Contents |
Authors:
Tatyana Vieriezubova, Ph.D., Associate Professor, Department of Tax and Taxation, Belarusian State Economic University, the Republic of Belarus
Valentina Levchenko, Ph.D., Executive Director, All-Ukrainian professional public organization “Union of Auditors of Ukraine”, Ukraine
Pages: 87-95
DOI: 10.21272/fmir.1(2).87-95.2017
Download: |
Views: |
Downloads: |
|
|
|
Abstract
The article is devoted to the development of methodical tools for determining the level of openness of the insurance market in Ukraine. The proposed level of openness of the insurance market of Ukraine should be considered as an opportunity (potential) for domestic insurers to interact effectively with foreign investors and financial intermediaries. It has been established that the mathematical tool for realizing the task should be a gravity modeling, which, taking into account the inflow and outflow of the characteristics of the openness of the insurance market of Ukraine, allows us to determine the degree of its remoteness from the insurance markets of Europe and the World. It is proved that the openness of the insurance market of Ukraine serves not only as an indicator of the level of readiness of the interaction of domestic financial intermediaries with foreign entities, but also fully characterizes the infrastructural level of the Ukrainian insurance market.
Keywords: insurance market, level of openness, gravity modeling, insurance company, inflow, outflow.
JEL Classification: G22.
Cite as: Vieriezubova, T., Levchenko, V. (2017). Openness of the insurance market for foreign entities: methodology and experience of Ukraine. Financial Markets, Institutions and Risks, 1(2), 87-95. http://doi.org/10.21272/fmir.1(2).87-95.2017.
References
- Arena, M. (2008). Does insurance market promote Economic Growth? A cross-country Study for Industrialized and developing countries. Journal of Risk Insurance, 75 (4), 921-946.
- Bazylevych, V.D. (2008). Strakhuvania: pidruchnyk [Insurance: textbook]. Kyiv: Znania [in Ukrainian], 1019 p.
- Edwards, S. (1998). Openness. Productivity and Growth: What Do We Really Know? Economic Journal, 108 (March), 383-398.
- Haiss, P., Sumegi. K. (2008). The relationship between insurance and economic growth in Europe: a theoretical and empirical analysis. Empirica, 35 (4), 405-431.
- Informatsiia pro stan i rozvytok strakhovoho rynku Ukrainy za period 2005-2015 / Natsionalna Komisiia, scho zdiisniuie derzhavne rehuliuvania u sferi rynkiv finansovykh posluh [Information on the state and development of the insurance market of Ukraine for the period of 2005-2015 / National Commission which provides state regulation in the field of financial services markets] [Electronic resource]. Available at http://nfp.gov.ua/content/informaciya-pro-stan-i-rozvitok.html.
- Kjosevski, J. (2011). Impact of Insurance on Economic Growth: the Case of Republic of Macedonia. European Journal of Business and Economics, 4, 34-39.
- Kuzmenko, O.V. (2013). Doslidzhenia problem I vyznachenia rivnia vidkrytosti rynku perestrekhuvania na osnovi hravitatsiinoho modeliuvania [Investigation of problems and determining the level of openness of reinsurance market based on gravitational modeling]. Visnyk Ukrainskoi Akademii Bankivskoi Spravy, № 1, P. 125–134.
- Non-bank financial institutions : Assessment of their impact on the stability of the stability of the financial system. Available at http://ec.europa.eu/economy_finance/ publications/ economic_paper/2012/pdf/ecp472_en.pdf.
- Osadets, S.S., Artiukh, T.M. Hamankova, О.О., at al. (2007). Strakhovi posluhy [Insurance services]. Kyiv: KNEU, 464 p.
- Quinn, D., & Inclan, C. (1997). The origins of financial openness: A study of current and capital account liberalization. American Journal of Political Science, 41(3), 771–813.
- Richni zvity Natsionalnoi Komisii. scho zdiisniuie derzhavne rehuliuvania u sferi rynkiv finansovykh posluh za period 2012-2015 [Annual reports of the National Commission which provides state regulation in the field of financial services markets for the period of 2005-2015] [Electronic resource]. Availavle at http://nfp.gov.ua/content/rzviti-nackomfinposlug.html.
- Shirinian, L.V. (2014). Finansove rehuliuvania strakhovoho rynku Ukrainy: problem teorii ta praktyky: monohrafiya [Financial regulation of the Ukrainian insurance market: problems of theory and practice: monograph. Kyiv: Publishing house “Tsentr uchbovoi literatury” [in Ukrainian], 458 p.
- Shaffle, A. (1873). Das Gesellschaftliche System der Menschlichen Wirtschaft, 850 p.
- Skipper, H. D., Kwon, W. J. (2007). Risk Management and Insurance: Perspectives in a Global Economy. Blackwell Publishing. Ltd., Oxford.
- Tindergen, J. (1962). Shaping the World Economy: Suggestions for an International Economic Policy. New York. The Twentieth Century Fund, Р. 34 – 58.
- Xiangsheng Dou (2016) Measure and Evaluation of Financial Openness in China. International Journal of Economics and Financial Issues, 6(3), 985-994.
- Zhang, Z. (2008). A review of measurement method for financial openness. Economic Trends, 12(3), 117-120.
|