{"id":13313,"date":"2020-03-19T17:38:33","date_gmt":"2020-03-19T15:38:33","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=13313"},"modified":"2020-03-19T17:52:10","modified_gmt":"2020-03-19T15:52:10","slug":"the-impact-of-financial-innovation","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/the-impact-of-financial-innovation\/","title":{"rendered":"Melnyk Olga, Vrabiye Nelya, Kovalenko Anna, Dzhosan Victoriia. The Impact of Financial Innovation on Economic Development"},"content":{"rendered":"

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JEL Classification<\/strong>: O 31, E 44.<\/span><\/td>\nDOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V19(2020)-20<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Melnyk\u00a0Olga<\/strong>, Candidate of Economic Sciences, Associate Professor, Mykolayiv National Agrarian University, Mykolayiv, Ukraine<\/p>\n

ORCID ID<\/strong>: 0000-0001-8639-7755<\/a>
\ne-mail<\/strong>: melnykolga19@gmail.com<\/a><\/p>\n

Vrabiye\u00a0Nelya<\/strong>, Applicant for Higher Education of Accounting and Finance Faculty, Mykolayiv National Agrarian University, Mykolayiv, Ukraine<\/p>\n

e-mail<\/strong>: nelichka1998@ukr.net<\/a><\/p>\n

Kovalenko\u00a0Anna<\/strong>, Applicant for Higher Education of Accounting and Finance Faculty, Mykolayiv National Agrarian University, Mykolayiv, Ukraine<\/p>\n

Dzhosan Victoriia<\/strong>, Applicant for Higher Education of Accounting and Finance Faculty, Mykolayiv National Agrarian University, Mykolayiv, Ukraine<\/p>\n

The Impact of Financial Innovation on Economic Development<\/h2>\n

 <\/p>\n

Abstract<\/strong>. The article presents theoretical and methodical approaches to the essence of the definition of “financial innovations” in modern scientific literature. The features, content, forms of modern financial innovations are considered, the estimation of their influence on the development of the financial system and the economy as a whole is determined. The classification of financial innovations according to their functions, types of activities, categories, substantive forms, types of innovations, according to the novelty of the place of implementation, by their innovative role is given.<\/p>\n

Purpose<\/strong>. The article substantiates that today, the global financial market has a significant untapped potential, the effective use of which should become a priority task of further innovative development of the Ukrainian economy. It has been proved that in modern conditions digitalization of financial relations is a decisive element of transformation of both the financial market and the economy as a whole.<\/p>\n

Result<\/strong>. The article proves that in modern conditions digitalization of financial relations is a decisive element of transformation of both the financial market and the economy as a whole. Financial innovations increase the quality and efficiency of the payment system, simplify the mechanisms of investing and lending, significantly improve the mechanisms of the monetary system in the economy.<\/p>\n

Conclusion<\/strong>. The article determines that in the conditions of transformation of economy and financial markets the most promising directions of development and implementation of financial innovations are: money transfers and payments; alternative forms of financing, insurance and capital management of companies. Thus the global financial market today has a significant untapped potential the effective use of which should become a priority task of further innovative development of the Ukrainian economy.<\/p>\n

Keywords<\/strong>: innovations; financial innovations; financial system; crypto currency; financial market.<\/p>\n

References:<\/strong><\/p>\n

    \n
  1. Lakhmetkina, N. I. (2017). Predicting the impact of innovative factors on the development of the Ukrainian economy. K. : KNOKYIV, 184 [in Ukrainian].<\/li>\n
  2. Arslanova, S. K. (2016). Innovative prospects of Ukraine. Fundamentals of Economics, Management and Law<\/em>, 1 (1), 4-9 [in Ukrainian].<\/li>\n
  3. Enterprise economics. K.: NAUP, 2017, 584. Retrieved from https:\/\/i.factor.ua\/law-109\/section-778\/article-12806\/ [in Ukrainian].<\/li>\n
  4. Maltseva, Yu. M. (2018). Innovative Banking Strategies: Essence and Classification. K.: ECSO [in Ukrainian].<\/li>\n
  5. Idea Cloud Retrieved from http: \/\/stevieawards.com\/iba\/idea-cloud<\/li>\n
  6. Poland’s Idea Bank launches SME business platform on cloud Retrieved from https:\/\/www.finextra.com\/news\/ announcement.aspx?pressreleaseid=58825<\/li>\n
  7. The BAI Global Innovation Awards Retrieved from https:\/\/www.bai.org\/globalinnovations\/awards\/categories<\/li>\n
  8. Burkovskaya, A. V. (2017). Advantages and disadvantages of using crypto currency. Accounting, analytical and financial support for the activity of economic entities: educational, scientific and industrial bases: materials of the II international. Research Practice conf., November 22-24, 2017, Mykolayiv : MNAU, 165-168 [in Ukrainian].<\/li>\n
  9. Merton, R. C. (1992). Financial innovation and economic performance. Journal of applied corporate finance<\/em>, 12\u201322 [in Ukrainian].<\/li>\n
  10. Mastercard Acquires Artificial Intelligence Systems Development Company, February 13, 2018. Retrieved from https:\/\/www.plusworld.ru\/daily\/tehnologii\/mastercardpriobrela-kompaniyu-po-razrabotke-sistem-iskusstvennogo-intellekta-2 [in Russ.].<\/li>\n
  11. Navarro, M., Gibaya, H., Bilbao-Osorio, B., Aguado, R. (2012). Innovation, R&D and economic growth. Typology of 25 regions of the EU and recommendations for public policy. Synergy of space: regional innovation systems, clusters and knowledge flows. Smolensk: Oikumena, 472 [in Russ.].<\/li>\n
  12. Finnerty, J. & Douglas, E. (2002). Corporate Securities Innovation: An Update. Journal of Applied Finance<\/em>, 12, 21-47.<\/li>\n
  13. Llewellyn, D. (1992). Financial innovation: a basic analysis. In: Cavanna H (ed) Financial innovation. Routledge, London.<\/li>\n
  14. Wished, Y. M. (1996). Economic Theory of Technological Change: \/ Yu. M. Wished. K. : Testament. [in Ukrainian].<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 14 February 2020<\/p>\n

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    Melnyk, O., Vrabiye, N., Kovalenko, A. & Dzhosan, V. (2020). The Impact of Financial Innovation on Economic Development. Modern Economics<\/em>, 19(2020), 120-125. DOI: https:\/\/doi.org\/10.31521\/modecon.V19(2020)-20.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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    [vc_row][vc_column][vc_column_text] JEL Classification: O 31, E 44. DOI: https:\/\/doi.org\/10.31521\/modecon.V19(2020)-20 [\/vc_column_text][vc_column_text] Melnyk\u00a0Olga, Candidate of Economic Sciences, Associate Professor, Mykolayiv National Agrarian University, Mykolayiv, Ukraine ORCID ID: 0000-0001-8639-7755 e-mail: melnykolga19@gmail.com Vrabiye\u00a0Nelya, Applicant for Higher Education of Accounting and Finance Faculty, Mykolayiv National Agrarian University, Mykolayiv, Ukraine e-mail: nelichka1998@ukr.net Kovalenko\u00a0Anna, Applicant for Higher Education of Accounting and Finance
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