ADMINISTRATIVE AND LEGAL PRINCIPLES OF THE FUNCTIONING OF THE FINANCIAL SYSTEM IN UKRAINE AND EUROPEAN COUNTRIES: A COMPARATIVE ANALYSIS

##plugins.themes.bootstrap3.article.main##

##plugins.themes.bootstrap3.article.sidebar##

PDF
Published: Jun 7, 2018
https://doi.org/10.30525/2256-0742/2018-4-1-77-84

  Andrii Holovach

  Andrii Petrovskyi

  Oksana Adamchuk

Abstract

The purpose of the article is a comparative analysis of administrative and legal principles of the functioning of Ukrainian and European countries’ financial systems and further determination of ways to improve domestic legislation in this area. The subject of the study is the experience of European countries in state regulation of financial systems. Methodology. The research is based on a comparison of foreign experience in the legal regulation of the financial system using the example of European countries with current state regulation of the financial system in Ukraine. Due to the used arsenal of general scientific and special-scientific methods and techniques of scientific knowledge, the content of administrative and legal principles of the functioning of the national financial system in conditions of liberalization of foreign economic relations, strengthening of integration and globalization processes in international financial and commodity markets was characterized and determined. The results of the comparative legal study revealed the absence of a general model of the financial system state regulation in Ukraine; rather, the presence of administrative and legal framework for the provision of financial sector’s certain components, in particular, banking, investment, tax and budget, financial services market, etc. Practical implications. Administrative and legal principles of the financial system functioning in certain European countries expose greater effectiveness of the financial system state regulation in comparison with Ukraine. Most European states support the policy of regulating the financial system as a holistic, indivisible phenomenon, gradually shifting away from its interpretation as a set of separate segments. On this issue, significant influence has been made by the European Union, which introduced integration of the most important functions in the regulation of the EU financial system and assigning these functions to a separate group of special bodies. It is expedient to include this experience in the legal system of Ukraine in order to increase its economic stability. Relevance/originality. A comparative legal study of world experience in the administrative and legal regulation of the financial system functioning in Ukraine and European countries provides a better understanding of prospects for development of national administrative legislation in this area.

How to Cite

Holovach, A., Petrovskyi, A., & Adamchuk, O. (2018). ADMINISTRATIVE AND LEGAL PRINCIPLES OF THE FUNCTIONING OF THE FINANCIAL SYSTEM IN UKRAINE AND EUROPEAN COUNTRIES: A COMPARATIVE ANALYSIS. Baltic Journal of Economic Studies, 4(1), 77-84. https://doi.org/10.30525/2256-0742/2018-4-1-77-84
Article views: 569 | PDF Downloads: 223

##plugins.themes.bootstrap3.article.details##

Keywords

administrative and legal principles, financial system, state regulation

References

Busel, V. T. (2005). Velykyi tlumachnyi slovnyk suchasnoi ukrainskoi movy [Great explanatory dictionary of modern Ukrainian language]. Irpin: ATP "Perun", 1728 p. (in Ukrainian)

Bilodid, I. K., Buriachok, A. А. (1972). Slovnyk ukrayinskoi movy v 11 tomakh [Ukrainian language dictionary (Vols. 1-11)], 3. К. (in Ukrainian)

Zabroda, D. G. (2013). Administratyvno-pravovi zasady: sutnist ta zmist katehorii [Administrative and legal principles: the essence and content of the category]. Administratyvne pravo i protses. [Administrative Law and Process]. 2(4), 45-51. (in Ukrainian)

Alforov, S. M., Vashchenko, S. V., Dolgopolova, M. M., Kupin, A. P. (2011). Administratyvne pravo. Zahalna chastyna: navchalnyi posibnyk [Administrative Law. General part: teaching manual]. Center for Educational Literature, 216 p. (in Ukrainian)

Administratyvne pravo Ukrainy: pidruchnyk dlia yurydychnykh vuziv i fak. [Administrative Law of Ukraine: a teaching manual for law schools and faculties]. (2000). Yu. P. Bytiak, V. V. Bohutskyi, V. M. Harashchuk et al. (Eds.). Kh., 520 p. (in Ukrainian)

Melnyk, R. S., Bevzenko, V. M. (2014). Zahalne administratyvne pravo: navchalnyi posibnyk [General Administrative Law: teaching manual]. K.: Vaite, 376 p. (in Ukrainian)

Agoshkova, Ye. B., Ahlibininskiy, B. V. (1998). Evoliutsia poniatia sistemy [Evolution of the concept of system]. Voprosy filosofii [Questions of Philosophy], 7, 170-179. (in Russian)

Bilinskyi, D.O. (2011). Pro finansy yak systemne ponyattia [On Finance as a System Concept]. Pravo i suspilstvo [Law and Society], 4, 55-59. (in Ukrainian)

Bubryka, M. M., Solonar, A. V., Utkina, M. S. (2016). Pidkhody do vyznachennia ponyattia «finansova systema» v Ukraini ta zarubizhnykh krainakh [Approaches to the definition of "financial system" in Ukraine and foreign countries]. Pravo i suspilstvo [Law and Society], 4(2), 159-164. (in Ukrainian)

Oparin, V.M. (2006). Finansova systema Ukrainy: avtoreferat [The financial system of Ukraine: the author's abstract]. KNEU named after Vadym Hetman, 33 p. (in Ukrainian)

Kyrylenko, O.P. (2002). Finansy (teoriia i vitchyzniana praktyka): navchalnyi posibnyk [Finance (theory and domestic practice): teaching manual]. Ternopil: Aston, 212 p. (in Ukrainian)

Popov, I. V. (2012). Problemni aspekty zabezpechennia stabilnosti finansovoi systemy Ukrainy [Problematic aspects of ensuring the stability of the financial system of Ukraine]. Ivestytsii: praktyka ta dosvid [Investitions: Practice and Experience], 11, 77-80. (in Ukrainian)

Ganzitska, T.S. (2016). Suchasne rozuminnia poniattia ta struktury finansovoi systemy [Modern understanding of the concept and structure of the financial system]. Yurydychnyi naukovyi elektronnyi zhurnal [Juridical Scientific Electronic Journal], 5, 48-50. (in Ukrainian)

Orliuk, O. (2010). Finansove pravo. Akademichnyi kurs: pidruchnyk [Financial Law. Academic course: teaching manual]. K.: Yurinkom Inter, 808 p. (in Ukrainian)

Myrhorod-Karpova, V. (2017). Porivnyalno-pravovyi analiz katehorii «finansova systema» u rozrobkakh vitchyznianykh ta zakhidnykh naukovtsiv [Comparative and legal analysis of the category "financial system" in the development of domestic and western scholars]. Natsyonalnyi yurydycheskii zhurnal: teoria i praktyka [National Legal Journal: Theory and Practice], 70-73. (in Ukrainian)

Nesterenko, A.S. (2013).Vyznachennia «finansovoi systemy» ta yii strukturnyi sklad [Definition of "financial system" and its structure]. Naukovyi visnyk Mizhnarodnoho humanitarnoho universytetu [Scientific Bulletin of the International Humanitarian University], 6-3 (1), 72-75. (in Ukrainian)

Pro finansovi posluhy ta derzhavne rehuliuvannia rynkiv finansovykh posluh: zakon vid 12.07.2001 №2664-III [On Financial Services and State Regulation of Financial Services Markets: Law No. 2664-ІІІ of 12.07.2001]. Vidomosti Verkhovnoi Rady Ukrainy [Bulletin of the Verkhovna Rada of Ukraine]. (2002). No. 1, Art. 1. (in Ukrainian)

Pro investytsiinu diyalnist: zakon vid 18.09.1991 №1560-XII [On Investment Activity: Law of 18.09.1991 No. 1560-XII]. Vidomosti Verkhovnoi Rady Ukrainy [Bulletin of the Verkhovna Rada of Ukraine]. (1991). No. 47, Art. 646. (in Ukrainian)

Pro Stratehiiu staloho rozvytku «Ukraina-2020»: ukaz vid 12.01.2015 №5/2015 [On the Strategy of Sustainable Development "Ukraine-2020": Decree dated January 12, 2015 № 5/2015]. Ofitsiinyi visnyk Ukrainy [Official Bulletin of Ukraine]. (2015). No. 4, Art. 67. (in Ukrainian)

Pro banky i bankivsku diialnist: zakon vid 07.12.2000 №2121-III [On Banks and Banking: Law dated December 12, 2000 No. 2121-III]. Vidomosti Verkhovnoi Rady Ukrainy [Bulletin of the Verkhovna Rada of Ukraine]. (2001). No. 5, Art. 30. (in Ukrainian)

Pro Natsionalnyi bank Ukrainy: zakon vid 20.05.1999 №679-KHIV [On the National Bank of Ukraine: Law of May 20, 1999 No. 679-ХІV]. Vidomosti Verkhovnoi Rady Ukrainy [Bulletin of the Verkhovna Rada of Ukraine]. (1999). No. 29, Art. 238. (in Ukrainian)

Denysiuk, O.V. (2015). Mekhanizmy derzhavnoho rehuliuvannia finansovoi sfery ekonomiky krainy: analiz zarubizhnoho dosvidu [Mechanisms of state regulation of the financial sphere of the country's economy: analysis of foreign experience]. Derzhavne budivnytstvo [State Construction], 1, 1-8. (in Ukrainian)

Giorgio, Di G., Carmine Di Noia. (2005). Towards a new architecture for financial regulation and supervision in Europe: an updated, reduced, synthesis of previous research. Journal of financial transformation, 14, 145-156.

The Level 3 Committees welcome the new institutional arrangements on European financial supervision: Pressrelease / Committee of European Securities Regulators, Committee of European Banking Supervisors,

Committee of European Insurance and Occupational Pensions Supervisors, 23 September 2009. Retrieved from http://www.esma.europa.eu/system/files/3L3_press_release_EC_Communication_23_September_2009.pdf.

Baldych N. (2013). Instytutsiini osnovy yevropeiskoi systemy rehuliuvannia ta nahliadu za finansovymy rynkamy [Institutional framework of the European system of regulation and supervision of financial markets]. Visnyk Natsionalnoi akademii derzhavnoho upravlinnia [Bulletin of the National Academy of Public Administration], 148-155. (in Ukrainian)

Harust Yu. V., Tolkachov B. O. (2017). Porivnialna kharakterystyka finansovykh system Velykobrytanii ta Ukrainy [Comparative characteristic of the financial systems of Great Britain and Ukraine]. Forum prava [Forum of Law], 1, 5-9. (in Ukrainian)

Yurii, S. I., Stoian, V. I., Mats, M. Y. (2002). Kaznacheiska systema: pidruchnyk [Treasury system: textbook]. Ternopil: Kart-blanky, 82 p. (in Ukrainian)

Bulhakova, S. O., Kolodii, O. H. (2002). Istoriia kaznacheiskoi spravy: Navch. posibnyk [History of Treasury: A teaching manual]. KNTEU, 137 p. (in Ukrainian)

Havrylishyn, A. P., Kozyrieva, V. P. (2007). Funktsii ta zavdannia kaznacheistva deiakykh zarubizhnykh krain [Functions and tasks of the Treasury of some foreign countries]. Yurydychnyi visnyk «Povitriane ta kosmichne pravo» [Legal Bulletin "Aerospace and Space Law"]. 3(4), 61-66. (in Ukrainian)

United Kingdom Government: HM Treasury. Retrieved from https://www.gov.uk/government/organisations/hm-treasury/about.

Horuzhii, S. (2016). Rozpodil rehulyatornykh i nahlyadovykh funktsii na finansovomu rynku: yevropeiskyi dosvid ta rekomendatsii dlia Ukrainy [Distribution of regulatory and supervisory functions in the financial market: European experience and recommendations for Ukraine]. Ofis z finansovoho ta ekonomichnoho analizu u Verkhovnii Radi Ukrainy (OFEA) [The office for financial and economic analysis in the Verkhovna Rada of Ukraine (OFEA)]. 28 p. (in Ukrainian)

Finansinspektionen: about FI. Retrieved from: http://www.fi.se/en/about-fi/.

Stukalo, N. V., Litvin, M. V., Derkach, M. I. (2014). Hlobalni finansy: hlobalnyi posibnyk [Global Finance: A Global Guide]. Dnepropetrovsk, 1092 p. (in Ukrainian)

Rudenko, Yu. M., Tokar, V. V. (2010). Finansovi systemy zarubizhnykh krain: navchalnyi posibnyk [Financial systems of foreign countries: A teaching manual]. K.: KNEU. 348 p. (in Ukrainian)

Issue
Vol. 4 No. 1 (2018): Baltic Journal of Economic Studies