Serhiy Shkarlet, Valeriia Prokopenko, Maksym Dubyna


Development of the financial services market is an important component of the national economy’s development. Within this market, credit and investment resources are formed, which are the basis of economic development of the real economy sector of the state. It is this that determines the importance of creating conditions for improving the efficiency of financial institutions, which become intermediaries between persons who have free funds and those economic entities that they need. The outlined justifies the relevance of the topic. Consequently, taking into consideration the objective of the study, the following aim of its implementation was set: to identify and substantiate the main determinants of the development of the financial services market in Ukraine. To achieve this goal, the following tasks were set and solved: to identify the main, most important, measures of transformation of the environment of financial institutions functioning; to substantiate the essence of such measures and the peculiarities of their implementation; to specify basic actions within the limits of separate determinants of the financial services market development, to describe their applied character. Method. In the course of the research, a range of different scientific methods was used. Among the general techniques, it is necessary to allocate methods of observation, comparison, abstraction. It is advisable to include the method of economic analysis, synthesis, system approach, content methods, and event analysis in specific research methods. Results. Universal priorities of financial services markets development in different countries are determined and systematized, the analysis of which made it possible to investigate perspective determinants of the development of such a market in Ukraine, peculiarities of their introduction into the functioning of the financial services sphere are described. Among these measures are the following: increase in the stability of financial institutions, increase the transparency of the functioning of producers and consumers of financial services, raising the level of financial literacy in society, reforming the state regulation system of the activities of financial intermediaries, the formation of the trust infrastructure system. Taking into consideration the received scientific outcomes, the justification of peculiarities on the implementation of these priorities in the system of the financial services market functioning in Ukraine is conducted. Practical implications. The research results obtained in the course of the research implementation regarding the possibilities of changing the financial services market for improving the efficiency of financial institutions work have an applied character, and their implementation will make it possible to form a new environment for the functioning of such economic actors. This will facilitate the transformation of financial resources to increase the formation of investment and loan funds. The results obtained can be used by public authorities that regulate the activities of financial institutions in the process of developing new strategic documents for the development of the financial services market in Ukraine. Value/originality. The conducted research is relevant, considering the significant impact of the financial services market on the development of the national economy, the proposed measures for the development of such a market are applied and can be used by public authorities in the regulation of the activities of financial institutions. This research has been conducted within the framework of the scientific work implementation Department of Finance, Banking and Insurance, Chernihiv National University of Technology, Ukraine on the following topics: “Financial stability of economic systems in crisis conditions of management” (No. 0115U001149) and “Development of financial intermediaries in the turbulent conditions of the national economy’s functioning” (No. 0115U001149).


financial service, financial institution, financial credibility, financial intermediary

Full Text:



Baliev, V. Ye. (2016). Struktura kapitalu strakhovykh kompanii: vitchyzniani ta yevropeiski vymohy [Sructure of the capital insurance companies: domestic and European requirements]. Finansy, uchet, banki – Finance, accounting, banks, 1, 225-234. Retrieved from:

Hrishova, I. Yu., Dubyna, M. V., Shyshkina, O. V. (2017). Sutnist ta systema infrastruktury kredytnoho rynku Ukrainy [The essence and system of the credit market infrastructure of Ukraine]. Naukovi zapysy Instytut zakonodavstva Verkhovnoi rady Ukrainy, 4, 80-86. (in Ukrainian)

Kontseptsii zakhystu prav spozhyvachiv finansovykh posluh v Ukraini [The concept of rights protection of consumers of financial services in Ukraine]. Retrieved from:

Latkovska, T. A. (2013). Pidvyshchennia rivnia finansovoi hramotnosti ta finansovoi osvity – vyklyk suchasnosti [Increasing the level of financial literacy and financial education – the challenge of modernity]. Naukovi pratsi NU OIuA, 13, 429-436. (in Ukrainian)

Pro banky i bankivsku diialnist [On Banks and Banking]. № 2121-III (December 7, 2000). Retrieved from:

Pro oboviazkove strakhuvannia tsyvilno pravovoi vidpovidalnosti vlasnykiv nazemnykh transportnykh zasobiv [On Mandatory Civil and Legal liability Insurance for Motor Vehicles Owners]. № 1961-IV ( July 1, 2004). Retrieved from:

Pro pryiniattia za osnovu proektu Zakonu Ukrainy pro Fond harantuvannia strakhovykh vyplat za dohovoramy strakhuvannia zhyttia [On adoption of the draft Law of Ukraine on the Guarantee Fund for insurance payments under life insurance contracts]. № 632-VII (October 8, 2013). Retrieved from:

Pro spozhyvche kredytuvannia [About consumer lending]. № 1734-VIII (November 15, 2016). Retrieved from:

Pro strakhuvannia [On Insurance]. № 85/96-ВР (March 7, 1996). Retrieved from:

Prokopenko, V. Yu., Dubyna, M. V. (2015). Kredytna infrastruktura: osoblyvosti vyznachennia sutnosti katehorii [Credit facilities: features of determining the nature of the category]. Naukovyi visnyk Uzhhorodskoho universytetu. Seriia ,,Ekonomika”, 1(45), 209-212. (in Ukrainian)

Skapenker, O. M. (2013). Rynok finansovykh usluh: sovremennye tendentii i perspektivy [The financial services market: trends and prospects]. Dengi i kredit, 12, 14-17. (in Russian)

Chuprykova, N. Y. (2014). Teoriia razvitiia: Differentsionno-integratsyonnaia paradigma [Theory of development: Differention-integration paradigm]. Moscow: Iazyky slavianskykh kultur. (in Russian)

Finansova hramotnist ta obiznanist v Ukraini: fakty ta vysnovky. Proekt rozvytku finansovoho sektoru [Financial literacy and awareness in Ukraine: facts and conclusions. Project on financial sector development] (2010). Kyiv. (in Ukrainian)

Shkarlet, S. M., Dubyna, M. V., Tarasenko, A. V. (2016). Orhanizatsiino-infrastrukturne zabezpechennia rozvytku silskoho hospodarstva Ukrainy [Organizational infrastructure providing of agriculture development in Ukraine]. Chernihiv: ChNTU. (in Ukrainian)

Sho Robert B. (2000). Kliuchi k doveriiu v organizatsii: rezultativnost, poriadochnost, proiavlenie zaboty [Keys to trust in the companies: efficiency, integrity, caring]. Moscow. (in Russian)

Shtompka, P. (2012). Doverie – osnova obshchestva [Trust is the basis of society]. Moscow: Lohos. (in Russian)

Yukhymenko, V. M. (2015). SOLVENCY II v Ukraini: problemy vprovadzhennia vymoh do platospromozhnosti strakhovykh orhanizatsii [SOLVENCY II in Ukraine: problems of requirements implementation for solvency in insurance companies]. Naukovyi visnyk Khersonskoho derzhavnoho universytetu, 12(3), 191-195. (in Ukrainian)

Asmundson, I. (March 2011). What are financial services? Finance & Development. Retrieved from:

Berglof, Е., Bolton Р. (2002). The great divide and beyond: financial architecture in transition. Journal of Economic Perspectives, 16(1), 77-100. (in English)

Cevik, Nuket Kirci, Dibooglu, Sel, Kutan, Ali M. (2016). Real and Financial Sector Studies in Central and Eastern Europe: A Review. Finance a uvěr-Czech Journal of Economics and Finance, 66(1), 2-31. (in English)

Christopher N. Sutton, Beth Jenkins. The role of the Financial Services Sector in Expanding Economic Opportunity. Retrieved from:

Dubyna, M. (2015). Scientific approach to the identification of the essence of the category ,,infrastructure”. Problems and prospects of economics and management, 1(1), 31-36. (in English)

Lidija Barjaktarović, Maja Paunović, Dejan Ječmenica (2013). Development of the Banking Sector in CEE Countries – Comparative Analysis, Journal of Central Banking Theory and Practice, 2, 93-114. (in English)

Marie-Renee Bakker and Alexandra Gross (2004). Development of Non-Bank Financial Institutions and Capital Markets in European Union Accession Countries. World Bank Working Paper No. 28. Washington: The World Bank. (in English)

Martin Neil Baily, Douglas J. Elliott (n.d.). The Role of Finance in the Economy: Implications for Structural Reform of the Financial Sector. Retrieved from:

Non-bank financial institutions: Assessment of their impact on the stability of the financial system (November 2012). European Commission. European Economy, Economic papers 472. Retrieved from:

Noureen Adnan (n.d.). The role of the financial sector in economic growth. Retrieved from:

Thalassinos, E. (2008). Trends and Developments in the European Financial Sector. European Financial and Accounting Journal, 3, 44-61. (in English)

Thimann, C. (n.d.). Financial Sectors in EU Accession Countries. European Central Bank. Retrieved from: ?592cfa2cb97ab362f427600c8f216668

Vishwanath, T., Kauffman, D. (2001). Toward transparency: new approaches and their applications to financial markets. The World Bank Research Observer, 16, 41-57. (in English)



  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.