scholarly journals Features of Ukraine’s Stock Market Integration Into the World Stock Market

2021 ◽  
Vol 4 (519) ◽  
pp. 183-189
Author(s):  
O. А. Shuba ◽  
Keyword(s):  
Stock Market ◽  
Market Integration ◽  
Information Technologies ◽  
Secondary Market ◽  
Modern World ◽  
Stock Exchanges ◽  
Leading Role ◽  
Current State ◽  
The World ◽  
Financial Infrastructure

The article is aimed at examining the current state and peculiarities of integration of Ukraine’s stock market into the world stock market. The article analyzes the current state of the stock market of Ukraine. It is defined that according to the criterion of «capitalization of the stock market/GDP», Ukraine’s stock market can be characterized as underestimated and having the potential for growth. The tendency to reduce the number of professional stock market participants and the gradual consolidation of securities trading in two stock exchanges was noted: «PFTS» and «Perspektyva». Most operations in Ukraine’s stock market take place in the secondary market. It is recognized that the stock market in our country is practically not used by issuing enterprises to attract financial resources. As for the issuers, most of them are represented by the so-called «blue chips». Among the extant problems of Ukraine’s stock market, low liquidity of securities was noted, which remains so due to the insider nature of the stock market. In addition, the phenomenon of price manipulation is present. But, despite the existing problems, the process of integration of the Ukrainian stock market into the world stock market continues. Thus, joining the process of virtualization of the world financial system, operations in the digital environment are gradually being transferred in Ukraine and information technologies are quickly introduced into the operations of stock exchanges. The Law of Ukraine «On Amendments to Certain Legislative Acts of Ukraine on Simplifying Investment Attraction and Introduction of New Financial Instruments» adopted in 2021 took into account the requirements of the modern world stock market related to the transformation of existing forms of securities and the emergence of their new types. This law provides for the construction of a new financial infrastructure in Ukraine. It is concluded that the leading role in the process of integration of Ukraine’s stock market into the world stock market belongs to the State, which, stimulating the development of the national stock market and establishing cooperation with international organizations operating in this sphere, regulates this process.

scholarly journals Influence of world stock markets on the development of the stock market in Ukraine

2021 ◽  
Vol 18 (4) ◽  
pp. 223-240
Author(s):  
Inna Shkolnyk ◽  
Serhiy Frolov ◽  
Volodymyr Orlov ◽  
Viktoriia Dziuba ◽  
Yevgen Balatskyi
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Mutual Influence ◽  
Stock Exchanges ◽  
World Federation ◽  
Pairwise Correlation ◽  
Stock Market Performance ◽  
The Us ◽  
The World ◽  
Global Stock Markets

Viewing the development of the stock market in Ukraine, the economy, which world financial organizations characterize as small and open, is largely determined by the trends formed by the global stock markets and leading stock exchanges. Therefore, the study aims to analyze Ukraine’s stock market, the world stock market, stock markets in the regions, and to assess their mutual influence. The study uses the data of the World Federation of Exchanges and National Securities and Stock Market Commission (Ukraine) from 2015 to 2020. Stock market performance forecasts are built using triple exponential smoothing. Based on pairwise correlation coefficients, the existence of a significant dependence in the development of the world stock market on the development of the American stock market was determined. Regarding the Ukrainian stock exchanges, only SE “PFTS” demonstrated its dependence on the US stock market. The results of the regression model based on an exponentially smoothed series of trading volumes in all markets showed that variations in the volume of trading on the world stock market are due to the situation on the US stock markets. Trading volume dynamics on Ukrainian stock exchanges such as SE “PFTS” and SE “Perspektiva” is almost 50% determined by the development of stock markets in the American region. Although Ukraine is geographically located in Europe, the results show a lack of significant links and the impacts of stock markets in this region on the major Ukrainian stock exchanges and the stock market as a whole.

Global financial architecture: possible directions of structural transformation

2021 ◽  
pp. 4
Author(s):  
Vladimir Andrianov
Keyword(s):  
Stock Market ◽  
Structural Transformation ◽  
Financial Institutions ◽  
Capital Market ◽  
Shadow Banking ◽  
International Financial Institutions ◽  
Financial Architecture ◽  
The World ◽  
Financial Infrastructure

The article examines the main trends in the transformation of the global financial infrastructure. The influence of shadow banking and the bubble of derivatives on the development of the world capital market and the stock market is investigated. Possible options for reforming international financial institutions and financial regulators are proposed.

scholarly journals The mechanism of integration of the Ukrainian stock market in the world stock market

2020 ◽  
Vol 157 ◽  
pp. 04034
Author(s):  
Anna Slobodianyk ◽  
George Abuselidze ◽  
Lyudmyla Tarasovych
Keyword(s):  
Stock Market ◽  
National Economy ◽  
Stock Markets ◽  
Market Integration ◽  
Functional Model ◽  
State Regulation ◽  
Global Integration ◽  
The World ◽  
Priority Direction ◽  
Global Stock Markets

The article is devoted to structuring and improving the methodological foundations of the mechanism of state regulation of the stock market. Priority directions for the development of the stock market are determined in order to strengthen its role in stabilization of the national economy. As a result, a structural and functional model of stock market operation in the system of economic development of the country was elaborated. It involves ensuring the legitimate access of national companies to the global stock markets while attracting foreign investors to the Ukrainian stock market. The authors argue that the mechanism of the national stock market integration involves several stages: from enhancing international cooperation primarily with the stock markets of countries that are strategic partners, subsequent full participation in regional and subregional integration associations of stock markets, up to global integration in the world stock market as a priority direction for the development of the domestic stock market in the context of stabilization of the national economy.

scholarly journals Rodney Stark, Subjective Religiousness and a Prolonged Farewell to Secularization Theory

2021 ◽  
Vol 5 (3) ◽  
pp. 101-112
Author(s):  
A. V. Appolonov
Keyword(s):  
United States ◽  
The United States ◽  
Modern World ◽  
Social Changes ◽  
The Past ◽  
Secularization Theory ◽  
Current State ◽  
The World ◽  
Negative Role ◽  
Long Term Trends

In 1999, Rodney Stark announced that the secularization theory had died and should be buried in a graveyard of failed doctrines. He presented the rationale for this verdict in Secularization, R.I.P., which was supposed to show that the theory of secularization is not capable of correctly describing either the past or the current state of religiosity in European countries, and even more so in the rest of the world. While Stark’s findings have been accepted by many scholars, the current researches show that Stark was too hasty with his conclusion, and the theory of secularization still has significant descriptive and explanatory potential. Thus, the results of recent research by Ronald F. Inglehart show that, although religions continue to play an important role in the modern world, their importance is steadily declining even in countries and regions that were previously considered permanently religious (for example, in the United States or in South America). Accordingly, Inglehart speaks of “recent acceleration of secularization” as the reality in which most countries in the world live. In the situation of the ongoing discussion about how fully and accurately the secularization theory is able to describe the laws and mechanics of social changes, it also becomes relevant to consider the question of why the previous criticism of the theory, including that of Stark, was not very effective. It seems that in Stark’s case the following factors have played a negative role: an ideologized approach equating the theory of secularization with secularism, the interpretation of the subjective religiosity of some societies as an unchangeable constant, which, moreover, should be accepted as constant for all other societies, and an extremely simplified interpretation of fundamental principles of secularization theory, which, according to Stark, is no more than the prophecy about the end of religion. The incorrectness of some Stark’s critical ideas is demonstrated by a statistical analysis of long-term trends in the religiosity of Iceland, Great Britain, and the United States. The most telling example seems to be that of Iceland, whose religious landscape has changed dramatically over the past three decades and bears little resemblance to the image of rural religiosity of the 1980s that Stark drew in Secularization, R.I.P., and which he considered unchanged.

scholarly journals Measuring Co-Movements and Linkages between Nigeria and the UAE Stock Exchanges: Is there Opportunity for Portfolio Building?

2020 ◽  
Vol 1 (2) ◽  
pp. 106-122
Author(s):  
Shafiu Abdullahi
Keyword(s):  
Stock Market ◽  
Financial Market ◽  
Market Integration ◽  
Stock Exchange ◽  
Portfolio Diversification ◽  
Empirical Literature ◽  
Stock Exchanges ◽  
Financial Contagion ◽  
Stock Market Integration ◽  
Short Run

Purpose: The main objective of this study is to examine the relationship between Nigerian Stock Exchange and Dubai stock exchange with the aim of finding out the direction of movements between their respective indices. Approach/Methodology/Design: The methodology adopted for the analysis is ARDL cointegration model and the Generalized Method of Moment (GMM). This is because of their known efficiency in detecting patterns between variables. Findings: The result of the short-run analysis using GMM shows that there is existence of short-run causality between the Dubai financial market (DFM) and the Nigerian stock exchange (NSE). Thus, for investors looking for short- run arbitrage opportunity between the markets, they shall look elsewhere. But, the result of bound testing has shown lack of cointegration between the two markets. This is a sign of existence of opportunities for portfolio diversification between Nigeria stock exchange and Dubai financial market, since the two markets are not cointegrated in the long-run. Practical Implications: The study helps bridge the empirical literature gap in stock market integration and portfolio diversification with reference to the Nigeria and UAE. It will, therefore, guide local and foreign investors with interest in Nigeria and UAE Stock Exchanges. It will also guide Nigerian and UAE policy makers to understand the market better, especially as it concerns financial contagion. Originality/value: This study provides further evidence on stock market integration in emerging markets. New researches shall adopt different methodology such as use of volatility tracking models to measure volatility linkage between the markets.

scholarly journals Analysis of the Development of the Industrial Sector in the Context of Global Transformation of Economic Processes

2021 ◽  
Vol 92 ◽  
pp. 07031
Author(s):  
Maria Klevtsova ◽  
Yulia Vertakova ◽  
Yulia Polozhentseva
Keyword(s):  
Statistical Analysis ◽  
Industrial Development ◽  
Value Added ◽  
Industrial Sector ◽  
Modern World ◽  
High Tech ◽  
Current State ◽  
National Wealth ◽  
The World ◽  
Stable Growth

Research background: In the modern world the rate of global transformation of economic processes is constantly increasing, while stimulating the growth of industrial production in the countries of the world. The industrial sector plays an important role in achieving stable growth in national wealth indicators, as well as in ensuring national security. Accelerating the pace of industrial development, especially high-tech, contributes to an increase in employment and the transition to a balanced economic development of the country. Purpose of the article: The main purpose of the publication is to study the current state and structural transformations in industry in the world economy, to analyze the level and dynamics of the main indicators of industrial development. Methods: Using statistical analysis of time series and dynamics indicators, the authors have evaluated the development trends of the industrial sector, based on the methods of scientific knowledge, a comparative analysis of the systematic results of development indices characterizing the functioning of industry around the world. Findings & Value added: A statistical analysis of the development of the industrial sector in the context of globalization allows the authors to determine the exact number of enterprises, the costs of the industry and their income, as well as the contribution made to the development of both region and the country as a whole. In this research the authors have considered the main economic indicators of industrial development in the world. The authors have systematized the main measures aimed at the development of the industrial sector.

scholarly journals THE ABAZIN LANGUAGE: HISTORY AND PRESENT TIME

2021 ◽  
Vol 71 (2) ◽  
pp. 90-98
Author(s):  
Makka S.-G. Albogachiyeva ◽  
Keyword(s):  
Information Technologies ◽  
Functional Change ◽  
Significant Loss ◽  
National Language ◽  
Language History ◽  
Current State ◽  
Original Culture ◽  
The World ◽  
The Republic ◽  
The 19Th Century

The article analyzes the prerequisites and the main causes and factors that influenced the current state of the Abazin language. Various processes related to the preservation of the national language are ongoing in Abaza society. Russia’s modern abazins live compactly in the Abazinsky district of Karachay-Cherkessia, they are one of the five title nations of the republic. However, their significant part left homeland in the middle of the 19th century and emigrated to the Ottoman Empire. As a result of this relocation, the abazins found themselves scattered around various parts of the world. The absence of their own writing and life in a foreign cultural environment led to a significant loss of the communicative properties of the Abazin language. Many factors influenced the functional change of the language — political, socio-economic, cultural, etc. At the turn of the 20th–21st centuries, realizing that the native language is on the verge of extinction, the abazins started vigorous activity to preserve the language, uniting the efforts of not only those living in the Russian Federation, but also fellow tribesmen from other countries of the world. This was facilitated by the holding of the World Abkhaz-Abazi Congress and the creation of other public organizations aimed at preserving national culture and language. These processes are gaining strength thanks to information technologies that allow not only broadcasting, but also seeing the interlocutor and communicating with him. Native speakers can teach the Abazin language to anyone, regardless of where they live. Thus, modern abazins use all available resources to preserve their original culture.

THE ROLE OF IMPLICIT DETERMINANTS IN A HIGHLY LIBERALIZED EMERGING MARKET: EVIDENCE FROM MALAYSIA

2020 ◽  
pp. 1-19
Author(s):  
YIN YIN KOAY ◽  
CHEE-WOOI HOOY
Keyword(s):  
Asset Pricing ◽  
Stock Market ◽  
Market Integration ◽  
Emerging Market ◽  
Foreign Ownership ◽  
Multivariate Garch ◽  
Shape Effect ◽  
Firm Level ◽  
The World ◽  
Positive Effect

While Malaysia has fulfilled expectation of a highly liberalized market since 2009, however, her stock market is still far from fully integrated with the world market. Existing literature by far has not provided any insight on market integration of such highly liberalized yet not perfectly integrated stock market. This paper explores whether such non-perfect market integration is due to some implicit factor at firm level. Based on Errunza, V and E Losq (1989) . Capital flow controls, international asset pricing, and investors’ welfare: A multi-country framework. The Journal of Finance, 44(4), 1025–1037 asset pricing framework, we employed a multivariate GARCH-M model to estimate the monthly market integration level of Malaysia stock market with the world over a period from January 2009 to September 2016. Subsequently, we examine whether the three firm-level implicit factors, i.e., ownership concentrations, foreign ownership and firm price delay affect the Malaysia stock market’s world integration. These firm-level factors are aggregated from firm-level data while price delay was also aggregated from estimates of weekly data at firm level. In short, we found that price delay and ownership concentrations have significant negative effects on the market level integration, with the latter having a nonlinear [Formula: see text]shape effect where ownership concentration will have a positive effect passing the threshold of 52.2%. Last but not least, foreign ownership has a significant positive effect.

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