CONCLUSION
The study of the role of financial markets in shaping the fiscal and monetary
policy of the Ukrainian government has made it possible for us to make the following
important conclusions.
First, we have determined the role of financial markets in shaping national fiscal
and monetary policy. The financial market is a source for building a financial base to
meet the financial interests of the population, economic entities, and the country, which
serve as a basis of any direction of economic policy, including its fiscal and monetary
components. Insufficient activity in the financial market forces the government to
introduce a stimulating monetary policy which involves reducing rates in the banking
market, increasing rates of money supply, annulling currency restrictions, etc.; also,
the government may take measures to reduce the tax pressure both on financial
institutions in order to prevent their bankruptcy, and on the business entities, which are
the main consumers of classical and alternative financial products and services.
Growing financial potential of the market enables the government to obtain resources
for implementing various strategies and programs within fiscal and monetary policy.
Secondly, the list of tasks of modern monetary and fiscal policy, the execution of
which is impossible without the involvement of financial market mechanisms to this
process, is determined. Thus, the tasks of fiscal policy are the formation of the state
budget, minimization of the budget deficit, support of macroeconomic equilibrium,
coordination of state purchases, establishment of optimal tax burden, stimulation of the
economy through a system of transfers, etc. The basis of effective monetary policy is
proposed to put the task of issuing the national currency, stabilizing prices for goods,
services, controlling the level of inflation, setting interest rates, stabilizing economic
growth, maintaining balance of payments balance, controlling the money supply in
circulation, dealing with government securities in circulation, etc. . The study specifies
the opportunities of the financial market in contributing to the implementation of these
tasks. In particular, financial services markets form the infrastructure for the
implementation of financial transactions, accumulate financial assets, provide
opportunities for their preservation and multiplication; create conditions for
cooperation of financial donors and financial recipients, serve as a source of funding
for the needs of actors at the micro, meso and macro levels; form the basis for taxation
by organizing the activities of financial institutions; mediate the capital turnover in the
financial system.
Third, we have investigated the volume of the Ukrainian financial market in 2013-
2017 and specified some problematic aspects of its condition. The results of the
investigation enabled us to establish a positive tendency characterizing the current
condition of the domestic financial market, that is, increasing number of financial
assets operated by its participants. Nonetheless, we observed a certain imbalance
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