Ukrainian financial market stability investigation

Economic Annals-ХХI: Volume 144, Issue 9-10(1), Pages: 81-84

Citation information:
Stryzhychenko, K. (2014). Ukrainian financial market stability investigation. Economic Annals-XXI, 9-10(1), 81-84. https://ea21journal.world/index.php/ea-v144-20/

Kostyantyn Stryzhychenko
PhD (Economics),
Associate Professor,
Simon Kuznets Kharkiv National University of Economics
9a Lenin Ave, Kharkiv, 61001, Ukraine
strizh@bk.ru

Ukrainian financial market stability investigation

Abstract. In the paper, stability of the Ukrainian financial market segments development has been analyzed. The stability theory and non-linear analysis are the mathematical tools of the investigation. In the article, we used three types of stability, namely: Lagrange stability, Poisson stability and Lyapunov stability. The stability indexes show unstable trajectories for the trend of stock and credit segments by Lagrange. Poisson stability recognizes stable cyclic components in the dynamic of credit market. Ukrainian financial market was analyzed as a single system by the Lyapunov stability that shows sustainable trajectories of both segments.

Keywords: Stability; Financial Market; Index; Trajectory; Dynamics

JEL Classification: C22; G10

References

1. White, A. L. (2011). Economy Reset: Principles of a New Economy.
   Retrieved from http://www.csrwire.com/blog/posts/209-economy-reset-principles-of-a-new-economy
2. Black, W. K. (2010, May 13). Neo-classical economic theories, methodology and praxis optimize criminogenic environments and produce recurrent, intensifying crises. Creighton Law Review.
3. Bezemer, D. (2009). No one saw this coming: understanding financial crisis through accounting models. Munich Personal RePEc Archive.
4. Fullbrook, E. (2010). How to bring economics into the 3^rd millennium by 2020. Real-World Economic Review, 54, 89-102.
5. Greenspan, A. (2008, October 23). Testimony of Dr Alan Greenspan to the Committee of Government Oversight and Reform.
   Retrieved from http://blogs.wsj.com/economics/2008/10/23/greenspan-testimony-on-sources-of-financial-crisis/
6. Kresse, J. (2011). It’s Time For A New Economic Paradigm.
   Retrieved from http://www.sustainable-city.org/books/paradigm.htm
7. Deeg, R. (1999). Finance Capitalism Unveiled: Banks and the German Political Economy. Michigan: University of Michigan.
8. Stiglitz, J. (2010, August 19). Needed: a new economic paradigm. Financial Times.
9. Schumpeter, J. (1934). The theory of economic development (14^th ed.). New Brunswick: Transaction Publishers.
10. Greiner, L. (1998). Evolution and revolution as organizations grow. Harvard Business Review, 76(3), 55-68.
11. Dickey, D. A., & Fuller, W. A. (1979). Distribution of the Estimators for Autoregressive Time Series with a Unit Root. Journal of the American Statistical Association, 74, 427-431.
12. MacKinnon, J. G. (1991). Critical Values for Cointegration Tests. In R. F. Engle and C. W. J. Granger (Eds.). Long-run Economic Relationships: Readings in Cointegration (Chapter 13). Oxford University Press.
13. Schulman, L. S. (1978). Note on the quantum recurrence theorem. Phys. Rev. A, 18(5), 2379-2380.
14. Oxtoby, J. C. (1971). Measure and category, Measure and Category: A Survey of the Analogies between Topological and Measure Spaces (Graduate Texts in Mathematics). Berlin: Springer.
15. Bernanke, B. (2002a, October 15). Asset-price «bubbles» and monetary policy. Speech delivered at the New York Chapter of the National Association for Business Economics. New York.
16. Greenspan, A. (2002, August 30). Economic volatility. Speech delivered at a symposium sponsored by the Federal Reserve Bank. Kansas City, Jackson Hole, Wyoming.
17. Rayevnyeva, O., & Stryzhychenko, K. (2012). Investigation of the Wave Nature of the Ukrainian Stock Market. IJISA, 4(1), 1-10.
18. Stryzhychenko, K. (2009). Analysis of influence of Russian Stock Market into Ukrainian stock market. Financial Market Principles of modeling, forecasting and Decision-Making (pp. 256-266). Lodz: Lodz University Press.

Received 19.08.2014