Quintessence of Ukraine’s Financial Security Strengthening in the Context of Economic Space Volatility

Abstract

The formation of a stable financial system is one of the important tasks facing the state. The lack of a comprehensive strategy to strengthen Ukraine’s financial security leads to fragmentation and insufficient predictability of the country’s financial policy. This directly threatens Ukraine’s national security and economic sovereignty. The author’s developments in the directions and mechanisms of ensuring the financial security of the state are aimed at forming a strategic vision of the development of the domestic financial market, promoting consolidation and effective interaction of state authorities, first of all the Ministry of Finance of Ukraine, the National Bank of Ukraine, the Committee on Financial Policy and Banking of the Verkhovna Rada Ukraine and society. This article provides for the study of factors affecting the financial security of the state, the comparative analysis of approaches to the definition of financial security used in foreign and domestic practices. As a result of the analysis, a comprehensive signal system of indicators of financial security assessment of the state will be proposed in scientific work, principles of its strengthening will be developed, mechanisms for ensuring financial stability in the context of strengthening the financial security of the state are substantiated. The results of the evaluation will serve as a basis for substantiation of strategic directions, identification of instruments and measures for ensuring the financial security of the state by the bodies of macroprudential supervision, determination of ways of development of competition in the financial market. Appropriate developments will facilitate timely and adequate management decision making in the context of high volatility of the economic space, which will ultimately serve as a basis for strengthening the financial security and development of the Ukrainian economy as a whole. In Ukraine, the financial policy of economic growth is the basis for the development of the state, improving the well-being of the population, establishing new social standards. Financial stability is an important factor in influencing economic development, the social sphere, economic transformation, demographic change, the well-being of society, and financial security as a component of economic security. Against this background, the issue of ensuring the financial security of the country and developing strategic directions for its enhancement is urgent.