The authors analyze the macro-economic aspects of dollarization, special features of the structure of credit market in Ukraine, and efficiency of the use of credit po-tential of the banking system under the conditions of high dollarization. They also consider the structure of credit market in Ukraine by economic activities, credit objects and institutional sectors. The article provides a quantitative assessment of the under-use of the credit potential in this country’s banking system. The authors propose concrete measures of state financial policy aimed at lowering the level of dollarization on Ukraine’s credit market

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The article reveals the conceptual basis of decapitalization of the financial sector as a phenomenon generated by both objective and subjective factors: the fundamental causes of decapitalization of the financial sector may be deteriorating financial condition of borrowers and issuers, capital losses in other sectors resulting in negative values of net savings at macro level; in the case of reduction of the rate of net savings or its negative value (with unavailability of external financing) economic system undergoes local or total decapitalization, which expands to all sectors.
The authors indicate that the forms and methods of decapitalization of the financial sector are determined by the type of financial institution, and by the special nature of financial relations with other sectors, and the related structure of assets and liabilities.
Justified the concept of "decapitalization of the financial sector" as absolute reduction of the nominal amounts of equity and equity equivalent for the financial institutions of all types less the capital of the central bank; this interpretation requires a balance approach and allows evaluating the extent of decapitalization nominally, taking no account of money depreciation due to inflation.
It is established that decapitalization of the financial sector in Ukraine in 2014 - first half 2015 acquired the following main forms: a decrease in equity due to depreciation of debt based financial instruments; decrease in equity due to the depreciation of equity debtfinancial instruments; reduction of capital in connection with the termination of financial institutions.
The authors argue that the fundamental reason of decapitalization of the banking sector were interrelated trends of depreciation and liquidity shortage associated with the loss, by part of the banks, of their ability to fulfill obligations to depositors and creditors.
It is shown that the main reasons of the decapitalization of the Private Pension Funds were the rapid reduction of pension contributions as a result of the poor financial state of the real sector companies that fund the programs of supplementary pension probision, as well as losses due to the depreciation of the stocks portfolios and banks` insolvency .
It was found that the determining factors of the decapitalization of the insurance companies were the reduction of their registered authorized capital due to reducing the amount of licensed insurance companies, deteriorating financial performance (due to lower demand for insurance services caused by the overall economic downturn), depreciation of financial assets (shares) and the loss of funds in the insolvent banks, which led to increased number of loss-making insurance companies;
It is shown that the main causes of the decapitalization of the Collective Investment Institutions(CII) operating on market principles were the withdrawal of capital by the participants of open-type CII, which coincided in time with the banking panic (early 2014); depreciation financial assets and loss of funds in insolvent banks; suspention of the circulation of the issuers' securities on the occupied territories (in the Crimea and in the ATO area).
The authors define the quantitative (nominal) amount of the decapitalization of the financial sector in Ukraine by segments; it is found that the main negative effects of the decapitalization of the financial sector of Ukraine during 2014 - first half of 2015 are the following: lack of equity to restore confidence in financial institutions, the decline in the debt financing of the real economy, higher interest rates due to the growing shortage of free financial resources on the domestic market and the failure of the financial sector to increase theirs propositions.
The authors provide an assessment of the consequences of decapitalization of the financial sector for Ukraine's economy.
It is emphasized that the lack of capital in financial institutions will remain one of the main obstacles to the recovery in equity and debt financing in the real economy, which will complicate the launch of market mechanisms of economic recovery in Ukraine.

Keywords: saving, consumption, capital, banks, financial sector, financial corporations

In accordance with the established approach, excessive receivables are a mani-festation of the crisis situation with inter-company settlements whose fundamental reason is the lack of liquidity and capital in the economy. Freezing cash into re-ceivables slows down capital flows in the economy, generates systemic risks and negatively affects the companies' investment activities. In this article, excessive receivables are defined as the excess of the share of receivables in assets over its normal level, which is typical for a particular country's model of business financing, with due regard to sector specificity.
The author analyzes causes and consequences of the abnormally high amounts of receivables in Ukraine. Among the reasons for excessive receivables in the assets of Ukrainian companies are low payment discipline and difficulties in recovering debts, whose manifestations include a large proportion of overdue and bad debts. The emphasis is made on slowing settlements and increasing burden of receivables in the country.
Decomposition of aggregated receivables for goods, works and services based on company size shows a shift in the non-payment burden towards small and me-dium-sized businesses, whose manifestation is the extension of repayment terms. At the same time, more than a half of the receivables in Ukraine's companies accounts for other receivables that is not directly related to the companies' operative acrivities, which is one of the manifestations of business financialization.
Compared to foreign countries, the above share in Ukraine is abnormally high, due to the active use of shadow loan capital schemes by companies, including the laundering of "dirty" funds and the injection of capital from offshore to support business liquidity. Solving the problem of excessive receivables requires overcom-ing the existing liquidity shortage in Ukraine, increasing money supply based on gradual reduction of this government debt dependence and restoring business con-fidence in the banking system of Ukraine.
The publication is prepared for the implementation of the planned topic of the Department of Finances of the Reals Sector in the Institute for Economics and Forecasting of the National Academy of Sciences of Ukraine: "Financial Risks of Doing Business in Ukraine: Sector of Nonfinancial Corporations" (state registration No 0118U006088).

Keywords: corporate finances, accounts receivable, monetary policy, financial system, liquidity

The article deals with the economic essence of accounts payable. It is determined that in the process of deformations in the structure of business capital, it acquires the characteristics of a surrogate source of business financing, which in turn creates risks for the stability of Ukraine’s financial system. The authors describe the main trends in the dynamics and structure of accounts payable and define its impact on the growth of debt burden of non-financial corporations in Ukraine at the aggregate level. A comparison of the volume and growth rates of accounts payable in Ukraine and the EU countries is made, which allows to confirm the hypothesis of the introduction of a distorted model of business financing in Ukraine’s corporate sector. The authors point out that one of the reasons for the abnormally high debt dependence in the NFC sector at the aggregate level is the replacement of equity with other current liabilities (including financial loans from associated physical and legal entities), which allowed to establish such a flexible capital structure, which can help rapidly withdraw assets abroad in the event of macro-financial destabilization or other threats of capital loss related to the insecurity of property rights and the prevalence of fiscal voluntarism in Ukraine.
The authors conclude that with the overload of balance sheets with short-term debts against the background of a significant reduction in equity leads to a rapid loss of financial stability. At the same time, under the influence of restrictions on activities and other concomitant barriers to doing business due to the global coronavirus pandemic, the financial depletion of the non-financial corporations sector could lead to a wave of corporate bankruptcies.
It is concluded that under the influence of narrowing business access to capital in the financial market there is a rapid increase in lending to domestic business by nonresidents, which gives grounds to conclude that in this way domestic business lends itself, using funds previously withdrawn abroad. Further development of these trends not only can be a catalyst for financial imbalances at the level of individual enterprises, but can also provoke a crisis in the foreign exchange market.
The authors substantiate that one of the ways to reduce the volume of current debt obligations is to assist the government in transforming the companies’ short-term liabilities into long-term ones. This can be done by converting the companies’ current liabilities into long-term bonds on a voluntary basis using simplified procedures for registration of their issue, and by registering current liabilities to suppliers (for goods and services) as long-term promissory notes.
The publication was prepared within the research project on “Financial risks of doing business in Ukraine: the sector of non-financial corporations” (state registration No 0118U006088).

Keywords:accounts payable, debt dependence, non-financial corporations, financial stability