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Liburkina L. M.

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The Theoretical Foundations of the Functioning of the Financial Services Market in Modern Conditions
Malykhin A. H.

Malykhin, Artem H. (2025) “The Theoretical Foundations of the Functioning of the Financial Services Market in Modern Conditions.” Business Inform 9:278–287.
https://doi.org/10.32983/2222-4459-2025-9-278-287

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 336.7:339.13.017

Abstract:
The financial services market is an integral part of a country’s financial system. Within each country, such a market has historically developed in line with the transformation and development of social, including financial, relations. The article places significant emphasis on exploring the essence of the category «financial services market», which is carried out through a detailed analysis of scientific conceptions regarding the content of this market. This, in turn, allowed for the formation of a personal understanding of the nature of the financial services market and the analysis of its functioning model. The study also examines two approaches to studying the process of forming the financial services market: evolutionary and dynamic, considering their essence and the specifics of their use in the process of substantiating and deepening the theoretical foundations of its functioning. Significant attention is paid to highlighting the characteristics of this market and identifying the distinctive features of its development compared to other goods and services markets. The article also states that the financial services market operates only under favorable conditions for the formation and development of financial relationships in the country, which is linked to the stability of the financial system and the specific features of the country’s macroeconomic development. The motives of individual economic agents in using financial services are substantiated, and the role of each in its development is determined. This has allowed for the identification of contemporary challenges that have emerged in the field of financial relations and will shape the future development of the financial services market. Among them, the article identifies the following: instability of global goods and capital markets; development of the digital economy; changes in the established operating model of this market due to the emergence of new entities that also provide financial services and compete with traditional financial institutions; changes in regulatory requirements; expansion of market segments due to the emergence of new types of assets; transformation of financial behavior models of households, business entities, government authorities and local self-government, and financial institutions.

Keywords: financial services market, financial institutions, financial relations, digital economy, market, financial assets, competition.

Fig.: 1. Tabl.: 2. Bibl.: 16.

Malykhin Artem H. – Postgraduate Student, Department of Finance, Banking and Insurance, National University «Chernihiv Polytechnic» (95 Shevchenka Str., Chernihiv, 14035, Ukraine)
Email: [email protected]

List of references in article

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