IMPACT OF THE CAPITAL MARKET ON THE TRANSFORMATION OF THE ECONOMY IN UKRAINE
分析乌克兰证券市场的形成过程，梳理相关法律与指令，讨论政府努力与障碍，并参考欧洲前沿国家进行比较，对研究转型经济体资本市场发展有参考价值。
The paper is dedicated to a thorough analysis of the formation of the securities market in Ukraine, which follows the hash transitional road to market economy full of political vibes and the fight of interest groups reflected in the so‐called “grey” or “black” economy. Therefore the path to developing the market of securities in Ukraine was not easy. An overview of the related laws and directives passed in Ukraine is presented with the author's comments, suggestions and scientific reasoning of how the market of securities developed then and what are the prospects for the future. With this purpose in mind, the author presents data on the legal efforts of the Ukrainian Government to prepare a fruitful soil for the development of securities market and discussed the obstacles, which posed and still pose threats for an adequate functioning of the Ukrainian market of securities. Some European comparisons are taken into account, especially from the Frontier's group countries.