THEORETICAL AND METHODOLOGICAL APPROACHES TO THE DEFINITION OF "FINANCIAL INTERMEDIATION" AND FORMALIZATION OF ITS TYPES
Abstract
Financial intermediaries are key players in the financial services market and ensure the efficient redistribution of financial resources. The development of such institutions contributes to the improvement of the country's investment portfolio, stimulates the attraction of free funds, has a positive effect on macroeconomic indicators of the economy. Different aspects of financial intermediation are of interest to both practitioners and are the center of scientific interest of many researchers. However, the lack of a unified approach to the definition of "financial intermediation" both in academia and in current legislation leads to ambiguous interpretation of this category and its personification depending on the needs of research and analysis. The lack of a single classification of types of financial intermediaries complicates a comprehensive understanding of the concept under study and necessitates further development of theoretical and methodological approaches. The article is devoted to the formalization of the categorical apparatus of such economic entities as financial intermediaries. The problematic interpretation of this concept is proved by the lack of a single definition of the term among domestic and foreign scholars, as well as in the regulations of Ukraine. The analysis, synthesis, systematization, generalization and comparison of approaches of foreign and domestic authors concerning the essence, definition and types of financial intermediaries are carried out. In particular, the author highlights the instrumental, institutional, functional and essential approaches to defining the concept being studied. It is generalized that most scientists support functional and substantive approaches. Critical analysis of the scientific literature made it possible to carry out the author's formalization of the classification features of financial intermediaries in the following areas: belonging to the economic sector, types of financial services and activities, geography, form of accumulation of funds. The aim of the article is to review the literature in order to summarize the existing approaches to the nature and types of financial intermediation in order to formalize the classification criteria by which financial intermediaries are divided into types.
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