Suchergebnisse

The author discovered that individual (retail or mass) investors are becoming increasingly significant participants in world financial markets due to globalisation, simplification of cross-border movement of capital, technological measures to ensure direct access to trades, growth of savings and financial awareness of the population in most countries of the world, reduction of tariffs and transaction costs, expansion of the range of liquid financial instruments, and strengthening of information transparency of capital markets. It was established that in Ukraine, despite certain positive developments, regarding the activation of public investments in government bonds and the gradual movement towards the application of the technological experience of developed markets, many problems make it challenging to attract individual investors to the stock market and increase their confidence in the market tools. The paper states that certain problems (in particular, limited financial resources or low financial literacy of the population) are systemic and can be eliminated only with the general development of the national economy and capital markets. The need to reduce the financial and regulatory burden on issuers and financial intermediaries is well-founded since the supervision of non-public issuers only scatters the resources of the state and market participants, increases transaction costs, and does not provide real incentives for the development of the non-state securities market. The author emphasises the need to eliminate Ukraine's significant lag behind developed capital markets regarding settlement infrastructure development and simplifying operations for individual investors. Considering the practice of tax relief for the investment income of individuals from transactions with state securities, the paper proposes the feasibility of introducing similar benefits for investors in securities of issuers that have been made public.

The paper dwells upon peculiarities of regulation of financial services markets in Ukraine, considering the state regulators' redistribution of powers. It was revealed that significant factors of positive perception of the regulation quality and efficiency of markets are operational reliability, flexibility, publicity, information activity, the efficiency of response to external challenges, predictability of actions to implement restrictions and liberalization. The author established that significant risks to the integrity of capital markets are associated with the operational capacity of financial institutions and financial infrastructure entities, and the regulator. The paper states that the total cessation of financial instruments and transactions can be considered justified only for a short and predictable period to minimize the influence of residents of the aggressor state, which in current conditions does not require significant technological difficulties, but only the political will of the regulator. It is substantiated that the permission to circulate only a small share of government securities (military bonds) is insufficient for investment activities, diversification of portfolios of financial institutions and meeting the population's demand, which in the following conditions can invest in assets devoid of regulatory restrictions or outside the available legal field. The paper discusses the validity of the grounds for termination of government bonds circulation in martial law and mechanisms to minimize the relevant risks of the state and the interests of government bond owners to prevent panic fall in domestic government prices. The author summarized the consequences of long-term restrictions on the circulation of financial instruments and activities of institutional investors for capital markets and specific sectors of the economy, including construction.

The author determines the peculiarities of privatisation processes in transformational economies compared with mature ones and considers the difference of the goal – to accelerate the development of the already existing stock market, and in fact, to create the market anew. Socio-economic transformations, privatisation of property and creation of market infrastructure are prerequisites but not a guarantee for the emergence of the domestic stock market as a specific institutional phenomenon, especially in the absence of adequate incentives for public equity. It is established that some local stock markets are degraded against the background of increasing size, globalisation, liquidity, and integration of world capital markets, including the Ukrainian one. It is stated that, unlike the neighbouring post-socialist states (firstly, Poland), the stock market has not been built in Ukraine as a basis for compelling attraction and allocation of capital. Paper substantiated that this is primarily a consequence of inefficient and protracted privatisation, mainly over-the-counter sale of shares, inconsistency of state and regulatory policy, optional iterations in the development of market infrastructure, the creation irrationality of privatised enterprises (even the smallest) exclusively in the form of open joint-stock companies, which die to their objective inability to raise public capital faced inadequate financial burden and coercion of listing on exchanges. The author identified the main problems of the Ukrainian stock market laid down during privatisation: excessively consolidated share capital structure, insecurity of minorities, meagre free-float and liquidity, conditional exchange pricing, the predominance of over-the-counter circulation of shares, etc. Emphasis is placed on the consequences of the attempt to implement the squeeze-out procedure in Ukraine. In the absence of market prices and the acquisition of control by dominant shareholders long before the legislative changes, the share buyback did not protect minorities. However, it led to significant investors' losses, termination of circulation of shares of most issuers, even greater conditionality of indices, capitalisation and other indicators of market development. It is noted that the effectiveness of the announced state plans for the development of the stock market due to the privatisation of state property remains in doubt in the absence of prerequisites for balancing economic interests between market participants, the objectivity of pricing, incentives for public capital raising and effective institutional environment. It is concluded that in Ukraine, the focus on privatisation procedures in the stock market development has no prospects in the absence of adequate incentives for the public raising of capital.

The article contains the results of the analysis of the investment behaviour of Ukrainian households in the crisis caused by external armed aggression. The financial potential of Ukrainian households in the pre-war period was assessed, and it was concluded that the expenses of most of the population were directed to the consumer rather than investment purposes. It was found that the investment potential of households was directed, first, to the purchase of currency, real estate, and deposits, as well as to risky crypto-currency assets, the active use of which Ukraine is one of the world leaders, instead of public investments in securities and other financial instruments remain extremely limited. The choice of the population of Ukraine in favour of investments in currency, real estate, deposits, and government bonds is currently quite rational since investments in private instruments of the local capital market (both directly and through pension funds and mutual investment institutions) do not provide high profitability and are associated with significant risks. It was revealed that in the conditions of martial law, the investment priorities of the population were most affected by the need to protect savings from depreciation, finance the country's defence needs, and the corresponding rate of growth of the state debt, as well as high risks of real estate investments and strict restrictions of the National Bank of Ukraine on capital movement. It has been established that at a relatively high level of inflation, Ukrainian citizens do not receive a deposit offer from banks that is adequate to maintain the solvency of their savings. A situation in the banking system that is dangerous for financial stability has been identified, which is associated with the formation of a liquidity "canopy" due to the balances on the current accounts of the population. Emphasis is placed on the need to urgently increase the reserve requirements for demand deposits and current deposits to stimulate the growth of the value of hryvnia assets and change the banks' liquidity surplus structure. Prospective directions and tools for the placement of household savings are justified, considering the needs of the post-war recovery of Ukraine's economy and the prospects for European integration.