Pub Date : 2023-10-12DOI: 10.33763/finukr2023.08.060
Mykhailo DYBA, Iuliia GERNEGO, Mykhailo V. DYBA
Introduction. The COVID-19 pandemic and the full-scale invasion of the Russian Federation have created many difficulties for doing business in Ukraine. However, despite the existing challenges, representatives of domestic business continue to adhere to the standards of sustainable development. In turn, financial institutions, as well as the financial regulator, continue to stimulate mechanisms and develop trends in sustainable financing. Thus, the National Bank presented the Policy on the development of sustainable financing for the period until 2025. The development of the policy was carried out in the framework of cooperation with the International Finance Corporation, whose experts emphasized the need to develop a roadmap for sustainable financing, which will allow combining the capabilities of the private and public sectors in order to strengthen the practices of sustainable financing with the support of the state. Accordingly, the implementation of sustainable development initiatives in the financial sphere requires state support, and also involves the application of the experience of international organizations and the study of successful international practices of sustainable financing. Problem Statement. Assessment of the role of international organizations in the development of tools for sustainable financing at the level of national economies. The purpose is to substantiate the essential characteristics of sustainable financing tools, evaluate successful practices of strengthening sustainable financing within the framework of initiatives of international and European organizations with the aim of applying them in the process of building a domestic sustainable financing policy and strategy, forming and applying roadmaps for financing sustainable development priorities based on innovative tools. Methods. General scientific and special methods were used, in particular: scientific abstraction and epistemological (content) analysis, synthesis, induction and deduction, analogies and systematization, system-structural analysis, expert evaluation method, index method and grouping method. Results. The article examines the modern characteristics of sustainable financing and its evolution, the typology of sustainable financing. The basics of the spread of sustainable financing practices in Europe, as well as the essential characteristics of sustainable financing instruments (social and green bonds, social and green loans, sustainable development bonds and loans) are considered. An assessment of the volume and distribution of sustainable development financing instruments at the international level was made. At the international level, in connection with the diversification of the priority areas of attracting financial resources by the World Bank Group, there was a need to create separate organizations aimed at financing the priorities of sustainable development. In particular, one of such separate institutions is the International Finance Corporati
{"title":"Initiatives of international organizations for the development of sustainable financing tools","authors":"Mykhailo DYBA, Iuliia GERNEGO, Mykhailo V. DYBA","doi":"10.33763/finukr2023.08.060","DOIUrl":"https://doi.org/10.33763/finukr2023.08.060","url":null,"abstract":"Introduction. The COVID-19 pandemic and the full-scale invasion of the Russian Federation have created many difficulties for doing business in Ukraine. However, despite the existing challenges, representatives of domestic business continue to adhere to the standards of sustainable development. In turn, financial institutions, as well as the financial regulator, continue to stimulate mechanisms and develop trends in sustainable financing. Thus, the National Bank presented the Policy on the development of sustainable financing for the period until 2025. The development of the policy was carried out in the framework of cooperation with the International Finance Corporation, whose experts emphasized the need to develop a roadmap for sustainable financing, which will allow combining the capabilities of the private and public sectors in order to strengthen the practices of sustainable financing with the support of the state. Accordingly, the implementation of sustainable development initiatives in the financial sphere requires state support, and also involves the application of the experience of international organizations and the study of successful international practices of sustainable financing. Problem Statement. Assessment of the role of international organizations in the development of tools for sustainable financing at the level of national economies. The purpose is to substantiate the essential characteristics of sustainable financing tools, evaluate successful practices of strengthening sustainable financing within the framework of initiatives of international and European organizations with the aim of applying them in the process of building a domestic sustainable financing policy and strategy, forming and applying roadmaps for financing sustainable development priorities based on innovative tools. Methods. General scientific and special methods were used, in particular: scientific abstraction and epistemological (content) analysis, synthesis, induction and deduction, analogies and systematization, system-structural analysis, expert evaluation method, index method and grouping method. Results. The article examines the modern characteristics of sustainable financing and its evolution, the typology of sustainable financing. The basics of the spread of sustainable financing practices in Europe, as well as the essential characteristics of sustainable financing instruments (social and green bonds, social and green loans, sustainable development bonds and loans) are considered. An assessment of the volume and distribution of sustainable development financing instruments at the international level was made. At the international level, in connection with the diversification of the priority areas of attracting financial resources by the World Bank Group, there was a need to create separate organizations aimed at financing the priorities of sustainable development. In particular, one of such separate institutions is the International Finance Corporati","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"43 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":"136012538","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/finukr2023.08.097
Yana OLIYNYK, Artem KUCHERIAVYI
Introduction. In recent years, the digital economy has become the main driver of economic growth both at the global and national levels. Within this paradigm, a number of socio-economic challenges are being overcome: creating new jobs, ensuring digital inclusion of people around the world. Problem Statement. The national institutional environment in the field of the digital economy is currently under development, in particular in terms of consistency of conceptual apparatus. The purpose of the article is to analyze the conceptual and categorical apparatus used in the regulatory and legal framework for accounting and taxation of objects arising from the activities of business entities in the digital economy, and to determine the directions of its development. Methods: institutional approach; comparative analysis; synthesis; hierarchical classification method. Results. A bibliographic analysis of scientific and professional publications showed that all categories of “non-fungible token”, “virtual asset”, “cryptoasset” are inherently digital assets, i.e. assets that are stored or transmitted in digital format and have economic or cultural value. The global nature of digital assets has led to the need for international coordination on their legal status and resolution mechanisms. Such digital assets as virtual assets, cryptoassets and their subtypes are regulated at different levels: international (FATF, OECD); regional (EU); national (UK, Ukraine). The presented review of the documents defining the concepts of “digital asset”, “cryptoasset” and “virtual asset” at the international and regional levels, as well as in individual countries, demonstrates that there is currently no generally accepted definition of these terms. Conclusions. The conducted study of the features in forming the conceptual and terminological apparatus of accounting and taxation of objects, the appearance of which is determined by the activities of economic entities under the digital economy, in regulatory documents at various levels showed that when developing institutional support for the regulation of the circulation of digital assets and operations with them in Ukraine the approach used by the FATF was chosen. In terms of its content, the category of “virtual assets” corresponds to the interpretation of the category of “cryptoassets” laid down by European legislation. The author identifies terminological inconsistencies in the Ukrainian legal framework that require further resolution through a cross-analysis of legislation to unify approaches to the interpretation of digital economy objects.
{"title":"Conceptual framework in the area of digital assets: issues and areas of development","authors":"Yana OLIYNYK, Artem KUCHERIAVYI","doi":"10.33763/finukr2023.08.097","DOIUrl":"https://doi.org/10.33763/finukr2023.08.097","url":null,"abstract":"Introduction. In recent years, the digital economy has become the main driver of economic growth both at the global and national levels. Within this paradigm, a number of socio-economic challenges are being overcome: creating new jobs, ensuring digital inclusion of people around the world. Problem Statement. The national institutional environment in the field of the digital economy is currently under development, in particular in terms of consistency of conceptual apparatus. The purpose of the article is to analyze the conceptual and categorical apparatus used in the regulatory and legal framework for accounting and taxation of objects arising from the activities of business entities in the digital economy, and to determine the directions of its development. Methods: institutional approach; comparative analysis; synthesis; hierarchical classification method. Results. A bibliographic analysis of scientific and professional publications showed that all categories of “non-fungible token”, “virtual asset”, “cryptoasset” are inherently digital assets, i.e. assets that are stored or transmitted in digital format and have economic or cultural value. The global nature of digital assets has led to the need for international coordination on their legal status and resolution mechanisms. Such digital assets as virtual assets, cryptoassets and their subtypes are regulated at different levels: international (FATF, OECD); regional (EU); national (UK, Ukraine). The presented review of the documents defining the concepts of “digital asset”, “cryptoasset” and “virtual asset” at the international and regional levels, as well as in individual countries, demonstrates that there is currently no generally accepted definition of these terms. Conclusions. The conducted study of the features in forming the conceptual and terminological apparatus of accounting and taxation of objects, the appearance of which is determined by the activities of economic entities under the digital economy, in regulatory documents at various levels showed that when developing institutional support for the regulation of the circulation of digital assets and operations with them in Ukraine the approach used by the FATF was chosen. In terms of its content, the category of “virtual assets” corresponds to the interpretation of the category of “cryptoassets” laid down by European legislation. The author identifies terminological inconsistencies in the Ukrainian legal framework that require further resolution through a cross-analysis of legislation to unify approaches to the interpretation of digital economy objects.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"248 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":"136012677","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 2020, the COVID-19 pandemic quickly spread to almost all countries, causing a downturn in the economy and worsening monetary stability. In terms of the scale of its effects, this stress even exceeded the impact of the global financial crisis. It was quite logical to revise the parameters of monetary policy, including lowering (or keeping low) key policy rates, accepting long-term refinancing operations, and reducing the required reserve ratio. All of these measures were intended to stimulate the economy, and the recent practice deserves an examination of how effective the transmission of monetary policy has been. Problem Statement. The implementation of monetary policy in the context of the pandemic is giving rise to new academic discussions about transmission channels, as well as the combination of the general and the particular in the context of countries. The purpose is to examine the transmission mechanism of monetary transmission to achieve the inflation target and ensure sustainable economic growth of the national economy. Methods. General scientific and specific methods of scientific cognition were used. In particular, the study used system analysis to describe models of the monetary policy transmission mechanism; abstract and logical analysis to summarize and build logical links between individual links in the monetary policy transmission mechanism; and statistical and economic analysis to analyze the impact of monetary transmission on inflation under the inflation targeting regime. Methods. System analysis was used to describe models of the transmission mechanism of monetary policy; abstract-logical – for summarizing and building logical connections between separate links of the transmission mechanism of monetary policy; statistical and economic - to analyze the impact of monetary transmission on inflation within the framework of the inflation targeting (IT) regime. Results. Transmission channels are defined as the chain of transmission of the impact from the key policy rate (discount rate) to the next link in the monetary transmission chain. Because of its properties (systematicity, consistency, and microfoundedness), neo-Keynesian logic is well suited to the main macroeconomic models that belong to the class of structural models (including both classical DSGE and semi-structural models). The model used by the National Bank of Ukraine to describe the transmission and build a medium-term forecast of the domestic economy also belongs to the class of structural models. A structural model in the neo-Keynesian logic combines the three most powerful transmission channels - interest rate, exchange rate, and expectations channels. An impulse in the key policy rate is instantly reflected in the 10-day interbank lending rate, and this rate is therefore the NBU's operational target for monetary policy. From the interbank lending rate, the impact of monetary policy is transmitted further to rates in other segments of the money mark
{"title":"Transmission mechanism of monetary policy in the context of macroeconomic stability","authors":"Dmytro KHOKHYCH, Oleksandr LYUBICH, Gennadiy BORTNIKOV","doi":"10.33763/finukr2023.08.038","DOIUrl":"https://doi.org/10.33763/finukr2023.08.038","url":null,"abstract":"Introduction. In 2020, the COVID-19 pandemic quickly spread to almost all countries, causing a downturn in the economy and worsening monetary stability. In terms of the scale of its effects, this stress even exceeded the impact of the global financial crisis. It was quite logical to revise the parameters of monetary policy, including lowering (or keeping low) key policy rates, accepting long-term refinancing operations, and reducing the required reserve ratio. All of these measures were intended to stimulate the economy, and the recent practice deserves an examination of how effective the transmission of monetary policy has been. Problem Statement. The implementation of monetary policy in the context of the pandemic is giving rise to new academic discussions about transmission channels, as well as the combination of the general and the particular in the context of countries. The purpose is to examine the transmission mechanism of monetary transmission to achieve the inflation target and ensure sustainable economic growth of the national economy. Methods. General scientific and specific methods of scientific cognition were used. In particular, the study used system analysis to describe models of the monetary policy transmission mechanism; abstract and logical analysis to summarize and build logical links between individual links in the monetary policy transmission mechanism; and statistical and economic analysis to analyze the impact of monetary transmission on inflation under the inflation targeting regime. Methods. System analysis was used to describe models of the transmission mechanism of monetary policy; abstract-logical – for summarizing and building logical connections between separate links of the transmission mechanism of monetary policy; statistical and economic - to analyze the impact of monetary transmission on inflation within the framework of the inflation targeting (IT) regime. Results. Transmission channels are defined as the chain of transmission of the impact from the key policy rate (discount rate) to the next link in the monetary transmission chain. Because of its properties (systematicity, consistency, and microfoundedness), neo-Keynesian logic is well suited to the main macroeconomic models that belong to the class of structural models (including both classical DSGE and semi-structural models). The model used by the National Bank of Ukraine to describe the transmission and build a medium-term forecast of the domestic economy also belongs to the class of structural models. A structural model in the neo-Keynesian logic combines the three most powerful transmission channels - interest rate, exchange rate, and expectations channels. An impulse in the key policy rate is instantly reflected in the 10-day interbank lending rate, and this rate is therefore the NBU's operational target for monetary policy. From the interbank lending rate, the impact of monetary policy is transmitted further to rates in other segments of the money mark","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"248 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":"136013239","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/finukr2023.08.113
Tetiana ZHYBER, Olena TYMCHENKO
Introduction. The development of a theoretical and methodological concept of budgeting in public finance is necessary and important for Ukraine, which does not have its own long tradition of the budgeting technologies developing on the democratic principles. Considering the fact that budgeting takes place in an institutional environment, it is reasonable to substantiate the conceptual foundations of budgeting in the paradigm of institutionalism. Problem Statement. A systematized presentation of the conceptual foundations of budgeting as a macro-level financial and management technology with the specification of elements, conditions and principles remains an unresolved task. The purpose of the article is to substantiate the conceptual foundations of modern budgeting as a financial and management technology aimed at ensuring public welfare, to identify the components of budgeting, to expand and deepen their characteristics compared to the previous developments, to substantiate the principles of budgeting. Methods. The authors base their research on the methodology of institutionalism. They use evolutionistic approach to argue for the institutional nature of budgeting; systemic approach and theoretical generalizations - for conceptualizing budgeting; graphic interpretation - for a visualization of the components of budgeting as a financial and management technology. Results. The authors reveal the evolutionary changes in the development of budgeting technologies, give the definition of budgeting in public finance, identify the elements of budgeting, determine the sequence of budgeting stages as a process aimed at ensuring sustainable development and growth of the welfare of society, and substantiate the principles of budgeting. Conclusions. Budgeting in public finance is a management technology, the content of which is revealed in two aspects: 1) as a set of techniques, tools and methods; 2) as a process consisting of successive stages: from setting the goals and tasks of socio-economic development to evaluating effectiveness and efficiency. With the evolution of the state, approaches changed and different budgeting technologies were formed. The main task of financial and management engineering is the correct choice and combination of various budgeting technologies or their components to achieve the desirable result.
{"title":"Conceptualization of budgeting in the paradigm of institutionalism","authors":"Tetiana ZHYBER, Olena TYMCHENKO","doi":"10.33763/finukr2023.08.113","DOIUrl":"https://doi.org/10.33763/finukr2023.08.113","url":null,"abstract":"Introduction. The development of a theoretical and methodological concept of budgeting in public finance is necessary and important for Ukraine, which does not have its own long tradition of the budgeting technologies developing on the democratic principles. Considering the fact that budgeting takes place in an institutional environment, it is reasonable to substantiate the conceptual foundations of budgeting in the paradigm of institutionalism. Problem Statement. A systematized presentation of the conceptual foundations of budgeting as a macro-level financial and management technology with the specification of elements, conditions and principles remains an unresolved task. The purpose of the article is to substantiate the conceptual foundations of modern budgeting as a financial and management technology aimed at ensuring public welfare, to identify the components of budgeting, to expand and deepen their characteristics compared to the previous developments, to substantiate the principles of budgeting. Methods. The authors base their research on the methodology of institutionalism. They use evolutionistic approach to argue for the institutional nature of budgeting; systemic approach and theoretical generalizations - for conceptualizing budgeting; graphic interpretation - for a visualization of the components of budgeting as a financial and management technology. Results. The authors reveal the evolutionary changes in the development of budgeting technologies, give the definition of budgeting in public finance, identify the elements of budgeting, determine the sequence of budgeting stages as a process aimed at ensuring sustainable development and growth of the welfare of society, and substantiate the principles of budgeting. Conclusions. Budgeting in public finance is a management technology, the content of which is revealed in two aspects: 1) as a set of techniques, tools and methods; 2) as a process consisting of successive stages: from setting the goals and tasks of socio-economic development to evaluating effectiveness and efficiency. With the evolution of the state, approaches changed and different budgeting technologies were formed. The main task of financial and management engineering is the correct choice and combination of various budgeting technologies or their components to achieve the desirable result.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"7 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":"135969891","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 : 2023-08-31DOI: 10.33763/finukr2023.07.054
G. Bortnikov, O. Lyubich, D. Khokhych
Introduction. In conditions of systemic shocks, such as the coronavirus pandemic, monetary policy decision-making requires collegiality. Monetary policy committees (MPCs) are a successful institutional solution in the conditions of information asymmetry and available alternatives for responding with monetary measures to dynamic changes in the economy and shocks. Problem Statement. In Ukraine, at the level of the central bank and in the scientific opinion, the role and status of the MPCs in ensuring financial stability is underestimated, which is perceived more as a working body of the Board of the National Bank of Ukraine (NBU). The formation of its composition which includes only top managers of the NBU does not guarantee against the adoption of biased or short-sighted decisions, which can lead to negative consequences for economic growth. There is a need to bring the principles of this collegial body into line with the best practices of central banks. Purpose.To generalize international experience in the institutional development of national central banks in the direction of the corporate structure of the monetary policy committee to ensure greater efficiency of its work and the application of best practices in Ukraine. Methods. Content analysis, methods of scientific abstraction, comparative analysis of statistical information published by central banks of countries that are not part of the European Central Bank system were used. Results. The coronavirus pandemic did not cause significant changes in the organization of committee activities, but it increased the importance of involving external experts to assess and forecast the situation. The analysis of the biographical data of such persons showed that they are highly qualified specialists, recognized in the country and by the international community. In the decisions of individual political bodies the reference to the expectations of the market participants (for example, the prediction of the decision related to maintainance , increase or decrease of the discount rate) deserves special attention as well as the requirement for the members of the body to observe a period of “silence” for at least one week, which means refraining from comments on the statement of position before the meeting. Of course, the practice of involvement the representatives of the Ministry of Finance in meetings of the committee without voting rights is of interest. Conclusions. Monetary policy committees work primarily to ensure price stability, but with a perspective for economic development. The main functions of MPCs in most European countries are not limited to setting the discount rate, but cover reserve requirements, approval of liquidity support programs and refinancing of banks, operations of the central bank in the foreign exchange market and with securities. For Ukraine, it is considered optimal to form MPCs not under the Board, but under the National Bank itself in order to raise its status to the level of
{"title":"Monetary policy committees in the conditions of the coronavirus pandemic outbreak","authors":"G. Bortnikov, O. Lyubich, D. Khokhych","doi":"10.33763/finukr2023.07.054","DOIUrl":"https://doi.org/10.33763/finukr2023.07.054","url":null,"abstract":"Introduction. In conditions of systemic shocks, such as the coronavirus pandemic, monetary policy decision-making requires collegiality. Monetary policy committees (MPCs) are a successful institutional solution in the conditions of information asymmetry and available alternatives for responding with monetary measures to dynamic changes in the economy and shocks. Problem Statement. In Ukraine, at the level of the central bank and in the scientific opinion, the role and status of the MPCs in ensuring financial stability is underestimated, which is perceived more as a working body of the Board of the National Bank of Ukraine (NBU). The formation of its composition which includes only top managers of the NBU does not guarantee against the adoption of biased or short-sighted decisions, which can lead to negative consequences for economic growth. There is a need to bring the principles of this collegial body into line with the best practices of central banks. Purpose.To generalize international experience in the institutional development of national central banks in the direction of the corporate structure of the monetary policy committee to ensure greater efficiency of its work and the application of best practices in Ukraine. Methods. Content analysis, methods of scientific abstraction, comparative analysis of statistical information published by central banks of countries that are not part of the European Central Bank system were used. Results. The coronavirus pandemic did not cause significant changes in the organization of committee activities, but it increased the importance of involving external experts to assess and forecast the situation. The analysis of the biographical data of such persons showed that they are highly qualified specialists, recognized in the country and by the international community. In the decisions of individual political bodies the reference to the expectations of the market participants (for example, the prediction of the decision related to maintainance , increase or decrease of the discount rate) deserves special attention as well as the requirement for the members of the body to observe a period of “silence” for at least one week, which means refraining from comments on the statement of position before the meeting. Of course, the practice of involvement the representatives of the Ministry of Finance in meetings of the committee without voting rights is of interest. Conclusions. Monetary policy committees work primarily to ensure price stability, but with a perspective for economic development. The main functions of MPCs in most European countries are not limited to setting the discount rate, but cover reserve requirements, approval of liquidity support programs and refinancing of banks, operations of the central bank in the foreign exchange market and with securities. For Ukraine, it is considered optimal to form MPCs not under the Board, but under the National Bank itself in order to raise its status to the level of ","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124190047","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 : 2023-08-31DOI: 10.33763/finukr2023.07.113
R. Golovin
Introduction. In the conditions of insufficient volume of lending to important sectors of the economy, it is necessary to expand the list of instruments and change the conditions of state lending to socially significant economic entities. The basis of the changes should be the relaxation of the requirements for securing the loan and the compensation of part of the interest rate on the loan. Problem Statement. There are objective and subjective factors affecting the demand and supply of loans in the national credit market. These include the credit policy of the National Bank of Ukraine, credit, market and other risks, internal policy and target orientations of financial and credit institutions, in particular, targeting those business objects that provide an opportunity to obtain profit with minimal or controlled risks. Therefore, in the agrarian sphere, a situation arises in which lending is insufficient or impossible for most of its agents. Purpose. To justify the need to improve lending relations for financial support of socially significant business entities. Methods. The following methods are used: abstract-logical, systematization, dialectical and formal logic, expert evaluations. Results. The existing mechanisms aimed at the development of lending relations have been studied. a number of negative phenomena related to the inefficiency of the existing interest rate compensation mechanisms and state guarantee of loans have been identified. The need for preferential state lending to socially significant business entities with minimal risks of non-repayment of loans has been proven. Conclusions. The problems of lending development can be solved through legal, institutional and organizational mechanisms, the application of which is aimed at taking into account the social economic significance of lending objects, minimizing credit risks and ensuring the sustainable development of lending objects.
{"title":"Improvement of credit relationships of the state and socially significant entities of the agricultural sector of the economy","authors":"R. Golovin","doi":"10.33763/finukr2023.07.113","DOIUrl":"https://doi.org/10.33763/finukr2023.07.113","url":null,"abstract":"Introduction. In the conditions of insufficient volume of lending to important sectors of the economy, it is necessary to expand the list of instruments and change the conditions of state lending to socially significant economic entities. The basis of the changes should be the relaxation of the requirements for securing the loan and the compensation of part of the interest rate on the loan. Problem Statement. There are objective and subjective factors affecting the demand and supply of loans in the national credit market. These include the credit policy of the National Bank of Ukraine, credit, market and other risks, internal policy and target orientations of financial and credit institutions, in particular, targeting those business objects that provide an opportunity to obtain profit with minimal or controlled risks. Therefore, in the agrarian sphere, a situation arises in which lending is insufficient or impossible for most of its agents. Purpose. To justify the need to improve lending relations for financial support of socially significant business entities. Methods. The following methods are used: abstract-logical, systematization, dialectical and formal logic, expert evaluations. Results. The existing mechanisms aimed at the development of lending relations have been studied. a number of negative phenomena related to the inefficiency of the existing interest rate compensation mechanisms and state guarantee of loans have been identified. The need for preferential state lending to socially significant business entities with minimal risks of non-repayment of loans has been proven. Conclusions. The problems of lending development can be solved through legal, institutional and organizational mechanisms, the application of which is aimed at taking into account the social economic significance of lending objects, minimizing credit risks and ensuring the sustainable development of lending objects.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117325602","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 : 2023-08-31DOI: 10.33763/finukr2023.07.099
A. Drobiazko, O. Kaminska, Oleksandr Borshchuk
In 2022 and at the beginning of 2023, the financial system of Ukraine proved its institutional capacity. The results of the banks' activities in 2022 confirm their significant contribution to its stabilization during the period of full-scale Russian aggression. The measures of the monetary authority were more balanced and effective compared to the events of 2014-2015. The current state of the banking system proved the integration of Ukrainian banks into the European financial space. Problem Statement. Systematization of problems and approaches to the strategic development of the banking system in the period of post-war economic recovery and its impact on the general security of money circulation in the country.The given calculations and graphs make it possible to compare the trends in the main markets of banking operations in 2014–2023. Purpose. To assess the current state of dynamics of active and passive operations of Ukrainian banks after the pandemic crisis and in the midst of full-scale Russian aggression, as well as the impact of their activities on the development of the real sector. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. Results. The dynamics of changes in the resource base of banks at the expense of legal entities and individuals, as well as their credit and investment portfolios, are presented. The main macroeconomic strategies of monetary policy, which influenced the development of banks in 2014–2023, were considered. The importance of resuming the cooperation of the Government of Ukraine with international financial organizations in 2023 and further institutional development of the banking system was emphasized. Conclusions. The quality of management of the financial sector and the banking segment, in particular in 2022, is higher than in 2014. The bank-centric financial system that has developed in Ukraine should have a long-term strategy for the development of institutions along with a transparent mechanism for evaluating the quality of their management. For the development of the banking system in order to improve the resource provision of the economy, it is necessary to return to the idea of creating a national reconstruction and development bank, a bank of assets damaged and destroyed by the war.
{"title":"Credit portfolio of Ukrainian banks: analysis of the impact of martial law","authors":"A. Drobiazko, O. Kaminska, Oleksandr Borshchuk","doi":"10.33763/finukr2023.07.099","DOIUrl":"https://doi.org/10.33763/finukr2023.07.099","url":null,"abstract":"In 2022 and at the beginning of 2023, the financial system of Ukraine proved its institutional capacity. The results of the banks' activities in 2022 confirm their significant contribution to its stabilization during the period of full-scale Russian aggression. The measures of the monetary authority were more balanced and effective compared to the events of 2014-2015. The current state of the banking system proved the integration of Ukrainian banks into the European financial space. Problem Statement. Systematization of problems and approaches to the strategic development of the banking system in the period of post-war economic recovery and its impact on the general security of money circulation in the country.The given calculations and graphs make it possible to compare the trends in the main markets of banking operations in 2014–2023. Purpose. To assess the current state of dynamics of active and passive operations of Ukrainian banks after the pandemic crisis and in the midst of full-scale Russian aggression, as well as the impact of their activities on the development of the real sector. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. Results. The dynamics of changes in the resource base of banks at the expense of legal entities and individuals, as well as their credit and investment portfolios, are presented. The main macroeconomic strategies of monetary policy, which influenced the development of banks in 2014–2023, were considered. The importance of resuming the cooperation of the Government of Ukraine with international financial organizations in 2023 and further institutional development of the banking system was emphasized. Conclusions. The quality of management of the financial sector and the banking segment, in particular in 2022, is higher than in 2014. The bank-centric financial system that has developed in Ukraine should have a long-term strategy for the development of institutions along with a transparent mechanism for evaluating the quality of their management. For the development of the banking system in order to improve the resource provision of the economy, it is necessary to return to the idea of creating a national reconstruction and development bank, a bank of assets damaged and destroyed by the war.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128249097","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 : 2023-08-31DOI: 10.33763/finukr2023.07.007
Andrij Grytsenko
Introduction. The growing uncertainty of financial and economic dynamics leads to changes in the level of trust in subjects and institutions of the monetary sphere, which undermines the foundations of stability and provokes crises. This forces us to look for new approaches to ensuring the stability of the monetary unit and monetary security. Problem Statement. The main problem is the lack of scientific knowledge regarding the mechanisms of the impact of growing uncertainty and mistrust on the behavior of business entities, and the monetary sphere, which is especially sensitive to such changes, to find effective means of counteracting the negative impact of these processes and maintaining monetary security. Purpose. To identify a basic tool for ensuring confidence and monetary security, which could become the basis for building a safe monetary system in conditions of growing uncertainty and risks of increasing the level of mistrust associated with pandemics, crises, military actions and other destabilizing factors. Methods. The research is based on the application of the method of ascent from the abstract to the concrete, which combines logical operations, theoretical reproduction and ascent to find out directions of the practical implementation of the obtained theoretical results. Results. The relationship between trust and monetary stability and its features in conditions of growing uncertainty and risks are revealed. The internal structure of trust and its external manifestations in trust in subjects, institutions and objects are clarified. The approach to the interpretation of monetization is substantiated, which made it possible to distinguish between inclusive and segregative monetization. The use of the regime of targeting the stability of the monetary unit in conditions of growing uncertainty and risks is proposed and its content is disclosed. Conclusions. The growth of uncertainty significantly affects the dynamics of trust and its relationship with macroeconomic, monetary and fiscal parameters. An important role in maintaining the trust of the population and business entities in the conditions of increased risks and uncertainty of economic development is played by the actions of power structures, in particular, the monetary authority. Even the growing general disproportionality of the economy can be combined with the preservation of trust, if the economic parameters directly affecting people's lives remain relatively stable, and the authorities demonstrate to society the ability to control the situation. In order to ensure monetary stability and security, monetization, which must be inclusive and not segregative, is essential. An adequate basic tool for ensuring trust and monetary security in the conditions of growing uncertainty and monetary and fiscal risks is the unfolded targeting of the stability of the monetary unit, in which inflation (internal stability) is controlled in relation to the dynamics of the exchange rate (external sta
{"title":"Monetary security of the national economy in the conditions of growing uncertainty and risks of mistrust","authors":"Andrij Grytsenko","doi":"10.33763/finukr2023.07.007","DOIUrl":"https://doi.org/10.33763/finukr2023.07.007","url":null,"abstract":"Introduction. The growing uncertainty of financial and economic dynamics leads to changes in the level of trust in subjects and institutions of the monetary sphere, which undermines the foundations of stability and provokes crises. This forces us to look for new approaches to ensuring the stability of the monetary unit and monetary security. Problem Statement. The main problem is the lack of scientific knowledge regarding the mechanisms of the impact of growing uncertainty and mistrust on the behavior of business entities, and the monetary sphere, which is especially sensitive to such changes, to find effective means of counteracting the negative impact of these processes and maintaining monetary security. Purpose. To identify a basic tool for ensuring confidence and monetary security, which could become the basis for building a safe monetary system in conditions of growing uncertainty and risks of increasing the level of mistrust associated with pandemics, crises, military actions and other destabilizing factors. Methods. The research is based on the application of the method of ascent from the abstract to the concrete, which combines logical operations, theoretical reproduction and ascent to find out directions of the practical implementation of the obtained theoretical results. Results. The relationship between trust and monetary stability and its features in conditions of growing uncertainty and risks are revealed. The internal structure of trust and its external manifestations in trust in subjects, institutions and objects are clarified. The approach to the interpretation of monetization is substantiated, which made it possible to distinguish between inclusive and segregative monetization. The use of the regime of targeting the stability of the monetary unit in conditions of growing uncertainty and risks is proposed and its content is disclosed. Conclusions. The growth of uncertainty significantly affects the dynamics of trust and its relationship with macroeconomic, monetary and fiscal parameters. An important role in maintaining the trust of the population and business entities in the conditions of increased risks and uncertainty of economic development is played by the actions of power structures, in particular, the monetary authority. Even the growing general disproportionality of the economy can be combined with the preservation of trust, if the economic parameters directly affecting people's lives remain relatively stable, and the authorities demonstrate to society the ability to control the situation. In order to ensure monetary stability and security, monetization, which must be inclusive and not segregative, is essential. An adequate basic tool for ensuring trust and monetary security in the conditions of growing uncertainty and monetary and fiscal risks is the unfolded targeting of the stability of the monetary unit, in which inflation (internal stability) is controlled in relation to the dynamics of the exchange rate (external sta","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"171 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133354122","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 : 2023-08-31DOI: 10.33763/finukr2023.07.037
Serhii Korablin
Introduction. The large-scale war against Ukraine caused a radical change in its economic policy, including in the monetary sphere. However, this did not affect the plans of the National Bank of Ukraine to return to the inflation targeting (IT) regime after the end of the martial law period. Problem Statement. The introduction of IT in Ukraine was caused by chronic exchange rate and inflation problems that occurred despite many attempts to fix the exchange rate of the hryvnia to the US dollar. However, its application in Ukraine did not fully take into account the international experience accumulated by that time. In addition, the challenges caused by the start of military aggression against Ukraine in 2014 did not receive the necessary attention. Purpose. Analysis of some features and results of inflation targeting in Ukraine.Determination of possible areas of improvement of its monetary policy. Methods. Abstract-logical method, methods of comparisons, graphical and statistical analysis, theoretical generalization are used. Results. The conceptual provisions of IT in Ukraine have left without proper attention the world experience gained during the overcoming of the global financial crisis of 2008-2009, as well as the corona crisis caused by COVID-19. In addition, the challenges caused by the start of military aggression against Ukraine in 2014 were not taken into account. As a result, the practical properties of IT in Ukraine corresponded to its rigid version, which was common before the crisis of 2008-2009. Conclusions. The transition of leading central banks to flexible IT was a forced move caused by their inability to promote economic growth by supporting price stability alone. This led to the expansion of the target orientation of monetary policy, as a result of which it began to focus not just on price stability, but “a rational balance between the stability of inflation and the stability of the use of resources.” In Ukraine, this qualitative transformation did not attract due attention. As a result, a number of problematic issues arose regarding the determination of the disinflation schedule, the speed of institutional reforms, target inflation, potential rates of economic growth, the effectiveness of using one (main) monetary instrument, the timeliness and validity of currency liberalization, the inability of the central bank to comply with IT without attracting stabilization loans from international organizations.
{"title":"Inflation targeting in Ukraine: individual aspects, results and conclusions (part 2)","authors":"Serhii Korablin","doi":"10.33763/finukr2023.07.037","DOIUrl":"https://doi.org/10.33763/finukr2023.07.037","url":null,"abstract":"Introduction. The large-scale war against Ukraine caused a radical change in its economic policy, including in the monetary sphere. However, this did not affect the plans of the National Bank of Ukraine to return to the inflation targeting (IT) regime after the end of the martial law period. Problem Statement. The introduction of IT in Ukraine was caused by chronic exchange rate and inflation problems that occurred despite many attempts to fix the exchange rate of the hryvnia to the US dollar. However, its application in Ukraine did not fully take into account the international experience accumulated by that time. In addition, the challenges caused by the start of military aggression against Ukraine in 2014 did not receive the necessary attention. Purpose. Analysis of some features and results of inflation targeting in Ukraine.Determination of possible areas of improvement of its monetary policy. Methods. Abstract-logical method, methods of comparisons, graphical and statistical analysis, theoretical generalization are used. Results. The conceptual provisions of IT in Ukraine have left without proper attention the world experience gained during the overcoming of the global financial crisis of 2008-2009, as well as the corona crisis caused by COVID-19. In addition, the challenges caused by the start of military aggression against Ukraine in 2014 were not taken into account. As a result, the practical properties of IT in Ukraine corresponded to its rigid version, which was common before the crisis of 2008-2009. Conclusions. The transition of leading central banks to flexible IT was a forced move caused by their inability to promote economic growth by supporting price stability alone. This led to the expansion of the target orientation of monetary policy, as a result of which it began to focus not just on price stability, but “a rational balance between the stability of inflation and the stability of the use of resources.” In Ukraine, this qualitative transformation did not attract due attention. As a result, a number of problematic issues arose regarding the determination of the disinflation schedule, the speed of institutional reforms, target inflation, potential rates of economic growth, the effectiveness of using one (main) monetary instrument, the timeliness and validity of currency liberalization, the inability of the central bank to comply with IT without attracting stabilization loans from international organizations.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133340445","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 : 2023-08-31DOI: 10.33763/finukr2023.07.080
Y. Ivanov
Introduction. The development of the taxation theory and the best practices of the World Anti-crisis Tax Policy prove the gradual separation of an independent and very specific group of taxes, called “solidarity taxes”, which are beginning to play a fairly significant role in modern tax policy. The intensive development of solidarity taxes and their implementation in the European fiscal space in 2022 are closely related to the crisis phenomena that have arisen in the field of energy prices and the associated increase in the inflation rate. This is one of the consequences of the military aggression of the Russian Federation against Ukraine. Another consequence of this war was the high need for investment necessary for the revival of Ukraine. Problem Statement. The problems of the design of solidarity taxes and their scope of application, as well as the possibilities and features of their use as a promising source of investment financing, remain insufficiently studied. And the latest experience of the second half of 2022-early 2023 regarding the coordinated application of taxes on unpredictable profits in EU countries requires critical analysis and generalization. Purpose. To study the economic content, evolution and regulatory framework of the application of solidarity taxes in the EU and the prospects for their implementation in Ukraine at the stage of post-war economic recovery. Methods. The author used analytical and qualitative research methods, including logical and comparative analysis, to identify general and special features of solidarity taxes, decomposition and grouping methods to study the element base and identify models of the studied taxes. Results. The theoretical basis and European practice of using solidarity taxes are analyzed, and the genesis of their development in the EU countries is studied. The principles of development and implementation of a common tax policy within the EU to counteract the consequences of the energy crisis through the introduction of a temporary contribution of solidarity, coping with unexpected profits in the energy sector and oil refining are considered. Attention is focused on the expediency, limitations and risks of the prospective application of solidarity taxes as its own source of investment financing at the stage of the post-war economic recovery of Ukraine. Conclusions. Solidarity taxes implementation is a promising direction for creating our own national sources of investment financing in the context of the post-war economic recovery. The introduction of solidarity taxes in Ukraine requires the adaptation of the European methodology to the specifics of the set goals and conditions of taxation in Ukraine, as well as scientific justification of restrictions on the application of this tax and preventive mechanisms to counteract the negative consequences of its implementation.
{"title":"Solidarity taxes: the latest EU experience and prospects for Ukraine","authors":"Y. Ivanov","doi":"10.33763/finukr2023.07.080","DOIUrl":"https://doi.org/10.33763/finukr2023.07.080","url":null,"abstract":"Introduction. The development of the taxation theory and the best practices of the World Anti-crisis Tax Policy prove the gradual separation of an independent and very specific group of taxes, called “solidarity taxes”, which are beginning to play a fairly significant role in modern tax policy. The intensive development of solidarity taxes and their implementation in the European fiscal space in 2022 are closely related to the crisis phenomena that have arisen in the field of energy prices and the associated increase in the inflation rate. This is one of the consequences of the military aggression of the Russian Federation against Ukraine. Another consequence of this war was the high need for investment necessary for the revival of Ukraine. Problem Statement. The problems of the design of solidarity taxes and their scope of application, as well as the possibilities and features of their use as a promising source of investment financing, remain insufficiently studied. And the latest experience of the second half of 2022-early 2023 regarding the coordinated application of taxes on unpredictable profits in EU countries requires critical analysis and generalization. Purpose. To study the economic content, evolution and regulatory framework of the application of solidarity taxes in the EU and the prospects for their implementation in Ukraine at the stage of post-war economic recovery. Methods. The author used analytical and qualitative research methods, including logical and comparative analysis, to identify general and special features of solidarity taxes, decomposition and grouping methods to study the element base and identify models of the studied taxes. Results. The theoretical basis and European practice of using solidarity taxes are analyzed, and the genesis of their development in the EU countries is studied. The principles of development and implementation of a common tax policy within the EU to counteract the consequences of the energy crisis through the introduction of a temporary contribution of solidarity, coping with unexpected profits in the energy sector and oil refining are considered. Attention is focused on the expediency, limitations and risks of the prospective application of solidarity taxes as its own source of investment financing at the stage of the post-war economic recovery of Ukraine. Conclusions. Solidarity taxes implementation is a promising direction for creating our own national sources of investment financing in the context of the post-war economic recovery. The introduction of solidarity taxes in Ukraine requires the adaptation of the European methodology to the specifics of the set goals and conditions of taxation in Ukraine, as well as scientific justification of restrictions on the application of this tax and preventive mechanisms to counteract the negative consequences of its implementation.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"35 11","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114059876","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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