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The article deals with the main problems of financing of innovative development of the agrarian sector of Ukraine. It is stated in the article, that the market transformation occurring in the agrarian sector of Ukraine needs to direct considerable investment resources in this area. Institutional models of financing of innovative development are adapted to the economic systems that are formed in the society. Since Ukraineand Ukrainian economy are being transformed, it is necessary to create a system, in which reduce in the risks of application of the institutional model of «state – regulator» is achieved by the inclusion of elements of the model « state – investor «, and vice versa.

Urgent task of financing of innovative activity in the country is the creation of effective stock market where investors can be represented as institutional investors (investment funds, non–governmental pension funds, insurance companies) and as individual private investors. However, considering realities of today’s Ukraine, an effective instrument for raising funds in the agrarian sector is creation of system of specialized investment funds. System of specialized investment funds must consist of stock investment fund of property, stock investment fund of bond ofmixed investment stock fund, mutual investment fund of venture capital, etc. with extensive involvement in these investment resources of the country’s population.

Considering, the national economy has predominant development of the banking sector with high degree concentration of ownership and low levels of public trust in the investment funds. Therefore, the main investor in the economy is the banking system and there is necessity of application of financial instruments that can improve financial support for the agrarian sector. A real mechanism for the financial resources increasing of agricultural enterprises on beneficial conditions for them, on the one hand and the guarantor of refunds for credit institutions – on the other. is hypothecary-mortgage lending and the agrarian receipts. Another financial instrument able to improve not only the production. but also the social component of the agricultural sector can make credit co-operatives, which is able to make a real contribution to the issues of development of the domestic agrarian production, creation of additional jobs and the formation of social infrastructure in rural areas.

Implementation of special government programs of the stock market support and expansion of tools of the financial sector can create the optimal combination of various subsystems for the market mechanism regulation that will provide innovative development of the agrarian sector, and the whole economy of Ukraine in the future.

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Keywords:  agrarian sector; agrarian receipts; investment funds; hypothecary-mortgage lending; credit cooperation; stock market.


Oleg Zagursk³y
Dr. in Economy, Associate Professor

Yana Yukhymenko
postgraduate Academy of financial management












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