ADMINISTRATIVE AND LEGAL PRINCIPLES OF THE FUNCTIONING OF THE FINANCIAL SYSTEM IN UKRAINE AND EUROPEAN COUNTRIES: A COMPARATIVE ANALYSIS

The purpose of the article is a comparative analysis of administrative and legal principles of the functioning of Ukrainian and European countries’ financial systems and further determination of ways to improve domestic legislation in this area. The subject of the study is the experience of European...

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Bibliographic Details
Main Authors: Andrii Holovach, Andrii Petrovskyi, Oksana Adamchuk
Format: Article
Language:English
Published: Izdevnieciba “Baltija Publishing” 2018-01-01
Series:Baltic Journal of Economic Studies
Subjects:
Online Access:http://www.baltijapublishing.lv/index.php/issue/article/view/334/pdf
Description
Summary:The purpose of the article is a comparative analysis of administrative and legal principles of the functioning of Ukrainian and European countries’ financial systems and further determination of ways to improve domestic legislation in this area. The subject of the study is the experience of European countries in state regulation of financial systems. Methodology. The research is based on a comparison of foreign experience in the legal regulation of the financial system using the example of European countries with current state regulation of the financial system in Ukraine. Due to the used arsenal of general scientific and special-scientific methods and techniques of scientific knowledge, the content of administrative and legal principles of the functioning of the national financial system in conditions of liberalization of foreign economic relations, strengthening of integration and globalization processes in international financial and commodity markets was characterized and determined. The results of the comparative legal study revealed the absence of a general model of the financial system state regulation in Ukraine; rather, the presence of administrative and legal framework for the provision of financial sector’s certain components, in particular, banking, investment, tax and budget, financial services market, etc. Practical implications. Administrative and legal principles of the financial system functioning in certain European countries expose greater effectiveness of the financial system state regulation in comparison with Ukraine. Most European states support the policy of regulating the financial system as a holistic, indivisible phenomenon, gradually shifting away from its interpretation as a set of separate segments. On this issue, significant influence has been made by the European Union, which introduced integration of the most important functions in the regulation of the EU financial system and assigning these functions to a separate group of special bodies. It is expedient to include this experience in the legal system of Ukraine in order to increase its economic stability. Relevance/originality. A comparative legal study of world experience in the administrative and legal regulation of the financial system functioning in Ukraine and European countries provides a better understanding of prospects for development of national administrative legislation in this area.
ISSN:2256-0742
2256-0963