Sapachuk Y. Formation of Stabilization Mechanisms for Contemporary Financial Market.

The dissertation work has been dedicated to analyzing contemporary economics, which is itself a complex, multi-functional system, where the most important and determinative role is played by a mechanism of forming financial resources and their intended use. Financial market in these terms is a unique constituent of economic system, which was built up as a result of a long evolution of commodity-money relations, as well as property relations. It is found out that the most dynamical sectors of the modern financial market development are the state external bonds market and the market of derivatives. The off-exchange sector of the market of derivatives dominates over the exchange. Currency contracts dominate in the turn-over of the off-exchange market. The considerable increase of volumes of the financial markets, complication of their structure and increase of the speed of realisation of the financial transactions, owing to introduction of the newest technologies of processing of the information, have essentially raised amplitude of their conjuncture. Based on existent new institutional theory approaches, an approach to analyze the factors of financial market destabilization was offered due to inability of today's dominating neoclassic theory to impartially assess the financial and economic reality. The work describes a reasoned necessity to build up an efficient institutional system in order to modify the structure of regulation of the financial market and change mechanisms of its regulation. Forms and consequences of impact of trans-national corporations upon the stability of financial market have been analyzed during the research. The nature of this impact in terms of formation of advantageous state of demand for financial resources and formation of financial sphere crisis phenomena is stated here to be controversial. It has been well reasoned that the state regulation is necessary for the effective development of financial market. The main targets of state regulation of contemporary financial market are as follows: identification and settlement of disadvantages in this or that sphere of financial market; support of effective segments of financial market; protection of financial market players; stabilization of financial system and support of trust and confidence of its stability.