Economy, finances, management: Topical issues of science and practical activity


Issue №: 4 (44)

Published: 2019.08.08
DOI: 10.37128/2411-4413-2019-4

The magazine deals with the problems of the agricultural sector of the economy in the context of integration and processes of globalization. Attention is paid to the issues of development of digital economy, rural territories, technologies of enterprise management and organization of accounting, problems of legal support of economic processes, market tendencies of development of various branches of economy. Particular attention is paid to green tourism as a promising segment of the national economy.

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DOI: 10.37128/2411-4413-2019-4-11
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PRIKHNO Iryna – Doctor of Economics, Associate Professor, Associate Professor of the Department of Finance, Cherkasy State Technological University (18006, Shevchenko str., 460, Cherkasy, Ukraine, ira.prikhno@gmail.com).

CHASTOKOLENKO Igor – Candidate of Physical and Mathematical Sciences, Associate Professor, Associate Professor of the Department of Higher Mathematics and Information Technologies, Institute of Fire Safety named after Chornobyl Heroes of National University of Civil Defence of Ukraine (18000, Onopriienko str., 8, Cherkasy, Ukraine, igor.chft@gmail.com).

MARCHENKO Artem – Lecturer of the Department of Higher Mathematics and Information Technologies, Institute of Fire Safety named after Chornobyl Heroes of National University of Civil Defence of Ukraine (18000, Onopriienko str., 8, Cherkasy, Ukraine, apbkafmat@gmail.com).


In today's global economy, financial intermediation is an extremely powerful source of financial resources that can be used for investment purposes, since financial intermediaries can combine temporarily free (unused in the economy) financial resources of different business entities and direct them to those sectors of the economy that need investment. At the same time, financial intermediaries simultaneously provide the movement of financial assets and contribute to the development of the economy.

It is proved that the objective need for a study of financial intermediation in Ukraine is to establish such a mechanism for the redistribution of financial resources in the country in order to achieve the maximum level of development of the economy both at the micro level and at the macro level.

In Ukraine, the process of reforming the economy continues, including the financial market. The main participants in the financial market are financial intermediaries, which bring together buyers and sellers of financial assets.
Activities of financial intermediaries in the financial market can be characterized by the fulfillment of the following main functions: accumulation of savings of economic entities; placing of attracted financial resources in the branches of economy; obtaining profit (own, as well as other economic entities); ensuring economic development.

We believe that the main purpose of financial intermediaries is to create a balance in the financial market by matching interests and needs of all participants in the financial market and balancing demand and supply on financial resources.
The most common is the division of financial intermediaries into banking institutions (banking sector) and non-bank financial institutions (non-banking financial sector). Currently, in Ukraine, banking institutions are represented by universal and specialized commercial banks of Ukraine, and non-bank financial institutions are represented by insurance and financial companies, credit unions and pawnshops, non-state pension funds and trust companies.

According to statistics, the banking sector is larger in terms of assets, while the number of financial market participants is dominated by the non-banking financial sector. The analysis carried out shows an increase in the role of non-bank financial institutions in the financial market. Non-financial sector entities are dominated by financial companies.

The article outlines the following main problems of the development of financial intermediation entities in Ukraine: the inconsistency of the financial system of Ukraine with the real sector of the economy, as a result of which the non-banking sector of the economy is not able to fully perform its main functions; the presence in the financial market of institutions that practically do not perform the functions assigned to them, thus creating significant risks for the normal functioning of the market; Ineffective legislation and an ineffective system for overseeing the activities of financial intermediaries, which gives rise to distrust of financial institutions; low level of financial literacy of the population.

In order to overcome the problems identified and to provide an effective mechanism for the functioning of financial intermediary institutions in Ukraine, it is proposed to: introduce common rules of conduct in the financial market for banks and non-bank financial institutions, but taking into account the specifics of each type of financial intermediary; to intensify activity in the financial market of investment funds, insurance companies and non-state pension funds; Maximize the attraction of the non-banking financial sector to the development of the real sector of the economy; introduce a reliable mechanism for protecting the funds of the population and business entities; to create a service consulting center for the provision of services by non-bank financial institutions.

We believe that the outlined directions for solving the problems of the development of financial intermediation create the basis for its further improvement and promote the activation of their effective activity.


Keywords: financial market, financial intermediaries, banks, non-bank financial institutions, credit unions, pawnshops, insurance companies, financial companies.

List of references
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  2. Kornieiev, V.V. (2003). Kredytni ta investytsiini potoky kapitalu na finansovykh rynkakh [Credit and investment flows of capital in the financial markets]. Kyiv: NDFI [in Ukrainian]. 
  3. Gerasimova, S.V. (2007). Rol` finansovykh poserednykiv v orhanizatsii investytsiinoi diial`nosti aktsionernykh tovarystv [The role of financial intermediaries in the organization of investment activities of joint stock companies]. Finansy Ukrainy – Finance of Ukraine, 4, 103-111 [in Ukrainian]. 
  4. Khodakivska, V.P., Danilov, O.D. (2001). Rynok finansovykh posluh [Financial Services Market]. Irpin: Akademiia DPS Ukrainy [in Ukrainian]. 
  5. Ponomar`ova, V.S. (2015). Rozvytok nebankivs`koho finansovoho poserednytstva na rynku finansovykh posluh v Ukraini: problemy ta perspektyvy [Development of non-bank financial intermediation in the financial services market in Ukraine: problems and perspectives]. Visnyk Donbas`koi derzhavnoi mashynobudivnoi akademii – Bulletin of the Donbas State Machine-Building Academy, 2 (35), 134-140 [in Ukrainian]. 
  6. Tsikanovs`ka, N.A. (2015). Vydova systematyzatsiia finansovykh poserednykiv yak osnova formalizatsii yikh systemy [Typical systematization of financial intermediaries as the basis for the formalization of their system]. Finansovyi prostir – Financial area, 3 (19), 157-165 [in Ukrainian]. 
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  8. Pokaznyky bankivs`koi systemy Ukrainy [Indicators of the banking system of Ukraine]. Natsional`nyi Bank Ukrainy – National Bank of Ukraine. Retrieved from https://bank.gov.ua. https://doi.org/10.21511/bbs.8(2).2013.01 [in Ukrainian]. 
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About journal

Topics of the journal:

051 Economics

071 Accounting and taxation

072 Finance, banking and insurance

073 Management

075 Marketing

076 Business, trade and exchange activities

241 Hotel, restaurant and catering 

281 Public administration


Key information:
ISSN (print): 2411-4413
DOI: 10.37128

The journal “Economy, finances, management: Topical issues of science and practice” is included in the "List of Scientific Professional Editions of Ukraine". 

The scientific edition is assigned the Category "Б" in the field of economics in specialties 051, 071, 072, 073, 075, 076, 241, 281

(Order of the Ministry of Education and Science of Ukraine No. 249, March 17, 2020).

The journal “Economy, finances, management: Topical issues of science and practice” has a Digital Object Identifier (DOI)

The journal “Economy, finances, management: Topical issues of science and practice” is indexed in such database as Index Copernicus Value (https://journals.indexcopernicus.com/search/form)


The editorial board of the journal is guided by the principles of scientific, objectivity, professionalism, informational support of the most significant innovative researches, observance of standards of publishing ethics.

The purpose of the journal "Economics, finances, management: Topical issues of science and practical activity» is the coverage of leading scientific ideas in the economic, financial and management activities of the sectors of the national economy and the involvement of representatives of the domestic and foreign scientific professional community.


Objectives of the journal:

  • publication of research findings on innovation in the economy, financial and management spheres, innovation of production processes;
  • expanding partnerships with international scientific publishing organizations;
  • enhancing the culture of reviewing and annotating published material;
  • adherence to editorial ethics.


Article publishing is a paid service. Cost for printing in professional publications in accordance with the Decree of the Cabinet of Ministers of Ukraine of August 27, 2010 No. 796 "On approval of the list of paid services that can be provided by state educational institutions, other institutions of the educational system belonging to state and communal ownership" and the order Rector of the Higher Education University Mazura VA dated March 14, 2018 No. 93 “On setting the cost of printing in professional editions of the University”.

The cost of printing one page in professional editions of the university is 60 UAH.

An additional copy of the magazine with the mailing list costs 450 UAH.

Recipient: Vinnytsia National Agrarian University MFO 820172 Current account No. 31256282102055 Code 00497236 Bank State Treasury Service of Ukraine, Kyiv. VAT payer code 004972302286. Registration number 100271744. Purpose of payment: for printing an article in the journal: ”Economy, finances, management: Topical issues of science and practical activity "

History of journal:

It was founded in 1997 under the name "Bulletin of the Vinnytsia State Agricultural Institute". In 2010-2014 he was published under the title “Collection of scientific works of Vinnitsa National Agrarian University”.

From 2015 ”Economy, finances, management: Topical issues of science and practical activity” (Certificate of State Registration of Mass Media No. 21154-10954 of PR as of December 31, 2014)

According to the decision of National Council of Television and Radio Broadcasting of Ukraine from 25.04.2024 No. 1337 the scientific journal «Economy, finances, management: topical issues of science and practical activity» has the ID of the Media R30-05171.