Maslov S. The features of currency market forming under conditions of the economic system of the transitional period

Subject of research: the economical relations in currency-financial sphere under conditions of transitional economy. The research purpose: working out native theoretical and methodological basis for functioning, forecasting and regulation of currency market under conditions of transitional economy for its further application in solving the practical tasks in this branch of economic system of Ukraine, e.g. for choosing the exchange rate regulations, working out the monetary policy of Ukraine, methods of equilibrating currency market, currency risks hedging; it's also applicable for solving the problems of regulation and planning as well as the determination of Ukraine's currency market development tendencies. The research methods: dialectical method as the main scientific perception method of social-economic phenomena; methods of systematic, logical, functional, historical-economic and statistical analysis. The research results, novelty: 1) It was shown that the movement of objective contradiction of solvable functional and institutional tasks is the basis of forming and development of currency market; on account of this the stages of development of currency market were determined, this partition is conditioned by gradual change from destructive functions to more directed for stabilization and development: - the destruction stage in form of currency-price shock, dollarization and critical social stratification; - the stage of using the mechanism of exchange rate as the instrument of formal financial improvement within its multiple-valued namely destructive consequences; - the stage of using the mechanism of exchange rate as the instrument of adaptation to world market and stimulation of national suggestion; 2) It was shown that insufficient maturity of the standard level of currency market and its infrastructure becomes apparent in braking the monetary impulses beyond financial and real branches of economics; on this basis the conclusion of necessity of updating the part of currency-financial mechanisms during the development of investment process in transitional economy was drawn; 3) The more defined treatise of the role of arbitrary operations as the practical mechanism of forming of increased demand for currency leavings in transitional economy that is the factor of general deformation of demand for money, was proposed; 4) On account of analysis of processes in currency-credit relations it was shown that reduction of demand for foreign currency leavings is the important criterion of movement towards equilibrated condition of monetary system, and on this basis the ways for economical supplanting of superfluous currency amount from national circulation were proposed; 5) The directions of purposeful limitation of negative influence of currency mechanisms on social differentiation level, revenues and social maintenance were distinguished. These are: valuation and monitoring of social consequences of planned and spontaneous changes in currency-credit sphere; the development on this basis measures for neutralization of the most serious consequences of such changes; taking into consideration currency-credit factors during working up and planning of state social politics; 6) On the basis of research of practical mechanism of forming exchange rate in Ukraine's national market it was proved that real liberalization level of this mechanism depends on two groups of factors: the maturity level of state regulation functions and the level of professional-institutional development of non-state subjects of currency market. It was demonstrated that the peculiarity of balancing mechanism in the currency market of Ukraine is the confined impact of direct factors of exchange rate and abnormally high role of indirect factors; the conclusion was drawn that there is gradual reinforcement of direct factors' part, and relative deduction of indirect factors' part exists, that is considered as precondition for real liberalization of present market.