Ganna
Kozachenko
National
Academy of Internal Affairs, Ukraine
E-mail: AVKozachenko.2016@gmail.com
Taina
Zavora
National
University "Yuri Kondratyuk Poltava Polytechnic", Ukraine
E-mail: taina.zavora@gmail.com
Liudmyla
Shapoval
Kremenchuk
National Mykhaylo Ostrogradskiy University, Ukraine
E-mail: shapoval.liudmyla@ukr.net
Submission: 12/24/2019
Accept: 1/7/2020
ABSTRACT
The place and value of pawnshops in the
financial market are considered in the article. The main indicators of activity
of pawnshops are analyzed. The advantages and disadvantages of using the
pawnshop services by the population are substantiated. The growth rate of
pawnshop activity in Ukraine is determined on the basis of the method of
estimating the integral indicator. The nature and specifics of the influence of
social security indicators on the activity of pawnshops in Ukraine by means of
correlation analysis are revealed. In the constructed econometric model, the
factors that influence are the social security indicators of the country and
the dependent values are indicators of pawnshop activity. The obtained results revealed a
significant correlation between the social security indicators of the country
and the indicators of pawnshop activity. The detail of the analysis showed the
greatest correlation between the pawnshops' performance and the social security
indicator – the ratio of the average monthly nominal wage to the subsistence level
for one able-bodied person.
Keywords: financial market; pawnshop activity; social
security indicators; integral indicator; correlation analysis, dependency.
1.
INTRODUCTION
The dynamics of transformational change in Ukraine in recent years have been accompanied by a significant increase in political and economic instability, as well as exacerbation of social problems. The most important problems identified by the sociological group “Rating” as a result of a sociological survey commissioned by the International Republican Institute for Ukraine and for each citizen were: corruption, military actions in Donbass, rising prices and high tariffs, deteriorating quality of life, unemployment and health issues (UKRAINIAN TRUTH, 2018).
Social tensions in Ukraine are steadily increasing and the standard of living and welfare of the population is decreasing. The negative trends that occur in the social sphere and the accumulated social problems contribute to the development of pawnshops in the financial services market. The situation in the financial market is indicative in determining the relevance of the problem of the interdependence of social security and pawnshops in Ukraine.
2.
LITERATURE REVIEW
The activities of non-bank financial
services providers in the scientific literature are the subject of separate
research, which is considered in various aspects. The set of scientific tasks
related to the management of the development of financial services markets in
modern conditions are considered by such scientists as: Vnukova and Pukala (2016), Vnukova et al., (2017), Shapoval and Zavora (2018), Netudykhata (2016), Parkhomenko (2019).
The
analysis of the role of pawnshops in the financial services market, the
development of the pawnshop lending market and approaches to the rating and
classification of pawnshops is covered in the works of such scientist as: Vnukova (2013),
which provided practical recommendations on the financial activities of
pawnshops, ensuring its financial stability and other aspects of pawnshops.
The
peculiarities of the activity of pawnshops in unstable economic conditions are
investigated by such
scientists as: Diachkova (2014), Zavora and Ilchenko (2017). The
Impact of Credit Borrowing on Vietnam's Household Income is researched by such scholar as: Hoang
Tran Hau (2017), who argues that accessibility to
microfinance in Vietnam in households can be a way to improve their well-being.
It
is legitimate to note that, despite the presence of certain research findings
in pawnshop development, they are still characterized by non-systematic,
fragmentary, and overwhelmingly observational nature.
Hnybidenko, Kolot and Rogovyi (2006), Iliash
(2014), Zayats and Yanevych
(2013); Novikova, Sydorchuk
and Pankova (2018); Zavora
and Chepurny (2014), Onyshchenko,
Kozachenko and Zavora
(2018); Onyshchenko, Zavora and Filonych (2018) worked in the direction of formation and maintenance of social security
of the person, society and the state.
Scientists of the Center for Policy Studies in the Ministry of Social Policy
and NAS of Ukraine Ilchuk and Davydiuk
(2018), who substantiated the theoretical and
methodological approaches to the analysis of social security and identified the
national interests of Ukraine in the social sphere, analyzed
the problems of national security.
Kharazishvili
and Dron (2014),
improved the evaluation methodology based on the analysis and
generalization of theoretical approaches to the integrated assessment of the
state's economic security level, which includes nine points and two-level
integral convolutions: first at the level of indicators and thresholds of each
component, then and their thresholds, which allowed it to determine its current
and forecast state, identify “danger zones”, and identify the conditions
necessary to strengthen the economic immunity of the state due to the impact
and structural elements of economic security.
Onyshchenko, Zavora and Chepurny (2015) summarized
the theoretical approaches and methodological bases for providing social
security of the region, identified risks and threats to social security and
their peculiarities, which allowed them to offer a methodical approach to assessing
the social security of the region and the method of social security algorithm
which will reduce the impact of potential threats at the regional level.
At
the same time, the need for a mechanism for systematic and timely
identification of the nature of the link between social security indicators and
pawnshops in the context of economic instability in the country remains urgent.
The
purpose of the article is to analyse, interconnect and interconnect
the nature of the impact of social security indicators on the activation of
pawnshops in Ukraine.
3.
DATA AND METHODOLOGY
The
following methods such as the philosophy of cognition have been used to achieve
this goal: the laws of dialectics, logic, in order to establish the
relationship and interdependence between social security and pawnshop
activities; systematic approach, statistical, coefficient analysis – for
studying, comparing and interpreting social security actual data and indicators
of pawnshop activity; methods of economic and mathematical modelling in the
process of revealing the nature of the relationship and the significant
relationship between the social security indicators of the country and
indicators of pawnshops.
The
database was a sample of data from the report of the National Commission for
the Regulation of Financial Services Market for the following years 2014-2018,
statistical reporting, operational data, media reports and other sources, which
allowed us to build and test the econometric model and prove the dependence
between the social security indicators of the country and indicators of
pawnshop activity.
4.
RESULTS AND DISCUSSIONS
The state of the financial services market as a special form of organizing the movement of financial resources in the economic system is a strong evidence of its development. The diversity and quality of the financial service providers depends on the overall market performance.
Pawnshops are one of the subjects of the financial services market. In Ukraine, pawnshops acquired the status of a financial institution with the adoption of Law of Ukraine No. 2664-III “On Financial Services and State Regulation of Financial Services Markets” in 2001 (LAW OF UKRAINE N2664-III, 2018).
Lombard
is therefore a financial institution the sole activity of which is to provide
at its own risk financial loans to individuals at their own or borrowed funds,
secured by the property for a fixed term and under interest and the provision
of related services, such as valuation, storage, insurance and sale of
mortgages. The main indicators of pawnshops activity in Ukraine during
2014-2018 are presented in (National Commission for the State Regulation of
Financial Services Markets. Public Report, 2018).
Table 1:
The main indicators of pawnshops
Indexes |
Years |
Deviation |
|||||
2014 |
2015 |
2016 |
2017 |
2018 |
Abs. |
Rel. |
|
The number of pawnshops |
477 |
482 |
456 |
415 |
359 |
-118 |
-24.7 |
Assets, mln.
UAH |
1710.3 |
2218.6 |
3317.7 |
3763.7 |
3721.3 |
2011 |
117.6 |
Equity, mln.
UAH |
970.4 |
1100.2 |
1481.6 |
1648.5 |
1867.2 |
896.8 |
92.4 |
The amount of financial
loans provided as collateral, mln. UAH |
8410.8 |
12459.7 |
16718 |
16389 |
16442.3 |
8031.5 |
95.5 |
Amount of repaid financial loans, mln. UAH |
8202.3 |
12155.3 |
16414.7 |
16395.9 |
16139.7 |
7937.4 |
96.8 |
Total amount of received income, mln. UAH |
1996.6 |
2 500.90 |
3217.1 |
3358.7 |
3450.5 |
1453.9 |
72.8 |
Total amount of expenses, mln. UAH |
1877.6 |
2 290.70 |
3045.3 |
3177.3 |
3354.3 |
1476.7 |
78.6 |
The
analysis revealed that the overall dynamics of financial and economic
activities of pawnshops is positive, despite the decrease in their number. The
main indicators show an upward trend, which indicates the positive prospects
for the development of the pawnshop services. It should be noted that the
revitalization of pawnshops is observed in the unstable economic situation in
the country. In these circumstances, banks' ability to lend and other financial
services market entities is significantly reduced, which contributes to the
demand for pawnshops.
There was an expansion of the pawnshop market during the financial crisis in Ukraine in 2008. Thus, 310 pawnshops were registered at the beginning of the year, 314 at the end of 2008. At the end of 2009, there were 345 pawnshops. In Ukraine, pawnshops have also intensified their operations due to the economic crisis of 2014 caused by hostilities in the east of the country, the loss of significant industrial potential in Luhansk and Donetsk regions and, consequently, the loss of jobs, as well as the huge flows of people who left these territories and found themselves in extremely difficult circumstances. Individuals are much more active in the services of pawnshops in times of unstable economic situation in the country.
The main activity of pawnshops as participants in the financial services market is the provision of instant and short-term loans at own risk on the collateral of the consumers of these services. Pawnshops financial services are one of the easiest and most convenient types of lending to the population. Pawnshops thus meet the urgent needs of individuals for a fixed term by providing short-term cash loans, helping to increase their solvency.
The benefits of using the pawn shops services are:
· fast loan procedure;
· the solvency of the client is not confirmed; it is sufficient to provide the liquid collateral and the identity document;
· the client's right to repay the debt ahead of schedule, not giving interest for the entire term of the loan, but only for the period of actual use of the loan;
· the possibility of reducing the amount of debt through partial repayment or interest on use;
· the possibility of extending the loan agreement without losing collateral;
· it is psychologically easier for a person to go to a pawn shop in an urgent need and even, in the worst case, to lose an institution object (although it can be re-pawned at a pawn shop) than to remain without an apartment or a car, which are most often a pledge at the bank;
· application of modern technologies in dealing with borrowers: discounts and interest bonuses to regular customers, valuation of property secured by almost market value, waiving of penalties for late payment of pledged property, approval for deferral of payment.
Pawnshops, in violation of the
existing rules do not maintain a customer database, which should include
information about the full name of the borrower, passport information, place of
residence. The electronic pawnshop system often lacks information on the date
and number of the contract, a description of the subject of the pledge, the
amount before the return to the mortgagor, the indebtedness of the contract,
which prevents police investigating cases of theft of valuable items. Pawnshops
actively apply hidden schemes for the actual sale of collateral with the
consent of customers.
Beginner entrepreneurs or micro and
small business owners most often apply for Lombard loans, as banks, although
they provide loans at 15-30% per annum, but are reluctant to do so, and the
term of reviewing documents of a potential borrower in the bank varies from
several days to several weeks, and the outcome of the review is unpredictable.
Recently, the number of borrowers securing cars and apartments, as well as land
has increased.
A fairly high interest rate is a significant drawback of Lombard lending to a customer, but at the same time the need for small sums of money for the short term is satisfied. Thus, in Ukraine, the average amount of a Lombard loan ranges from 300-650 UAH, the average term of a loan is 10-12 days, and the interest rates range from from 0.3 to 1% per day (OSADCHYI, 2016). In fact, such high interest rate, when a customer pays between 27-93% per month, that is, 324-1116% per annum (VELYCHKO, 2017) is a poverty tax, because the wealthy people of the population, with little exception of extraordinary situations, do not use pawnshops. A high interest rate affects the term of the loan, because the higher the percentage, the shorter the loan.
Thus, pawnshops do not have a very
good reputation among the population, although gradually the level of
negativity of perception and pawnshop activity, and the appeal to pawnshops
services decreases.
Growth in demand for pawnshops is
explained primarily by the deterioration of social indicators: health and
safety; standard of living; material security; structure of personal
consumption; pension provision; social tensions; living conditions; crime rate.
Therefore, it is legitimate to argue that pawnshops serve as a social and
economic stabilizer in the face of economic changes of a negative nature in the
country or in the life of an individual. Since pawnshops are focused on the
operational financial support of individuals experiencing temporary social
difficulties.
The above indicators are components of a country's social security. The social security of the country is most often considered as a state of protection of the social interests of the individual and the society from the influence of a number of threats, which is a consequence of the implementation of social security measures in the country of Novikova, Sydorchuk and Pan'kova (2018). Of course, even at first glance, the link between the scale of pawnshops and the level of social security in the country is obvious, but the nature of such a link is not obvious. A correlation model was used to specify the nature of the social security impact of the country on pawnshops. The corresponding relationship was modeled by linear functions and the unknown parameters of the model are estimated by the integral index.
The need to use the integral indicator allowed us to summarize the level of development of pawnshops in the financial market. Based on these indicators (Table 1), an algorithm for integrated evaluation of pawnshops activities (Figure 1) is constructed.
Figure 1: Algorithm for estimating the development of pawnshop activity on the basis of the integral index estimation method
The obtained results are within the acceptable range (from 0 to 1). And 1 corresponds to the best value of the corresponding indicator (Wi), and 0 to the worst value of this indicator. The trend of the pawnshop activity in the financial market is traced during the studied period.
The next stage of determining the correlation dependence of the development of pawnshops and the state of social security involved the formation of a list of basic indicators for assessing the level of social component of economic security of the state. We have selected fifteen social security indicators in view of the availability of statistics, which were determined by the Order of the Ministry of Economic Development and Trade of Ukraine of October 29, 2013 No. 1277 “On approval of Methodological recommendations for calculating the level of economic security of Ukraine” (Order of the Ministry of Economic Development and Trade of Ukraine, 2013):
V1
– the share of the population with average per capita average total income per
month below 75 percent of the median level of total income, %;
V2
– the ratio of the average monthly nominal wage to the subsistence level for
one able-bodied person, times;
V3 – the ratio of the average retirement pension to the subsistence minimum of disabled persons, times;
V4 – the ratio of total incomes of 10 percent of the most and least affluent population (decile ratio of funds), times;
V5 – the share of expenditures on foodstuffs in household consumer spending, %;
V6 – health care expenditures, percent of GDP;
V7 – the amount of expenditures of the consolidated budget for education, percent of GDP;
V8 – number of HIV-positive persons diagnosed for the first time in their lives, per 100.000 people;
V9
– the number of patients with active tuberculosis with a diagnosis, established
for the first time in their lives, per 100,000 people;
V10
– the total number of full-time students of secondary schools, percentage of
total population of permanent population aged 6-17 years;
V11
– the amount of unpaid wages as of January 1 (July 1) to the payroll fund for
December (June) of the reporting year, %;
V12
– crime rate (crimes per 100,000 population);
V13 – employment rate of the population aged 15-70 years, percentage of the population of the relevant age group;
V14 – the ratio of average monthly wage, calculated on average per hour, in EU-27 and Ukraine, times;
V15 – Provision of housing to the population, on average per inhabitant, m2 (STATE STATISTICS SERVICE OF UKRAINE, 2019).
The influence of social security indicators (Vk) on the integrated pawnshop activity index (Wi) was determined using correlation coefficients:
, (1)
where T is the number of years for which statistics are taken (T = 5); Vkt – the value of the k indicator of social security in t year; – the average value of the k indicator of social security for T years; Wit – value of the i indicator of pawnshops activity in t-th year; – average value of the i-th indicator of pawnshops activity in T years; sVk and sWi – unbiased estimates of standard deviation for the k social security indicator and the i pawnshop activity respectively.
The reliability of the dependence of the obtained correlation coefficients was verified by Student's test. For this purpose, statistics are constructed:
, (2)
These statistics have a Student
distribution with degree of freedom T-2 = 3. To test, select the confidence
level of the criterion α = 0.05. Then the
correlation coefficient is statistically dependent if tki > t (0.05;
3) = 3.182446.
Thus, there is a correlation between
the integrated pawnshop activity indicator and the social security indicator (V2)
of the ratio of the average monthly nominal wage to the subsistence level for
one able-bodied person (Figure 2) at a correlation coefficient of 0.8544, which
confirms the significant relationship between these indicators.
The obtained results of the dependence are explained by a comparison of the growth rate of pawnshop activity 9.2 times with the growth rate of the social security indicator – the ratio of the average monthly nominal wage to the subsistence minimum for one able-bodied person 1.5 times. The deterioration of this indicator is determined by a significant stratification of the population in terms of income as a result of discrepancy between the average monthly wage during the study period and the average subsistence level for one able-bodied person in the country, which in turn influenced the deterioration of the social security and social security.
Figure 2: Dependence of the integrated evaluation of pawnshops on the ratio of the average monthly nominal wage to the subsistence level for one able-bodied person
We determine the correlation
dependence of the social security indicator (V2) with separate indicators of
pawnshop activities (Table 1) by formulas 2,3 for the purpose of a detailed
analysis of the interdependence of social security and pawnshops activity. It
is necessary, according to the Student test, that its absolute value exceeds
0.879 in order for the correlation coefficient between the social security
indicator and the pawnshops to be significant. The identified relationships between pawnshops and social security
indicator (V2) are given in Table. 2.
Therefore, the obtained results of the correlation coefficients indicate that the impact of the social security indicator (V2) on assets, equity, the amount of income received and the value of pawnshops are relevant. The impact of the social security indicator on the value of financial loans provided as collateral is not revealed. It should also be noted that the opposite relationship is found between the indicator and the number of pawnshops.
The main reason for the decrease in the number of pawnshops, since 2016, are the set new requirements for the minimum amount of pawnshop capital (Order of the National Commission for the State Regulation of Financial Services Markets, 2016), rather than decreasing social security indicator.
Table 2: The results of the correlation between the pawnshops' performance indicators and the social security indicator of the ratio of the average monthly nominal wage to the subsistence level per one able-bodied person
Performance indicators of pawnshops |
Social Security Indicator (V2) |
Correlation coefficients |
Number of pawnshops, pcs. |
Ratio of the
average monthly nominal wage to the minimum subsistence level of one
able-bodied person, times |
-0.9529 |
Balance sheet assets, mln. |
Ratio of the
average monthly nominal wage to the minimum subsistence level of one
able-bodied person, times |
0.9213 |
Equity, UAH million |
Ratio of the
average monthly nominal wage to the minimum subsistence level of one
able-bodied person, times |
0.9175 |
The total amount
of obtained revenues, mln. UAH. |
Ratio of the
average monthly nominal wage to the minimum subsistence level of one
able-bodied person, times |
0.8825 |
The total amount
of costs, mln. UAH. |
Ratio of the
average monthly nominal wage to the minimum subsistence level of one
able-bodied person, times |
0.8843 |
5.
CONCLUSIONS
It is legitimate to state on the basis of the research that there is a correlation and interdependence of indicators of pawnshop activity and social security. The main reasons for the growing demand for pawnshops are the worsening of social security indicators of the population in times of instability in the country. This, on the one hand, enables the population to solve financial problems, and on the other, promotes the development of a market for pawnshops in Ukraine.
The growth rate of pawnshops is determined with the help of the integrated evaluation of pawnshop activity in Ukraine, which made it possible to confirm the activation and profitability of pawnshops in Ukraine.
The
link of the social security indicators of the country and the activity of the
pawnshop is established in the paper and its nature was revealed through
correlation analysis paper, for which two sets of indicators of the country's
social security and pawnshop activities are formed.
Significant
correlations between social security indicators and indicators of pawnshop
activity are identified. The most influential indicator of the country's social
security on the development of pawnshops is the ratio of the average monthly
nominal wage and the subsistence minimum per one able-bodied person.
Thus, the increase in the number of pawnshops in
Ukraine is indirect evidence of the deterioration of social security
indicators.
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