Pub Date : 2023-12-29DOI: 10.33763/finukr2023.11.099
Olena Tymchenko, Lidiia Hladchenko
{"title":"A factor of trust for the tax system performance","authors":"Olena Tymchenko, Lidiia Hladchenko","doi":"10.33763/finukr2023.11.099","DOIUrl":"https://doi.org/10.33763/finukr2023.11.099","url":null,"abstract":"","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"106 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139147056","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-02DOI: 10.33763/finukr2023.09.007
Tetiana BOHDAN, Ivan BOHDAN
Introduction. The extraordinary conditions of public finances functioning raise the problems of the riskiness of government contingent liabilities and management of their volumes. Ukraine has not created so far a comprehensive system for monitoring fiscal risks and contingent liabilities, assessing their value, disclosing information, and holistic system for managing such liabilities. Problem Statement. The establishment of organizational and methodological pillars for analysis, evaluation, control and compilation of relevant reports on fiscal risks and contingent liabilities, are of great importance for making balanced decisions in the field of public finances. Purpose is to identify key trends and reveal the features of the formation of explicit contingent liabilities of the government in Ukraine during the war and pandemic, and to develop proposals for the creation of a comprehensive system of reporting on contingent liabilities and managing their risks, which will ensure the support of Ukraine’s fiscal sustainability and the adoption of reasonable management decisions. Methods. General scientific and special methods are applied: analysis and synthesis, description and comparison, historical method, method of theoretical generalization and abstract-logical method. Results. The authors find a significant increase in state-guaranteed debt during the pandemic and a drop in its nominal value during the 2022-2023 war that are attributed to the credit market crunch in Ukraine and to the complexity of administrative procedures for obtaining guarantees during martial law. They suggest that government support of certain large state-owned enterprises and small business entities caused problems related to the poor control over expediency of spending budgetary funds and to weak perception of the fiscal risks imputed by government loan guarantees. The IMF’s and the EU’s standards for reporting on fiscal risks and contingent liabilities are summarized, and methodical approaches to assessing the fiscal impact of explicit contingent liabilities are outlined. Conclusions. Risks of contingent liabilities will be mitigated by limiting their volume and assessing fiscal impact, confining the scope of state guarantees provision to the self-sustaining projects, partially shifting the costs of guarantees to private entities (partial guaranties), and reasonable planning of expenditures related to contingent liabilities. In addition, the most complete and correct presentation of information about existing fiscal risks will enhance the degree of policy decisions’ reasoning in the course of fiscal policy implementation.
{"title":"Explicit contingent liabilities of the Ukraine’s Government during the war and pandemic and management of their risks","authors":"Tetiana BOHDAN, Ivan BOHDAN","doi":"10.33763/finukr2023.09.007","DOIUrl":"https://doi.org/10.33763/finukr2023.09.007","url":null,"abstract":"Introduction. The extraordinary conditions of public finances functioning raise the problems of the riskiness of government contingent liabilities and management of their volumes. Ukraine has not created so far a comprehensive system for monitoring fiscal risks and contingent liabilities, assessing their value, disclosing information, and holistic system for managing such liabilities. Problem Statement. The establishment of organizational and methodological pillars for analysis, evaluation, control and compilation of relevant reports on fiscal risks and contingent liabilities, are of great importance for making balanced decisions in the field of public finances. Purpose is to identify key trends and reveal the features of the formation of explicit contingent liabilities of the government in Ukraine during the war and pandemic, and to develop proposals for the creation of a comprehensive system of reporting on contingent liabilities and managing their risks, which will ensure the support of Ukraine’s fiscal sustainability and the adoption of reasonable management decisions. Methods. General scientific and special methods are applied: analysis and synthesis, description and comparison, historical method, method of theoretical generalization and abstract-logical method. Results. The authors find a significant increase in state-guaranteed debt during the pandemic and a drop in its nominal value during the 2022-2023 war that are attributed to the credit market crunch in Ukraine and to the complexity of administrative procedures for obtaining guarantees during martial law. They suggest that government support of certain large state-owned enterprises and small business entities caused problems related to the poor control over expediency of spending budgetary funds and to weak perception of the fiscal risks imputed by government loan guarantees. The IMF’s and the EU’s standards for reporting on fiscal risks and contingent liabilities are summarized, and methodical approaches to assessing the fiscal impact of explicit contingent liabilities are outlined. Conclusions. Risks of contingent liabilities will be mitigated by limiting their volume and assessing fiscal impact, confining the scope of state guarantees provision to the self-sustaining projects, partially shifting the costs of guarantees to private entities (partial guaranties), and reasonable planning of expenditures related to contingent liabilities. In addition, the most complete and correct presentation of information about existing fiscal risks will enhance the degree of policy decisions’ reasoning in the course of fiscal policy implementation.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"7 15","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135973098","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-02DOI: 10.33763/finukr2023.09.024
Yurii RADIONOV
Introduction. Various financial and economic crises, shocks, including the introduction of martial law, affect the state of implementation and fundamentally change the priorities of budget policy, and therefore require timely adjustment of the main directions and macro indicators. Fiscal risks are increasing, exogenous and endogenous factors are exerting a powerful influence on the financial and budgetary system, which requires special attention to the analysis of the state of formation of budget revenues, determination of priorities, rational distribution and effective use of budget expenditures. Problem Statement. Budgetary policy under martial law has not been sufficiently studied. The outlined problems require in-depth study, as this policy must be rational, efficient, effective, take into account the conditions of the war and foresee real ways of further development in the post-war period. The purpose is to develop an algorithm for further development, to form an effective mechanism for the distribution and redistribution of budget funds, to increase the efficiency and effectiveness of budget policy during the recovery period of Ukraine based on an analysis of its priorities in war conditions, their features, expediency and justification. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. Results. During the war, the issue of the effectiveness of the management of the country's financial resources becomes relevant. The analysis of the structure of budget expenditures demonstrates the priorities of the budget policy within the concentrated volume of financial resources, the possibilities of the state or local budgets for financing activities, the corresponding category of expenditures. In 2022, there were significant changes in budget policy priorities, caused by a full-scale Russian invasion and the need for a significant increase in funding for the security and defense sector. There was a problem with servicing the state debt and the impossibility of filling the revenue part of the state and local budgets to form the appropriate level of expenditures, which is a characteristic feature of a country whose economy is engulfed in war. The analysis of expenditures by types of budgets and the structure of the consolidated budget by functional classification shows that the priorities of the budget policy in peacetime and in the conditions of martial law are different. The hypothesis regarding the differentiation of the budget by military significance is put forward and substantiated. Conclusions. If before the war, the priorities of budget policy were the post-pandemic recovery of the economy and the direction of investments in the country's future, now - ensuring defense capability and stable functioning. Redirecting a significant amount of financial resources to the needs of the security and defense sector of Ukraine is an appropriate,
{"title":"Priorities of budget policy under martial law and post-war recovery of Ukraine","authors":"Yurii RADIONOV","doi":"10.33763/finukr2023.09.024","DOIUrl":"https://doi.org/10.33763/finukr2023.09.024","url":null,"abstract":"Introduction. Various financial and economic crises, shocks, including the introduction of martial law, affect the state of implementation and fundamentally change the priorities of budget policy, and therefore require timely adjustment of the main directions and macro indicators. Fiscal risks are increasing, exogenous and endogenous factors are exerting a powerful influence on the financial and budgetary system, which requires special attention to the analysis of the state of formation of budget revenues, determination of priorities, rational distribution and effective use of budget expenditures. Problem Statement. Budgetary policy under martial law has not been sufficiently studied. The outlined problems require in-depth study, as this policy must be rational, efficient, effective, take into account the conditions of the war and foresee real ways of further development in the post-war period. The purpose is to develop an algorithm for further development, to form an effective mechanism for the distribution and redistribution of budget funds, to increase the efficiency and effectiveness of budget policy during the recovery period of Ukraine based on an analysis of its priorities in war conditions, their features, expediency and justification. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. Results. During the war, the issue of the effectiveness of the management of the country's financial resources becomes relevant. The analysis of the structure of budget expenditures demonstrates the priorities of the budget policy within the concentrated volume of financial resources, the possibilities of the state or local budgets for financing activities, the corresponding category of expenditures. In 2022, there were significant changes in budget policy priorities, caused by a full-scale Russian invasion and the need for a significant increase in funding for the security and defense sector. There was a problem with servicing the state debt and the impossibility of filling the revenue part of the state and local budgets to form the appropriate level of expenditures, which is a characteristic feature of a country whose economy is engulfed in war. The analysis of expenditures by types of budgets and the structure of the consolidated budget by functional classification shows that the priorities of the budget policy in peacetime and in the conditions of martial law are different. The hypothesis regarding the differentiation of the budget by military significance is put forward and substantiated. Conclusions. If before the war, the priorities of budget policy were the post-pandemic recovery of the economy and the direction of investments in the country's future, now - ensuring defense capability and stable functioning. Redirecting a significant amount of financial resources to the needs of the security and defense sector of Ukraine is an appropriate,","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"34 S3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135973544","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Introduction. In the context of the difficult socio-economic situation in Ukraine caused by the ongoing war, the issue of assessing the financial potential of the Black Sea resort and recreational areas in the context of their revitalization is becoming especially important. Problem Statement. The study is aimed at assessing the existing problems of the financial potential of the resort and recreational territories of the Black Sea region, identifying the prerequisites for its strengthening, analyzing the factors that influence the formation and use of financial resources of territorial communities. Purpose. The purpose of the article is to assess the financial potential of the Black Sea resort and recreational areas and identify trends in their further development in modern conditions. Methods. Various methods of analysis are used, including comparative analysis, statistical and graphical methods, economic modeling, quantitative methods, as well as system analysis and synthesis. Results. The article examines the issues of assessing the current state of the financial potential of the resort and recreational areas of the Black Sea region and the prerequisites for their further development. The components of the financial potential of resort and recreational territories are determined, which takes into account the financial potential of enterprises, the financial potential of households, and the budgetary potential as a source of financial resources of local authorities. The article focuses on assessing the budgetary potential of the Black Sea resort areas. The assessment was based on the indicators of the budgets of Odesa and Chornomorsk city territorial communities for 2018-2022. The revenues and expenditures of the Black Sea resort areas and their deviations from the planned indicators for the study period are analyzed. The level of financial support for hospitals and sanatoriums in the structure of expenditures of the resort areas' budgets is determined. The influence of the deficit/surplus on the formation of the budgetary financial potential and further development of the studied resort areas is determined. The components of the budgetary potential of the Black Sea resort and recreational areas and trends in their changes are investigated. Conclusions. The formation of the financial potential of resort and recreation areas of the Black Sea region for 2018-2022 is characterized by heterogeneity and instability in the sources of its filling. The revitalization of resort and recreation areas involves the reorientation of certain types of business activities and their adaptation to modern realities. Strengthening of the financial potential in the war and post-war period should take place by increasing the efficiency of managing the financial resources of local self-government, taking into account forecasting and planning, analysis and monitoring of the budget process, and the search for reserves.
{"title":"Financial potential of Black Sea resort and recreation territories","authors":"Volodymyr HUMENIUK, Ganna KOSTENKO, Ivanna ZAPUKHLIAK","doi":"10.33763/finukr2023.09.118","DOIUrl":"https://doi.org/10.33763/finukr2023.09.118","url":null,"abstract":"Introduction. In the context of the difficult socio-economic situation in Ukraine caused by the ongoing war, the issue of assessing the financial potential of the Black Sea resort and recreational areas in the context of their revitalization is becoming especially important. Problem Statement. The study is aimed at assessing the existing problems of the financial potential of the resort and recreational territories of the Black Sea region, identifying the prerequisites for its strengthening, analyzing the factors that influence the formation and use of financial resources of territorial communities. Purpose. The purpose of the article is to assess the financial potential of the Black Sea resort and recreational areas and identify trends in their further development in modern conditions. Methods. Various methods of analysis are used, including comparative analysis, statistical and graphical methods, economic modeling, quantitative methods, as well as system analysis and synthesis. Results. The article examines the issues of assessing the current state of the financial potential of the resort and recreational areas of the Black Sea region and the prerequisites for their further development. The components of the financial potential of resort and recreational territories are determined, which takes into account the financial potential of enterprises, the financial potential of households, and the budgetary potential as a source of financial resources of local authorities. The article focuses on assessing the budgetary potential of the Black Sea resort areas. The assessment was based on the indicators of the budgets of Odesa and Chornomorsk city territorial communities for 2018-2022. The revenues and expenditures of the Black Sea resort areas and their deviations from the planned indicators for the study period are analyzed. The level of financial support for hospitals and sanatoriums in the structure of expenditures of the resort areas' budgets is determined. The influence of the deficit/surplus on the formation of the budgetary financial potential and further development of the studied resort areas is determined. The components of the budgetary potential of the Black Sea resort and recreational areas and trends in their changes are investigated. Conclusions. The formation of the financial potential of resort and recreation areas of the Black Sea region for 2018-2022 is characterized by heterogeneity and instability in the sources of its filling. The revitalization of resort and recreation areas involves the reorientation of certain types of business activities and their adaptation to modern realities. Strengthening of the financial potential in the war and post-war period should take place by increasing the efficiency of managing the financial resources of local self-government, taking into account forecasting and planning, analysis and monitoring of the budget process, and the search for reserves.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"15 18","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135973201","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-02DOI: 10.33763/finukr2023.09.062
Oleksandr LYUBICH, Ievgenii DRACHKO-YERMOLENKO
Introduction. Digital means of expanding access to financial services are currently one of the promising tools for solving important socio-economic problems and stimulating economic development. The coronavirus pandemic gave a powerful impetus to the spread of digital banking. After the decline in morbidity and the relaxation of the quarantine, activity in the use of digital channels by customers of almost all segments has remained. Problem Statement. The relevance of the study is due to the global trend to replace the branch network with a remote service in order to reduce operating costs (increase operational efficiency) provided that customers' needs for reliable, fast and cheap services are met. The purpose is to determine the potential of digitalization of the delivery channels of banking products and services for savings banks in the conditions of the latest technologies and systemic stresses. Methods. The methodology of comparative analysis, system analysis, correlation of historical data, scientific synthesis was used. The research was conducted using the methods of statistical analysis of series dynamics and factor analysis of data. Content analysis was used in the review of scientific publications and reports. Results. In Ukraine, the introduction of digital financial technologies to expand access to banking services within the framework of remote banking technologies has both a number of achievements and many problems, the solution of which requires appropriate measures taken by state authorities. A positive thing is the rapid development of computer programs for the introduction of remote banking and their implementation in the work of state banks. The still relatively low share of remote service coverage for corporate and retail customers can be singled out as bottlenecks. Other significant problems include the slow implementation of legislative and regulatory initiatives in this area, in particular those defined in the framework of the Strategy for the Development of the Financial Sector. Conclusions. The analysis showed that Ukrainian banks differ significantly in the development of remote banking services (RBS), there is a gap between leaders and outsiders in the quality and scope of remote banking services. The leading positions of PrivatBank and Sens-Bank (in certain aspects) are largely due to the legacy of the period when they were in private ownership, but since then other commercial banks have made significant progress. In working out a development strategy, banks need to provide for regular surveys of the clientele and marketing analysis of situations and the latest trends in order to predict the behavior of customers and respond adequately to their needs and behavior patterns. At the same time, banks are already able to act proactively, educating and encouraging customers to use RBS channels. International and Ukrainian experience sometimes demonstrates failures in the implementation of RBS projects. Therefore, it is advis
{"title":"Digitization of banking services as a strategic direction for savings banks","authors":"Oleksandr LYUBICH, Ievgenii DRACHKO-YERMOLENKO","doi":"10.33763/finukr2023.09.062","DOIUrl":"https://doi.org/10.33763/finukr2023.09.062","url":null,"abstract":"Introduction. Digital means of expanding access to financial services are currently one of the promising tools for solving important socio-economic problems and stimulating economic development. The coronavirus pandemic gave a powerful impetus to the spread of digital banking. After the decline in morbidity and the relaxation of the quarantine, activity in the use of digital channels by customers of almost all segments has remained. Problem Statement. The relevance of the study is due to the global trend to replace the branch network with a remote service in order to reduce operating costs (increase operational efficiency) provided that customers' needs for reliable, fast and cheap services are met. The purpose is to determine the potential of digitalization of the delivery channels of banking products and services for savings banks in the conditions of the latest technologies and systemic stresses. Methods. The methodology of comparative analysis, system analysis, correlation of historical data, scientific synthesis was used. The research was conducted using the methods of statistical analysis of series dynamics and factor analysis of data. Content analysis was used in the review of scientific publications and reports. Results. In Ukraine, the introduction of digital financial technologies to expand access to banking services within the framework of remote banking technologies has both a number of achievements and many problems, the solution of which requires appropriate measures taken by state authorities. A positive thing is the rapid development of computer programs for the introduction of remote banking and their implementation in the work of state banks. The still relatively low share of remote service coverage for corporate and retail customers can be singled out as bottlenecks. Other significant problems include the slow implementation of legislative and regulatory initiatives in this area, in particular those defined in the framework of the Strategy for the Development of the Financial Sector. Conclusions. The analysis showed that Ukrainian banks differ significantly in the development of remote banking services (RBS), there is a gap between leaders and outsiders in the quality and scope of remote banking services. The leading positions of PrivatBank and Sens-Bank (in certain aspects) are largely due to the legacy of the period when they were in private ownership, but since then other commercial banks have made significant progress. In working out a development strategy, banks need to provide for regular surveys of the clientele and marketing analysis of situations and the latest trends in order to predict the behavior of customers and respond adequately to their needs and behavior patterns. At the same time, banks are already able to act proactively, educating and encouraging customers to use RBS channels. International and Ukrainian experience sometimes demonstrates failures in the implementation of RBS projects. Therefore, it is advis","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135934332","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-02DOI: 10.33763/finukr2023.09.102
Larysa HORODIANSKA
Introduction. A difficult military-political situation in the world, caused by Russian aggression, forces us to expand the range of issues of reforming the Armed Forces of Ukraine according to NATO standards, in particular, to continue the process of improving the system of monetary support for servicemen. Problem Statement. The main drawback of the structure of the current pay for servicemen is the suboptimal ratio of basic and additional types of payments. There is a need to develop a promising model of monetary support for servicemen, close to the provisions of the national wage system in Ukraine and NATO principles. Purpose Comparative analysis of models of monetary support systems for servicemen of the leading NATO member countries and Ukraine for the further formation of a promising model of the monetary support system for servicemen of the Armed Forces of Ukraine. Methods. Based on general scientific methods of scientific knowledge, a system-structural and comparative analysis of models of monetary support for servicemen of the leading NATO member countries and Ukraine was carried out. The methodology of the system-logical approach was applied. Results. Based on a comparative analysis, the functional components of monetary support systems for servicemen of a number of leading NATO member countries were determined. It has been established that these systems are based on a base salary that takes into account military rank, length of service and the corresponding rank of monetary support of the serviceman and additional payments. Based on the analysis, common features were established and a generalized model of monetary support systems for servicemen of the leading NATO countries was constructed. Conclusions. The study showed that the generalized model of monetary support systems for servicemen of NATO countries contains two components: a basic part and additional payments, formed according to the scheme “payment for military rank in accordance with the level of responsibility for the position - payment for length of service in accordance with military rank - additional payments and allowances for skills and conditions of service,” which is advisable to apply when developing a system of monetary support for servicemen of the Armed Forces of Ukraine.
{"title":"Generalized model of monetary support systems for servicemen of the leading NATO countries","authors":"Larysa HORODIANSKA","doi":"10.33763/finukr2023.09.102","DOIUrl":"https://doi.org/10.33763/finukr2023.09.102","url":null,"abstract":"Introduction. A difficult military-political situation in the world, caused by Russian aggression, forces us to expand the range of issues of reforming the Armed Forces of Ukraine according to NATO standards, in particular, to continue the process of improving the system of monetary support for servicemen. Problem Statement. The main drawback of the structure of the current pay for servicemen is the suboptimal ratio of basic and additional types of payments. There is a need to develop a promising model of monetary support for servicemen, close to the provisions of the national wage system in Ukraine and NATO principles. Purpose Comparative analysis of models of monetary support systems for servicemen of the leading NATO member countries and Ukraine for the further formation of a promising model of the monetary support system for servicemen of the Armed Forces of Ukraine. Methods. Based on general scientific methods of scientific knowledge, a system-structural and comparative analysis of models of monetary support for servicemen of the leading NATO member countries and Ukraine was carried out. The methodology of the system-logical approach was applied. Results. Based on a comparative analysis, the functional components of monetary support systems for servicemen of a number of leading NATO member countries were determined. It has been established that these systems are based on a base salary that takes into account military rank, length of service and the corresponding rank of monetary support of the serviceman and additional payments. Based on the analysis, common features were established and a generalized model of monetary support systems for servicemen of the leading NATO countries was constructed. Conclusions. The study showed that the generalized model of monetary support systems for servicemen of NATO countries contains two components: a basic part and additional payments, formed according to the scheme “payment for military rank in accordance with the level of responsibility for the position - payment for length of service in accordance with military rank - additional payments and allowances for skills and conditions of service,” which is advisable to apply when developing a system of monetary support for servicemen of the Armed Forces of Ukraine.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135934336","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-02DOI: 10.33763/finukr2023.09.048
Natalia SHULGA, Serhii SAVLUK
Introduction. The European Commission took a new step in the development of the system of financial security of banking sector and protection of the interests of depositors and creditors of banks, approving Document 52023DC0225 “On the review of the crisis management and deposit insurance framework contributing that completing the Banking Union”, which, together with the previously created regulatory framework, are extremely useful for Ukraine in order to harmonize financial legislation with the requirements of the European Union. Problem Statement. Determining the vectors of development, the system of banking regulation and supervision, guaranteeing deposits of various categories of bank` clients in the countries-members of the European Union, as well as preparing recommendations for synchronizing this experience in Ukraine. Purpose. Disclosure of modern trends in reforming the system of banking regulation and supervision, protection of bank depositors in EU countries, as well as outlining prospects for further use of this experience in Ukraine. Methods. General scientific and special methods of analysis, synthesis, grouping, description, comparison, calibration of important elements, abstract and logical, generalization are used. Results. Three pillars are defined, on which the unified system of banking regulation and supervision in the EU member states is based; the concept of “Resolution” in relation to banks is analyzed; the genesis of the EU legislation regarding banks recover and liquidation has been recreated, taking into account the innovations in 2023; a comparative analysis of the approaches of the EU and Ukraine regarding the rehabilitation/liquidation of banks and the banks deposit guarantee system is carried out; conceptual directions for the development of Ukrainian legislation in this area are proposed. Conclusions. The European Union continues to adopt measures aimed at strengthening the financial stability of the Banking Union and increasing trust in banks of all economic entities. The EU is developing a new vector of financial policy aimed at early diagnosis of bank problems, introduction of an adequate crisis management system as opposed to their preventive liquidation. The range of coverage by the deposit guarantee system is expanding not only for the population, but also for businesses, pension funds, municipalities and other bodies, while maintaining the maximum compensation amount of EUR 100,000. The introduction of this approach and other innovations in the system of guaranteeing banking financial security in Ukraine should be considered in the post-war period. At the same time, in our opinion, it would be expedient to form: a fund guaranteeing deposits of socially significant organizations and enterprises with a limit on the size of the maximum compensation; the mechanism of resolution of banks with the corresponding financing fund; the system of early replacement of the management of problem banks and the bail-in mechan
{"title":"Innovations in strengthening the stability of European Union banks and their synchronization in Ukraine","authors":"Natalia SHULGA, Serhii SAVLUK","doi":"10.33763/finukr2023.09.048","DOIUrl":"https://doi.org/10.33763/finukr2023.09.048","url":null,"abstract":"Introduction. The European Commission took a new step in the development of the system of financial security of banking sector and protection of the interests of depositors and creditors of banks, approving Document 52023DC0225 “On the review of the crisis management and deposit insurance framework contributing that completing the Banking Union”, which, together with the previously created regulatory framework, are extremely useful for Ukraine in order to harmonize financial legislation with the requirements of the European Union. Problem Statement. Determining the vectors of development, the system of banking regulation and supervision, guaranteeing deposits of various categories of bank` clients in the countries-members of the European Union, as well as preparing recommendations for synchronizing this experience in Ukraine. Purpose. Disclosure of modern trends in reforming the system of banking regulation and supervision, protection of bank depositors in EU countries, as well as outlining prospects for further use of this experience in Ukraine. Methods. General scientific and special methods of analysis, synthesis, grouping, description, comparison, calibration of important elements, abstract and logical, generalization are used. Results. Three pillars are defined, on which the unified system of banking regulation and supervision in the EU member states is based; the concept of “Resolution” in relation to banks is analyzed; the genesis of the EU legislation regarding banks recover and liquidation has been recreated, taking into account the innovations in 2023; a comparative analysis of the approaches of the EU and Ukraine regarding the rehabilitation/liquidation of banks and the banks deposit guarantee system is carried out; conceptual directions for the development of Ukrainian legislation in this area are proposed. Conclusions. The European Union continues to adopt measures aimed at strengthening the financial stability of the Banking Union and increasing trust in banks of all economic entities. The EU is developing a new vector of financial policy aimed at early diagnosis of bank problems, introduction of an adequate crisis management system as opposed to their preventive liquidation. The range of coverage by the deposit guarantee system is expanding not only for the population, but also for businesses, pension funds, municipalities and other bodies, while maintaining the maximum compensation amount of EUR 100,000. The introduction of this approach and other innovations in the system of guaranteeing banking financial security in Ukraine should be considered in the post-war period. At the same time, in our opinion, it would be expedient to form: a fund guaranteeing deposits of socially significant organizations and enterprises with a limit on the size of the maximum compensation; the mechanism of resolution of banks with the corresponding financing fund; the system of early replacement of the management of problem banks and the bail-in mechan","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"5 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135934027","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-02DOI: 10.33763/finukr2023.09.086
Olga KUZMINSKA, Olena SHCHERBAKOVA
Introduction. The deepening of globalization processes in the modern world actualizes the issue of ensuring economic security at all levels of the state system. The vulnerability of the national economy to risks and threats is increasing due to the possibility of aggravation of crisis phenomena in the economy, a potential decrease in financial independence, activation of the shadow economy, and an increase in the volume of illegal financial transactions. The activation of European integration processes, the specifics of the functioning of Ukraine's economy during martial law, the consequences of the COVID-19 pandemic determine the importance of rethinking the theoretical foundations of the state's economic security. Problem Statement. Clarifying the theoretical provisions of economic security: updating the terminological apparatus, and researching the security aspects of the concept of sustainable development. Purpose is to deepen the theoretical provisions of the economic security of the state in the context of the concept of sustainable development, based on the analysis of information from professional sources. Methods. The methods of generalization, analysis and synthesis, induction and deduction, grouping, abstraction were used in the processing of literary sources and clarification of the terminology of the sphere of economic security. Results. The theoretical prerequisites of economic security in the context of the concept of sustainable development are analyzed. The role of financial monitoring in ensuring economic security has been clarified. Economically safe is a stable state of the state, characterized by the balance of relevant indicators and invulnerability to external and internal threats, which ensures sustainable and effective development based on the observance of national economic interests. The development of the financial monitoring system is inextricably linked with the development of the economic security system, as an integral attribute of Ukraine's sustainable development. Conclusions. Financial transactions involving money laundering are characterized by a global nature, their perception as a problem of one jurisdiction does not correspond to the realities of global economic processes, since no country is able to stop illegal financial flows in full. Countering illegal financial flows requires effective measures at the national and international levels.
{"title":"Economic security of the state: theoretical basics","authors":"Olga KUZMINSKA, Olena SHCHERBAKOVA","doi":"10.33763/finukr2023.09.086","DOIUrl":"https://doi.org/10.33763/finukr2023.09.086","url":null,"abstract":"Introduction. The deepening of globalization processes in the modern world actualizes the issue of ensuring economic security at all levels of the state system. The vulnerability of the national economy to risks and threats is increasing due to the possibility of aggravation of crisis phenomena in the economy, a potential decrease in financial independence, activation of the shadow economy, and an increase in the volume of illegal financial transactions. The activation of European integration processes, the specifics of the functioning of Ukraine's economy during martial law, the consequences of the COVID-19 pandemic determine the importance of rethinking the theoretical foundations of the state's economic security. Problem Statement. Clarifying the theoretical provisions of economic security: updating the terminological apparatus, and researching the security aspects of the concept of sustainable development. Purpose is to deepen the theoretical provisions of the economic security of the state in the context of the concept of sustainable development, based on the analysis of information from professional sources. Methods. The methods of generalization, analysis and synthesis, induction and deduction, grouping, abstraction were used in the processing of literary sources and clarification of the terminology of the sphere of economic security. Results. The theoretical prerequisites of economic security in the context of the concept of sustainable development are analyzed. The role of financial monitoring in ensuring economic security has been clarified. Economically safe is a stable state of the state, characterized by the balance of relevant indicators and invulnerability to external and internal threats, which ensures sustainable and effective development based on the observance of national economic interests. The development of the financial monitoring system is inextricably linked with the development of the economic security system, as an integral attribute of Ukraine's sustainable development. Conclusions. Financial transactions involving money laundering are characterized by a global nature, their perception as a problem of one jurisdiction does not correspond to the realities of global economic processes, since no country is able to stop illegal financial flows in full. Countering illegal financial flows requires effective measures at the national and international levels.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"31 22","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135973116","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-12DOI: 10.33763/finukr2023.08.081
Halyna VOZNYAK, Khrystyna PATYTSKA
Introduction. The Russian-Ukrainian war has had a negative impact on all spheres of life in Ukraine, undermining the financial and economic stability of systems at various levels of government. Thanks to decentralisation, territorial communities have become the main link in ensuring sustainability and social stability for the rear regions and a catalyst for stabilising the situation in the liberated territories. Today’s conditions dictate the need to find new approaches to restoring and ensuring sustainable growth of territories, given the limited list of influence parameters. Purpose. The article aims to analyze the impact of the budgetary determinant on ensuring the resilience of territorial communities in the context of the war in Ukraine and to outline the guidelines for restoring their economic growth/development. Results. In the article, in the context of four types of communities (communities in the frontline regions, regions where Ukraine’s control has been restored, communities in the supporting regions and communities in the rear regions), the author considers the peculiarities of accumulation of financial resources in the conditions of war; identifies changes in the functioning and development of territorial communities of Ukraine, which manifested themselves in: a) an increase in the number of territorial communities in need of financial support from the State budget; b) an increase in the disproportions in the index of taxpaying capacity of communities; c) loss of economic potential of communities in economically developed regions, where communities with a high level of fiscal capacity and financial stability were concentrated in the pre-war period.. The reasons for the destructive changes in the financial indicators of individual communities are identified. Conclusions. It is argued that the risks of disruption to resilience for frontline rear, support communities and communities where Ukraine’s control has been restored are different, and therefore approaches to managing the development of territories and ensuring their resilience are also different. The need to modernize the system of interbudgetary equalization of the financial capacity of communities was emphasized. The author outlines the guidelines for restoring economic growth of communities in the context of the identified types.
{"title":"Budgetary determinants of ensuring the resilience of territorial communities: military adaptation and post-war recovery guidelines","authors":"Halyna VOZNYAK, Khrystyna PATYTSKA","doi":"10.33763/finukr2023.08.081","DOIUrl":"https://doi.org/10.33763/finukr2023.08.081","url":null,"abstract":"Introduction. The Russian-Ukrainian war has had a negative impact on all spheres of life in Ukraine, undermining the financial and economic stability of systems at various levels of government. Thanks to decentralisation, territorial communities have become the main link in ensuring sustainability and social stability for the rear regions and a catalyst for stabilising the situation in the liberated territories. Today’s conditions dictate the need to find new approaches to restoring and ensuring sustainable growth of territories, given the limited list of influence parameters. Purpose. The article aims to analyze the impact of the budgetary determinant on ensuring the resilience of territorial communities in the context of the war in Ukraine and to outline the guidelines for restoring their economic growth/development. Results. In the article, in the context of four types of communities (communities in the frontline regions, regions where Ukraine’s control has been restored, communities in the supporting regions and communities in the rear regions), the author considers the peculiarities of accumulation of financial resources in the conditions of war; identifies changes in the functioning and development of territorial communities of Ukraine, which manifested themselves in: a) an increase in the number of territorial communities in need of financial support from the State budget; b) an increase in the disproportions in the index of taxpaying capacity of communities; c) loss of economic potential of communities in economically developed regions, where communities with a high level of fiscal capacity and financial stability were concentrated in the pre-war period.. The reasons for the destructive changes in the financial indicators of individual communities are identified. Conclusions. It is argued that the risks of disruption to resilience for frontline rear, support communities and communities where Ukraine’s control has been restored are different, and therefore approaches to managing the development of territories and ensuring their resilience are also different. The need to modernize the system of interbudgetary equalization of the financial capacity of communities was emphasized. The author outlines the guidelines for restoring economic growth of communities in the context of the identified types.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136013242","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Introduction. Against the background of the post-covid recovery, destroyed by the strengthening phenomena of deglobalization, fragmentation, uncertainty, conflictogenicity, considerable efforts of the member states of the European Union (EU) are aimed at provision of increased financial resources for state needs through restriction of unfair tax practices. Problem Statement. Domestic Revenue Mobilization (DRM) directs the efforts of countries to increase their own incomes and resources of domestic economy by collecting taxes, duties and other revenues. The task must be completed without additional pressure on the business environment and does not aim to increase the tax burden on small and medium-sized enterprises that have been significantly negatively impacted by the COVID-19 epidemic, the main tools of impact should be focused on combating tax evasion by multinational companies and their beneficiaries and preventing tax base erosion in Ukraine in the post-pandemic and post-war recovery period. The purpose of the article is to substantiate the fact that for Ukraine, as a candidate for members of the EU, it is important not only to implement the experience of the EU member states in limiting the ability of multinational companies (MNCs) to apply hybrid instruments for tax base erosion using international structures, but also further systemic harmonization of domestic fiscal regulation in accordance with the best practices and modern rules for the prevention of profit shifting and base erosion (BEPS), which are constantly changing within the framework of supranational norms. Methods. The methods of system-structural analysis, retrospective analysis, analytical, systematization, comparative, dialectical and formal logic were used. Results. The crisis period of post-Covid recovery has become more complicated by the armed invasion of the Russian Federation on the territory of our country, which requires a search of internal revenue mobilization mechanisms to solve current state obligations, as well as for the formation of economic and epidemiological security of the state in the period of post-war recovery for the sake of preservation of socio-economic development and formation of reliable nation’s health care system. Conclusions. The introduction of reporting on controlled transactions, CIC, as well as tax payment by jurisdiction (Country by Country reports) is a progressive step in the direction of overcoming the asymmetry of tax information at the global level. For the effective implementation of all mentioned tools after the accession of the country to the Multilateral Agreement on Competent Authorities (MCAA CRS), it is necessary to focus efforts on the regulatory framework for the implementation of European directives, such as ATAD I and II, the implementation of the provisions of DAC7 for the control of digital activities and inclusion in the exchange information on income from intellectual property in the digital economy, as well as the form
{"title":"Mobilization of internal state revenues in emergency situations: countering tax base erosion and profit shifting","authors":"Tetiana IEFYMENKO, Liudmyla OLEYNIKOVA, Anastasiia SVIRIDOVSKA","doi":"10.33763/finukr2023.08.007","DOIUrl":"https://doi.org/10.33763/finukr2023.08.007","url":null,"abstract":"Introduction. Against the background of the post-covid recovery, destroyed by the strengthening phenomena of deglobalization, fragmentation, uncertainty, conflictogenicity, considerable efforts of the member states of the European Union (EU) are aimed at provision of increased financial resources for state needs through restriction of unfair tax practices. Problem Statement. Domestic Revenue Mobilization (DRM) directs the efforts of countries to increase their own incomes and resources of domestic economy by collecting taxes, duties and other revenues. The task must be completed without additional pressure on the business environment and does not aim to increase the tax burden on small and medium-sized enterprises that have been significantly negatively impacted by the COVID-19 epidemic, the main tools of impact should be focused on combating tax evasion by multinational companies and their beneficiaries and preventing tax base erosion in Ukraine in the post-pandemic and post-war recovery period. The purpose of the article is to substantiate the fact that for Ukraine, as a candidate for members of the EU, it is important not only to implement the experience of the EU member states in limiting the ability of multinational companies (MNCs) to apply hybrid instruments for tax base erosion using international structures, but also further systemic harmonization of domestic fiscal regulation in accordance with the best practices and modern rules for the prevention of profit shifting and base erosion (BEPS), which are constantly changing within the framework of supranational norms. Methods. The methods of system-structural analysis, retrospective analysis, analytical, systematization, comparative, dialectical and formal logic were used. Results. The crisis period of post-Covid recovery has become more complicated by the armed invasion of the Russian Federation on the territory of our country, which requires a search of internal revenue mobilization mechanisms to solve current state obligations, as well as for the formation of economic and epidemiological security of the state in the period of post-war recovery for the sake of preservation of socio-economic development and formation of reliable nation’s health care system. Conclusions. The introduction of reporting on controlled transactions, CIC, as well as tax payment by jurisdiction (Country by Country reports) is a progressive step in the direction of overcoming the asymmetry of tax information at the global level. For the effective implementation of all mentioned tools after the accession of the country to the Multilateral Agreement on Competent Authorities (MCAA CRS), it is necessary to focus efforts on the regulatory framework for the implementation of European directives, such as ATAD I and II, the implementation of the provisions of DAC7 for the control of digital activities and inclusion in the exchange information on income from intellectual property in the digital economy, as well as the form","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135969905","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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