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Liburkina L. M.

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The Structural Transformation of Ukraine’s Capital Market under the Conditions of a Wartime Economy
Lapishko Z. Y., Halun V. I., Havryliak A. B.

Lapishko, Zorіana Ya., Halun, Viktoriia I., and Havryliak, Anastasiia B. (2026) “The Structural Transformation of Ukraine’s Capital Market under the Conditions of a Wartime Economy.” Business Inform 5:743–743.

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
Downloads/views: 0

UDC 336.76:336.7:330.3(477)

Abstract:
The relevance of the study is determined by the need to analyze the transformational processes taking place in the capital market of Ukraine under the conditions of the wartime economy, increasing macroeconomic instability, high geopolitical risks, and limited access to external sources of financing. Under conditions of the full-scale war, the capital market acquires special importance as a mechanism for the accumulation of financial resources, maintenance of State financial stability, and support for the functioning of the economic system. Martial law has significantly affected the structure of the financial market, changed the balance between government and corporate financial instruments, reduced market liquidity, and weakened investment activity. The aim of the article is to examine the peculiarities of the structural transformation of the capital market of Ukraine under the conditions of the wartime economy, to analyze current trends in its development, and to determine the key directions for improving the efficiency of the market during the postwar economic recovery period. To achieve this aim, the current state of the Ukrainian capital market, the dynamics of exchange trading, the structure of financial instruments, and market depth indicators during 2021–2025 were analyzed. The methodological basis of the study includes general scientific and special research methods, namely statistical, comparative, structural, and systemic analysis. The information base of the research consists of statistical data from the National Securities and Stock Market Commission of Ukraine, the National Bank of Ukraine, the Ministry of Finance of Ukraine, the World Bank, and international financial organizations. The study found that under martial law there has been a significant strengthening of the role of government debt instruments, primarily domestic government bonds, which account for the majority of operations on the organized capital market. It was determined that such a market structure indicates a high level of fiscalization and the gradual displacement of the corporate segment. At the same time, the stock market is characterized by low liquidity, a limited number of active issuers, and a narrow range of investors. A high concentration of exchange trading on individual trading platforms and unstable dynamics of corporate bonds and share issues under the influence of wartime and macroeconomic factors were also identified. A comparative analysis of the capital market development indicators of Ukraine and the countries of Central and Eastern Europe confirmed the significant lag of the domestic market in terms of market capitalization and trading activity. At the same time, several positive trends were identified, including the growing role of derivatives transactions, concentration of liquidity on leading exchanges, and gradual expansion of household participation in investments through domestic government bonds. The scientific novelty of the study lies in the comprehensive analysis of structural changes in the capital market of Ukraine under wartime conditions, identification of the main transformation trends, and substantiation of directions for activating the corporate segment, diversifying financial instruments, and developing institutional market infrastructure. It has been proved that the efficient functioning of the Ukrainian capital market requires macroeconomic stabilization, increased investor confidence, attraction of private capital, and the creation of preconditions for the country’s postwar economic recovery.

Keywords: capital market; wartime economy; stock market; domestic government bonds; financial stability.

Fig.: 4. Tabl.: 3. Bibl.: 15.

Lapishko Zorіana Ya. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Financial Technologies and Consulting, Ivan Franko National University of Lviv (1 Unіversytetska Str., Lvіv, 79001, Ukraine)
Email: [email protected]
Halun Viktoriia I. – Student, Ivan Franko National University of Lviv (1 Unіversytetska Str., Lvіv, 79001, Ukraine)
Email: [email protected]
Havryliak Anastasiia B. – Student, Ivan Franko National University of Lviv (1 Unіversytetska Str., Lvіv, 79001, Ukraine)
Email: [email protected]

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