BUSINESS INFORM JOURNAL.

УКР

ENG

Search:

REGISTRATION CERTIFICATE

KV #19905-9705 PR dated 02.04.2013.

FOUNDERS

RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE)

According to the decision No. 802 of the National Council of Television and Radio Broadcasting of Ukraine dated 14.03.2024, is registered as a subject in the field of print media.
ID R30-03156

PUBLISHER

Liburkina L. M.

SITE SECTIONS

Approaches to the Assessment of Stock Market Resilience
Chunytska I. I., Bohrinovtseva L. M., Gongalo S. O.

Chunytska, Iryna I., Bohrinovtseva, Liudmyla M., and Gongalo, Sergii O. (2025) “Approaches to the Assessment of Stock Market Resilience.” Business Inform 7:369–376.
https://doi.org/10.32983/2222-4459-2025-7-369-376

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
Downloads/views: 0

Download article (pdf) -

UDC 336.76:330.131.7

Abstract:
The relevance of the article is determined by the rising volatility of financial markets and the need to develop comprehensive approaches to assessing the stability of the stock market as a key element of the financial stability of the economic system. The aim of the article is to formulate the essential characteristics of stock market resilience and to systematize approaches to its assessment. The article elucidates the concept of stock market resilience: in a broad sense – as the market’s ability to perform its functions amidst dynamic changes and absorb shocks, and in a narrow sense – as the stability of market infrastructure and regulatory mechanisms. Providing essential characteristics of the concept of stock market resilience is a necessary stage in identifying factors that disrupt it. Attention is focused on the systemic nature of stock market resilience, which is closely interconnected with the resilience of the financial market, capital market, and the economy. Depending on the level at which the resilience of the stock market is studied, the number of factors that determine it significantly increases. The key approaches to assessing the resilience of the stock market have been systematized: analysis of capitalization levels, index evaluations, portfolio theory, aggregated indices (of competitiveness and economic freedom), and Elliott wave theory. The influence of both internal (market adaptability, transparency, investor trust) and external (globalization, geopolitical transformations) factors on market resilience has been analyzed. Taking into account available scientific developments, the necessity of a comprehensive approach to assessing resilience, which considers the interconnection of the stock market with the broader economic system, has been substantiated. In conclusion, it is emphasized that systematizing approaches to the assessment of stock market resilience will contribute to increasing its transparency, investor trust, and the efficiency of regulatory mechanisms, thereby ensuring resilience in the face of global economic challenges.

Keywords: stock market, capital markets, stock market resilience, financial instability, stock indices, asset management, financial instruments.

Fig.: 2. Bibl.: 17.

Chunytska Iryna I. – Doctor of Sciences (Economics), Professor, Professor, Department of Financial Markets and Technologies, State Tax University (31 Universytetska Str., Irpin, Kyiv region, 08205, Ukraine)
Email: [email protected]
Bohrinovtseva Liudmyla M. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Finance, Banking and Insurance, The National Academy of Statistics, Accounting and Auditing (1 Pіdhіrna Str., Kyiv, 04107, Ukraine)
Email: [email protected]
Gongalo Sergii O. – Applicant, Department of Financial Markets and Technologies, State Tax University (31 Universytetska Str., Irpin, Kyiv region, 08205, Ukraine)
Email: [email protected]

List of references in article

Honhalo, S. “Teoretychnyi konstrukt stabilnosti fondovoho rynku“ [Theoretical Construction of the Stability of the Stock Market]. Visnyk Khmelnytskoho natsionalnoho universytetu. Seriia «Ekonomichni nauky», no. 5 (2024): 369-374. DOI: https://doi.org/10.31891/2307-5740-2024-334-55
Kovalenko, Yu. M., and Bilovus, T. V. Investytsiini protsesy na rynku tsinnykh paperiv: teoriia ta praktyka [Investment Processes in the Securities Market: Theory and Practice]. Irpin: DPU, 2023.
Hantsiak, M. O., and Brutskyi, Ye. I. “Rol derzhavnykh oblihatsii u rozvytku fondovoho rynku Ukrainy“ [The Role of Government Bonds in the Development of Ukraine's Stock Market]. European scientific journal of Economic and Financial innovation, no. 2 (2025): 371-380. DOI: http://doi.org/10.32750/2025-0234
“Global Financial Stability Report. Enhancing Resilience amid Uncertainty“. International Monetary Fund. April 2025. https://www.imf.org/en/Publications/GFSR
“Financial Conditions in a Changing Global Financial System“. Bank for International Settlements. June 2025. https://www.bis.org/publ/arpdf/ar2025e2.htm
“Financial Markets and Economic Growth“. Organisation for Economic Co-operation and Development. April 2025. https://www.oecd.org/en/topics/finance-and-investment.html
Chunytska, I. I., Bohrinvotseva, L. M., and Honhalo, S. O. “Finansovi poserednyky yak instytutsiini draivery kapitalizatsii fondovoho rynku Ukrainy“ [Financial Intermediaries as Institutional Drivers of the Capitalization of the Ukrainian Stock Market]. European scientific journal of Economic and Financial innovation, no. 1 (2025): 374-384. DOI: https://doi.org/10.32750/2025-0133
Yachmenova, V. M., and Vorobets, T. I. “Chynnyky, shcho vplyvaiut na riven stiikosti funktsionuvannia fondovoho rynku“ [Factors That Influence the Level of Stability of Functioning of the Stock Market]. Biznes Inform. 2013. https://www.business-inform.net/export_pdf/business-inform-2013-10_0-pages-328_336.pdf
Yarmishko, A. O. “Fondovyi rynok Ukrainy: analiz chynnykiv vplyvu ta shliakhy modernizatsii“ [The Stock Market of Ukraine: Analysis of Influencing Factors and Modernization Paths]. European scientific journal of Economic and Financial innovation, no. 2 (2024): 380-388. DOI: https://doi.org/10.32750/2024-0234
Alshubiri, F. “The stock market capitalisation and financial growth nexus: an empirical study of western European countries“. Future Business Journal, art. 46, vol. 7 (2021). DOI: https://doi.org/10.1186/s43093-021-00092-7
Albers, S. “The fear of fear in the US stock market: Changing characteristics of the VVIX“. Finance Research Letters, part A, vol. 55 (2023). DOI: https://doi.org/10.1016/j.frl.2023.103926
Akel, V., and Torun, T. “Stock Market Development and Economic Growth: The Case of MSCI Emerging Market Index Countries“. In Global Financial Crisis and Its Ramifications on Capital Markets, 323-336. Cham: Springer, 2017. DOI: https://doi.org/10.1007/978-3-319-47021-4_23
Yachmenova, V. M., and Vorobets, T. I. “Obhruntuvannia metodyky otsiniuvannia stiikosti funktsionuvannia fondovoho rynku Ukrainy“ [Justification of the Methodology for Assessing the Stability of the Functioning of the Ukrainian Stock Market]. Kultura narodiv Prychornomoria. 2013. https://nasplib.isofts.kiev.ua/server/api/core/bitstreams/5df311ca-35ef-40ad-aa16-b4321fc504ef/content
Markowitz, H. “Portfolio Selection: Efficient Diversification of Investments“. The Journal of Finance, vol. 7, no. 1 (1952): 77-91. DOI: https://doi.org/10.1111/j.1540-6261.1952.tb01525.x
Abuselidze, G., and Slobodyanik, A. “Investment of the financial instruments and their influence on the exchange stock market development“. Economic Science for Rural Development : 20th International Scientific Conference (9-10 May, 2019), no. 52. Jelgava, 2019. 211-221. DOI: https://doi.org/10.22616/ESRD.2019.123
Hanusych, V. O. “Fondovyi rynok: prohnozuvannia rukhu tsin za dopomohoiu teorii Elliotta“ [Stock Market: Price Movement Forecasting Using Elliott Theory]. Ekonomika ta suspilstvo, no. 74 (2025). DOI: https://doi.org/10.32782/2524-0072/2025-74-19
Sun, Ch. et al. “Mainshocks and aftershocks: Assessing the resilience of Asia-Pacific stock markets amid global financial cycle shocks“. Pacific-Basin Finance Journal, vol. 91 (2025). DOI: https://doi.org/10.1016/j.pacfin.2025.102720

FOR AUTHORS

License Contract

Conditions of Publication

Article Requirements

Regulations on Peer-Reviewing

Publication Contract

Current Issue

Frequently asked questions

INFORMATION

The Plan of Scientific Conferences

OUR PARTNERS

Journal «The Problems of Economy»

The site and its metadata are licensed under CC BY-SA.

Write to webmaster