THE ROLE AND INFLUENCE OF INSTITUTIONAL FACTORS ON THE DEVELOPMENT OF THE CREDIT MARKET IN UKRAINE: ANALYSIS, CHALLENGES AND PROSPECTS
Abstract
The article is devoted to the study of the role and influence of institutional factors on the development of the credit market in Ukraine. The author specified the categorical apparatus in terms of the concepts «institute», «institutional factors», «institutional environment», «institutional support». An analysis of important institutional aspects that determine the dynamics and efficiency of the credit market, including legislation and regulation, financial institutions, market competition, information and technology infrastructure, deposit insurance, socio-cultural and political aspects, has been carried out. It is emphasized that proper work on the creation of high-quality and understandable legislation contributes to the formation of a legal environment that contributes to increasing trust in the credit market and attracting more resources. Well-developed financial institutions are able to provide a variety of credit products that support the development of entrepreneurship and consumer activity. The importance of market competition is noted in the context of reducing the cost of loans and improving their conditions. High competition stimulates the reduction of the cost of loans and the improvement of their conditions, which benefits consumers and enterprises.Convenient access to information and technological innovations contribute to the reduction of customer service costs and ensure faster market development. The positive impact of deposit insurance and guaranteeing on the market is highlighted, as it increases confidence in financial institutions and increases the amount of available resources. The analysis of socio-cultural and political structures shows that their institutional approaches can determine the willingness of subjects to take loans and develop business. The need to take into account institutional factors in the formation of strategic decisions regarding the development of the financial system of Ukraine is emphasized. Taking these aspects into account can contribute to improving the stability, efficiency and competitiveness of the credit market, contributing to the economic growth and development of the country in general.
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