non-state pension insurance, and may at some macroeconomic level lower the pressure
on the budget system, and minimize public spending on retirement provision in the
future. Therefore, during the tax regulation of the insurance sector, the authorities
should maintain a balance between the level of tax burden, which may have a positive
impact on the state budget, and a reduction in tax pressure on insurance companies in
order to optimize prices for certain insurance products that can guarantee a powerful
social effect in the future (for example, health insurance).
The development of the investment sector depends on the vectors of monetary
policy, in particular, on the interest rates that form the prices of traditional financial
products and services. The lower the interest rates are offered by banks for deposits,
the more often people with an appropriate level of financial literacy and understanding
that temporarily free financial resources should not only be preserved, but also protect
from impairment and multiply, pay attention to investment offers of unit and corporate
investment funds, which offer a wide range of services for collective investment in
securities, banking metals, real estate, currency values, etc.
The sector of credit co-operation and the status of its main participants - credit
unions - also depends on the policy of interest rates - first of all, credit and deposit. In
the status of non-tax organizations, credit unions were able to offer their customers
higher bank deposit rates and loans that were cheaper than in the banking market. This
contributed to an active increase in the number of these types of financial institutions
in the market until 2014.
Participants in the sector of leasing and financial companies show a trend towards
effective and cost-effective activity during the periods of monetary policy aimed at
keeping inflation and increasing rates on loans, since expensive lending induces
participants in the real economy to find new forms of engaging in technology and
technology for their own business. compliance with time requirements and existing
competition.
Thus, by means of involving the financial market, its mechanisms and tools into
the process of shaping monetary and fiscal policies the government will contribute to
increasing the efficiency of the latter on a national scale. However, the functioning of
the domestic financial market should be active and stable; moreover, its participants
should be able to operate a significant amount of assets to satisfy individual, corporate
and national financial needs. In this case the role of the financial market in the process
of shaping monetary and fiscal policies will not be purely declarative but will be
beneficial and will actually contribute to improving the efficiency of regulation of the
national economic system, its post-crisis recovery and development.
The volume of the financial market of Ukraine in a retrospective over past five
years is graphically presented in Fig. 2. We could observe a positive tendency of
increasing the volumes of assets that were available both in the banking and non-
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