Topical issues of the financial system of Ukraine and ways of it’s overcoming
The formation of financial system of Ukraine in accordance with the European model, development of financial and monetary instruments to implement it. Identify issues and trends in the financial system of Ukraine, as well as finding ways to stabilize.
| Рубрика | Финансы, деньги и налоги |
| Вид | статья |
| Язык | английский |
| Дата добавления | 01.03.2016 |
| Размер файла | 13,4 K |
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Національний університет харчових технологій
TOPICAL ISSUES OF THE FINANCIAL SYSTEM OF UKRAINE AND WAYS OF IT'S OVERCOMING
Секція: Сучасні проблеми фінансової системи та шляхи їх вирішення
Богдан О.С.
Introduction
In present conditions the financial system of Ukraine is being formed according to the European model. That is why it is necessary to provide objective study the main problems and prospects of its development according to European vector. This stability in the financial sector of the State pretends to be an important precondition of economic development and growth of social welfare.
Many scientists have devoted their studys to the research of conditions and development of the financial system. They are: Krylov, A.I. Danilenko, B.A. Karpinski, A.S. Krykliya and others. These authors focused their attention on the fundamentals of balanced financial system, the problems of financial policy in Ukraine and the development of financial and monetary instruments of its implementation, and so on.
The wording of objective article. The article aims to identify key issues and trends in the financial system of Ukraine, as well as finding ways to stabilize it.
financial european monetary ukraine
Presenting main material
Before we focus on the problem of imbalances in the financial system of Ukraine, we should determine what the financial system is in general.
We know, that the financial system is a combination of unsettled towards financial and legal regulations of financial relationships of individual units and financial institutions in which the state generates, distributes, and redistributes, uses both centralized and decentralized monetary funds [2].
One of the main problems of instability of the financial system of Ukraine is the lack of proper state control. Because the last one - is an important function of the state, with help of which adequate conditions for the functioning of the financial system are provided, lack of proper control has led to abuses and violations in financial relations. In this case, it is important to improve the system of financial control by balancing the local and state budgets, achieving self-sufficiency in finance certain regions and economic sectors as well as compliance with economic security.
Among the main problems of the financial system of Ukraine we should also note the inefficient system of state regulation that prevents the sustainability of its development. One way of qualitative transformation of the financial system is to use progressive world experience of leading countries - the UK, Germany, Japan and so on. It would allow to integrate Ukraine into the global financial system.
Another problem for Ukraine today is the imbalance of revenues and expenditures budget and a significant increase in public debt and misallocation of costs. Solving these issues requires implementions of the controls over the use of funds, their appropriateness and proper monitoring of the cash flows.
The serious problem, the country faces, is the development of the shadow economy, hiding the true financial position of many businesses. Ukraine is tend to have unvindicate rights of investors in the financial market, uncertainty model of the financial system, low quality and competitiveness of financial services, insufficient capitalization of financial institutions of the system [3].
In order to improve the financial system of Ukraine we should see the main trends of stabilization policy: the development of the insurance mechanism for pensions, health care, insurance principles funding for higher education will help to improve the functioning of the financial system. To reduce the debt we should restore the confidence of the population, while emitting government bonds to raise additional funds. However, we must establish appropriate mechanisms aimed at stimulating the development of household finances, as they take a leading role in forming the revenue part of the budgets of all levels. It is necessary to establish and improve mechanisms for implementation of fiscal, monetary and credit policies to ensure the proper functioning of the domestic financial and credit system. Of particular note is the creation of a powerful group of banks, reducing the tax burden and streamline financial flows [1;4].
Conclusions
So,in order to overcome the problems of the financial system we should increase the volume of financial resources, to monitor the effective use of these resources and their target orientation. Considerable attention should be paid to improving the existing legal framework, tax system, and so on. In modern conditions there is an objective need for effective implementation of the program of financial recovery of the state, development of a number of stabilization measures, the adoption of a number of relevant laws, the implementation of practical measures. In order to make financial system of Ukraine developed, first we should determine the model, based on which it will be developing, provide supervision of financial institutions, protect investor rights. So, only by following above recommendations financial system of Ukraine will find the path of sustainable economic development.
Література
1. Банки, Финансы Украины [Електронний ресурс] / FinanceUa - Режим доступу: http:// financeua.net/finance. - Заголовок з екрану. 8.
2. Завгородній А.Г. Фінансовий словник / А.Г. Завгородній, Г.Л. Вознюк, Т.С. Смовженко. - Львів : Вид-во ДУ "Львівська політехніка", 1996. - 384 с.
3. Крилова Анна. Фінансовий сектор України: сьогодні й завтра /Анна Крилова/ Вісник НБУ.-2007.-грудень-С. 36 -39
4. Лондар С.Л. Фінанси. [Електронний ресурс] - Режим доступу: http://pidruchniki.ws/15840720/finansi/finansi_-_londar_sl. - Заголовок з екрану
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