Transformation of financial policy of Ukraine in the conditions of globalization and European integration

Economic Annals-ХХI: Volume 137, Issue 1-2(1), Pages: 34-37

Citation information:
Petrushevska, V. (2014). Transformation of financial policy of Ukraine in the conditions of globalization and European integration. Economic Annals-XXI, 1-2(1), 34-37. https://ea21journal.world/index.php/ea-v137-09/

Victoria Petrushevska
PhD (Economics),
Associate Professor,
Donetsk State University of Management
163a Cheliuskintsev St., Donetsk, 83015, Ukraine
petrushevskaya@list.ru

Transformation of financial policy of Ukraine in the conditions of globalization and European integration

Abstract. Introduction. Globalization is a main tendency of the XXI century. In this regard it is especially important to study the mechanisms that regulate the adaptation processes of financial policy of Ukraine to globalization and integration processes of world economy. The analysis of latest studies showed that still among economists there is no unity in opinions concerning tools and the mechanism of development of financial policy of Ukraine in the conditions of globalization and European integration. So, this aspect of system of state regulation of the financial relations has a need of more detailed studying. Purpose. The aim of the research is to determine the main measures for formation of financial policy of Ukraine in the conditions of globalization and European integration. Result. The main regularities in the financial sphere, connected with globalization processes are: increasing flows of cross-border capital movement and volumes of various segments of the world financial market, development of processes of financial innovations; interdependence of the national financial markets. Possibility of participation of Ukraine in globalization processes is caused by purposeful financial policy, which has to consider risks of globalization and promote disclosure of its potential benefits. Prerequisites of this process are: the account in concepts of economic development of Ukraine of an alignment of forces in world economy; changing of nature of positioning the country in the international financial system. Europe is a main external economic interest of Ukraine. In any other directions the active good neighbourhood policy can’t bring to Ukraine such benefit, as in Europe. New approach to a solution of the problem of adaptation and development of financial policy of Ukraine in the conditions of globalization and European integration is a formation of developed financial market, acceptance by Ukraine of uniform priorities and procedures of ensuring transparency of the financial transaction adopted on the basis of the international standards. Conclusions. Development of financial policy of Ukraine in the context of globalization and European integration requires institutional changes, which have to be supported by the international standards and to be accompanied by intensification of control authorities over their formation.

Keywords: Financial Policy; Globalization; Financial Institutions; Financial System; Adaptation of Financial Policy

JEL Classification: E62

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Received 16.11.2013