IMPACT ASSESSMENT OF REGULATORY MODELS ON NON–BANKING FINANCIAL SERVICES MARKETS DEVELOPMENT IN THE EUROPEAN UNION COUNTRIES AND UKRAINE
Journal Title: Фінансово-кредитна діяльність: проблеми теорії та практик - Year 2017, Vol 1, Issue 22
Abstract
The need for micro– and macro–prudential policies improvement arose as a result of the negative impact of the financial crisis of 2008–2009 in EU, which indicated the vulnerability of the financial services markets functioning. Existing at that time branched system of state regulation of financial services markets wasn't able to level the arising of systemic risk neither at national nor at supranational level. In this connection arises the question of immediately reforming of the state regulation of financial services markets at all levels The article investigates the impact of functioning of state regulation model in the sphere of non–banking financial services markets and its effectiveness in the latter’s development. Qualitative and quantitative indices are distinguished, use of which in course of calculation contributed to objective assessment of the socio–economic conditions of the countries under study. The conducted investigation indicated that the full integration of microprudential regulation in the Central Bank does not provide maximum efficiency of the non–banking financial services markets functioning. It’s proved that the Twin Peaks model has better indices than other models of financial services markets regulation in EU–countries.
Authors and Affiliations
R. Bacho, N. Vnukova
Keywords
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