Емпіричні основи розвитку фінансового ринку

Abstract

The financial market of today is one of the main components of the financial system of each state. By combining the money market and the capital market, it not only contributes to the formation of redistributive relations between the state and the population, but also ensures the interaction of domestic finances with the global financial system. The modern financial market is based on trade and exchange relations established by trade since the time before Christ. One of these was the Great Silk Road, which not only united Europe, the East and Asia in trade operations, but also contributed to the emergence of exchange and the formation of the concepts of "currency" and "currency exchange". At the same time, active trade served as a prerequisite for the development of production and competitiveness, which laid the foundations for the modern global financial market. There are five stages in the development of the financial market, each of which was driven by relevant drivers, supported by certain scientific hypotheses and optimal stabilisation recommendations. The first stage, covering the period from 1945 to 1957, was triggered by the conclusion of the Paris Treaty. Its rationale was the model (theory) of random walks, and its consequent effect was the creation of free trade zones. The second stage lasted from 1957 to 1970 and was caused by the collapse of the Bretton Woods system. Its peculiarities are explained by the efficient market hypothesis, and its stabilising effect was the creation of the European Monetary Union. The oil and stock market crises triggered the third stage of financial market development (1970-1990), and the cause-and-effect relationships were embodied in the theory of behavioural finance. The elimination of imbalances resulted in the creation of a system of national regulators. Between 1990 and 2004, new countries with different economic development were joining the EU. The coherent market hypothesis explained the causes of the financial crisis of this period, and its elimination was achieved through the delegation of authority. Since 2004, the next stage of financial market development has been going on, which is explained by the adaptive market hypothesis, whose stabilising moments have not yet been generalised.