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Роль бирж в формировании регионального рынка капитала: проблемы и перспективы
Introduction. This study summarizes theoretical material characterizing the role of exchanges in regional capital formation, identifies key problems, and proposes development directions. Stock exchanges act as arteries through which capital continuously circulates between various economic sectors and countries, creating an environment for the efficient allocation of financial resources.
In this article, we examined the structure of the regional capital market through the development of exchanges, as well as its role in the economy, investment opportunities and risks, and its connections to global financial markets.
The aim of the study is to summarize and systematize existing mechanisms and approaches demonstrating and reflecting the role of exchanges in regional capital market formation, as well as to identify key issues and develop recommendations for their improvement.
Materials and methods. The research's methodological framework relied on the use of complementary analytical procedures. Specifically, comparative analysis was used to examine the material in detail, allowing for the identification of similarities and differences between the objects under consideration and their comparative evaluation. Systems analysis was also employed, ensuring a holistic understanding and structuring of the information, ultimately enabling a profound and logically validated generalization.
Results and conclusions. Global political and economic crises directly impact the effective development of financial exchanges at the regional level.
In the face of such instability and high dependence on global economic conditions, it is critical for all financial market participants—be they banks, investment companies, brokers, or issuers—to maintain and strengthen their competitiveness. This entails not only the ability to offer attractive financial products but also high agility, meaning the ability to quickly adapt their business models and operational strategies in response to changing external conditions.
Therefore, crisis phenomena must be quickly converted into positive impulses that promote sustainable development, diversification, and strengthening of financial markets in each specific region.
Discussion. Regional stock markets are a key element of the economy, enabling capital redistribution and companies' access to financing. However, their development is directly dependent on global conditions. A striking example is the crisis of the St. Petersburg Stock Exchange, which demonstrated the vulnerability of regional markets to sanctions and external shocks.
Successful market functioning requires all participants to be highly adaptable and able to transform threats into opportunities for sustainable development. Finding mechanisms to reduce dependence on unstable external factors is becoming crucial.