Viktor Chernadchuk

The financial system of the advanced countries develops according to two basic models – a bank-based system and a market-based system, depending on the level of protection of the rights of owners, investors and lenders. A paradigm shift in functioning of global financial system and financial systems of all countries is based on financial law, which formalizes all financial relations. Reviewing the financial system of Ukraine, the researchers pay a special attention to public finance due to its substantial share in redistribution of Ukraine’s GDP. A comparative analysis of the concept “financial system” makes it possible to draw a certain analogy with the approaches of experts in financial law. From the economic point of view, a country’s financial system includes three key areas – state finance, household finance and corporate finance, which are closely interrelated. Matching these three spheres with the legal approach, state finance is defined as public finance, while household finance and corporate finance are referred as private finance.
The financial market functions as a part of the financial system. In economic terms, the financial system is a dynamic and open environment, while it implies an intense movement of financial resources, a rapid emergence of new financial instruments and integration into the global financial market. From the legal point of view, the financial system is a static financial and legal phenomenon, which includes centralized and decentralized public funds, as well as funds of business entities and individuals.

The training of law specialists in the context of the European integration processes should be based on educational standards and requirements both of the national legislation and international acts. In present conditions of dynamic development of social relations and, accordingly, the development and improvement of legislation, the scientific knowledge of legal phenomena becomes increasingly important both in practical activities (law-making and law enforcement) and in the process of training of specialists in the field of law. The knowledge of legal phenomena, categories, concepts and terms is a complex process of understanding the essence, content and structure of these phenomena in the process of scientific activity aimed at identifying the true characteristics of the surrounding social and legal environment in order to obtain the knowledge about these phenomena, their objective relationships and principles for their further use in practical legal activity (law-making and law enforcement).The application of scientific principles in legal education does not cause any doubt, however methodological approaches and the issues of employment of certain methodological techniques to ensure the unity of science and practice remain controversial. The article presents the author’s vision of solving complex issues relating to the understanding of the essence of legal phenomena by unifying the terminology, improving the conceptual apparatus and applying the relevant classification, etc. The presented authors’ reflections will help find the optimal model for developing a training process for specialists in the field of law. Such a model should take into account not only the labor market demand but also the practical skills and knowledge of law and legal practice. Therefore it is extremely important to use scientific principles in the educational process, the formation of scientific thinking of students and acquisition by them of scientific approaches and the methodology of scientific research.