Pub Date : 2023-06-29DOI: 10.33763/finukr2023.03.007
Y. Lupenko, Yurii Radionov, L. Zaburanna
Introduction. Budget expenditures for social needs are an important tool for satisfying human interests, ensuring the well-being of citizens, and raising the standard of living of the population. Budget expenditures as an instrument of budget policy have a significant impact on the complete implementation of budget programs in the social sphere. Nationwide or global crises, shocks, etc. undermine the stability of financial and economic systems, including the full implementation of social policy. Problem Statement. The Russian-Ukrainian war undermined the foundations of the stability of the national economy. A significant number of business entities stopped their activities, at the same time the export of products almost completely stopped, budget revenues decreased significantly, which complicated the processes of budget implementation. This actualizes the efforts of politicians and practitioners to find optimal solutions for filling the budget, as well as strengthening the synergy of scientists in the context of conducting thorough research in the field of social expenditure formation in war conditions. Purpose. Assess the peculiarities of the formation of social budget expenditures under martial law in 2022. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. Results. The conducted analysis showed that the financial and economic situation in the state significantly worsened with the beginning of the Russian invasion, which affected the ability to obtain basic services, the level of income and the quality of life of the population. The structure of budget expenditures has changed, because the defense of the country has become a priority task. At the same time, the amount of social spending should not decrease, as it is necessary to take into account the future social pressure associated with the consequences of the war. Budgeting processes are currently being transformed in a certain way, subject to priority, urgent measures aimed at protecting the country, as well as solving humanitarian and social issues. Therefore, it is necessary to search for additional sources of filling the budget, create reserve funds, redistribute budget expenditures, etc. Effective allocation and saving of limited budget funds will enable the government to maneuver financial resources, prevent associated risks, optimize expenditures, and concentrate them on strategic areas and other urgent tasks of a different nature. Conclusions. In the period of martial law, the tasks of budget policy remain essentially unchanged, in particular: effective management, distribution and use of budget expenditures for priority goals of both economic and social development. The structure of budget expenditures should take into account macroeconomic dynamics and adapt to military conditions, and therefore focus on the implementation of social priorities, primarily ensuring social
{"title":"The formation of social expenditures under martial law","authors":"Y. Lupenko, Yurii Radionov, L. Zaburanna","doi":"10.33763/finukr2023.03.007","DOIUrl":"https://doi.org/10.33763/finukr2023.03.007","url":null,"abstract":"Introduction. Budget expenditures for social needs are an important tool for satisfying human interests, ensuring the well-being of citizens, and raising the standard of living of the population. Budget expenditures as an instrument of budget policy have a significant impact on the complete implementation of budget programs in the social sphere. Nationwide or global crises, shocks, etc. undermine the stability of financial and economic systems, including the full implementation of social policy. Problem Statement. The Russian-Ukrainian war undermined the foundations of the stability of the national economy. A significant number of business entities stopped their activities, at the same time the export of products almost completely stopped, budget revenues decreased significantly, which complicated the processes of budget implementation. This actualizes the efforts of politicians and practitioners to find optimal solutions for filling the budget, as well as strengthening the synergy of scientists in the context of conducting thorough research in the field of social expenditure formation in war conditions. Purpose. Assess the peculiarities of the formation of social budget expenditures under martial law in 2022. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. Results. The conducted analysis showed that the financial and economic situation in the state significantly worsened with the beginning of the Russian invasion, which affected the ability to obtain basic services, the level of income and the quality of life of the population. The structure of budget expenditures has changed, because the defense of the country has become a priority task. At the same time, the amount of social spending should not decrease, as it is necessary to take into account the future social pressure associated with the consequences of the war. Budgeting processes are currently being transformed in a certain way, subject to priority, urgent measures aimed at protecting the country, as well as solving humanitarian and social issues. Therefore, it is necessary to search for additional sources of filling the budget, create reserve funds, redistribute budget expenditures, etc. Effective allocation and saving of limited budget funds will enable the government to maneuver financial resources, prevent associated risks, optimize expenditures, and concentrate them on strategic areas and other urgent tasks of a different nature. Conclusions. In the period of martial law, the tasks of budget policy remain essentially unchanged, in particular: effective management, distribution and use of budget expenditures for priority goals of both economic and social development. The structure of budget expenditures should take into account macroeconomic dynamics and adapt to military conditions, and therefore focus on the implementation of social priorities, primarily ensuring social ","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123944669","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 : 2023-06-29DOI: 10.33763/finukr2023.03.103
A. Sholoiko
Introduction. Conducting business activities aimed at obtaining profit without taking into account the negative impact on the social and environmental environment has led to the accumulation of problems in the specified areas. Awareness of the current situation led to the development of the concept of sustainable development and the formulation of 17 Sustainable Development Goals, the implementation of which will contribute to ensuring both economic, social and ecological dimensions of human progress. Problem Statement. Among the newest instruments aimed at financing with a positive impact on the economic, social and environmental dimensions of sustainable development, special purpose bonds (green, social, sustainable bonds, etc.) should be singled out. The purpose of the article is to determine the composition of the newest instruments of sustainable development financing, to improve their classification, and to generalize trends in their use in the world. Methods. The principles and guidelines of the International Capital Market Association for the issuance of special purpose bonds are analyzed, the methods of generalization and analysis of dynamic series are used based on the data of the International organization “Climate Bonds Initiative” about special purpose bonds. Results. The classification of special-purpose bonds was improved, in particular, the widespread features of their classification were supplemented with features based on the level of achievement of the set goals and the readiness of legislation of the issuance of special purpose bonds. The global trends as for the development of special purpose bonds were clarified, namely: the largest volume of issuance and growth rate for 2014-2021 is precisely for green bonds, which is explained by the beginning of the practice of issuing bonds with a positive impact by supranational organizations in the world precisely from the issue of green bonds; the largest volume of issuance of special purpose bonds is inherent for developed markets and, in recent years, for emerging markets; the leader of issuing of all types of these bonds during 2016-2021 is Europe; the largest specific weight of the issued special purpose bonds in the world is inherent for hard currencies: the euro and the U.S. dollar; key issuers of these bonds are financial and non-financial corporations, as well as institutions supported by the government. Conclusions The classification of special-purpose bonds has been improved, in particular, the common features of their classification have been supplemented with features based on the level of achievement of the set goals and regularity of the issue. Accordingly, it is advisable to continue to support the initiative of financial corporations regarding the issue of special purpose bonds as powerful institutional investors. This will make it possible to maintain the growing trend and strengthen financing and achievement of the Sustainable Development Goals. It is expedient to ca
{"title":"The newest instruments of sustainable development financing","authors":"A. Sholoiko","doi":"10.33763/finukr2023.03.103","DOIUrl":"https://doi.org/10.33763/finukr2023.03.103","url":null,"abstract":"Introduction. Conducting business activities aimed at obtaining profit without taking into account the negative impact on the social and environmental environment has led to the accumulation of problems in the specified areas. Awareness of the current situation led to the development of the concept of sustainable development and the formulation of 17 Sustainable Development Goals, the implementation of which will contribute to ensuring both economic, social and ecological dimensions of human progress. Problem Statement. Among the newest instruments aimed at financing with a positive impact on the economic, social and environmental dimensions of sustainable development, special purpose bonds (green, social, sustainable bonds, etc.) should be singled out. The purpose of the article is to determine the composition of the newest instruments of sustainable development financing, to improve their classification, and to generalize trends in their use in the world. Methods. The principles and guidelines of the International Capital Market Association for the issuance of special purpose bonds are analyzed, the methods of generalization and analysis of dynamic series are used based on the data of the International organization “Climate Bonds Initiative” about special purpose bonds. Results. The classification of special-purpose bonds was improved, in particular, the widespread features of their classification were supplemented with features based on the level of achievement of the set goals and the readiness of legislation of the issuance of special purpose bonds. The global trends as for the development of special purpose bonds were clarified, namely: the largest volume of issuance and growth rate for 2014-2021 is precisely for green bonds, which is explained by the beginning of the practice of issuing bonds with a positive impact by supranational organizations in the world precisely from the issue of green bonds; the largest volume of issuance of special purpose bonds is inherent for developed markets and, in recent years, for emerging markets; the leader of issuing of all types of these bonds during 2016-2021 is Europe; the largest specific weight of the issued special purpose bonds in the world is inherent for hard currencies: the euro and the U.S. dollar; key issuers of these bonds are financial and non-financial corporations, as well as institutions supported by the government. Conclusions The classification of special-purpose bonds has been improved, in particular, the common features of their classification have been supplemented with features based on the level of achievement of the set goals and regularity of the issue. Accordingly, it is advisable to continue to support the initiative of financial corporations regarding the issue of special purpose bonds as powerful institutional investors. This will make it possible to maintain the growing trend and strengthen financing and achievement of the Sustainable Development Goals. It is expedient to ca","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128484078","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 : 2023-06-29DOI: 10.33763/finukr2023.03.123
T. Iefymenko, I. Mantsurov
{"title":"A new look at financial and monetary globalization","authors":"T. Iefymenko, I. Mantsurov","doi":"10.33763/finukr2023.03.123","DOIUrl":"https://doi.org/10.33763/finukr2023.03.123","url":null,"abstract":"","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128071345","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 : 2023-06-29DOI: 10.33763/finukr2023.03.088
H. Nashkerska
Introduction. The application of blockchain technology has a significant potential to increase the efficiency of accounting compared to the traditional system and will ensure the digital transformation of the accounting process. Problem Statement. The introduction of blockchain technology into the accounting system is at an initial stage and requires significant refinement due to existing limitations. Purpose. To carry out a comparative analysis of the advantages and limitations of using blockchain technology in accounting in comparison with traditional accounting. Methods. The main research methods were general and special scientific approaches to theoretical generalization and grouping, systematization, comparative analysis, logical generalization. Results. Substantiated that the relationship and functionality of the blockchain are perfectly combined with the basic logic of accounting systems. The immutability of the transactions recorded in the blockchain process, the strong ongoing control of the procedures and compliance guaranteed in each phase meet the cardinal principles of accounting summarized in terms of informative data reliability and transparency. Conducted a comparison between pre- and postblockchain accounting characteristics. This established the advantages of blockchaintechnology compared to traditional accounting. The study defines confidentiality issues, scalability and interoperability as important significant constraints for adoption and deployment of blockchain based accounting. Procedural automation of blockchain technology always requires support and monitoring of the correctness of the interpretation of accounting phenomena that require professional judgment. Identified groups of asset transactions that reflect a high probability of outcome uncertainty and measurement uncertainty. Conclusions. Blockchain integration in accounting at enterprises supports consistent with Ukraine's digital transformation strategy. Accounting from this technology perspective would significantly reduce the amount of time and effort used by accountants for traditional and repetitive daily accounting records and constant control over their reliability. The introduction of blockchain in accounting requires overcoming limitations, the main one is the need to make changes to transactions, which require adjustments due to uncertainty and require accounting judgment.
{"title":"Blockchain technology in accounting: advantages and limitations","authors":"H. Nashkerska","doi":"10.33763/finukr2023.03.088","DOIUrl":"https://doi.org/10.33763/finukr2023.03.088","url":null,"abstract":"Introduction. The application of blockchain technology has a significant potential to increase the efficiency of accounting compared to the traditional system and will ensure the digital transformation of the accounting process. Problem Statement. The introduction of blockchain technology into the accounting system is at an initial stage and requires significant refinement due to existing limitations. Purpose. To carry out a comparative analysis of the advantages and limitations of using blockchain technology in accounting in comparison with traditional accounting. Methods. The main research methods were general and special scientific approaches to theoretical generalization and grouping, systematization, comparative analysis, logical generalization. Results. Substantiated that the relationship and functionality of the blockchain are perfectly combined with the basic logic of accounting systems. The immutability of the transactions recorded in the blockchain process, the strong ongoing control of the procedures and compliance guaranteed in each phase meet the cardinal principles of accounting summarized in terms of informative data reliability and transparency. Conducted a comparison between pre- and postblockchain accounting characteristics. This established the advantages of blockchaintechnology compared to traditional accounting. The study defines confidentiality issues, scalability and interoperability as important significant constraints for adoption and deployment of blockchain based accounting. Procedural automation of blockchain technology always requires support and monitoring of the correctness of the interpretation of accounting phenomena that require professional judgment. Identified groups of asset transactions that reflect a high probability of outcome uncertainty and measurement uncertainty. Conclusions. Blockchain integration in accounting at enterprises supports consistent with Ukraine's digital transformation strategy. Accounting from this technology perspective would significantly reduce the amount of time and effort used by accountants for traditional and repetitive daily accounting records and constant control over their reliability. The introduction of blockchain in accounting requires overcoming limitations, the main one is the need to make changes to transactions, which require adjustments due to uncertainty and require accounting judgment.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127589531","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 : 2023-06-29DOI: 10.33763/finukr2023.03.055
O. Shubalyi, S. Petrukha, P. Kosinskyi, N. Petrukha
Introduction. Financial and economic stimulation can be considered as one of the most effective ways to support the domestic processing industry as a whole and restore established or create new chains of generation of added value in the conditions of the legal regime of martial law. This actualizes the need to deepen the research of predictors and challenges of this process and the formation of approaches to the application of the most appropriate forms and tools of financial and economic stimulation, primarily in the regions of Western and Central Ukraine, which are currently actually a catalyst for the recovery of economic growth. Problem Statement. The sphere of financial and economic stimulation of the development of the processing industry through the prism of deepening the processing of natural resources in war and post-war conditions. The purpose is to determine the priority forms and directions of financial and economic stimulation of the development of the processing industry due to the in-depth processing of natural resources in Ukraine in the war and post-war periods based on the application of promising forms and tools of stimulation, using a natural resource and production potential of the western and central regions of Ukraine, which suffered the least economic losses as a result of Russian full-scale aggression. Methods. The methods of monographic analysis, comparison and analogies, correlation-regression, tabular and graphic analysis, and financial and economic synthesis were used. Results. The trends (both before the war and under the conditions of the legal regime of martial law) towards the growth of the role of the processing industry of the western and central regions, in particular in the context of the implementation of the Plan for the recovery Ukraine from the consequences of the war, have been established. Given the uncertainty of the pace of post-war reconstruction, it is advisable to carry out such regulation in the following directions: 1) improvement of the system of financial and economic stimulation formed before the war, taking into account the achieved adaptation progress of its forms and methods to the reform of decentralization in all its manifestations; 2) prioritization of strategically important spheres of processing, which have a significant potential for further development, capable of meeting the immediate needs of the security and defense forces; 3) integration of foreign financial and investment flows and innovative technologies into the national economic system for its extended recovery in accordance with the best global standards; 4) improvement of the state financial and credit system of support for business entities; 5) implementation of the principles of the concept of sustainable and comprehensive development and/or recovery. It has been proven that the stimulation of clustering processes in general and the formation of a new for Ukraine institute of agricultural and construction clusters in parti
{"title":"Financial and economic stimulation of the development of the processing industry on the basis of the natural resource potential of the regions in the post-war period","authors":"O. Shubalyi, S. Petrukha, P. Kosinskyi, N. Petrukha","doi":"10.33763/finukr2023.03.055","DOIUrl":"https://doi.org/10.33763/finukr2023.03.055","url":null,"abstract":"Introduction. Financial and economic stimulation can be considered as one of the most effective ways to support the domestic processing industry as a whole and restore established or create new chains of generation of added value in the conditions of the legal regime of martial law. This actualizes the need to deepen the research of predictors and challenges of this process and the formation of approaches to the application of the most appropriate forms and tools of financial and economic stimulation, primarily in the regions of Western and Central Ukraine, which are currently actually a catalyst for the recovery of economic growth. Problem Statement. The sphere of financial and economic stimulation of the development of the processing industry through the prism of deepening the processing of natural resources in war and post-war conditions. The purpose is to determine the priority forms and directions of financial and economic stimulation of the development of the processing industry due to the in-depth processing of natural resources in Ukraine in the war and post-war periods based on the application of promising forms and tools of stimulation, using a natural resource and production potential of the western and central regions of Ukraine, which suffered the least economic losses as a result of Russian full-scale aggression. Methods. The methods of monographic analysis, comparison and analogies, correlation-regression, tabular and graphic analysis, and financial and economic synthesis were used. Results. The trends (both before the war and under the conditions of the legal regime of martial law) towards the growth of the role of the processing industry of the western and central regions, in particular in the context of the implementation of the Plan for the recovery Ukraine from the consequences of the war, have been established. Given the uncertainty of the pace of post-war reconstruction, it is advisable to carry out such regulation in the following directions: 1) improvement of the system of financial and economic stimulation formed before the war, taking into account the achieved adaptation progress of its forms and methods to the reform of decentralization in all its manifestations; 2) prioritization of strategically important spheres of processing, which have a significant potential for further development, capable of meeting the immediate needs of the security and defense forces; 3) integration of foreign financial and investment flows and innovative technologies into the national economic system for its extended recovery in accordance with the best global standards; 4) improvement of the state financial and credit system of support for business entities; 5) implementation of the principles of the concept of sustainable and comprehensive development and/or recovery. It has been proven that the stimulation of clustering processes in general and the formation of a new for Ukraine institute of agricultural and construction clusters in parti","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"173 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131110664","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 : 2023-06-29DOI: 10.33763/finukr2023.03.044
O. Borzenko, Yevhenii Redziuk
Introduction. The recovery of Ukraine's economy in the war and post-war periods is impossible without rebuilding the modern institutional structure of the financial sector, in which the leading place will be occupied by the domestic stock market. Problem Statement. Taking into account the fact that the stock market of Ukraine is not formed and does not correspond in most parameters to other countries of the Eastern European region, it is advisable to consider its features in more detail and propose more effective reforms in this area. Purpose. To identify the key problems that led to the decline of the domestic stock market, analyze the best practices and successful approaches to the development of securities markets in the world, as well as formulate proposals for the reconstruction of a more modern and efficient market in Ukraine. Methods. Theoretical and methodological basis of the research is scientific works of foreign and Ukrainian scientists, modern statistical information base of the stock exchanges. The study of problems and approaches related to the peculiarities of the development of the Ukrainian stock market was carried out using the methods of critical and scientific analysis, comparative analysis, scientific generalization and systematization, induction and deduction. Results. The development of the stock market in the context of digitalization opens up significant opportunities for a more innovative and rapid renewal of Ukraine. But the essential problems of the domestic stock market remain: 1) non-performance of the basic functions that are typical for other countries; especially the asset pricing function; 2) insecurity of the rights of citizens of Ukraine on the stock market; 3) lack of corporate efficiency and clear specialized vertical integration of large Ukrainian enterprises; 4) payment of dividends only to the majority shareholders, the state and manipulation with them. Conclusions. Modern developed stock markets of the world have a significant potential in the context of the development of both traditional and digital economies, so there is an urgent need to modernize the domestic stock market. At the same time, the development of the stock market will have great prospects if the infrastructure is significantly improved, the ownership of assets in Ukraine is respected, and the corporate sector respects the public interest.
{"title":"Prospective directions of development of the stock market of Ukraine taking into account modern trends","authors":"O. Borzenko, Yevhenii Redziuk","doi":"10.33763/finukr2023.03.044","DOIUrl":"https://doi.org/10.33763/finukr2023.03.044","url":null,"abstract":"Introduction. The recovery of Ukraine's economy in the war and post-war periods is impossible without rebuilding the modern institutional structure of the financial sector, in which the leading place will be occupied by the domestic stock market. Problem Statement. Taking into account the fact that the stock market of Ukraine is not formed and does not correspond in most parameters to other countries of the Eastern European region, it is advisable to consider its features in more detail and propose more effective reforms in this area. Purpose. To identify the key problems that led to the decline of the domestic stock market, analyze the best practices and successful approaches to the development of securities markets in the world, as well as formulate proposals for the reconstruction of a more modern and efficient market in Ukraine. Methods. Theoretical and methodological basis of the research is scientific works of foreign and Ukrainian scientists, modern statistical information base of the stock exchanges. The study of problems and approaches related to the peculiarities of the development of the Ukrainian stock market was carried out using the methods of critical and scientific analysis, comparative analysis, scientific generalization and systematization, induction and deduction. Results. The development of the stock market in the context of digitalization opens up significant opportunities for a more innovative and rapid renewal of Ukraine. But the essential problems of the domestic stock market remain: 1) non-performance of the basic functions that are typical for other countries; especially the asset pricing function; 2) insecurity of the rights of citizens of Ukraine on the stock market; 3) lack of corporate efficiency and clear specialized vertical integration of large Ukrainian enterprises; 4) payment of dividends only to the majority shareholders, the state and manipulation with them. Conclusions. Modern developed stock markets of the world have a significant potential in the context of the development of both traditional and digital economies, so there is an urgent need to modernize the domestic stock market. At the same time, the development of the stock market will have great prospects if the infrastructure is significantly improved, the ownership of assets in Ukraine is respected, and the corporate sector respects the public interest.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129929502","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 : 2023-05-16DOI: 10.33763/finukr2023.02.027
Dmytro Hladkyh, O. Lyubich
Introduction. During 2022-2023, the monetary and credit system of Ukraine faced an unprecedentedly large number and a fundamentally new quality of problems associated with the transition of a permanent low-intensity armed conflict into full-scale military operations, accompanied by various negative consequences that directly affect the monetary sphere. Problem Statement. Establishing the prerequisites and substantiating prospects for the implementation of a complex of regulatory measures of the state in the monetary sphere, aimed at overcoming the main problems of the monetary and credit system of Ukraine in the conditions of war. Purpose.To analyze the key challenges and destabilizing factors that directly and negatively affect the performance of the monetary and credit system of Ukraine of its key functions and to justify the most urgent state measures aimed at overcoming them. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. Results. The key problems faced by the monetary and credit system of Ukraine during the war are analyzed: new challenges faced by the banking system, negative dynamics of inflation, suspension of lending and changes in the structure of the credit portfolio, challenges to exchange rate stability, and a decrease in the level of financial inclusion. Within the scope of solving these problems, a number of measures have been proposed to reduce the rate of price growth and ensure the exchange rate stability of the hryvnia, the gradual recovery and activation of the lending activities of banks, primarily in the field of long-term corporate lending in the national currency, and the restoration of the appropriate level of financial inclusion. Conclusions. The main tools for solving the problems of the monetary and credit system of Ukraine in the conditions of the war should be, in particular, further compliance with the policy of “expensive money”; limitation of emission and money supply growth rates; ensuring the joint responsibility of state institutions in the process of implementing monetary policy; synchronization of yield levels of NBU and OVDP certificates of deposit; decrease in the share of foreign currency loans and deposits; export promotion; restoration of the mandatory sale of part of the foreign currency earnings of exporters; growth in the supply of cash currency; use of non-monetary instruments of anti-inflation policy; improvement of the method of mandatory reservation of the funds involved; increasing the yield of household deposits; settlement of the “new” NPL problem; creation of a specialized state institution for NPL management; involvement of state banks in lending to reconstruction projects; stimulation of mortgage lending; resumption of work of bank branches; organization of work of mobile departments; temporary moratorium on closing branches of state banks; further development of the POWER BANK
{"title":"Main problems of the monetary and credit system of Ukraine in the conditions of war","authors":"Dmytro Hladkyh, O. Lyubich","doi":"10.33763/finukr2023.02.027","DOIUrl":"https://doi.org/10.33763/finukr2023.02.027","url":null,"abstract":"Introduction. During 2022-2023, the monetary and credit system of Ukraine faced an unprecedentedly large number and a fundamentally new quality of problems associated with the transition of a permanent low-intensity armed conflict into full-scale military operations, accompanied by various negative consequences that directly affect the monetary sphere. Problem Statement. Establishing the prerequisites and substantiating prospects for the implementation of a complex of regulatory measures of the state in the monetary sphere, aimed at overcoming the main problems of the monetary and credit system of Ukraine in the conditions of war. Purpose.To analyze the key challenges and destabilizing factors that directly and negatively affect the performance of the monetary and credit system of Ukraine of its key functions and to justify the most urgent state measures aimed at overcoming them. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. Results. The key problems faced by the monetary and credit system of Ukraine during the war are analyzed: new challenges faced by the banking system, negative dynamics of inflation, suspension of lending and changes in the structure of the credit portfolio, challenges to exchange rate stability, and a decrease in the level of financial inclusion. Within the scope of solving these problems, a number of measures have been proposed to reduce the rate of price growth and ensure the exchange rate stability of the hryvnia, the gradual recovery and activation of the lending activities of banks, primarily in the field of long-term corporate lending in the national currency, and the restoration of the appropriate level of financial inclusion. Conclusions. The main tools for solving the problems of the monetary and credit system of Ukraine in the conditions of the war should be, in particular, further compliance with the policy of “expensive money”; limitation of emission and money supply growth rates; ensuring the joint responsibility of state institutions in the process of implementing monetary policy; synchronization of yield levels of NBU and OVDP certificates of deposit; decrease in the share of foreign currency loans and deposits; export promotion; restoration of the mandatory sale of part of the foreign currency earnings of exporters; growth in the supply of cash currency; use of non-monetary instruments of anti-inflation policy; improvement of the method of mandatory reservation of the funds involved; increasing the yield of household deposits; settlement of the “new” NPL problem; creation of a specialized state institution for NPL management; involvement of state banks in lending to reconstruction projects; stimulation of mortgage lending; resumption of work of bank branches; organization of work of mobile departments; temporary moratorium on closing branches of state banks; further development of the POWER BANK","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"277 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122468269","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 : 2023-05-16DOI: 10.33763/finukr2023.02.103
L. Hutsalenko, U. Marchuk, Yuliia Stashenko
Introduction. Energy is a strategically important industry, the smooth and efficient operation of all spheres of the domestic economy depends on its safe and stable functioning. Problem Statement. The energy system of Ukraine provides the economy not only for its country, but also for the countries of the European Union. However, as a result of a full-scale Russian aggression and massive missile attacks, the systematic supply of electricity in certain locations, which took place during peacetime, is being destroyed. Purpose. To conduct the assessment of the energy system of Ukraine before the invasion and destruction due to Russian aggression, to identify the advantages of using blockchain in the energy and climate sectors to restore energy capacities. Methods. General scientific methods, statistical and economic methods of analysis, comparison, and graphic methods are used. Results. Attention is focused on the role of the energy system in the economy of Ukraine. Changes in the domestic energy system and its synchronization with the harmonized EU network are indicated. The reasons for the decrease in demand for electricity after the full-scale Russian invasion have been revealed. Factors indicating a long period of restoration of the power system have been identified. The structure of generation in Ukraine is given and its component capacities are outlined. TPPs of Ukraine and the possibility of importing lignite and hard coal from Europe to ensure their operation are characterized. Emphasis is placed on the development of renewable energy sources in Ukraine. Conclusions. It has been proven that the restoration of the power system must be carried out taking into account the latest IT technologies using the digital ecosystem. Among many digital technologies, blockchain will help support and optimize evidence-based decision-making in the areas of climate and sustainable energy. Blockchain solutions for the energy transition confirm that this technology has a high potential to be used as the “distributed engine” of the energy community, pointing to it as a tool that will radically change the energy sector.
{"title":"Assessment of sustainability and development prospects of the energy system of Ukraine","authors":"L. Hutsalenko, U. Marchuk, Yuliia Stashenko","doi":"10.33763/finukr2023.02.103","DOIUrl":"https://doi.org/10.33763/finukr2023.02.103","url":null,"abstract":"Introduction. Energy is a strategically important industry, the smooth and efficient operation of all spheres of the domestic economy depends on its safe and stable functioning. Problem Statement. The energy system of Ukraine provides the economy not only for its country, but also for the countries of the European Union. However, as a result of a full-scale Russian aggression and massive missile attacks, the systematic supply of electricity in certain locations, which took place during peacetime, is being destroyed. Purpose. To conduct the assessment of the energy system of Ukraine before the invasion and destruction due to Russian aggression, to identify the advantages of using blockchain in the energy and climate sectors to restore energy capacities. Methods. General scientific methods, statistical and economic methods of analysis, comparison, and graphic methods are used. Results. Attention is focused on the role of the energy system in the economy of Ukraine. Changes in the domestic energy system and its synchronization with the harmonized EU network are indicated. The reasons for the decrease in demand for electricity after the full-scale Russian invasion have been revealed. Factors indicating a long period of restoration of the power system have been identified. The structure of generation in Ukraine is given and its component capacities are outlined. TPPs of Ukraine and the possibility of importing lignite and hard coal from Europe to ensure their operation are characterized. Emphasis is placed on the development of renewable energy sources in Ukraine. Conclusions. It has been proven that the restoration of the power system must be carried out taking into account the latest IT technologies using the digital ecosystem. Among many digital technologies, blockchain will help support and optimize evidence-based decision-making in the areas of climate and sustainable energy. Blockchain solutions for the energy transition confirm that this technology has a high potential to be used as the “distributed engine” of the energy community, pointing to it as a tool that will radically change the energy sector.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"125 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133085014","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 : 2023-05-16DOI: 10.33763/finukr2023.02.071
D. Zatonatskiy
Introduction. The European integration course actualizes the need for more dynamic development of all processes aimed at the formation of digital infrastructure in Ukraine. Strengthening existing and forming new elements is one of the priority directions of the state policy of countries in the context of the transition to the digital economy. Problem Statement. The use of an institutional approach will make it possible to explain the current state and predict further ways of development of the digital infrastructure of Ukraine. Purpose.To assess the state and prospects of institutional support for the formation of Ukraine's digital infrastructure in the context of European integration processes and to develop recommendations to facilitate investment in it. Methods. The methods of dialectical logic, sociological, theoretical generalization and comparison, abstract-logical, scientific generalization are applied. Given the multifaceted nature of the research subject, the methodological basis is formed by such methods as graphic, structural-functional, and expert evaluations. Results. It was established that the institutional support for the formation of digital infrastructure is the actions of the authorities aimed at the creation of state and non-state institutions, which must provide legal, organizational and economic foundations for changing models of public management and administration, the functioning of business entities through the dominant use of technologies, products and processes using computing, telecommunications and network capabilities of electronic interaction, data exchange, signals, etc. and operate on a digital rather than analog basis. The legal basis for the formation of digital infrastructure is analyzed. The organizational basis includes the presence of relevant institutions in the state both public and private, which are part of the digital infrastructure and ensure its functioning (the state in the form of state authorities (state institutions), business entities and non-profit organizations (private institutions) ). Conclusions. Since the economic base is based on own funds and involved investments, it is proposed: at the legislative level to adopt a strategy for the development of digital infrastructure taking into account European integration processes; attract investments and invest in knowledge and human capital; initiate the creation of crowdfunding platforms, which will facilitate the search for investors for the implementation of startups in the field of digital infrastructure. As part of the development of digital infrastructure, it is proposed to shift the main attention to the development of network and information infrastructure.
{"title":"Institutional support for the formation of digital infrastructure in the conditions of European integration processes: a case for Ukraine","authors":"D. Zatonatskiy","doi":"10.33763/finukr2023.02.071","DOIUrl":"https://doi.org/10.33763/finukr2023.02.071","url":null,"abstract":"Introduction. The European integration course actualizes the need for more dynamic development of all processes aimed at the formation of digital infrastructure in Ukraine. Strengthening existing and forming new elements is one of the priority directions of the state policy of countries in the context of the transition to the digital economy. Problem Statement. The use of an institutional approach will make it possible to explain the current state and predict further ways of development of the digital infrastructure of Ukraine. Purpose.To assess the state and prospects of institutional support for the formation of Ukraine's digital infrastructure in the context of European integration processes and to develop recommendations to facilitate investment in it. Methods. The methods of dialectical logic, sociological, theoretical generalization and comparison, abstract-logical, scientific generalization are applied. Given the multifaceted nature of the research subject, the methodological basis is formed by such methods as graphic, structural-functional, and expert evaluations. Results. It was established that the institutional support for the formation of digital infrastructure is the actions of the authorities aimed at the creation of state and non-state institutions, which must provide legal, organizational and economic foundations for changing models of public management and administration, the functioning of business entities through the dominant use of technologies, products and processes using computing, telecommunications and network capabilities of electronic interaction, data exchange, signals, etc. and operate on a digital rather than analog basis. The legal basis for the formation of digital infrastructure is analyzed. The organizational basis includes the presence of relevant institutions in the state both public and private, which are part of the digital infrastructure and ensure its functioning (the state in the form of state authorities (state institutions), business entities and non-profit organizations (private institutions) ). Conclusions. Since the economic base is based on own funds and involved investments, it is proposed: at the legislative level to adopt a strategy for the development of digital infrastructure taking into account European integration processes; attract investments and invest in knowledge and human capital; initiate the creation of crowdfunding platforms, which will facilitate the search for investors for the implementation of startups in the field of digital infrastructure. As part of the development of digital infrastructure, it is proposed to shift the main attention to the development of network and information infrastructure.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114138551","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 : 2023-05-16DOI: 10.33763/finukr2023.02.090
O. Ivanytska, R. Golovin
Introduction. State regulation should embrace not only the sphere of production, but also the sphere of circulation of horticulture production. The amount of state budget revenues and the solution of numerous social and economic problems depend on the successful implementation of measures of state management of horticulture production exports, control of financial flows generated in this area. Problem Statement. Scientific substantiation of the formation of a single state body of management of horticulture production circulation. Purpose. To substantiate proposals for strengthening the state financial regulation of the processes of horticulture production circulation. Methods. The following methods were used: abstract and logical, systematization, dialectical and formal logic, expert evaluation. Results. The system of horticulture production circulation in Ukraine is researched. A number of negative phenomena related to the inefficiency of state mechanisms for regulating the sale of horticulture production have been identified, in particular, purchase prices and sales prices for horticulture production are dramatically lower than the world average; the spread of shadow circulation of horticulture production is observed, including the participation of its exporters, which indicates the receiving of excess profits by participants of export operations. At the same time, Ukraine is a significant participant in the global market of horticulture production, and due to increasing government impact on the organization and control over the sale of horticulture production, especially in foreign markets, the significant replenishment of the country's budget could be expected. Conclusions. The state management at the sphere of horticulture production circulation involves taking into account many factors operating in foreign and domestic markets and having a negative impact on the opportune and full receipt of funds from the sale of products to the state budget. The shadowing of agricultural production and sales, the lack of effective pricing mechanisms, and insufficient control over foreign economic operations undermine the basis of sustainable activity of the agricultural sector and the country's economy as a whole. We consider that the problems with the regulation of the circulation of horticulture products can be solved by an authorized state body with special functions and powers, which can be created on the basis of the State Reserve Agency of Ukraine. It is advisable to provide it with the powers of the sole exporter of horticulture production; the sole State purchaser of horticulture production; the sole controller of the circulation of horticulture production and its processed products.
{"title":"Formation of the state management system for horticulture production sales: organizational and financial aspects","authors":"O. Ivanytska, R. Golovin","doi":"10.33763/finukr2023.02.090","DOIUrl":"https://doi.org/10.33763/finukr2023.02.090","url":null,"abstract":"Introduction. State regulation should embrace not only the sphere of production, but also the sphere of circulation of horticulture production. The amount of state budget revenues and the solution of numerous social and economic problems depend on the successful implementation of measures of state management of horticulture production exports, control of financial flows generated in this area. Problem Statement. Scientific substantiation of the formation of a single state body of management of horticulture production circulation. Purpose. To substantiate proposals for strengthening the state financial regulation of the processes of horticulture production circulation. Methods. The following methods were used: abstract and logical, systematization, dialectical and formal logic, expert evaluation. Results. The system of horticulture production circulation in Ukraine is researched. A number of negative phenomena related to the inefficiency of state mechanisms for regulating the sale of horticulture production have been identified, in particular, purchase prices and sales prices for horticulture production are dramatically lower than the world average; the spread of shadow circulation of horticulture production is observed, including the participation of its exporters, which indicates the receiving of excess profits by participants of export operations. At the same time, Ukraine is a significant participant in the global market of horticulture production, and due to increasing government impact on the organization and control over the sale of horticulture production, especially in foreign markets, the significant replenishment of the country's budget could be expected. Conclusions. The state management at the sphere of horticulture production circulation involves taking into account many factors operating in foreign and domestic markets and having a negative impact on the opportune and full receipt of funds from the sale of products to the state budget. The shadowing of agricultural production and sales, the lack of effective pricing mechanisms, and insufficient control over foreign economic operations undermine the basis of sustainable activity of the agricultural sector and the country's economy as a whole. We consider that the problems with the regulation of the circulation of horticulture products can be solved by an authorized state body with special functions and powers, which can be created on the basis of the State Reserve Agency of Ukraine. It is advisable to provide it with the powers of the sole exporter of horticulture production; the sole State purchaser of horticulture production; the sole controller of the circulation of horticulture production and its processed products.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133479063","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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