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Peculiarity transformation of modern economies (example of Ukraine)

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  • Olena Slozko

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    Olena Slozko – PhD, Senior Research Adviser IWEIR NAS Ukraine Peculiarity transformation of modern economies (example of Ukraine) For the transformation of modern economies characterized by two features that impede the integration of world financial markets: first, large scale non-market sectors and relations, and secondly, the low information transparency. Typical is the low level of economy of Ukraine depends on international flows of financial capital. Contrariety investment climate in Ukraine is connected to the incomplete market institutional reforms, high levels of arbitrary interference by public authorities in the financial business and their corruption, backwardness of market infrastructure and others. This narrowness and financial market away from the main countries of the world financial capital flows . In the future, if we proceed with economic realities and financial market development level of countries with transitional economic expansion is possible in these countries to attract foreign capital. Total foreign capital inflows can have both positive and negative consequences for social and economic development. Receiving positive effects depends on the ratio between import and export of capital, foreign capital forms, directions using borrowed funds and others. The most common way of attracting foreign direct investment in real sector of economy of business is selling shares to foreign companies. Please be aware that the country in transition (non-) economics is 'fit' in global financial processes, following their own capacity for sustainable development. Integration into the global economy based on specialization in production of raw materials industries, which, unfortunately, now completely dominates the transition economies, is not effective. Countries with such exports have a strong immunity against fluctuations in world financial markets. For them there is always an external threat of violation of domestic macro-financial equilibrium. In recent years, foreign capital is intensively working on the Ukrainian banking market. Expansion of banks with foreign capital in Ukrainian banking market contributes to the further introduction of modern banking technology, international experience of banking, high levels of customer service, quality services, integrated approach to customer service introduction to corporate governance in banking practice.

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    Bibliographic Info

    Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa11p352.

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    Date of creation: Sep 2011
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    Handle: RePEc:wiw:wiwrsa:ersa11p352

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