Financial market instruments in conditions of globalization

Abstract

Introduction. The current alternative type of bank lending is the market of financial instruments. Nowadays it is gaining considerable popularity in international practice, but remains rather new in the domestic financial market and beyond. Such situation causes the actualization of scientific research related both to the coverage of the theoretical positions of the functioning of the financial instruments system, as well as to the improvement of practical features of their implementation.

At the same time, taking into account bank-centricity of financial market of Ukraine (the assets of banks make over 87 % of combined assets of financial mediators) and absence of the adjusted infrastructure of stocks market, the banks themselves must become the initiators and providers of new financial mechanisms of the investment support of the domestic economy.

Purpose. The article aims to determine the features, advantages, disadvantages and consequences of financial instruments usage on the basis of theoretical generalization of the essence and functional characteristics of financial market instruments and carrying out financial and economic analysis of their use.

Method (methodology). The implementation of the tasks has been realized with the help of estimation and analysis of methods of risks and financing efficiency, estimation of financial and economic performance, statistical methods.

Results. Research of dynamics and structure of financial mediation in the different countries of the world have allowed to draw the following conclusion: prevailing of the bank crediting in the structure of outsourcing of financing of activity of subjects of the real economy in the world, with the exception of Japan and USA; reduction of part of the bank crediting in the combined volume of the credits which have been given in economy by the financial sectors of different countries of the world; increasing of role of financial instruments in economic growth ensuring.