Savchuk N.
Doctor of Economic Science, Professor, International Finance Department,
Vadim Getman Kiev national economic university, Kiev, Ukraine
Zolotaryova O.
associate Professor of Department of finances and accounting, Dniprovsk ,
Kamenskoe, Ukraine
CREDIT UNIONS’ INVESTIGATION AS A FACTOR OF SOCIAL AND
LABOR MOBILITY IN UKRAINIAN SOCIETY
Introduction. In today's economic conditions, reform of the financial system
and, not least, the system of organization and functioning of the financial services
market in accordance with the leading international standards is one of the main
priorities in the activities of the domestic government.
Credit unions are an important subject of the latter, and in recent years their
importance is constantly increasing, which is due to a variety of circumstances.
First, the negative consequences of the crisis in the banking sector of Ukraine,
such as: reducing the number of banking institutions and their affiliates; lowering
lending due to lack of credit resources and increasing the share of overdue debts of
clients in the loan portfolio of banks, forcing them to raise interest rates, reviewing
lending conditions and criteria for borrowers' creditworthiness; a drop in the level of
trust in financial institutions, which leads to the outflow of deposit resources from
accounts of financial institutions; devaluation trends in the dynamics of the hryvnia
exchange rate.
Secondly, the imperfection of the legal regulation of the financial services market
in Ukraine, the high political interdependence of management decisions in the financial
sphere, the excessive level of dollarization [1, p. 57] and the volatility of exchange
rates.
Thirdly, the low level of income and life of the population, a sharp lack of funds
for long-term goods, limited opportunities for small and medium-sized businesses,
including in the agricultural sector, and in general, high social tensions in society due
to dissatisfaction of citizens with the conditions of existence and conducting
entrepreneurial activity, which further determines the massive international migration
of Ukraine's labor resources.
Such realities exacerbate the need for increased attention to the development of
credit unions, which have significant advantages compared with banking and other
financial institutions. Among such advantages are the following:
1) democratic governance - the members of the credit union are its co-owners and
at the same time consumers of financial services; the management of the credit union
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