Bìznes Inform (Apr 2024)
Financial System of Ukraine: Structure and Essence
Abstract
The article examines the theoretical grounds for the formation and functioning of the financial system of Ukraine as a totalty of spheres and links through which the accumulation, distribution and redistribution of both centralized and decentralized funds of financial resources is carried out. The approaches of domestic and foreign scientists have been studied, significant differences in the interpretation of the concept of «financial system» have been identified. The studied category was not widely used abroad, it was considered superficially and was mostly identified with the concept of «finance». Domestic experience shows the similarity of the authors’ opinions in interpretation, defining such keywords as: specific relations, a set of funds and links and/or spheres and markets. There is a more or less unanimous opinion that the main purpose of the financial system is the formation, distribution and redistribution, as well as the regulation and use of centralized and decentralized funds of financial resources for the purpose of concluding financial transactions, exchanging assets and risks, with the ultimate goal of meeting economic and social needs. The article presents the author’s own interpretation of the concept of «financial system», which accumulates different approaches of scientists. An analysis of keywords describing the financial system has been carried out and a corresponding map has been formed. The organizational and legal structure of the financial system, which is updated in accordance with the present day, is provided; the objects are divided into five categories, which are related to the types and spheres of relations, which makes it possible to outline the subjects of one or another level in accordance with the structure of the system. The subjects that regulate the financial system of the country have been allocated. The main regulators and tools used to ensure the functioning, sustainability and stability of the system are considered. The role of legislative bodies and their powers in making decisions and laws that can influence the financial system are considered.
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