Evolution and Development Preconditions of the Non-Bank Financial Institutions in Ukraine
Journal Title: Бізнес Інформ - Year 2014, Vol 9, Issue 0
Abstract
The article studies the evolution of the development of the non-bank financial institutions since their origination on the territory of modern Ukraine until the present time. This study show the possibility of perceiving the population as the main provider of investment resources through non-bank financial intermediaries as well as the other financial institutions, other than banks. Thus, certain non-bank financial institutions in one form or another existed on the territory of modern Ukraine beginning from the 16 century. With the advent of Soviet power the functions of the financial intermediaries were atrophied or twisted, that resulted in the distorted essence of the non-bank financial institutions. The insurance institute still existed and developed in the Soviet era. This explains the fact, that insurance services are the most common among other non-bank financial services. Some agencies (joint investment institutions and non-governmental pension funds) are new to the modern financial market. Their development is slowed down due to macroeconomic instability, which greatly undermines the credibility of the financial institutions on the part of investors. So, users of the financial services in Ukraine are loyal to the emergence of new financial institutions on the market, but they do not tolerate variations in exchange rates, inflation, decline in living standards etc. Therefore the successful functioning of the financial market as a whole requires some other approaches on the part of the public policy aimed at the macroeconomic stabilization.
Authors and Affiliations
Yevheniia Polishchuk
Keywords
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