Kubakh T. The financial security of the state under the influence of capital market development.

The research identified the theoretical approaches to such categories as financial security of the state and capital market. The main directions of the capital market influence upon financial security of the state by means of capital market elements were determined. In this paper the conceptual foundations of financial se-curity of the state were determined. As a result of statistical analysis the main trends of the loan market and stock market development were determined, as components of the capital market. It was proved the crucial role of loan market as a source of capital for enterprises of the real economy. It was grounded the speculative nature of the domestic securities market. The scientific and methodological approach used permitted to conduct a comprehensive analysis of the capital market components influence upon the financial security of the state, and to assess the extent of this influence in modern conditions of economic development of Ukraine and the existing level of integration into world financial space. The estimation of the level of financial security based on the generalized criterion level of financial security was conducted. Using mathematical algorithms made it possible to reveal maximum allowable level of foreign capital in authorized capital of domestic banks, which will have no negative consequences for the stable development of capital markets and financial security.