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Fiscal Leverage On Capital Market Development At National Level


  • Igor Doroshenko

    (Russian Standard Bank, Kyiv)


The article deals with the nature, objectives and main instruments of state fiscal policy. We singled out fiscal methods of regulation of the capital market by the National Bank of Ukraine. The attention is focused on the mechanisms of regulation of compulsory sale of foreign exchange earnings. We defined tax methods of regulation of capital markets and new arrangements for taxation of securities. We grounded harmfulness of implementing a tax on sale of foreign currency exchange market and capital market, leading to a flourishing black market total foreign exchange trading, the emergence of entirely new illegal schemes for new tax evasion and an almost complete absence of its revenues to the Pension Fund of Ukraine, an increased incidence of currency fraud. The positive trends in the dynamics of the financial resources of the Fund Deposit Guarantee as an important precondition strengthening the banking system of Ukraine are revealed.

Suggested Citation

  • Igor Doroshenko, 2013. "Fiscal Leverage On Capital Market Development At National Level," Ukrainian Journal Ekonomist, Yuriy Kovalenko, issue 7, pages 16-21, July.
  • Handle: RePEc:uje:journl:y:2013:i:7:p:16-21

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