Market infrastructure: elements and significance in a market economy

Abstract

Peculiarities of market infrastructure formation in Ukraine are studied. The genesis of the formation of the economic category "infrastructure" is considered, its main functions and role in the socio-economic development of society are determined. The paper substantiates that the market infrastructure should be considered as a set of objects and institutional structures that ensure the formation of material, financial, and information links between market participants. The complexity of the market infrastructure as a system is due to the variety of functions performed by its constituent elements. We can distinguish financial and credit, organizational, technical, and information subsystems. The interaction of elements of market infrastructure will ensure maximum efficiency and timely implementation of any programs and activities aimed at creating a competitive market environment. The shortcomings that hinder the efficient development and functioning of market infrastructure are identified, namely: lack of a regulated system of interaction between existing market infrastructure actors, insufficient innovation activity of research institutions, low perception of innovations by manufacturing enterprises, and weak provision of infrastructure network with human resources. The paper argues that the methodological approach to market infrastructure research should be based on the assessment of the existing market infrastructure, analysis of strategic directions of socio-economic development of the territory (medium and long term), taking into account the interests and needs of market participants, forecasting, identifying opportunities and risks related to the development of market infrastructure facilities, including the definition of priority areas and measures, implementation of programs and projects for the development of these facilities, and monitoring the implementation of planned measures for market infrastructure. The assessment of the existing level of market infrastructure development should be carried out in order to identify the potential additional opportunities related to market development, increase its competitiveness, and take into account the interests of market participants.

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