The article deals with the growing role of financialization and its impact on the financial security of Ukraine. It is emphasized that the rapid development of the stock market of Ukraine is now a potential threat to the financial security of the state. The necessity to analyze all possible factors influencing the financial security of the country, including the stock market, as one of the components of the financial and economic system, due to the low level of financial security of the state, is emphasized. One of the main internal problems of the Ukrainian economy is analyzed – the control and regulation of the balance of payments and the methods of its solution through targeted artificial policy of the state, which threatens the financial security of the country and its stability. It is justified that an additional way of regulating the balance of payments today is the expansion of the stock market of Ukraine and the issuance of high-yield T-bills. It is emphasized that the inflows of speculative funds raised by increasing debt using a financial instrument such as T-bills are not capital investments and can be drastically withdrawn from the country at any time, thus destroying the hryvnia. The dynamics of the movement of investment resources is analyzed and the disparity of financial and real investments is revealed. A GAP analysis was conducted between the volume of the real and financial sectors of the economy and it was proved that there was under-financing of the real sector of the Ukrainian economy. As a result, the authors emphasize the approach of continuous monitoring of the GAP breaks in order to obtain a conclusion on the state of financial security and prevent the uncontrolled growth of the financial sector. According to the results of the investigation, 2 key indicators for the control of the financial security of the state were identified. It is emphasized that the artificially created rapid development of the financial sector can lead to further deterioration of the financial situation in the country, vulnerability and complete dependence on the processes of globalization, financialization and global hegemons.
Keywords:
financial security, financialization of the economy, global financial capital, stock market, government bonds, financial globalization, disproportionality of real and financial investments, GAP analysis.
The Inefficiency of the Stock Market Equilibrium
