Ishchenko E.A., Usachev
V.A.
Donets national university
of economimcs and trade named after Mikhail Tugan-Baranovsky, Ukraine
PROBLEM ASPECTS AND PROSPECTS
OF INTEGRATION OF UKRAINE TO THE WORLD FINANCIAL ENVIRONMENT
Problem investment in Ukraine was one
of the most pressing problems of today. During the financial
crisis, acute problem of investing
in Ukraine. Investment plays an
important role in the further development
of economic activities of the country.
Globalization
processes in all without an
exception areas of public life gradually
cover all regions of the world,
with economic globalization becomes a
major factor in the global economy.
The
purpose of this article is
the identification of problem
areas and prospects for Ukraine's
integration into the global financial
environment.
Association of individual national
financial markets into a single global financial center, which is a direct consequence of financial globalization
requires the liberalization of the
domestic financial sector and cross-border
transactions on capital movements.
The result of this liberalization
has become a large-scale intensification and changes in the nature of international capital flows.
As a result international migration
of capital among other
factors of production has gained importance leading factor in the development of the world economy, and foreign investment
is essential and
most significant part
of the internal economic processes most states.
However, despite the significant increase in the total volume of international capital
flows, investment allocation of
resources between regions with different degrees of development characterized
by the irregularity. In view of this, we can talk about inconsistencies and ambiguity deployment of
globalization, including globalization of international financial
relations and the uneven impact of the international financial
component to the economic development of
certain groups of countries.
Decorations on the last stage
of financial globalization today
is to change the structure of capital flows to private investment and replacement flows to promote production
in different regions of the world,
for the benefit of international portfolio
diversification. In addition, an
increase in the absolute volume
of investment in developing countries
and the gradual alignment of accumulated investments
in different countries. However, specified
alignment occurs mainly between countries with roughly
the same stage of development, while
the relative share of investment in
developing countries is reduced, that mean that the degree of involvement in
the globalization of countries
with different levels of economic
development is different. Accordingly,
there is a different effect, which are different from the participation in the processes of
globalization - this effect is greater, the greater the level of economic development.
However, in the future one of the most
important consequences of financial globalization
has become a
gradual alignment of investment
volumes and the value of
financial assets in different regions.
The
economic systems of the countries with the lowest levels
of economic development and developing
countries are extremely vulnerable
to the influence of globalization
factors, leading to an increased risk
of financial instability in these
countries. Therefore, it is clear
that at some stage of its
evolution, financial globalization leads to the growth of the level of risk
inherent to the operations of the financial market. Especially in view of the above reasons,
the riskiness evident in the initial period of financial liberalization
in developing countries. Accordingly, the main task of the so-called emerging market is to minimize the degree
of vulnerability to external shocks those changes
position of foreign investors that lead to these countries large flows of "hot" capital.
Despite
the high level of openness
of the economy and the overall
positive trend in the future inclusion of Ukraine into the world economy, the financial sector of the
country celebrated the
interaction with international
financial markets. Backlog of integration
into the global economy in the financial
sector needs immediate correction
of economic policy in order to
increase foreign investment and
lending.
The
problem of integration into the globalized world financial
environment facing Ukraine,
requires the consideration the features
of modern structure of the world economy,
careful selection and use of tools
that are able to maximize the speed and effectiveness of such integration while minimizing the potential costs of this process. Special attention should be paid to the risks
that accompany the process of integration
of the national economy to a globalized
financial environment.
In the course of further development and
liberalization of the financial market
of Ukraine, during its further integration into the global financial environment is extremely important to
study the experience of foreign countries
on how such integration and for avoiding its
negative effects.
For
the purpose of early identification
and elimination of conditions of financial instability, limiting the
national market from the negative impact of the international crisis processes foreign scientists proposed the
use of different measures of state regulation. But in Ukraine,
in our opinion, most of the above
measures is not admissible because the national financial market has not reached a sufficient level of development, as a feature of the national economy is the need for a significant amount of free cash
that can be used for fixed assets,
working capital replenishment funds use as a credit.
LIST
OF SOURCES ::
1. Laws
of Ukraine "On investment activity", "On foreign investments", "The elimination of discrimination in the taxation of business
entities created by using the property and funds of domestic origin."
2. Ivashchenko A. Improving
the mechanism to attract foreign investment in Ukraine / /
Investment: Practice and Experience. - 2009. - № 3.
3. Makuha
S. Ukraine in international economic relations in the
context of globalization. - K.: Legas,
2006.