Formation began in 2002.

Founders and time of establishment of the scientific school – The scientific school was founded based on the academic contributions made during the early development of the stock market in Ukraine. The first head of this development, serving as Chairman of the State Commission on Securities and the Stock Market, was Oleh Mykolayovych Mozhovyi.

The scientific school further developed in 2002 with the establishment of the Department of International Finance at the Faculty of International Economics and Management of the State Higher Educational Institution “Kyiv National Economic University named after Vadym Hetman”. The department was headed by Doctor of Economic Sciences, Professor Oleh Mykolayovych Mozhovyi.

In 1980, O. M. Mozhovyi graduated from the Kyiv Institute of National Economy with a degree in Economics. In 1988, he defended his Candidate of Sciences (PhD equivalent) dissertation. In 1999, he defended his Doctoral dissertation on the topic “Formation of the Regulatory System of the Securities Market in Ukraine (Methodology and Organization)” at the Kyiv National Economic University named after Vadym Hetman. He has held positions as Dean of the Faculty of International Economic Relations, International Economics and Law, and as Head of the Department of International Finance. He is a Doctor of Economic Sciences, Professor, and Academician of the International Slavic Academy of Sciences.

For nine years, beginning in 1995, he served as Chairman of the State Commission on Securities and the Stock Market. From October 2004 to February 2005, he worked as Advisor to the First Deputy Prime Minister of Ukraine. From October 2008 to March 2009, he held the position of Member of the State Commission for Regulation of Financial Services Markets of Ukraine and Director of the Department for Supervision of Credit Institutions. From 2009 to 2015, he served as a Member of the National Securities and Stock Market Commission. He holds national honors and has been awarded the title of Honored Economist of Ukraine.

O. M. Mozhovyi’s academic legacy includes over 170 scientific works, among which are monographs, textbooks, and teaching manuals. Under his leadership, the faculty has nurtured a generation of Doctors and Candidates of Economic Sciences who are actively contributing to the reputation of our University and Ukraine on the global stage.

The scientific school of the stock market possesses substantial human capital, formed as a result of the scholarly and teaching activities of Professor O. M. Mozhovyi. Today, it is represented by a highly qualified academic staff, including 6 Doctors of Sciences, 7 Professors, 10 Candidates of Sciences, and 8 Associate Professors.

Throughout the existence of the school, the department has completed and successfully defended numerous doctoral and candidate dissertations. Among them are doctoral dissertations by Savchuk N. V. and Pavlyuk O. O., and candidate dissertations by Batorshyna A. F., Lykholet S. I., Ananiev M. Yu., and Zinchenko F. A., in the fields of “Finance, Money and Credit” and “World Economy and International Economic Relations”.

In collaboration with the National Securities and Stock Market Commission of Ukraine, the school provides instruction in specialized academic disciplines such as “Stock Market” (core course), “Asset Management of Investment Funds (ICIs)”, “Securities Trading”, and “Global Stock Market”. The content of these courses meets modern standards for the training of stock market professionals.

Upon successful completion of these courses, students receive a certificate equivalent to a formal training document, which qualifies them for professional certification and obtaining a qualification certificate in specializations such as “Asset Management of ICIs” and “Securities Trading”.

The teaching of these disciplines and the supervision of diploma projects involve specialists from government institutions, including the National Securities and Stock Market Commission of Ukraine and the National Depository of Ukraine.

The scientific school of the stock market has been successfully operating for over 20 years. Its research, dedicated to pressing issues of both national and global stock market development, focuses on improving market functioning, infrastructure development, enhancement of regulatory policy, and the advancement of methodological frameworks for training stock market professionals. Over the past 15 years, the scope of scientific interests has significantly expanded to include international investment activity, public-private partnership project financing, global financial markets, international corporate finance, and Islamic finance.

Main Scientific Topics Developed within the Scientific and Educational School of the Stock Market over the Last 10 Years:

2011–2015 – “Strategies of national development in the paradigm of global economic policy”. The final result was the collective monograph “Global Financial Development: Trends, Technologies, Regulation” / under the scientific editorship of O. M. Mozhovyi. Kyiv: KNEU – 2017, 782 pages.

2016–2020 – “Global economic integration: strategic motivations, formats, national interests”.

2019–2020 – “Factors of formation of companies’ investment behavior under conditions of economic instability” (on the initiative of Doctor of Economics, Professor Rudenko-Sudarieva L. V. – contractual research topic, Agreement No. 1012/19 dated 10.12.2019), which is a comprehensive study on the influence of the system of modern factors on the transformation of companies’ investment behavior in host countries.

2020–2021 – Within the framework of the contractual research project “Activities of joint-stock companies in the context of new legislation” between the State Higher Educational Institution “Kyiv National Economic University named after Vadym Hetman” and the Public Union “Association of Joint Stock Companies” (on the initiative of Doctor of Economics, Professor T. O. Frolova, Agreement No. 20/20-h, Order No. 591-k dated 31.08.2020), a retrospective analysis of the formation of the corporate sector in Ukraine was conducted, and the impact of the European integration transformation of Ukrainian legislation on the activities of joint-stock companies was studied.

2020–2021 – Within the framework of the contractual research project “Business offshorization and fiscal security of the state” (on the initiative of Doctor of Economics, Professor Z. O. Lutsyshyn, Agreement No. 20/22-h, Order No. 591-k dated 31.08.2020), a matrix of the interconnection between sources of threats and vulnerabilities of the components of the state's financial security was identified.

2019–2021 – On the initiative of Doctor of Economics, Professor O. M. Mozhovyi, and faculty members – Candidate of Sciences, Associate Professor O. V. Subochev, Doctor of Economics, Professor V. V. Tokar, Candidate of Sciences, Associate Professor A. F. Batorshyna, and others – an applied research project entitled “Modeling the Development of International Economic and Financial Cooperation of Ukraine with the Countries of the Middle East and North Africa” was carried out using funds from the general state budget, commissioned by the Ministry of Education and Science of Ukraine (State Registration No. 0119U001302, 2019–2021; research supervisor: D. H. Lukianenko; funding amount – 1,046.772 thousand UAH).

The research results demonstrated that the development of international economic and financial cooperation between Ukraine and the Middle East and North Africa countries can ensure the intensification of investment activity, contribute to the competitiveness of the national economy through an increase in foreign direct investment, provide domestic enterprises with access to capital markets in the Middle East, and support the implementation of effective tools for international economic cooperation.

The research activities of this period resulted in approximately 500 scientific works: participation of department faculty in the preparation of 14 individual and collective monographs; publication of about 280 articles in academic journals (including 70 indexed in international scientific databases such as Scopus and Web of Science); publication of 190 abstracts for scientific and scientific-practical conferences (including international); and participation in the preparation of analytical reports for state governing bodies.

In May 2017, on the initiative of the Department of International Finance, a two-day Ukrainian-German scientific symposium entitled “Problems of Global Regulation of Financial Markets” was organized and held, involving representatives of the National Securities and Stock Market Commission of Ukraine, the National Depository of Ukraine, the National Financial Services Commission, the Department of Banking Supervision of the National Bank of Ukraine, and members of both domestic and international academic communities.

https://meim.kneu.edu.ua/ua/depts6/k_mizhnarodnyh_finansiv/news_of_department_2/sdsds/

In October 2017, the department organized and held a round table discussion on “Islamic Finance”.

https://meim.kneu.edu.ua/ua/depts6/k_mizhnarodnyh_finansiv/news_of_department_2/asasd/

As of 2025, the scientific school headed by Doctor of Economics, Professor O. M. Mozhovyi is cooperating with a number of foreign universities: (1) SGH Warsaw School of Economics (Poland), (2) Corvinus University (Hungary), (3) Prague University of Economics and Business (Czech Republic), (4) University of Economics in Bratislava (Slovakia), (5) University of Tartu (Estonia), (6) Vytautas Magnus University (Lithuania), within the framework of the grant agreement No. BNI/PST/2023/1/00147/U/00001.

The topic of cooperation under the grant agreement: “Academic Partnership for the Study of the Middle East and North Africa in Central and Eastern Europe”.

Duration of the grant agreement: 24 months, from September 1, 2024 to August 31, 2026.

Scientific Work with Students and Postgraduates

One of the key focus areas of the representatives of the scientific school of the stock market is the academic training of students and postgraduates, which enables the preparation of thoughtful, knowledgeable, and profound young researchers capable of mastering complex issues in the field of economic science.

Areas of Work with Students and Postgraduates:

• Formation and directions for improving the functioning of the stock market in Ukraine.
• Strategic directions for activating Ukraine’s stock market.
• Development of stock market infrastructure as a component of Ukraine’s financial system.
• Management of the market value of shares of Ukrainian corporations.
• Specifics of state regulation of the stock market in Ukraine.
• Key aspects of the development and functioning of the global stock market.
• Formation of the securities market in transitional economies.
• Asset management of collective investment institutions.
• International finance in the global financial (investment) environment.
• International financial management.
• Globalization of the world financial environment.

The Areas of Work with Students and Postgraduates Include:

• Conducting scientific research within the scope of the department’s research themes;
• Participation in scientific and practical conferences, round tables, and seminars with presentations of research results;
• Preparation of abstracts and articles based on the outcomes of research work;
• Participation in student research competitions;
• Implementation of research projects;
• Preparation of materials for publication in scientific and practical journals, including scientific and professional articles, and results of dissertation research, according to the relevant specialization and in compliance with current legal requirements.

The following scientific monographs have been published by the department’s faculty:

Also, other monographs have been published in domestic and international editions:

Mozhovyi, O. M., & Subochev, O. V. (2014). Mizhnarodni finansovi tsentry v umovakh finansovoi hlobalizatsii: Monohrafiia [International financial centers under financial globalization]. Kyiv: KNEU.

Rudenko-Sudarieva, L., & Pashynska, K. (2018). Mizhnarodne investuvannia proektiv derzhavno-pryvatnoho partnerstva: Monohrafiia [International investment in public-private partnership projects]. Riga, Latvia: LAP LAMBERT Academic Publishing / OmniScriptum Publishing Group (EU).

Rudenko, L. V., & Brovkov, S. M. (2001). Valiutno-finansovi mekhanizmy v mizhnarodnomu biznesi: Svitovyi dosvid ta ukrainska praktyka [Currency and financial mechanisms in international business: Global experience and Ukrainian practice]. Kyiv: TOV “Ahentstvo Ukraina”.

Subochev, O. V., & Malashchuk, D. V. (2012). Priami inozemni investytsii v innovatsiinii kontseptsii ekonomichnoho rozvytku: Monohrafiia [Foreign direct investment in the innovation concept of economic development]. Kyiv: KNEU.

Savchuk, N. V. (2017). Statystychne ta ekspertno-analitychne zabezpechennia upravlinnia stalym rozvytkom ekonomiky i sotsialnoi sfery. In Monitorynh efektyvnosti protsesiv intehratsii Ukrainy do YeS ta diievosti sektoralnykh reform, ch. 3 “Instytutsiini pidkhody shchodo rozvytku biudzhetnoi systemy” [Statistical and expert-analytical support for managing sustainable development of the economy and social sphere. Chapter 3 “Monitoring the effectiveness of Ukraine’s integration into the EU and sectoral reform efficiency”, part 3 “Institutional approaches to the development of the budget system”] (pp. 293–308). Chernihiv.

Savchuk, N. V. (2014). Innovatsii u finansovii sferi. In Innovatsiini tekhnolohii v systemi derzhavnykh finansiv, pidrozdil 2.1 “Zavdannia, problemy ta perspektyvy vprovadzhennia innovatsiinykh tekhnolohii u biudzhetnyi protses” [Innovations in the financial sector. Section 2 “Innovative technologies in the public finance system”, subsection 2.1 “Tasks, problems and prospects for the introduction of innovative technologies in the budget process”] (pp. 70–81). Kyiv: KNEU.

Institutional, Financial and Economic Challenges and Prospects of Cooperation between Ukraine and MENA Region (2020). Monograph /Dmytro Lukianenko, Zorіana Lutsyshyn, Mozgovyi Oleh and other, Bielsko-Biała, 2020. 165 p.

Professors of the Department actively publish the results of their research in international collective monographs, in particular:

Rudenko-Sudarieva, L. V., & Shevchenko, Y. A. (2017). Management of modern socio-economic systems: Collective monograph. Vol. 2. Lithuania: Izdevnieciba “Baltia Publishing”.

Rudenko-Sudarieva, L. V., & Savchuk, N. V. (2018). Scientific development and achievements: Collective monograph. Vol. 2-d. London, United Kingdom: Sciemcee Publishing.

Rudenko-Sudarieva, L. V. (2019). Security of the XXI century: National and geopolitical aspects: Collective monograph. Prague, Czech Republic: Nemoros s.r.o.

Rudenko-Sudarieva, L. V. (2020). Security of the XXI century: National and geopolitical aspects. Issue 2: Collective monograph. Prague, Czech Republic: Nemoros s.r.o.

Lukianenko, D., Lutsyshyn, Z., Mozhovyi, O., et al. (2020). Institutional, financial and economic challenges and prospects of cooperation between Ukraine and MENA region: Monograph (D. Lukianenko & Z. Lutsyshyn, Eds.). Bielsko-Biała: WSEH (University of Economics and Humanities).

Lutsyshyn, Z., Frolova, T., Katrych, O., & Vorobiova, A. (2023). Islamic finance in the reconfiguration of the global financial system: A structural analysis and potential implications (Z. Lutsyshyn, Ed.). Bielsko-Biała: WSEH (University of Economics and Humanities).

The achievements of the scientific school are reflected in the educational process. Thanks to the efforts of the representatives of the school, Kyiv National Economic University named after Vadym Hetman currently offers an officially recognized master’s program in International Finance, accredited by the CFA Institute. This program is administered by the Department of International Finance at the Faculty of International Economics and Management.

https://meim.kneu.edu.ua/ua/depts6/k_mizhnarodnyh_finansiv/news_of_department_2/sdsdsd/

Textbooks and teaching manuals approved by the Ministry of Education and Science of Ukraine have been published, and integrated educational packages for distance learning have been developed for the following courses: Securities Market, Securities Trading, Asset Management of Collective Investment Institutions (CII), Management of International Investment Projects, International Finance, Finance of International Corporations, Currency and Financial Operations in International Business, International Investment, International Financial Analytics, International Financial Management, Financial Engineering, Global Securities Market, and others.  

Mozghovyi, O. M., Batorshyna, A. F., Velychko, O. H., & Frolova, T. O. (2013). Fondovyi rynok: Pidruchnyk [Securities market: Textbook]. Kyiv: KNEU.

Frolova, T. O., & Rymar, T. V. (2007). Vedennia reiestriv vlasnykiv imenykh tsinnykh paperiv: Navchalnyi posibnyk [Keeping registers of registered securities holders: Textbook]. Kyiv: KNEU.

Frolova, T. O., Tokar, V. V., & Doronina, I. I. (2013). Depozytarna diialnist: Navchalnyi posibnyk [Depository activity: Textbook]. Kyiv: KNEU.

Lisovyi, V. P., Otchenash, K. H., & Tokar, V. V. (2012). Torhivlia tsinnymy paperamy: Navchalnyi posibnyk [Securities trading: Textbook]. Kyiv: KNEU.

Savchuk, V. P., Prylypko, S. I., & Velychko, O. H. (2013). Upravlinnia mizhnarodnymy investytsiiny my proektamy: Navchalnyi posibnyk [Management of international investment projects: Textbook] (S. I. Prylypko, Ed.). Kyiv: KNEU.

Mozghovyi, O. M., Obolenska, T. Ye., Musiiets, T. V., et al. (2006). Mizhnarodni finansy: Navchalnyi posibnyk [International finance: Textbook] (O. M. Mozghovyi, Ed.). Kyiv: KNEU.

Mozghovyi, O. M., Rudenko-Sudarieva, L. V., Musiiets, T. V., et al. (2015). Mizhnarodni finansy: Pidruchnyk [International finance: Textbook]. Kyiv: KNEU.

Rudenko, L. V. (2003). Mizhnarodni kredytno-rozrakhunkovi i valiutni operatsii: Pidruchnyk [International credit, settlement and currency operations: Textbook]. Kyiv: TsUL.

Rudenko, L. V. (2002). Orhanizatsiia mizhnarodnykh kredytno-rozrakhunkovykh operatsii v bankakh: Navchalnyi posibnyk [Organization of international credit and settlement operations in banks: Textbook]. Kyiv: Akademiia Publishing House.

Rudenko, L. V. (2002). Rozrakhunkovi ta kredytni operatsii u zovnishnoekonomichnii diialnosti pidpryiemstva: Pidruchnyk [Settlement and credit operations in foreign economic activity of the enterprise: Textbook]. Kyiv: Libra.

Over the course of its existence, the scientific school has produced the following scholarly works based on its research developments: 7 individual monographs; 32 chapters in monographs edited by representatives of other scientific schools; more than 570 scholarly articles; and approximately 500 conference abstracts.

Based on the research of the scientific school, the following educational and methodological publications have been issued: 30 textbooks approved by the Ministry of Education and Science of Ukraine; 18 textbooks without official approval; 4 academic textbooks with the Ministry’s approval; and 21 integrated instructional packages for distance learning.