support the policy of regulating the financial system as a holistic, indivisible phenomenon, gradually moving away from its understanding as a set of separate segments. A significant influence on this issue was made by the European Union, within which there was introduced a combination of the most important functions in the regulation of the EU financial system and entrusting them to a separate group of special bodies. Results of the comparative legal study showed that, unlike most European countries, in Ukraine, the administrative and legal framework for the provision of certain components of the financial sector, in particular, banking, investment, tax and budget, financial services market, etc., are not combined into a single model of state regulation of financial system, but they are scattered. In turn, the lack of a unified legal basis for state regulation of the national financial system in practice creates a situation where such regulation is carried out by a large number of state bodies of varying degrees, whose powers are repeated in some cases, which causes contradictions. Practical implications. It is found that the key difference between the regulation of financial systems in the countries of Europe lies in the very principle of perceiving the role of the state in this process and understanding the content of the financial system as a whole. Financial consolidation and the formation of large financial conglomerates necessitates the replacement of the traditional regulatory paradigm, based on the consideration of the financial system as a set of segregated segments (insurance, banking, stock, etc.), taking into account the interconnectivity of various financial intermediaries. Value/originality. A comparative legal study of the basic principles of the functioning of the financial system in Ukraine and European countries provides a better understanding of the most promising directions of development of the domestic economic system in the context of strengthening the integration and globalization processes in the international financial and commodity markets.
Authors and Affiliations
Kateryna Chyzhmar, Vasyl Farynnyk, Yaroslav Stupnyk
Keywords
Related Articles
- EP ID EP635289
- DOI 10.30525/2256-0742/2017-3-5-443-450
- Views 70
- Downloads 0
GLOBALIZATION AND ITS NEGATIVE IMPACT ON THE GLOBAL ECONOMY
The purpose of the article – to reveal causes and to generalize consequences of the negative impact of globalization processes on the world economy. Methodology. The theoretical and methodological basis of scientific res...
PROBLEMS OF BANKING LEGAL RELATIONSHIPS
In modern conditions of management, the aspects of ensuring the stability of banks and the development of the banking system of Ukraine are of particular importance. During 2014-2017 in our country, 88 banks were recogni...
ESSENCE AND CONTENT OF CATEGORY “FINANCIAL INVESTIGATIONS” AND CONCEPT DEVELOPMENT AMID EUROPEAN INTEGRATION
The article carries out analysis of essence and content of financial investigations as one of the main countermeasures to shadowing the economy and, in particular, anti-money laundering. Features of the implementation of...
CONCEPTUAL APPROACHES TO STUDY THE INNOVATIVE DEVELOPMENT OF REGIONAL SOCIO-ECONOMIC SYSTEMS
The purpose of the paper is to find out and identify conceptual approaches to the study of the innovative development of regional socio-economic systems to take into account global requirements for global water security....
PRIORITIES OF ECONOMIC DEVELOPMENT OF UKRAINE IN THE CONTEXT OF EUROPEAN INTEGRATION
The aim of the article. Although a large number of original and meaningful works by both domestic and foreign scientists studied issues on the topic under consideration, it should be noted that the problem of defining pr...