THE MORTGAGE-BACKED SECURITIES MARKET IN UKRAINE: STRUCTURAL CHARACTERISTICS AND PROSPECTS

Анотація

Introduction. The mortgage-backed securities market worldwide has become an effective instrument for transforming mortgage loans into liquid assets, thereby stimulating the development of the banking system and attracting investment. In Ukraine, such a market has not yet been established due to a combination of objective and subjective factors outlined in this article. The mortgage-backed securities market gains particular significance in the post-war recovery period, as it can facilitate the refinancing of mortgage loans while strengthening their social function. The purpose of the article is to identify the structural features and prerequisites for the formation of the mortgage-backed securities market in Ukraine, as well as to outline the prospects for its development based on international experience. Results. The current state and key prerequisites for the development of Ukraine’s mortgage-backed securities market have been identified. Its structure, regulatory framework, and interconnection with the mortgage lending market have been analyzed. The analysis confirmed a strong dependence of mortgage lending activity on state compensation programs, which hinders private refinancing initiatives. The mortgage lending market remains underdeveloped and insufficient to stimulate the refinancing of mortgage assets. Based on a review of global practices, potential incentive instruments suitable for implementation in the Ukrainian context have been identified. Conclusions. The development of the mortgage-backed securities market in Ukraine has considerable potential; however, its realization is constrained by low activity in the mortgage lending sector and a strong dependence on government programs. To establish an efficient market, the adaptation of international best practices has been justified, as this would enable the development of incentive mechanisms and accelerate the formation of a liquid, competitive, and sustainable mortgage-backed securities market.

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