Оцінка впливу регулятивних заходів Нацкомфінпослуг на стан ринків небанківських фінансових послуг України

Abstract

В статті виявлено наявність причинно-наслідкових зв’язків між показниками стану ринків небанківських фінансових послуг та заходами Регулятора на цих ринках. Визначено наявність реакції показників стану ринків небанківських фінансових послуг на заходи Нацкомфінпослуг з врахуванням розриву у часі, що обумовлює наявності лагів у процесі застосування заходів Регулятора, а також означено та формалізовано змінність показників стану фінансових ринків під впливом заходів регулятора. Ключові слова: небанківські фінансові установи, ринки небанківських фінансових послуг, Нацкомфінпослуг, державне регулювання.

In the article the presence of a cause-effect relationship between state indicators of non-banking financial services markets and the Regulator’s activities at these markets is disclosed. According to the tests’ results conducted in the applied packet of data analysis EVIEWS, it was found that the time series of the basic financial markets’ parameters and the Regulator’s measures were dependent on the time factor and cyclical fluctuations, that is non-stationary, excluding permanent parameters. Based on the study results of the Granger test, was formalized and proved the correlation between Regulator’s measures and non-banking financial services markets parameters (time series of which are not stationary). The NFS market’s parameters have their own peculiarities. Namely, the total value of NFS assets is formed by changing revenue from fines and by the number of orders taken by the National Commission for the State Regulation of Financial Services Markets. Change in the total cost of NFS assets by 74% causes a number of inspections from the side of Regulator, licenses stopping and canceling. On the basis of the study and its results a system of indicators of non-banking financial services markets was formed, it considers the cause-effect relationship between Regulator’s measures, impact factors and non-banking financial services markets’ parameters; peculiarities of insurance, credit services and NFS markets’ parameters assessment. Further studies should be directed to the elaboration of scenarios of Ukrainian NFS markets development under the current model of state regulation. Keywords: non-banking financial institutions, non-banking financial services markets, National Commission for the State Regulation of Financial Services Markets, state regulation.