Pub Date : 2023-05-16DOI: 10.33763/finukr2023.02.007
S. Arzhevitin
Introduction. For many years central banks around the world kept low rates. In 2021-2022 European countries experienced rising inflation in response to which the European Central Bank, as well as the central banks of countries with their own currencies, raised rates to the highest level in decades. At the same time, the effect of changes in accounting (key) rates turned out to be much weaker than expected. Problem Statement. The research is based on the popular hypothesis that the central bank will raise the key (accounting) rate as a tool to curb inflation. Purpose. To determine the correlation between inflation and the accounting (key) rate of the monetary policy body and approaches to the formation of the composition of bodies that make decisions on the accounting rate. Methods. Economic and statistical methods are used to assess the correlation and volatility of inflation rates and key rates of central banks, comparison, descriptive method, analysis, generalization and induction. Results. A comparative analysis of inflation dynamics in 2022–2023 in European countries and the key rate of central banks was carried out. Countries that are direct participants in the military conflict - Ukraine, Russia, and Belarus - should be considered separately, which is why they are excluded from the analysis. Particular attention is paid to the rationale and procedure for decision-making by monetary policy bodies on revising the key rate. Conclusions. In the euro area, under the conditions of a single policy regarding the key rate, a significant range of inflation rates among countries is allowed in the observation period of 2022-2023 in a wide range. The effect of reducing inflation comes in about 6 months after the key rate increase, however, the impact of non-monetary factors (fluctuations in world prices for oil, gas and grain) may be considered decisive in such a reduction. Accordingly, the discount rate increase has a greater effect not in terms of curbing inflation, but in the context of slowing economic growth. In the countries of the euro zone, inflation has increased and is returning to a moderate level, but the range of fluctuations of its inflation rates is very high. This contradicts the postulates of European market integration. Also, changes in inflation rates are very similar to the dynamics of global energy and food prices. In general, non-monetary factors of inflation remained the main ones, and the effectiveness of the key rate as a tool for reducing inflation in theory seems overestimated. In addition, a comparison of inflation rates and the level of the key rate in a sample of countries produces different ratios: in most countries, inflation exceeds the key rate many times over. Decisions about its level attract attention of market participants, and they are mostly expected (increase, preservation, decrease), but sometimes unexpected situations occur regarding the scale and direction of changes. The decision-making procedure and informat
{"title":"Monetary policy decision-making regarding the key rate in European countries and their impact on inflation","authors":"S. Arzhevitin","doi":"10.33763/finukr2023.02.007","DOIUrl":"https://doi.org/10.33763/finukr2023.02.007","url":null,"abstract":"Introduction. For many years central banks around the world kept low rates. In 2021-2022 European countries experienced rising inflation in response to which the European Central Bank, as well as the central banks of countries with their own currencies, raised rates to the highest level in decades. At the same time, the effect of changes in accounting (key) rates turned out to be much weaker than expected. Problem Statement. The research is based on the popular hypothesis that the central bank will raise the key (accounting) rate as a tool to curb inflation. Purpose. To determine the correlation between inflation and the accounting (key) rate of the monetary policy body and approaches to the formation of the composition of bodies that make decisions on the accounting rate. Methods. Economic and statistical methods are used to assess the correlation and volatility of inflation rates and key rates of central banks, comparison, descriptive method, analysis, generalization and induction. Results. A comparative analysis of inflation dynamics in 2022–2023 in European countries and the key rate of central banks was carried out. Countries that are direct participants in the military conflict - Ukraine, Russia, and Belarus - should be considered separately, which is why they are excluded from the analysis. Particular attention is paid to the rationale and procedure for decision-making by monetary policy bodies on revising the key rate. Conclusions. In the euro area, under the conditions of a single policy regarding the key rate, a significant range of inflation rates among countries is allowed in the observation period of 2022-2023 in a wide range. The effect of reducing inflation comes in about 6 months after the key rate increase, however, the impact of non-monetary factors (fluctuations in world prices for oil, gas and grain) may be considered decisive in such a reduction. Accordingly, the discount rate increase has a greater effect not in terms of curbing inflation, but in the context of slowing economic growth. In the countries of the euro zone, inflation has increased and is returning to a moderate level, but the range of fluctuations of its inflation rates is very high. This contradicts the postulates of European market integration. Also, changes in inflation rates are very similar to the dynamics of global energy and food prices. In general, non-monetary factors of inflation remained the main ones, and the effectiveness of the key rate as a tool for reducing inflation in theory seems overestimated. In addition, a comparison of inflation rates and the level of the key rate in a sample of countries produces different ratios: in most countries, inflation exceeds the key rate many times over. Decisions about its level attract attention of market participants, and they are mostly expected (increase, preservation, decrease), but sometimes unexpected situations occur regarding the scale and direction of changes. The decision-making procedure and informat","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"14 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":"134561476","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/finukr2023.02.114
K. Pavliuk, M. Olievska, O. Kaminska
Introduction. The nature and methods of state participation in economic processes are constantly changing. One of the new forms and tools of influence, alternative to direct regulation of the economy, is a system of partnership relations between the state and the private sector - public-private partnership (PPP). Problem Statement. An important direction of the post-war recovery of Ukraine's economy is the intensification of the development of interaction between the public and private sectors. Due to the need for additional financing, it is necessary to improve the mechanism of attracting private investments and using PPPs to accelerate the restoration of destroyed objects and the construction of new ones. For this, it is necessary to study the experience of foreign countries, both positive and negative, in the implementation of PPP, taking into account various approaches to assessing its features and essence in general. Purpose. To generalize the foreign experience of interaction between the state and the private sector in the context of analyzing a wide range of its characteristics and providing suggestions on ways to develop PPPs in Ukraine. Methods. General scientific methods are applied: induction, deduction, comparative analysis, generalization. Results. The interpretation of the PPP by well-known foreign and domestic scientists, as well as international financial organizations, is considered. The role of PPP in socio-economic development and its main principles are analyzed. The negative trends of the interaction between the state and the private sector are highlighted, which, in particular, is evidenced by the experience of Germany. In particular, such important principles of PPP as transparency and control, full disclosure of information contained in documents on the preparation, course of implementation and implementation of PPP results are not fully ensured. Conclusions. It is necessary to rethink the role, place, interaction of the state and the private sector of the PPP in the socio-economic development of society, both in foreign countries and in Ukraine. In the conditions of martial law and post-war reconstruction, the following issues need to be resolved: the use of PPPs for the development of communal infrastructure, improving the quality of services for the population and increasing the efficiency of the use of communal assets; overcoming the budget funding deficit and legislative restrictions on attracting municipal loans at the expense of private capital through the PPP mechanism; expansion of the independence of territorial communities from subsidies and subventions from the state budget in the post-war period with the help of PPPs.
{"title":"Financial and organizational problems of public-private partnership development","authors":"K. Pavliuk, M. Olievska, O. Kaminska","doi":"10.33763/finukr2023.02.114","DOIUrl":"https://doi.org/10.33763/finukr2023.02.114","url":null,"abstract":"Introduction. The nature and methods of state participation in economic processes are constantly changing. One of the new forms and tools of influence, alternative to direct regulation of the economy, is a system of partnership relations between the state and the private sector - public-private partnership (PPP). Problem Statement. An important direction of the post-war recovery of Ukraine's economy is the intensification of the development of interaction between the public and private sectors. Due to the need for additional financing, it is necessary to improve the mechanism of attracting private investments and using PPPs to accelerate the restoration of destroyed objects and the construction of new ones. For this, it is necessary to study the experience of foreign countries, both positive and negative, in the implementation of PPP, taking into account various approaches to assessing its features and essence in general. Purpose. To generalize the foreign experience of interaction between the state and the private sector in the context of analyzing a wide range of its characteristics and providing suggestions on ways to develop PPPs in Ukraine. Methods. General scientific methods are applied: induction, deduction, comparative analysis, generalization. Results. The interpretation of the PPP by well-known foreign and domestic scientists, as well as international financial organizations, is considered. The role of PPP in socio-economic development and its main principles are analyzed. The negative trends of the interaction between the state and the private sector are highlighted, which, in particular, is evidenced by the experience of Germany. In particular, such important principles of PPP as transparency and control, full disclosure of information contained in documents on the preparation, course of implementation and implementation of PPP results are not fully ensured. Conclusions. It is necessary to rethink the role, place, interaction of the state and the private sector of the PPP in the socio-economic development of society, both in foreign countries and in Ukraine. In the conditions of martial law and post-war reconstruction, the following issues need to be resolved: the use of PPPs for the development of communal infrastructure, improving the quality of services for the population and increasing the efficiency of the use of communal assets; overcoming the budget funding deficit and legislative restrictions on attracting municipal loans at the expense of private capital through the PPP mechanism; expansion of the independence of territorial communities from subsidies and subventions from the state budget in the post-war period with the help of PPPs.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"14 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":"132727826","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/finukr2023.02.053
Iryna Storonianska, L. Benovska, Tetyana Medynska
Introduction. The introduction of a new equalization system in Ukraine is faced with problems related to the inconsistency of the redistribution of resources and powers between state, regional and local authorities, the instability and inconsistency of legislative innovations, the unreasonableness of the calculation of the tax capacity index, etc. Problem Statement. The existence of significant economic and financial imbalances in the development of the territories of Ukraine necessitates the search for an optimal model of financial equalization. This question is actualized in the conditions of modern challenges. Purpose. To identify the main problems of the financial equalization system in Ukraine and to find ways of their solving.. Methods. In the research process such methods as structural-logical, comparative analysis, systematic approach, historical and statistical and others were used. Results. It was found that the domestic model of financial equalization should be identified as a combination of three components: vertical equalization through split taxes; horizontal equalization of the fiscal capacity of budgets and equalization by expenditures through a set of targeted transfers.The article identifies the main problems of financial equalization, namely: the calculation of the index of the tax capacity of territorial communities, which is based only on income from one tax (personal income tax), does not ensure a fair distribution; the inclusion of personal income tax at the place of registration of business entities helps to strengthen the differentiation between the center and the periphery; the predominance of targeted transfers reduces the independence of local self-government bodies in decision-making; poor use of expenditure equalization tools has led to significant imbalances in the ability of communities to provide public services. Conclusions. The solution to the mentioned problems is proposed by: implementing the mechanism of personal income tax crediting to local budgets by place of residence, and not by place of work of individual payers; calculation of the tax capacity index, taking into account the entire volume of tax revenues to the general fund of local budgets; the growth of the share of untargeted transfers in the structure of the system of financial equalization of territories in Ukraine and others.
{"title":"System of financial equalization in Ukraine under modern challenges: main problems and directions for their solution","authors":"Iryna Storonianska, L. Benovska, Tetyana Medynska","doi":"10.33763/finukr2023.02.053","DOIUrl":"https://doi.org/10.33763/finukr2023.02.053","url":null,"abstract":"Introduction. The introduction of a new equalization system in Ukraine is faced with problems related to the inconsistency of the redistribution of resources and powers between state, regional and local authorities, the instability and inconsistency of legislative innovations, the unreasonableness of the calculation of the tax capacity index, etc. Problem Statement. The existence of significant economic and financial imbalances in the development of the territories of Ukraine necessitates the search for an optimal model of financial equalization. This question is actualized in the conditions of modern challenges. Purpose. To identify the main problems of the financial equalization system in Ukraine and to find ways of their solving.. Methods. In the research process such methods as structural-logical, comparative analysis, systematic approach, historical and statistical and others were used. Results. It was found that the domestic model of financial equalization should be identified as a combination of three components: vertical equalization through split taxes; horizontal equalization of the fiscal capacity of budgets and equalization by expenditures through a set of targeted transfers.The article identifies the main problems of financial equalization, namely: the calculation of the index of the tax capacity of territorial communities, which is based only on income from one tax (personal income tax), does not ensure a fair distribution; the inclusion of personal income tax at the place of registration of business entities helps to strengthen the differentiation between the center and the periphery; the predominance of targeted transfers reduces the independence of local self-government bodies in decision-making; poor use of expenditure equalization tools has led to significant imbalances in the ability of communities to provide public services. Conclusions. The solution to the mentioned problems is proposed by: implementing the mechanism of personal income tax crediting to local budgets by place of residence, and not by place of work of individual payers; calculation of the tax capacity index, taking into account the entire volume of tax revenues to the general fund of local budgets; the growth of the share of untargeted transfers in the structure of the system of financial equalization of territories in Ukraine and others.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"1 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":"130686891","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 : 2023-05-08DOI: 10.33763/finukr2023.01.007
T. Iefymenko
Introduction. The scale of pandemic and war in Ukraine was not fully forecasted, but the crisis phenomena of these disasters have specific signs. One of the priorities of the tax and budget policy is resilience to threats, both foreseeable and unforeseeable. Problem Statement. The full-scale Russian invasion of Ukraine has led to significant changes in the resource base, economic potential and the common system of public finances, these can no longer function on pre-war principles. New realities, both internal and external, have emerged; it is impossible to ensure the successful development of the state without scientific understanding of them. Purpose. Justification of directions for the formation of internal pillars of stability and security of the economic development of Ukraine through transformations in Public Financial Management (PFM) during the period of martial law and post-war reconstruction. Methods. Based on trends in statistical indicators, a comparative analysis of national anti-crisis reforms in the field of public finances was conducted. The methodology of the system approach, methods of factual, situational analysis and synthesis were used. Results. Ukraine's acquisition of the status of a candidate for the EU membership, the modern realities of statehood and national economy recovery amid when the signs of fundamental turmoil in the global economic space, require significant changes in the PFM. It is necessary to rethink from scientific perspective and adjust the policy of countering threats of global and regional economic and social contradictions. International discussions on the plans for the post-war reconstruction of Ukraine prove the still uncertain, extremely multidimensional picture of the development of various components of the national socio-economic system. The amount of external financial support will depend on whether the measures to improve PFM during the period of martial law, as well as post-war reconstruction, will be interconnected, subordinated according to the space-time vector, etc. Conclusions. International financial institutions provide resources to conflict-prone and fragile states not only to correct imbalances, but also to build confidence during crisis situations when countries risk losing their ability to borrow on open markets. Taking into account the escalation of the geopolitical conflict associated with the full-scale Russian invasion of Ukraine, transformations in the fiscal sphere should be aimed at winning the war, preserving the territorial integrity of the state, supporting economic sovereignty and combating corruption, stimulating investment processes in the post-war recovery.
{"title":"Public Financial Management in martial time and post-war reconstruction of Ukraine: scientific support of transformations","authors":"T. Iefymenko","doi":"10.33763/finukr2023.01.007","DOIUrl":"https://doi.org/10.33763/finukr2023.01.007","url":null,"abstract":"Introduction. The scale of pandemic and war in Ukraine was not fully forecasted, but the crisis phenomena of these disasters have specific signs. One of the priorities of the tax and budget policy is resilience to threats, both foreseeable and unforeseeable. Problem Statement. The full-scale Russian invasion of Ukraine has led to significant changes in the resource base, economic potential and the common system of public finances, these can no longer function on pre-war principles. New realities, both internal and external, have emerged; it is impossible to ensure the successful development of the state without scientific understanding of them. Purpose. Justification of directions for the formation of internal pillars of stability and security of the economic development of Ukraine through transformations in Public Financial Management (PFM) during the period of martial law and post-war reconstruction. Methods. Based on trends in statistical indicators, a comparative analysis of national anti-crisis reforms in the field of public finances was conducted. The methodology of the system approach, methods of factual, situational analysis and synthesis were used. Results. Ukraine's acquisition of the status of a candidate for the EU membership, the modern realities of statehood and national economy recovery amid when the signs of fundamental turmoil in the global economic space, require significant changes in the PFM. It is necessary to rethink from scientific perspective and adjust the policy of countering threats of global and regional economic and social contradictions. International discussions on the plans for the post-war reconstruction of Ukraine prove the still uncertain, extremely multidimensional picture of the development of various components of the national socio-economic system. The amount of external financial support will depend on whether the measures to improve PFM during the period of martial law, as well as post-war reconstruction, will be interconnected, subordinated according to the space-time vector, etc. Conclusions. International financial institutions provide resources to conflict-prone and fragile states not only to correct imbalances, but also to build confidence during crisis situations when countries risk losing their ability to borrow on open markets. Taking into account the escalation of the geopolitical conflict associated with the full-scale Russian invasion of Ukraine, transformations in the fiscal sphere should be aimed at winning the war, preserving the territorial integrity of the state, supporting economic sovereignty and combating corruption, stimulating investment processes in the post-war recovery.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114095246","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 : 2023-05-08DOI: 10.33763/finukr2023.01.026
Sergii GASANOV
Introduction. Theoretical-methodological and methodical substantiation of approaches to the formation, structuring and systematization of statistical information on the public debt of Ukraine in accordance with international standards is of fundamental importance for improving the quality of strategic management of public finances. The implementation of international standards for statistical measurement and diagnostics of public debt makes it possible to objectively monitor the parameters of debt sustainability and bring public financial management tools closer to the best examples of world practice. The implementation of international standards for public debt statistics is an important element in ensuring the transparency of public finances, allowing to optimize cooperation with the International Monetary Fund (IMF) and other international financial organizations. Institutional and regulatory implementation of international standards of public debt statistics will allow to increase the level of reasonableness of fiscal risk assessments and the predictability of debt policy in the medium term, to reduce the negative impact of political cycles and economic fluctuations on the state of public finances. In accordance with the Association Agreement of Ukraine with the EU and with Ukraine acquiring the status of a candidate country for joining the EU, the issue of approximation of national legislation to EU legislation, including regarding the national debt, has acquired extraordinary political, economic and social importance, especially in the conditions of external aggression of the Russian Federation and the tasks of the post-war reconstruction of the country’s economy. According to the Strategy of Economic Security of Ukraine for the period until 2025, the question of the acceptability of the level and sources of financing the public debt is one of the key factors for ensuring the financial security of the country. Problem Statement. Interrelated components of the issues of this article are highlighted: 1) institutional coverage of public finances and public debt; 2) the system of public finance management in the context of mutual compliance of objects, subjects and methods of such management; 3) standardized methodology for quantitative statistical measurement of public debt as part of public finances; 4) implementation of international standards of public debt statistics into the national system of public finance management. The purpose is to substantiate conceptual and methodological approaches and recommendations regarding the improvement of statistical measurement and systematization of information on the public debt of Ukraine in accordance with international standards; making changes and additions to the first part of Article 2 of the Budget Code of Ukraine regarding the public debt. Methodology and methods.. The general environment of analysis is public finances; the unifying shell is the public finance management system; the object is p
{"title":"International standards of public debt statistics and their implementation in the public finance management system of Ukraine (end)","authors":"Sergii GASANOV","doi":"10.33763/finukr2023.01.026","DOIUrl":"https://doi.org/10.33763/finukr2023.01.026","url":null,"abstract":"Introduction. Theoretical-methodological and methodical substantiation of approaches to the formation, structuring and systematization of statistical information on the public debt of Ukraine in accordance with international standards is of fundamental importance for improving the quality of strategic management of public finances. The implementation of international standards for statistical measurement and diagnostics of public debt makes it possible to objectively monitor the parameters of debt sustainability and bring public financial management tools closer to the best examples of world practice. The implementation of international standards for public debt statistics is an important element in ensuring the transparency of public finances, allowing to optimize cooperation with the International Monetary Fund (IMF) and other international financial organizations. Institutional and regulatory implementation of international standards of public debt statistics will allow to increase the level of reasonableness of fiscal risk assessments and the predictability of debt policy in the medium term, to reduce the negative impact of political cycles and economic fluctuations on the state of public finances. In accordance with the Association Agreement of Ukraine with the EU and with Ukraine acquiring the status of a candidate country for joining the EU, the issue of approximation of national legislation to EU legislation, including regarding the national debt, has acquired extraordinary political, economic and social importance, especially in the conditions of external aggression of the Russian Federation and the tasks of the post-war reconstruction of the country’s economy. According to the Strategy of Economic Security of Ukraine for the period until 2025, the question of the acceptability of the level and sources of financing the public debt is one of the key factors for ensuring the financial security of the country. Problem Statement. Interrelated components of the issues of this article are highlighted: 1) institutional coverage of public finances and public debt; 2) the system of public finance management in the context of mutual compliance of objects, subjects and methods of such management; 3) standardized methodology for quantitative statistical measurement of public debt as part of public finances; 4) implementation of international standards of public debt statistics into the national system of public finance management. The purpose is to substantiate conceptual and methodological approaches and recommendations regarding the improvement of statistical measurement and systematization of information on the public debt of Ukraine in accordance with international standards; making changes and additions to the first part of Article 2 of the Budget Code of Ukraine regarding the public debt. Methodology and methods.. The general environment of analysis is public finances; the unifying shell is the public finance management system; the object is p","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135806624","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 : 2023-05-08DOI: 10.33763/finukr2023.01.117
Yuliia Maksymiv, V. Yakubiv, Nadia Pylypiv, I. Piatnychuk, P. Horyslavets
Introduction. Achieving the Sustainable Development Goals (SDGs) within the framework defined by 2030 is possible only if the socially responsible behavior of citizens, businesses, and public administration bodies is activated in tandem. And business has the most significant role here. The role of management accounting in achieving SDGs has practical dimensions and a strategic task arises to form such accounting and analytical information that can help in achieving the 17 SDGs. Such information should be public, i.e. presented not only to internal stakeholders, but also to external ones, and also show both positive and negative impacts of business on the community and the country within which it operates. Problem Statement. Since there is an objective need to consume accounting and analytical information of a strategic nature in the context of SDGs to meet information needs of various groups of stakeholders, it is worth talking about expanding the traditional understanding of the essence of management accounting (that is, in its legislative definition). Purpose. Rethinking the essence of management accounting in the context of its role in achieving SDGs and making proposals for improving the legally established definition of the term “management accounting” in Ukraine. Methods. General scientific and special methods are used, such as logical analysis, synthesis, comparison, theoretical generalization, and abstract-logical. Results. The conducted analysis of the role of management accounting in achieving SDGs casts doubt on the generally accepted statement that management accounting forms information only for internal users. The article presents arguments that prove the need to amend the Law of Ukraine “On Accounting and Financial Reporting in Ukraine”. The definition of management accounting is proposed, which, taking into account the potential of accounting tools in achieving SDGs, can provide modern information needs of stakeholders motivated by socially responsible behavior. Namely, management accounting should be interpreted as a system of collecting, processing, preparing, and analyzing financial and non-financial information about company's activities for various groups of stakeholders in the process of making management decisions. Conclusions. The clarity in the theoretical aspect regarding the interpretation of the essence of management accounting and confirmation of this in normative legal acts will be an impetus for expanding the practical implementation of management accounting in solving the problems of sustainable development.
{"title":"Rethinking the essence of management accounting in the context of achieving Sustainable Development Goals","authors":"Yuliia Maksymiv, V. Yakubiv, Nadia Pylypiv, I. Piatnychuk, P. Horyslavets","doi":"10.33763/finukr2023.01.117","DOIUrl":"https://doi.org/10.33763/finukr2023.01.117","url":null,"abstract":"Introduction. Achieving the Sustainable Development Goals (SDGs) within the framework defined by 2030 is possible only if the socially responsible behavior of citizens, businesses, and public administration bodies is activated in tandem. And business has the most significant role here. The role of management accounting in achieving SDGs has practical dimensions and a strategic task arises to form such accounting and analytical information that can help in achieving the 17 SDGs. Such information should be public, i.e. presented not only to internal stakeholders, but also to external ones, and also show both positive and negative impacts of business on the community and the country within which it operates. Problem Statement. Since there is an objective need to consume accounting and analytical information of a strategic nature in the context of SDGs to meet information needs of various groups of stakeholders, it is worth talking about expanding the traditional understanding of the essence of management accounting (that is, in its legislative definition). Purpose. Rethinking the essence of management accounting in the context of its role in achieving SDGs and making proposals for improving the legally established definition of the term “management accounting” in Ukraine. Methods. General scientific and special methods are used, such as logical analysis, synthesis, comparison, theoretical generalization, and abstract-logical. Results. The conducted analysis of the role of management accounting in achieving SDGs casts doubt on the generally accepted statement that management accounting forms information only for internal users. The article presents arguments that prove the need to amend the Law of Ukraine “On Accounting and Financial Reporting in Ukraine”. The definition of management accounting is proposed, which, taking into account the potential of accounting tools in achieving SDGs, can provide modern information needs of stakeholders motivated by socially responsible behavior. Namely, management accounting should be interpreted as a system of collecting, processing, preparing, and analyzing financial and non-financial information about company's activities for various groups of stakeholders in the process of making management decisions. Conclusions. The clarity in the theoretical aspect regarding the interpretation of the essence of management accounting and confirmation of this in normative legal acts will be an impetus for expanding the practical implementation of management accounting in solving the problems of sustainable development.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133441343","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 : 2023-05-08DOI: 10.33763/finukr2023.01.085
V. Kyrylenko, D. Khokhych
Introduction. The article studies the impact of globalization on the dynamics of inflation due to increased integration between developed economies and emerging countries in the period 1990-2022, its causes and effects. Problem Statement. Based on the analysis of statistical data, it was established that global inflation in the world economy has a direct impact on domestic inflation in emerging countries, as well as a pronounced structural character in developed countries. This means that even minor disruptions in global trade channels can cause inflation. Purpose. Explaining the impact of globalization on the level of inflation in developed countries and commodity economies through the expansion of trade integration, the strengthening of the role of emerging markets, price competition and the increase in the volatility of interest rates. Methods. According to the results of a dispersion analysis, a hypothesis of the existence of a connection between the components of globalization channels and inflation indicators, which determine the volatility of prices for goods and services in the medium term was investigated . Results. The global components of each inflation indicator are analyzed for the full sample of advanced economies and emerging markets. CPI and producer price index are found to have a significant common global component, accounting for 40% of the difference in CPI inflation and 52% in producer price index inflation of the countries in the sample. However, the role of the common component is much smaller for core inflation and wage inflation. The first main component of inflation accounts for about 21-26% of the variation in inflation for different samples. Conclusions. The increase in the global component of inflation over the past two decades can be explained by major global crises arising from high volatility of commodity prices, greater sensitivity of countries to global shocks due to increased trade or financial integration, or closer direct links between economies. The effect of the transfer of global inflation on domestic prices requires that the central bank should conduct a tighter monetary policy towards achieving the price stability.
{"title":"The impact of globalization on the dynamics of inflation","authors":"V. Kyrylenko, D. Khokhych","doi":"10.33763/finukr2023.01.085","DOIUrl":"https://doi.org/10.33763/finukr2023.01.085","url":null,"abstract":"Introduction. The article studies the impact of globalization on the dynamics of inflation due to increased integration between developed economies and emerging countries in the period 1990-2022, its causes and effects. Problem Statement. Based on the analysis of statistical data, it was established that global inflation in the world economy has a direct impact on domestic inflation in emerging countries, as well as a pronounced structural character in developed countries. This means that even minor disruptions in global trade channels can cause inflation. Purpose. Explaining the impact of globalization on the level of inflation in developed countries and commodity economies through the expansion of trade integration, the strengthening of the role of emerging markets, price competition and the increase in the volatility of interest rates. Methods. According to the results of a dispersion analysis, a hypothesis of the existence of a connection between the components of globalization channels and inflation indicators, which determine the volatility of prices for goods and services in the medium term was investigated . Results. The global components of each inflation indicator are analyzed for the full sample of advanced economies and emerging markets. CPI and producer price index are found to have a significant common global component, accounting for 40% of the difference in CPI inflation and 52% in producer price index inflation of the countries in the sample. However, the role of the common component is much smaller for core inflation and wage inflation. The first main component of inflation accounts for about 21-26% of the variation in inflation for different samples. Conclusions. The increase in the global component of inflation over the past two decades can be explained by major global crises arising from high volatility of commodity prices, greater sensitivity of countries to global shocks due to increased trade or financial integration, or closer direct links between economies. The effect of the transfer of global inflation on domestic prices requires that the central bank should conduct a tighter monetary policy towards achieving the price stability.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"418 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117334303","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 : 2023-05-08DOI: 10.33763/finukr2023.01.048
Tetiana Bohdan
Introduction. In 2022 and 2023 fiscal rules in Ukraine were suspended by amendments to the Budget Code, although after the end of war the negotiation process with the EU on its enlargement will put the issue of resumption of the fiscal rules in Ukraine and their alignment with the EU norms on the economic reforms’ agenda in Ukraine. Problem Statement. Restoration of the system of fiscal rules in Ukraine and its new substantive filling on the way of Ukraine’s preparation for the EU accession taking into account the experience of implementation of the supra-national fiscal rules in the EU and challenges for the reforms of the budgetary framework in the EU member states. Purpose – drawing lessons of functioning of the numerical fiscal rules in the EU, reviewing the components of transformation of the budgetary framework and mechanisms of the fiscal policy surveillance from the side of the EU supra-national bodies and eventually, on their basis, specifying the core directions of reforming fiscal rules in Ukraine for their approximation to the EU standards. Methods. General scientific and special methods are applied: analysis and synthesis, description and comparison, historical method, method of theoretical generalization and abstract-logical method. Results. The article highlights the essence of fiscal rules as important constituents of modern fiscal institutions, shows the quantitative indicators of extension of the fiscal rules across the world and their common combinations. It reveals the main trends in modification of the fiscal rules and validation of the escape clauses in the course of corona-crisis. The author summarizes the mechanisms of budget deficit regulation, containment of public expenditure growth and limiting public debt level in the EU member states with a focus on the provisions of the Stability and Growth Pact and of the EU Regulations, which specify the tools of application of the Pact and Treaty on the Functioning of the European Union. The author synthetizes the key dimensions of current transformation of the EU fiscal rules with an emphasize on the instruments of fiscal policy surveillance in the EU member states and targeting fiscal policy at achieving green and digital transition by their economies with simultaneous debt sustainability goal. Policy proposals are devised for upgrading the system of fiscal rules in Ukraine and their validation after finishing the war. Conclusions. Incorporation of debt limit and budget balance ceiling across the sector of general government into the budgetary legislation of Ukraine, as well as of net primary expenditure rule aimed at restoration of the debt sustainability, as well as mechanisms of implementation of the fiscal rules and independent monitoring of the fiscal rules observance in line with the EU standards (over the medium run) would contribute to securing macro-financial stability in Ukraine and accelerate the economic and political integration of Ukraine with the EU.
{"title":"Upgrading the fiscal rules system in the European Union and prospects for their reforms in Ukraine","authors":"Tetiana Bohdan","doi":"10.33763/finukr2023.01.048","DOIUrl":"https://doi.org/10.33763/finukr2023.01.048","url":null,"abstract":"Introduction. In 2022 and 2023 fiscal rules in Ukraine were suspended by amendments to the Budget Code, although after the end of war the negotiation process with the EU on its enlargement will put the issue of resumption of the fiscal rules in Ukraine and their alignment with the EU norms on the economic reforms’ agenda in Ukraine. Problem Statement. Restoration of the system of fiscal rules in Ukraine and its new substantive filling on the way of Ukraine’s preparation for the EU accession taking into account the experience of implementation of the supra-national fiscal rules in the EU and challenges for the reforms of the budgetary framework in the EU member states. Purpose – drawing lessons of functioning of the numerical fiscal rules in the EU, reviewing the components of transformation of the budgetary framework and mechanisms of the fiscal policy surveillance from the side of the EU supra-national bodies and eventually, on their basis, specifying the core directions of reforming fiscal rules in Ukraine for their approximation to the EU standards. Methods. General scientific and special methods are applied: analysis and synthesis, description and comparison, historical method, method of theoretical generalization and abstract-logical method. Results. The article highlights the essence of fiscal rules as important constituents of modern fiscal institutions, shows the quantitative indicators of extension of the fiscal rules across the world and their common combinations. It reveals the main trends in modification of the fiscal rules and validation of the escape clauses in the course of corona-crisis. The author summarizes the mechanisms of budget deficit regulation, containment of public expenditure growth and limiting public debt level in the EU member states with a focus on the provisions of the Stability and Growth Pact and of the EU Regulations, which specify the tools of application of the Pact and Treaty on the Functioning of the European Union. The author synthetizes the key dimensions of current transformation of the EU fiscal rules with an emphasize on the instruments of fiscal policy surveillance in the EU member states and targeting fiscal policy at achieving green and digital transition by their economies with simultaneous debt sustainability goal. Policy proposals are devised for upgrading the system of fiscal rules in Ukraine and their validation after finishing the war. Conclusions. Incorporation of debt limit and budget balance ceiling across the sector of general government into the budgetary legislation of Ukraine, as well as of net primary expenditure rule aimed at restoration of the debt sustainability, as well as mechanisms of implementation of the fiscal rules and independent monitoring of the fiscal rules observance in line with the EU standards (over the medium run) would contribute to securing macro-financial stability in Ukraine and accelerate the economic and political integration of Ukraine with the EU.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134319478","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 : 2023-05-08DOI: 10.33763/finukr2023.01.065
O. Lyubich, A. Drobiazko, Oleksandr Borshchuk
Introduction. The results of the state-owned banks' activities (hereinafter BSC) in 2022 confirm their significant contribution to the stabilization of the national financial system during the period of full-scale Russian aggression against Ukraine. Problem Statement. Analysis of approaches to the strategic development of the BSC during the period of post-war economic recovery and their impact on the overall security of monetary circulation in the country. The given calculations make it possible to compare the financial results, role and place of each BSC with banks of foreign financial groups and banks with private capital. .Purpose. To assess the performance of banks with state participation in capital in 2022, compare the results obtained with the indicators of private sector banks, including with the participation of foreign capital, and formulate proposals for further legislative support for the optimization of business models of BSC in conditions of strengthening requirements for financial security. 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 2022, are considered. The importance of restoring the Government's cooperation with international financial organizations in 2023 is emphasized. Conclusions. Changes in the development strategy of the BSC are proposed in order to increase the capitalization of this sector and attract foreign capital in the direct investment of the banking sector. In the conditions of martial law, in order to ensure the manageability of the BSC it is advisable to review the list of key strategic indicators of banks from the point of view of unification and convenience for measuring and comparing the effectiveness of their management's work, as well as monitoring investment attractiveness. The financial security of Ukraine in the system of the bank-centric financial sector must be based on the transparent management of the BSC sector, which must have a long-term development strategy along with a transparent mechanism for evaluating the quality of management's work.
{"title":"State banks of Ukraine as a factor for ensuring monetary circulation stability under martial law","authors":"O. Lyubich, A. Drobiazko, Oleksandr Borshchuk","doi":"10.33763/finukr2023.01.065","DOIUrl":"https://doi.org/10.33763/finukr2023.01.065","url":null,"abstract":"Introduction. The results of the state-owned banks' activities (hereinafter BSC) in 2022 confirm their significant contribution to the stabilization of the national financial system during the period of full-scale Russian aggression against Ukraine. Problem Statement. Analysis of approaches to the strategic development of the BSC during the period of post-war economic recovery and their impact on the overall security of monetary circulation in the country. The given calculations make it possible to compare the financial results, role and place of each BSC with banks of foreign financial groups and banks with private capital. .Purpose. To assess the performance of banks with state participation in capital in 2022, compare the results obtained with the indicators of private sector banks, including with the participation of foreign capital, and formulate proposals for further legislative support for the optimization of business models of BSC in conditions of strengthening requirements for financial security. 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 2022, are considered. The importance of restoring the Government's cooperation with international financial organizations in 2023 is emphasized. Conclusions. Changes in the development strategy of the BSC are proposed in order to increase the capitalization of this sector and attract foreign capital in the direct investment of the banking sector. In the conditions of martial law, in order to ensure the manageability of the BSC it is advisable to review the list of key strategic indicators of banks from the point of view of unification and convenience for measuring and comparing the effectiveness of their management's work, as well as monitoring investment attractiveness. The financial security of Ukraine in the system of the bank-centric financial sector must be based on the transparent management of the BSC sector, which must have a long-term development strategy along with a transparent mechanism for evaluating the quality of management's work.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124167254","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 : 2023-05-08DOI: 10.33763/finukr2023.01.102
V. Kovalenko, Anastasiia Yehorova
Introduction. In recent years, there has been a tendency to simultaneously increase requirements in terms of reserve capital, combating money laundering and terrorist financing, which has led to a significant increase in the corresponding costs for banks around the world. Banks that provide services such as depositing, lending, transferring funds or assets from one institution to another without taking into account geographical restrictions are most often used for money laundering. Problem Statement. It has been proven that the entrenchment of shadow schemes by economic entities conducting various operations, the introduction of the latest technologies into the financial sphere, as well as the rapid development of the cryptocurrency market have led to a growing trends in legalization of criminal proceeds involving financial institutions. Purpose. Generalization of the key provisions and practices of international standards, analysis of the use of a risk-oriented approach by countries in ensuring countermeasures against money laundering and terrorist financing, systematization of the provisions of risk management of money laundering, financing of terrorism and proliferation of weapons of mass destruction in foreign practice and their introduction into domestic banking practice. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and cluster analysis. Results. The factors that form the risks of legalization of criminal proceeds are studied by such components as threats, vulnerability and consequences. The main components of the risk management system of the legalization of criminal proceeds are singled out, namely: stages of identification and analysis of the risk of legalization of criminal proceeds , principles, functions, risk assessment methods, security systems and strategies for managing the risks of legalization. The article proposes a methodology for assessing the risk of legalization of criminal proceeds in banks using the clustering method. Conclusions. The national money laundering risk assessment system should be based on a unified approach that provides for the identification of clients of financial institutions, the processing of information by regulatory and supervisory authorities, supervision by regulatory authorities and financial intelligence units and the assessment of AML/CFT risks, the comparison of data of financial institutions with data of law enforcement agencies to determine the vulnerabilities of the system of combating the legalization of criminal proceeds and financing of terrorism. Threats caused by the latest state of operation of Ukrainian banks, the development of measures to further reduce their involvement in money laundering and terrorist financing schemes require further research.
{"title":"Modern determinants of assessing the risk of legalization of criminal proceeds in banks","authors":"V. Kovalenko, Anastasiia Yehorova","doi":"10.33763/finukr2023.01.102","DOIUrl":"https://doi.org/10.33763/finukr2023.01.102","url":null,"abstract":"Introduction. In recent years, there has been a tendency to simultaneously increase requirements in terms of reserve capital, combating money laundering and terrorist financing, which has led to a significant increase in the corresponding costs for banks around the world. Banks that provide services such as depositing, lending, transferring funds or assets from one institution to another without taking into account geographical restrictions are most often used for money laundering. Problem Statement. It has been proven that the entrenchment of shadow schemes by economic entities conducting various operations, the introduction of the latest technologies into the financial sphere, as well as the rapid development of the cryptocurrency market have led to a growing trends in legalization of criminal proceeds involving financial institutions. Purpose. Generalization of the key provisions and practices of international standards, analysis of the use of a risk-oriented approach by countries in ensuring countermeasures against money laundering and terrorist financing, systematization of the provisions of risk management of money laundering, financing of terrorism and proliferation of weapons of mass destruction in foreign practice and their introduction into domestic banking practice. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and cluster analysis. Results. The factors that form the risks of legalization of criminal proceeds are studied by such components as threats, vulnerability and consequences. The main components of the risk management system of the legalization of criminal proceeds are singled out, namely: stages of identification and analysis of the risk of legalization of criminal proceeds , principles, functions, risk assessment methods, security systems and strategies for managing the risks of legalization. The article proposes a methodology for assessing the risk of legalization of criminal proceeds in banks using the clustering method. Conclusions. The national money laundering risk assessment system should be based on a unified approach that provides for the identification of clients of financial institutions, the processing of information by regulatory and supervisory authorities, supervision by regulatory authorities and financial intelligence units and the assessment of AML/CFT risks, the comparison of data of financial institutions with data of law enforcement agencies to determine the vulnerabilities of the system of combating the legalization of criminal proceeds and financing of terrorism. Threats caused by the latest state of operation of Ukrainian banks, the development of measures to further reduce their involvement in money laundering and terrorist financing schemes require further research.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130150034","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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