SECURITIZATION AS A METHOD FOR FINANCING INFRASTRUCTURE PROJECTS IN UKRAINE
Journal Title: Международный научный журнал "Интернаука" - Year 2018, Vol 2, Issue 9
Abstract
One of the key factors that has been slowing down Ukraine's economic growth is the low level of infrastructure development. At the same time, domestic banking institutions do not have long-term resources to finance infrastructure projects. The authors highlite that this problem can be solved by using the securitization mechanism, which is successfully applied in developed countries. In the article, a comparative analysis of trends in the development of the world and Ukrainian asset securitization market was made, the main features and differences of these transactions were outlined, and participants in the domestic asset securitization market were identified. Also were considered examples of securitization of infrastructure assets in world practice and noted their complete absence in Ukraine. The authors analyzed the advantages and possibilities of using this mechanism in domestic realities. To increase the effectiveness of the securitization of infrastructural assets, the authors proposed a number of measures. First, it is necessary to introduce the concept of "infrastructure bond" in the current legislation. Secondly, the first transaction should be implemented through the use of state-owned banks. Thirdly, it is necessary to attract guarantee funds, which will help reduce risks and increase the attractiveness of the transaction for international investors. The authors also outlined a range of issues requiring further research, such as: the definition of classes of infrastructure bonds, the procedure for their inclusion in quotation lists on the Ukrainian stock exchange, the development of a centralized platform for the securitization of infrastructure assets for bond issuance.
Authors and Affiliations
Viktoriya Fursova, Vladyslav Litvinov
Keywords
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