Browsing by Author "Poliakh, Serhiy"

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    Evaluation Quality of Consumer Protection by Financial Markets Services
    (The Academic Research and Publishing UG (AR&P) LLC, 2017) Poliakh, Serhiy; Полях, Сергій Сергійович; Alikariyev, Nuriddin; Аликариев, Нуриддин
    It is known that the concept of consumer protection is complex, that is, it consists of various component elements (indicators), which have a qualitative nature. All this complicates the process of assessing the quality of consumer protection and prevents the definition of it because it is very difficult to collect the necessary statistical information. The problem of managing financial consumer protection has become particularly relevant just after the 2008-2009 crisis. The purpose of the article is to analyze the main directions of normative provision namely financial consumer protection in the world by the example of implementation of various kinds of official documents and decisions, both at the level of the individual state and internationally. Based on the key principles of the World Bank and open source information from the Financial Access 2010 database, an article has developed an algorithm for evaluating the quality of consumer protection by financial markets services on an example of different countries of the world.
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    Index of protection of the interests of consumers of the financial services market
    (Academic Research and Publishing UG (AR&P) LLC, 2018) Alikariev, Olimkhon Furkat Ugly; Алікарієв, Олімхон; Poliakh, Serhiy; Полях, Сергій Сергійович
    The world practice shows that active activity of international organizations in the direction of improving the system of protection of the rights of consumers of financial services gives first positive results after the crisis of 2008-2009. However, the theoretical basis, declared by international organizations, does not always coincide with the actual state of events in countries with different levels of economic and social development. This problem requires a more complex solution with the use of more flexible tools. In this article, key regulatory provisions were analyzed, which are currently regulating the process of providing the system for protecting the rights of consumers of financial services. Based on world experience, it is suggested to use the so-called index of the safity of customers of the finacial services market (ISCF), which is calculated on the basis of variables, united by three structural units: financial literacy, financial consumer protection, financial inclusion, to assess the degree of customer protection. This index was calculated for 142 countries with different levels of economic development. According to the results, the highest value of the index was found in the countries with developed economies (Belgium, Great Britain, Canada, Portugal and France). It confirms that the level of the economic development correlates with ISCF and there is direct connection. So, as country is more economic developed it has higher ISCF.
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    The consumer protection as a driver of innovative development: case study for consumers of financial services
    (Сумський державний університет, 2018) Poliakh, Serhiy; Полях, Сергій Сергійович
    Today, there is a clear understanding of the concept of “financial accessibility” as a necessary condition for sustainable poverty reduction, innovation and economic growth. However, the relationship between financial availability and traditional for the financial sector to ensure the stability, integrity and protection of consumers of financial services has not been sufficiently studied and not considered in a single context. This situation began to be corrected and acquired a special urgency in the post-crisis period, when the study of this problem could help to understand the causes of the onset of financial structural changes. The purpose of the paper is a research of the nature of implicit connections between the level of protection of consumers interests of the financial services market as drivers of innovation development in the country, and three conditional sectors: general economic status, public administration and financial stability. The basis of the study was the statistical information of the IMF, CGAP and the World Bank on the Financial Access 2010 database, the Global Findex database and the G20 Financial Inclusion Indicators of the World Bank, the database of OECD/INFE on Adult Financial Literacy at the time of 2010 for 95 countries with different levels of economic development. The system of simultaneous structural equations was used as a method for calculations. 31 indicators were selected for formalizing the implicit structural links between the four contingent sectors: the general economic condition of the countries, public administration, financial stability of the countries and the level of protection of the interests of consumers of the financial services market, among which 12 major components were selected by the method of main analysis, included for further analysis. The formalization of the relationships between the latent variables introduced in the study allowed the following conclusion: with an increase in the level of protection of the interests of consumers of the financial services market, the level of public administration and the general economic state is growing. Thus, it was confirmed the thesis that the level of consumer protection in case of consumer financial services market fulfills the role of a locomotive for innovative development of the country as a whole.