State Regulation of the Savings Market Within the Context of “New Economy” Imperatives

Анотація

In the conditions of “new economy” which today is being shaped due to unprecedented progress of science and technology, and information revolution, we observe significant intensification of insecurity and instability risks as well as scaling-up and devastating impact of the downturn. Financial security of many countries and stable functioning of the national savings schemes are under threat which makes impossible expanded reproduction and further social welfare growth. In addition, over the last decades the financial component of crises has gained its role, new financial technologies and assets have become the key reason for the downturn. In this regard, the study of new potential threats of savings market volatility as a savings system core acquires special relevance. Based on the analysis of the main imperfections of savings market under the conditions of new economy, this article defines and analyzes priority directions of the state activity targeted at ensuring sustainability of the national savings system. The author outlines the scope of legal regulation for the savings market, reveals the peculiarities of its monopolization in the conditions of globalization taking into account specifics of this process on the post-industrial stage of civilization development. Manifestations of external effects in savings market have been investigated as well as mechanisms of neutralizing the negative externalities and encouraging positive ones. Both implications of information incomplete character and internalities referring to it have been examined. The methods to increase market savings saturation with information have been considered. The role of state guarantees to ensure sustainability and stability of the national savings systems development has been shown. Performance criteria for institutions in charge to guarantee savings return have been defined. Directions of improving the state system of safeguards have been offered. Mechanism of adjusting distribution of savings resources on the part of the state has been examined. The article systematizes tools used for this purpose by public institutions of foreign countries and identifies external threats to stability of the national savings market and ways to strengthen its positions on mega-scale. The conducted research made it possible to develop theoretical framework of shaping effective mechanism for state regulation of savings market at the present stage.

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