Zhukova Tatiana
Ownership structure in the financial market of the neo-continental model countries (the EAEU member States case)
Publication Type:

ISSN 2071-4688

Importance EAEU member States have a neo-continental model of financial market, which is rather similar to the continental model of developed European countries. However, they are different due to limited financial resources and functional and structural disproportions of their financial markets. Under economic integration, the key issues are gradual harmonization of ownership structure and a parallel transition to a more progressive ownership structure, focused on capital mobilization. Objectives The study aims to investigate general and specifics features of ownership structures, analyze possibilities of the neo-continental ownership model on the case of the banking system and infrastructure financial institutions of EAEU member countries. Methods I employed a systems analysis, qualitative and quantitative analyses of ownership structure in the banking system and infrastructure financial institutions, and the comparative method to reveal the existing ownership structure models by countries versus the neo-continental model. Results The analysis, despite the differences in the dominant type of property owners, confirms the sustainability of the neo-continental model and related restrictions on capital market development, even though there are privatization processes and implementation of certain elements of the policy for ownership structure regulation in EAEU member States. Conclusions For the neo-continental model to transfer to the new qualitative level, it is crucial to have a national policy to manage the ownership structure. The policy should stimulate the fractional nature of the ownership, reasonable involvement of the State in fund-raising, prudent harmonization of ownership structures in EAEU countries, and maintain the key role of the State (development institutions). 

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