Economic Bulletin of the National Mining University

 

IssuesSectionsAuthorsKeywords

Article

Issue:2021 №4 (76)
Section:International economic relations
UDK:339.9
DOI:https://doi.org/10.33271/ebdut/76.066
Article language:English
Pages:66-78
Title:Integration of Ukraine into the world financial space under contemporary conditions of development of the global financial services market
Authors:Krylova O. V., Dnipro University of Technology,
Zamkovyi O. I., Dnipro University of Technology
Annotation:Methods. The results are obtained through the use of the following methods: analysis – when studying and processing statistical data and determining the share of exports of financial services from total world service export; synthesis – when identifying essential signs of the impact of the pandemic on demand for financial services; generalization – when determining global trends in the global market of financial services and changes in the practical, legislative environment of Ukraine in the direction of modernizing the regulation of the Ukrainian financial services market. Results. It is determined, that the current stage of evolution of international financial services markets is characterized by the greatest intensification of financial flows. The composition of financial services in accordance with international norms and Ukrainian legislation is defined. It is emphasized that in recent decades, international trade in financial services has significantly intensified, becoming global in nature. The factors of intensification of international trade in financial services, which are becoming global, are determined. It is substantiated that 2020 was in many respects an unprecedented year for financial markets. The lockdowns because of the COVID-19 resulted in an aggressive monetary and fiscal reaction from the Central Bank and governments of developed markets. As a result, in 2020, the economy, production of goods and volume of services provided fell sharply due to the pandemic of the COVID-19 and related restrictions (about 38 countries have applied restrictive measures to trade in services). Financial services, on the contrary, continued to grow. The financial services market has reacted to the restrictions due to the COVID-19 pandemic by moving online rapidly. It is noted that technology in any form has always been the driving force of change, and in these uncertain times it is particularly relevant. The necessity of structuring the major trends of development of the world market of financial services is grounded. Novelty. The factors changing the conditions of functioning of the financial services market under Covid-19 pandemic are identified. Practical value. The authors have systematized the most current technological trends in the development of the global financial services market and changes in the practical, legislative environment of Ukraine in the direction of bringing it into compliance with the EU legislation. 
Keywords:World market, Financial service, Development trends, International trade in financial services, Financial services market
File of the article:EV20214_066-078.pdf
Literature:
  • 1. Bezpalyi, R.V. (2021). FinTekh-innovatsii: peredumovy stanovlennia ta suchasni tendentsii. Investy- tsii: praktyka ta dosvid, (2), 44-49. DOI: 10.32702/2306-6814.2021.2.44
  • 2. Vinnychenko, O.V. (2020). Tsyfrovizatsiia ekonomiky Ukrainy, osnovni napriamy ta tendetsii. Pro- ceedings from Materialy Vseukrainskoi naukovo-prak- tychnoi internet-konferetsii. «Problemy rozvytku rynku fi- nansovykh poslug». (pp. 4-6). Kharkiv.
  • 3. Konrad-Adenauer-Stiftung e. V., Foundation Office Ukraine. Center for applied research (2020). Vplyv COVID-19 ta karantynnykh obmezhen na ekonomiku Ukrainy: kabinetne doslidzhennia. Retrieved from https://www.kas.de/docu- ments/270026/8703904/b7398098-a602-524d-7f88-6189058f69d3?ver- sion=1.0&t=1597301028775
  • 4. Hulei, A.I. (2019). Tsyfrova transformatsiia vitchyznianoho bankivskoho seredovyshcha v umovakh rozvytku FinTekh-ekosystemy. Ukrainskyi zhurnal prykladnoii ekonomiky, 4(1), 6-15.
  • 5. Marena, T.V. (2016). Rozvytok mizhnarod- noho rynku finansovo-platizhnykh posluh v umovakh hlobalnoii nestabilnosti. Prychornomorski ekonomichni studii, (5), 25-29.
  • 6. UN General Assembly. (2019). Mezhdunarod- naya torgovlia i razvitiie. Doklad Generalnogo sekretaria. Retrieved from https://unctad.org/system/files/official- document/a74d221_ru.pdf.
  • 7. Nationalnyy Bank Ukrainy. (n.d.). Richnyi zvit Natsionalnoho banku za 2020: 10 faktiv pro te, yak zmi- nylysia ekonomika ya finansova systema uprodovzh per- shoho roku pandemii. Retrieved from https://bank.gov.ua/ua/news/all/richniy-zvit-natsional- nogo-banku-za-2020-rik-10-faktiv-pro-te-yak- zminilisya-ekonomika-ta-finansova-sistema-uprodovj- pershogo-roku-pandemiyi.
  • 8. Ohliad zmin u mizhnarodnii torhovli: trendy, tendentsii, vyklyky 2020 COVID-roku. Yurydychna hazeta - online-version. Retrieved from https://yur- gazeta.com/publications/practice/mizhnarodniy-arbi- trazh-ta-adr/oglyad-zmin-u-mizhnarodniy-torgivli-trendi- tendenciyi-vikliki-2020-covidroku-.html.
  • 9. Pashko, M. M. (2010). Tendentsii rozvytku svi- tovoho finansovykh posluh. Ekonomika APK, (2), 49-51.
  • 10. Polishchuk, Ye.A. (2014). Osoblyvosti rozvytku svitovoho finansovoho rynku na suchasnomu etapi. Problemy ekonomiky, (3), 25-31.
  • 11. Zakon Ukrainy № 2664-III stanom na 1 serpnia
  • 2021.Pro finansovi posluhy ta derzhavne rehuliuvannia rynkiv finansovykh posluh; stanom na 1 serpnia 2021. Vidomosti Verkhovnoi Rady Ukrainy (VVR), (1). Re- trieved from https://zakon.rada.gov.ua/laws/show/2664-14#Text.
  • 12. Rybak, H.I. (2020). Mizhnarodnyi rynok posluh: suchasnyi stan ta struktura. Efektyvna ekonomika, (6). Retrieved from http://www.economy.nayka.com.ua/pdf/6_2020/73.pdf. DOI: 10.32702/2307-2105-2020.6.7
  • 13. Rybchuk, A.V., & Zablotska, R.O. (2018). Tendetsii ta problemy funktsionuvannia svitovoho rynku komertsiinykh posluh. Naukovyi Visnyk NLTU Ukrainy,
  • 28(9), 86-89.
  • 14. United Nations Organisation. (2004). Rukovodstvo po statistike mezhdunarodnoy torgovli uslugami. Retrieved from https://un- stats.un.org/unsd/tradeserv/tfsits/MSITS/m86_rus- sian.pdf.
  • 15. DataArt. (2021). Tekhnicheskiie trendy fi- nansovoy industrii 2021. Retrieved from https://dataart.team/ru/articles/2021-tekhnicheskie- trendy-finansovoi-industrii-2021/.
  • 16. Shevchenko, O.M. (2020). Rozvytok fi- nansovykh tekhnolohii v umovakh tsyfrovizatsii ekonomiky Ukrainy. Efektyvna ekonomika, (7). Retrieved from http://www.economy.nayka.com.ua/pdf/7_2020/63.pdf. DOI: 10.32702/2307-2105-2020.7.61
  • 17. Financial Services Risk Trends. (2021). Ger- many: Allianz Global Corporate & Specialty SE. Re- trieved from https://www.agcs.allianz.com/con- tent/dam/onemarketing/agcs/agcs/reports/agcs-financial- services-risk-trends.pdf.
  • 18. Businesswire. (2021). Global Financial Ser- vices Market Outlook 2021-2030; Expected to Reach $28.52 Trillion by 2025 - ResearchAndMarkets.com. Re- trieved from https://www.business- wire.com/news/home/20210310005386/en/Global-Finan- cial-Services-Market-Outlook-2021-2030-Expected-to- Reach-28.52-Trillion-by-2025---ResearchAndMar- kets.com.
  • 19. UNCTAD. (n.d.). Handbook of Statistics 2019. Retrieved from https://unctad.org/webflyer/handbook-sta- tistics-2019.
  • 20. UNCTAD. (n.d.). Handbook of Statistics 2020. Retrieved from https://unctad.org/webflyer/handbook-sta- tistics-2020.
  • 21. McKinsey & Company. (n.d.). How COVID-
  • 19 has pushed companies over the technology tipping point--and transformed business forever. Retrieved from https://www.mckinsey.com/business-functions/strategy- and-corporate-finance/our-insights/how-covid-19-has- pushed-companies-over-the-technology-tipping-point- and-transformed-business-forever.
Home Archive Copyright © 2024 Economic Bulletin of the National Mining University. All Rights Reserved. Designed by JoomlArt.com. Joomla! is Free Software released under the GNU General Public License.