The Securities Market in Ukraine: Theoretical Aspects of Historic Development
The article sums up a review of theoretical approaches to the interpretation of economic categories “securities market” and “stock market” and a chronological analysis of the stock market development in independent Ukraine.
It is shown that two general approaches to the interpretation of the above categories exist, legislative and scientific. The latter one can, in turn, be subdivided into narrower approaches: segment approach, with securities market treated as a part of the capital market or financial market; functional approach, with securities market seen as a floor for sales and purchase of securities; normative approach, with securities market addressed as a sophisticated mechanism used to set legal and economic relations between business entities; logical approach, with securities market considered as a set of transaction mechanisms. The authors’ definition of the securities market is proposed: a segment of the financial market, on which interactions between various market actors take place, related with issuance, purchase and sales of securities that have value, circulate freely and certify the relations of co-ownership or lending, with the purpose of effective distribution and rational allocation of financial resources in the socio-economic area of a country with due account for the society’s interests and needs.
The authors’ chronology of the securities market development in Ukraine is proposed, in which six phases are distinguished. The first phase is “reappearance” (1990). The second phase is “formation” (1991–1994), falling upon radical market-driven transformation in the Ukrainian economy. The third phase is “development” (1995–1999): search of the effective owners on the boosting market, setting up a system for control over sales and purchase of securities, creation of investment funds, financial and industrial companies and private pension funds. The fourth phase is “improvement” (2000–2002): creating a system for information support for circulation of securities issued in non-documentary form, and computer software for operating the State registers. The fifth phase is “recovery” (2003–2006): gradual decline of crisis tendencies in the economy along with the recover at the securities market. The sixth phase is “financial globalization” (from 2007 and on). This approach enables to investigate the securities market dynamics over 1991–2018 and give detailed descriptions of each phase with emphasis on core historic event in each.
Rynok tsinnykh paperiv u rynkovykh vidnosynakh [Securities market in the market relations]. Retrieved from http://adhdportal.com/book_988.html. [in Ukrainian].
Nikonchuk V. V. Formuvannia fondovoho rynku: ekonomichni aspekty evoliutsii ta instytutsiinoi dynamiky [Formation of the stock market: economic aspects of the evolution and institutional dynamics]. Retrieved from http://www.vestnikdnu.com.ua/archive/201262/32-37.pdf. [in Ukrainian].
Oskolskyi V. V. (1996). Rynok tsinnykh paperiv v Ukraini: problemy funktsionuvannia i rozvytku [Securities market in Ukraine: problems of operation and development]. Kyiv: KSU [in Ukrainian].
Ianchynska T. M. Fondovyi rynok ta yoho rozvytok v Ukraini [Stock market and its development in Ukraine]. Retrieved from http://libfor.com/index.php?Newsid=2158. [in Ukrainian].
Busarieva T. H. Istoriia rozvytku ta stanovlennia rynku tsinnykh paperiv Ukrainy [History of development and establishment of the securities market in Ukraine]. Retrieved from http://seanewdim.com/uploads/3/4/5/1/34511564/busarieva_t._the_history_of_development_and_formation_of_securities_market_of_ukraine.pdf. [in Ukrainian].
Omelchenko O. I., Kozlova O. A. Retrospektyva stanovlennia ta rozvytku rynku tsinnykh paperiv [Formation and development of the securities market ion the retrospective]. Retrieved from http://www.business-inform.net/pdf/2013/1_0/277_281.pdf. [in Ukrainian].
Riabchykova S. Yu. (2009). Suchasnyi stan fondovoho rynku Ukrainy: prychyny zletu i padinnia [The current state of the securities market in Ukraine: reasons for rise and fall]. Proceedings from: V Mezhdunarodnaia nauchno-praktycheskaia konferentsyia “Nauka v ynformatsyonnom prostranstve – The Fifth International scientific and practical conference “Science in the information space”. Donetsk: Donetsk State Agrarian University. Retrieved from http://www.confcontact.com/2009ip/ryabchikova.php. [in Ukrainian].
Zakon Ukrainy “Pro tsinni papery ta fondovyi rynok” [The Law of Ukraine “On the securities and the stock market”]. Vidomosti Verkhovnoi Rady Ukrainy (VVR) – Bulletin of Verkhovna Rada of Ukraine, 2006, No 31. Retrieved from https://zakon.rada.gov.ua/laws/show/3480-15. [in Ukrainian].
Zakon Ukrainy “Pro hospodarski tovarystva” [The Law of Ukraine “On economic companies”]. Vidomosti Verkhovnoi Rady Ukrainy (VVR) – Bulletin of Verkhovna Rada of Ukraine, 1991, No 49. Retrieved from https://zakon.rada.gov.ua/laws/show/1576-12. [in Ukrainian].
Zakon Ukrainy “Pro derzhavne rehuliuvannia rynku tsinnykh paperiv v Ukraini” [The Law of Ukraine “On regulation of the securities market in Ukraine]. Vidomosti Verkhovnoi Rady Ukrainy (VVR) – Bulletin of Verkhovna Rada of Ukraine, 1996, No 51. Retrieved from https://zakon.rada.gov.ua/laws/show/448/96-vr. [in Ukrainian].
Ukaz Prezydenta Ukrainy “Pro derzhavnu komisiiu z tsinnykh paperiv ta fondovoho rynku” [Directive of the President of Ukraine “On the State Commission on Securities and Stock Market]. Vidomosti Verkhovnoi Rady Ukrainy (VVR) – Bulletin of Verkhovna Rada of Ukraine, 1997, No 142/97. Retrieved from https://zakon.rada.gov.ua/laws/show/142/97. [in Ukrainian].
Ukaz Prezydenta Ukrainy “Pro osnovni napriamy rozvytku fondovoho rynku v Ukraini v 2000 rotsi” [Directive of the President of Ukraine “The main areas of stock market development in Ukraine in 2000]. Vidomosti Verkhovnoi Rady Ukrainy (VVR) – Bulletin of Verkhovna Rada of Ukraine, 1999, No 1415/99. Retrieved from https://zakon.rada.gov.ua/laws/show/1415/99. [in Ukrainian].
Ukaz Prezydenta Ukrainy “Pro nevidkladni zakhody shchodo pryskorennia pryvatyzatsii maina v Ukraini” [Directive of the President of Ukraine “Urgent measures to speed up privatization of property in Ukraine”]. Vidomosti Verkhovnoi Rady Ukrainy (VVR) – Bulletin of Verkhovna Rada of Ukraine, 1999, No 1626/99. Retrieved from https://zakon.rada.gov.ua/laws/show/1626/99. [in Ukrainian].
Kosar N. S., Bilyk I. I., Ternushchak M. Yu. (2010). Marketynhove zabezpechennia rozmishchennia tsinnykh paperiv [Marketing support for the placement of securities]. Visnyk NU “Lvivska politekhnika” – Vulletin of National University “Lvivska politekhnika”, 669, 205–211 [in Ukrainian]..
Bochkovska O. O. Ekonomichna efektyvnist svitovykh ekonomichnykh tsentriv u konteksti naiavnykh faktoriv vyrobnytstva [The economic effectiveness of global economic centers in the context of the available production factors]. Sotsium, nauka, kultura – Society, science, culture. Retrieved from http://intkonf.org/index.php?s=%D0%E8%ED%EE%EA%20%E4%E5%F0%E6%E0%E2%ED%E8%F5%20%F6%B3%ED%ED%E8%F5%20%EF%E0%EF%E5%F0%B3%E2%20&paged=5. [in Ukrainian].
Rohach O. I. (2003). Mizhnarodni finansy [International finance]. Kyiv: Lybid [in Ukrainian].
Vasylyk O. D. (2000). Teoriia finansiv [Theory of finance]. Kyiv: NIOS [in Ukrainian].
Kravchenko Yu. Ya. (2005). Rynok tsennykh bumag v voprosakh i otvetakh [Securities market in questions and answers]. 2nd ed., rev. Kyiv: Nyka-Tsentr [in Russian].
Klymenko O. V. (2013). Teoretychne vyznachennia sutnosti y struktury finansovoho rynku [The theoretical definition of essence and structure of the securities market]. Investytsii: praktyka ta dosvid – Investment: practice and experience, 19, 42–45 [in Ukrainian].
Sheludko V. M. (2008). Finansovyi rynok [Financial market]. Kyiv: Znannia [in Ukrainian].
Shkvarchuk L. O. (2013). Finansovyi rynok [Financial market]. Kyiv: Znannia [in Ukrainian].
Kondrashykhyn A. B. (2008). Fondovyi rynok [Stock market]. Kyiv: Center of educational literature [in Russian].
Mamalui O. O. (2006). Osnovy ekonomichnoi teorii [The essentials of economic theory]. Kyiv: Yurinkom Inter [in Ukrainian].
Zahorodnii A. H., Vozniuk H. L. (2007). Finansovo-ekonomichnyi slovnyk [Financial and economic glossary]. Kyiv: Znannia [in Ukrainian].
Lutsiv B. L., Metlushko O. V. (2007). Teoretyko-metodolohichni osnovy doslidzhennia rynku tsinnykh paperiv [Theoretical and methodological framework for investigating securities market]. Visnyk Kyivskoho natsionalnoho universytetu imeni Tarasa Shevchenka – Bulletin of Kyiv National Taras Shevchenko University, 91, 41–42 [in Ukrainian].
Hitman L. J., Jonk M. D. (1997). Osnovy investirovaniya [The essentials of investment]. Moscow: Delo LTD [in Russian].
Zaliubovska S. S., Novikova L. A. (2012). Zaprovadzhennia teoretyko-metodolohichnoi modeli funktsionuvannia rynku tsinnykh paperiv [Implementing the theoretical and methodological model for operating the securities market]. Derzhava ta rehiony. Seriia: Ekonomika ta pidpryiemnytstvo – The State and regions. Series: economics and business, 1, 39–46 [in Ukrainian].
Natsionalna komisiia z tsinnykh paperiv ta fondovoho rynku. Analitychni dani shchodo rozvytku fondovoho rynku [The National Commission on Securities and Stock Market. Analytica data on the stock market development]. Retrieved from http://www.ssmsc.gov.ua/fund/analytics. [in Ukrainian].
Abstract views: 40 PDF Downloads: 32