Theoretical and methodological aspects of evaluation of financial market efficiency

The article examines the theoretical approaches to the definition of "financial market efficiency" and defines the methodology for its evaluation from the standpoint of financial market performance of its macroeconomic function. The basic concepts of financial market efficiency developed by American scientists are analyzed and generalized. The essence of an efficient market is determined and the forms of its efficiency are determined according to the hypothesis of an efficient market by E. Fama, the theory of investment security by W. Sharpe, the alternative hypothesis of an efficient market by T. Copeland and J. Weston, the concept of financial intermediation costs K. Arrow, R. Lucas and P. Romer. It is substantiated that not all conditions of efficiency of the financial market put forward by scientists are observed in the real market. The contradiction of the equation of efficiency of the financial market, which is defined as the value inverse of the difference in interest rates on loans and deposits in the banking system, is pointed out. The author substantiates that the macroeconomic efficiency of the financial market and its role in ensuring the stable development of socio-economic systems is primarily determined by the distributive (redistributive) function of the financial market. It is noted that an effective financial market should be the driving force that stimulates stable development and positive changes in the economy, providing enterprises with investment and credit resources. According to the macroeconomic role in a market economy, the efficiency of the financial market is defined by the author as its ability to ensure effective redistribution of resources, directing them to the real sector of the economy, which leads to stable development of socio-economic systems. At the same time, the efficiency of the financial market by its distribution function is proposed to be assessed by the ratio of the amount of actually attracted capital by non-financial corporations and the total resource base of the financial market. A comparative analysis of the impact of the state of development of the main segments of the financial market (stock and credit markets) on the economic development of different countries on key indicators provided by the World Federation of Exchanges and the International Monetary Fund