Non-bank financial institutions activity in the context of economic growth: cross-country comparisons

The article deals with the analysis of non-bank financial institutions activity on the financial market of Ukraine, their basic progress and co-operating trends with the real sector of economy. The degree of develop-ment of non-bank financial institutions is presented through the context of their influence on the economic growth of Ukraine, and is based on appropriate foreign experience. Moreover, it is presented a methodical approach of determining the integration of non-bank financial services market into the world financial space on the basis of analysis of the level of openness and development of the domestic economy as a whole and the market of non-bank financial services in comparison with other countries of the world. It is made a comparison of the Ukrainian non-bank financial services market general level with indicators of development of this sector in other countries of the world. Furthermore, it is determined the share of foreign capital in the domestic market of non-bank financial services of Ukraine that allows to determine the effec-tiveness of the changes that it brings to the domestic financial services market. Finally, it is compared volumes of mutual use of foreign capital in the activities of the Ukrainian non-bank financial services market and domestic capital in the activities of foreign non-bank financial institutions.