Trends in the developing Ukrainian non-bank financial service markets assessed using a mixture separation method
-
DOIhttp://dx.doi.org/10.21511/ed.19(4).2020.05
-
Article InfoVolume 19 2020, Issue #4, pp. 48-60
- 372 Views
-
86 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
Non-bank financial institutions play an important role in the non-bank financial service markets expressed in expanding the access to financial services for individuals and legal entities. The non-bank financial service markets demonstrate their performance peculiarities in the pre-crisis and post-crisis periods that bring up to date the need to form a scientific presentation of their development trends. Therefore, it is necessary to provide scientific background and identify the regress and progress processes in the non-bank financial service markets. The research aim is to develop an analytical approach to determining the peculiarities of the development processes in the non-bank financial service markets. The research assesses the key indicators of the non-bank financial service markets in terms of quantity by dividing a set of values into groups by cluster analysis and multidimensional object clustering by a system of indicators, as well as identifying the progress and regress patterns in the non-bank financial service markets. Achieving the research results requires taking into account the above-mentioned objectives fulfilled in seven stages. The research results reflect the influence on the financial service markets exerted by the governmental regulation policy and the consumer protection level in these markets.
- Keywords
-
JEL Classification (Paper profile tab)G23, G28
-
References19
-
Tables1
-
Figures2
-
- Figure 1. Examples of generalization patterns showing the development process of indicators by the cluster analysis method
- Figure 2. Results of the analytical approach applied to define the development processes in the NBFS markets
-
- Table 1. Summarized results of cluster analysis for selected indicators of the NBFS markets in Ukraine for 2006–2018
-
- Anderberg, M. (1973). Cluster Analysis for Applications (376 p.). Cambridge: Academic Press.
- Bacho, R., Pukala, R., Hlibko, S., Vnukova, N., & Pola, P. (2019). Information management: the key driver of the economic system’s development. Marketing and Management of Innovations, 3, 297–307.
- Brucker, P. (1974). On the complexity of clustering problems (pp. 45–54). In Optimizations and Operations Research. Springer.
- Čihák, M., & Podpiera, R. (2006). Is One Watchdog Better than Three? International Experience with Integrated Financial-Sector Supervision. Czech Journal of Economics and Finance, 56(3–4), 102–126.
- Goodhart, C., & Тsomocos, D. (2012). Cheltenham: Financial Stability in Practice. Edward Elgar Publishing.
- Hirtle, B., Schuermann, T., & Stiroh, K. (2009). Macroprudential Supervision of Financial Institutions: Lessons from the SCAP (Staff Report no. 409). New York: Federal Reserve Bank of New York.
- Ingves, S. (2011). Basel: Bank for International Settlements. Central Bank Governance and Financial Stability.
- Kolodіziev, O., & Lozynska, О. (2020). Osoblyvosti vyznachennia ta strukturyzatsii rynku finansovykh posluh v umovakh didzhytalizatsii ekonomiky [Features of definition and structuring of the market of financial services in the conditions of digitalization of economy]. Bankіvska sprava - Banking, 2(152), 41–56. (In Ukrainian).
- Maliarets, L. (2006). Vymiriuvannia oznak obiektiv v ekonomitsi: metodolohiia ta praktyka [Measuring the characteristics of objects in economics: methodology and practice] (384 p.). Kharkiv: HNEU. (In Ukrainian).
- Maliarets, L. (2008). Metodolohiia formuvannia modelnoho bazysu opysu sotsialno-ekonomichnykh system [Methodology of forming a model basis for the description of socio-economic systems]. Extended abstract of Doctor’s thesis. Kharkiv: HNEU. (In Ukrainian).
- Masciandaro, D., & Quintyn, M. (2009). After the Big Bang and Before the Next One? Reforming the Financial Supervision Architecture and the Role of the Central Bank – A Review of Worldwide Trends, Causes and Effects (1998-2008) (Paolo Baffi Centre Research Paper No. 2009-37).
- Masciandaro, D., & Quintyn, M. (2011). The Economic Crisis: Did Financial Supervision Matter? (IMF Working Paper. No. 11/261).
- Melecky, M., & Podpiera, A. (2012). Institutional Structures of Financial Sector Supervision, Their Drivers and Emerging Benchmark Models (MPRA Paper No. 37059).
- Nier, E., Osiński, J., Jácome, L., & Madrid, P. (2011). Towards Effective Macroprudential Policy Frameworks: an Assessment of Stylized Institutional Models (Working Paper No. 11/250).
- Ponomarenko, V., & Maliarets, L. (2009). Bahatovymirnyi analiz sotsialno-ekonomichnykh system [Multidimensional analysis of socio-economic systems] (384 p.). Kharkiv: HNEU. (In Ukrainian).
- Ponomarenko, V., Vnukova, N., Kolodiziev, O., & Achkasova, S. (2019). The influence of governmental regulation and supervision on the development of the risk-oriented system of financial monitoring of Ukraine. Financial and credit activity: problems of theory and practice, 2(29), 419–429. (In Ukrainian).
- Poyda-Nosyk, N., Bacho, R., & Vdovenko, N. (2017). Сomparative characteristic of development trends in the Polish and Ukrainian insurance markets: conclusions for Ukraine. Scientific Bulletin of Polissia, 3(11), 92–98.
- Rissanen, J. (1986). Stochastic complexity and modelling. The Annals of Statistics, 14(3), 1080–1100.
- Vnukova, N., Kavun, S., Kolodiziev, O., Achkasova, S., & Hontar, D. (2020). Indicators-Markers for Assessment of Probability of Insurance Companies Relatedness in Implementation of Risk-Oriented Approach. Economi Studies (Ikonomicheski Izsledvania), 32(1), 151–173.