Krupka I. Financial market of Ukraine in conditions of integration into the global financial space.

The dissertation develops a theoretical generalization and suggests a new solution of an important scientific and applicative problem – the progress of theoretical and methodological principles, evolution of scientific and methodological approaches and providing practical recommendations for the formation, operation and improvement of institutional infrastructure of the financial market to achieve its successful integration into the global financial space and increase in the level of its efficiency and international competitiveness. Theoretical approaches to defining the essence, segments, subjects and objectives of the financial market in the national economic system are revealed; the components of its infrastructure, the nature and role of financial innovations, the reasons and forms of international movements of financial capital are clarified. The modern micro-, meso- and macroeconomic tools of financial market research are considered, in particular: the evolution of concepts that explain the specifics of the demand for and supply of money formation in this market; conceptual approaches to the interpretation of the essence of money at the macroeconomic level are systematically comprehended and the improvement of the method of calculating the money supply by the National Bank of Ukraine on the basis of foreign experience implementation is suggested. The influence of psychological-behavioral and globalization factors on financial decision-making by economic agents is characterized. The dynamics and features of the domestic debt securities market and the capital participation in the equity market, as well as the activities and trends in the provision of credit services by financial intermediaries are studied. It is found out that debt securities have become widely used in the business practice and by the state as one of the most efficient sources of financial capital, and the most widespread of them are corporate and government bonds, promissory notes. Its concentration in a large amount in the NBU as well as other state-owned banks’ portfolios, does not contribute to the formation of market indicators of government bonds profitability, as its level is actually determined on the basis of agreements between the government and state-owned banks. Private banks buy these bonds as it gives the possibility of collateral refinancing by the central bank. It was revealed that in Ukraine the share of annual volumes of equities issuances in the total volume of securities issuances has fluctuated very much, despite the fact that in monetary stock emission tended to increase and during the investigated period this indicator has risen almost in 10 times. However, the dynamics of issuances by quarters indicates the presence of significant fluctuations within the year. It was found out that shares issuances in the country are characterized by a very high level of concentration, as the five largest issuers account for more than half of the total issuances on the stock market, and in general, the development trends of the domestic equity market correlate with the conjuncture and patterns of the world market. Peculiarities of foreign capital penetration into financial intermediation institutions and infrastructure of domestic financial market are considered, factors influencing the level of dollarization of national economy are determined, dynamics and structure of international movements of money capital through domestic financial market are analyzed and regularities and contradictions of its integration into the global financial space are revealed. Conceptual approaches to building up a modern model of Ukraine’s financial security in the context of forming a national paradigm to combat global challenges and hybrid threats are substantiated, recommendations for improving the liquidity of the financial market and efficiency of its agents are developed and strategic guidelines for its integration into the global financial space are conceptualized. Also new vectors of financial market state regulation in the conditions of Ukraine’s national economy openness deepening are formulated.