STOCK MARKET AND MECHANISM OF ITS REGULATION IN THE ECONOMIC DEVELOPMENT OF THE COUNTRY

Series "Economy": Economic and legal issues of sustainable development

  • M.O. Zhytar University of the State Fiscal Service of Ukraine, Irpin

Abstract

The article analyzes the activities of the stock market and the mechanism of its regulation in the economic development of the country. Substantiates the relationship level of development of financial intermediaries and the possibility of economic growth. It is proved that the stock market regulation mechanism — a set of specific forms, functions and methods that are aimed at a balanced regulation of the process of functioning and development of the stock market in the country, whose main task is to ensure the development of the stock market in accordance with its economic interests.


REFERENCES
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Keywords

stock market, economic growth, regulatory mechanism, the economic activity, financial intermediaries

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References

1. Шумпетер Й. Теория экономического развития / Й. Шумпетер. — М. : Прогресс, 1982.

2. Mauro P. Stock Markets and Growth. A brief caveat on precautionary savings // Economic Letters. — 1995. — 47. — P. 111—116. https://doi.org/10.1016/0165-1765(94)00511-Y

3. Atje R., Javanovic B. Stock Markets and Development // European Economic Review. — 1993. — 37. — P. 632—640.

4. Letendre M-A., Smith G. Precautionary Saving and Portfolio Allocation: DP by GMM // Journal of Monetary Economics. — 2001. — 48. — P. 197—215. https://doi.org/10.1016/S0304-3932(01)00066-6

5. Greenwood J., Smith B. Financial Markets in Development and the Development of Financial Markets // Journal of Economic Dynamics and Control. — 1997. — 21. — P. 145—181. https://doi.org/10.1016/0165-1889(95)00928-0

6. Bose N. Endogenous Growth and the Emergence of Equity Finance // Journal of Development Economics. — 2005. — 77. — P. 173—188. https://doi.org/10.1016/j.jdeveco.2004.03.005

7. Castaneda G. Economic Growth and Concentrated Ownership in Stock Market // Journal of Economic Behaviorand Organization. — 2005. — P. 1—43.

8. Arestis Ph., Demetriades P., Luintel K. Financial Development and Economic Growth: the Role of Stock Markets // Journal of Money, Credit and Banking. — 2001. — 33, № 1. — P. 16—41. https://doi.org/10.2307/2673870

9. Rousseau P., Wachtel P. Equity Markets and Growth: Cross-Country Evidence on Timing and Outcomes. 1980–1995 // Journal of Banking and Finance. — 2000. — 24. — P. 1933—1957. https://doi.org/10.1016/S0378-4266(99)00123-5

10. Wurgler J. Financial Markets and the Allocation Capital // The Journal of Finance. — 2000. — 58. — P. 187—214. https://doi.org/10.1016/S0304-405X(00)00070-2

11. Durham B. The Effects of Stock Market Development on Growth and Private Investment in Lower Income Countries // Emerging Markets Review. — 2002. — 3. — P. 211—232. https://doi.org/10.1016/S1566-0141(02)00022-5

12. Harris R. Stock Markets and Development: a Re-assessment // European Economic Review. — 1997. — 41. — P. 139—146. https://doi.org/10.1016/S0014-2921(96)00021-9

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Published
2016-08-26