Pub Date : 2023-06-30DOI: 10.31520/2616-7107/2023.7.2-5
D. Khokhych, I. Kulaga, Oleksii Melnyk, O. Tkachenko
Introduction. Inflation targeting is a tool for ensuring price stability in the economy and therefore requires harmonious coordination and communication among government institutions. At the same time, the central bank must adhere to a certain policy instrument, the established legal rules, which are fixed in its mandate, or act at its discretion. Nowadays, the most common rule of monetary policy is inflation targeting. Aim and tasks. The purpose of the article is to explain the expediency of using the inflation targeting regime to keep inflation at a certain target level, which is determined by the central bank taking into account the current state of the economy. Results. The theoretical model of Taylor is considered, which is based on inflation assessment in the form of a simple interest rate rule based on monetary policy instruments that ensure convergence of the inflation forecast to the target value in the medium term. The obtained results reflect the volatility of the indicators of the objective function in the data range of 2015 Q3–2021 Q2 and confirm the weight of the gap of variable values that are estimated to be insignificant (95%). Using the GMM method, the relationship between the indicators of the objective function and their impact on the inflation rate through the use of the inflation targeting regime was verified. In particular, the volatility of variables such as the inflation gap, short-term interest rate, output gap, and exchange rate gap and their impact on the target inflation rate was revealed on the time horizon of monetary policy. Smoothing out gaps in variables is one of the goals of the central bank's reaction function under the inflation targeting regime. The use of the GMM method confirms the validity of the application of Taylor's rule regarding the feasibility of choosing an objective function with predetermined variable parameters at different sampling intervals. Conclusions. The increase in the volatility of variable parameters in the objective function of central banks under the inflation targeting regime is explained by global crises and the sensitivity of macroeconomic indicators to fluctuations in the economic situation. This is the main reason why central banks strictly follow the rules of monetary policy, which allow the timely smoothing of exogenous shocks in the economy.
{"title":"Inflation Targeting As a Tool for Maintaining Price Stability of The National Bank of Ukraine","authors":"D. Khokhych, I. Kulaga, Oleksii Melnyk, O. Tkachenko","doi":"10.31520/2616-7107/2023.7.2-5","DOIUrl":"https://doi.org/10.31520/2616-7107/2023.7.2-5","url":null,"abstract":"Introduction. Inflation targeting is a tool for ensuring price stability in the economy and therefore requires harmonious coordination and communication among government institutions. At the same time, the central bank must adhere to a certain policy instrument, the established legal rules, which are fixed in its mandate, or act at its discretion. Nowadays, the most common rule of monetary policy is inflation targeting. \u0000Aim and tasks. The purpose of the article is to explain the expediency of using the inflation targeting regime to keep inflation at a certain target level, which is determined by the central bank taking into account the current state of the economy. \u0000Results. The theoretical model of Taylor is considered, which is based on inflation assessment in the form of a simple interest rate rule based on monetary policy instruments that ensure convergence of the inflation forecast to the target value in the medium term. The obtained results reflect the volatility of the indicators of the objective function in the data range of 2015 Q3–2021 Q2 and confirm the weight of the gap of variable values that are estimated to be insignificant (95%). Using the GMM method, the relationship between the indicators of the objective function and their impact on the inflation rate through the use of the inflation targeting regime was verified. In particular, the volatility of variables such as the inflation gap, short-term interest rate, output gap, and exchange rate gap and their impact on the target inflation rate was revealed on the time horizon of monetary policy. Smoothing out gaps in variables is one of the goals of the central bank's reaction function under the inflation targeting regime. The use of the GMM method confirms the validity of the application of Taylor's rule regarding the feasibility of choosing an objective function with predetermined variable parameters at different sampling intervals. \u0000Conclusions. The increase in the volatility of variable parameters in the objective function of central banks under the inflation targeting regime is explained by global crises and the sensitivity of macroeconomic indicators to fluctuations in the economic situation. This is the main reason why central banks strictly follow the rules of monetary policy, which allow the timely smoothing of exogenous shocks in the economy.","PeriodicalId":29705,"journal":{"name":"Economics Ecology Socium","volume":"37 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73745216","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 : 2023-06-30DOI: 10.31520/2616-7107/2023.7.2-2
L. Todorov, A. Aleksandrova, T. Ismailov
Introduction. Financial literacy has been recognized worldwide as a significant element of stability and economic and financial growth. With the evolution of financial instruments, the growing importance of financial inclusion, its correlation with financial literacy, and the effects they have on sustainability, the concept of financial literacy is dramatically changing and getting more inclusive, spreading the focus on sustainability, sustainable consumption, and environmental preservation. Aim and tasks. The aim of the study is to examine the connection between the population's financial literacy level and greenhouse gas emissions. The working hypothesis claims that there is a relationship between financial literacy and the carbon footprint. Results. The correlation and regression analyses were the main tools in the study, while the dataset for 2014 covered 137 countries, with the main dependent variables being carbon emissions per capita, per unit of gross domestic product, and per unit of energy. The partial correlation coefficients between financial literacy rating and carbon footprint variables were insignificant when controlled for economic development, represented by per capita gross domestic product. Estimated econometric models with financial literacy in quadratic form were adequate and showed a significant connection between financial literacy and carbon emissions per capita and per gross domestic product at the 5% level. The relationship with carbon emissions per unit of energy was significant at the 10% level. In all three models, the relationships followed an inverse U-shape, with low financial literacy increasing the carbon footprint and higher financial literacy decreasing it. The turning numbers for financial literacy were 35.8% for carbon emissions per capita, 41.4% for emissions per unit of gross domestic product, and 32.4% for emissions per unit of energy. Conclusions. Financial literacy was indeed associated with carbon emissions in a complex, non-linear way. The effect of energy consumption on carbon emissions was stronger than financial literacy and appeared to be the driving force for the increase in carbon emissions. With low financial literacy observed in underdeveloped countries, the situation was not favorable for the environment. As financial literacy increased, welfare, income, and consumption increased too, leading to an increase in greenhouse gas emissions, i.e., a bigger CO2 footprint. Once a certain stage of economic development was reached, the relationship was reversed, i.e., in developed countries, financial literacy worked towards reducing the carbon footprint and protecting the environment.
{"title":"Relation Between Financial Literacy and Carbon Footprint: Review on Implications for Sustainable Development","authors":"L. Todorov, A. Aleksandrova, T. Ismailov","doi":"10.31520/2616-7107/2023.7.2-2","DOIUrl":"https://doi.org/10.31520/2616-7107/2023.7.2-2","url":null,"abstract":"Introduction. Financial literacy has been recognized worldwide as a significant element of stability and economic and financial growth. With the evolution of financial instruments, the growing importance of financial inclusion, its correlation with financial literacy, and the effects they have on sustainability, the concept of financial literacy is dramatically changing and getting more inclusive, spreading the focus on sustainability, sustainable consumption, and environmental preservation. \u0000Aim and tasks. The aim of the study is to examine the connection between the population's financial literacy level and greenhouse gas emissions. The working hypothesis claims that there is a relationship between financial literacy and the carbon footprint. \u0000Results. The correlation and regression analyses were the main tools in the study, while the dataset for 2014 covered 137 countries, with the main dependent variables being carbon emissions per capita, per unit of gross domestic product, and per unit of energy. The partial correlation coefficients between financial literacy rating and carbon footprint variables were insignificant when controlled for economic development, represented by per capita gross domestic product. Estimated econometric models with financial literacy in quadratic form were adequate and showed a significant connection between financial literacy and carbon emissions per capita and per gross domestic product at the 5% level. The relationship with carbon emissions per unit of energy was significant at the 10% level. In all three models, the relationships followed an inverse U-shape, with low financial literacy increasing the carbon footprint and higher financial literacy decreasing it. The turning numbers for financial literacy were 35.8% for carbon emissions per capita, 41.4% for emissions per unit of gross domestic product, and 32.4% for emissions per unit of energy. \u0000Conclusions. Financial literacy was indeed associated with carbon emissions in a complex, non-linear way. The effect of energy consumption on carbon emissions was stronger than financial literacy and appeared to be the driving force for the increase in carbon emissions. With low financial literacy observed in underdeveloped countries, the situation was not favorable for the environment. As financial literacy increased, welfare, income, and consumption increased too, leading to an increase in greenhouse gas emissions, i.e., a bigger CO2 footprint. Once a certain stage of economic development was reached, the relationship was reversed, i.e., in developed countries, financial literacy worked towards reducing the carbon footprint and protecting the environment.","PeriodicalId":29705,"journal":{"name":"Economics Ecology Socium","volume":"33 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89966092","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 : 2023-06-30DOI: 10.31520/2616-7107/2023.7.2-6
Natalia Prymachova, Igor Kolegayev, O. Lypynska, Liliia Mezina
Introduction. The maritime transport of individual countries, operating in a single space of the World Ocean, determines the tasks and problems of creating standard requirements for the reliability of cargo flows and system security of operation. This significantly differentiates the conditions for the development of maritime transport as a subsystem of the global maritime transport market between its individual structures, on the one hand, and national maritime transport complexes, on the other. This is what determines the expediency of various integration processes in the system of the maritime trade market. Aim and tasks. The study examined the role of integration technologies in the global maritime trade market and the analysis of the development of the country's maritime transport complex in relation to its real needs for participation in integration processes, as well as possible strategies for integration principles and finding ways to implement such strategies in the activities of the country. Results. The study resulted in the identification of three approaches to the forms of integration in the maritime trade market. The first form includes the processes of creating the gross national product based on the international division of labor, when the global sectoral equilibrium is achieved by combining the technology of producers of one country with the resources and territory of another state. The second form of integration is the M&A strategy for the further development of shipping companies and other enterprises of the maritime complex. The third form is the interaction of individual maritime transport enterprises in intermodal connections. The implementation of all the above forms of integration is in line with globalization trends in the socio-economic development, achievements of technological progress and strategic interests of shipping companies. Conclusions. The development of maritime transport in terms of integration characteristics and technical priorities reflects the principle of sustainability. At the same time, activities are separated in the system of achieving a balance in the state of the main components of the transport services market according to the criteria for optimizing the investment flow. The latter necessitates a constant search for optimization of the fleet's carrying capacity and cargo terminal throughput. The main thing is to study the optimization of development from the perspective of both macroeconomic and business structures.
{"title":"Integration Strategies for Sustainable Positioning of Shipping Companies in the Maritime Trade Market System","authors":"Natalia Prymachova, Igor Kolegayev, O. Lypynska, Liliia Mezina","doi":"10.31520/2616-7107/2023.7.2-6","DOIUrl":"https://doi.org/10.31520/2616-7107/2023.7.2-6","url":null,"abstract":"Introduction. The maritime transport of individual countries, operating in a single space of the World Ocean, determines the tasks and problems of creating standard requirements for the reliability of cargo flows and system security of operation. This significantly differentiates the conditions for the development of maritime transport as a subsystem of the global maritime transport market between its individual structures, on the one hand, and national maritime transport complexes, on the other. This is what determines the expediency of various integration processes in the system of the maritime trade market. \u0000Aim and tasks. The study examined the role of integration technologies in the global maritime trade market and the analysis of the development of the country's maritime transport complex in relation to its real needs for participation in integration processes, as well as possible strategies for integration principles and finding ways to implement such strategies in the activities of the country. \u0000Results. The study resulted in the identification of three approaches to the forms of integration in the maritime trade market. The first form includes the processes of creating the gross national product based on the international division of labor, when the global sectoral equilibrium is achieved by combining the technology of producers of one country with the resources and territory of another state. The second form of integration is the M&A strategy for the further development of shipping companies and other enterprises of the maritime complex. The third form is the interaction of individual maritime transport enterprises in intermodal connections. The implementation of all the above forms of integration is in line with globalization trends in the socio-economic development, achievements of technological progress and strategic interests of shipping companies. \u0000Conclusions. The development of maritime transport in terms of integration characteristics and technical priorities reflects the principle of sustainability. At the same time, activities are separated in the system of achieving a balance in the state of the main components of the transport services market according to the criteria for optimizing the investment flow. The latter necessitates a constant search for optimization of the fleet's carrying capacity and cargo terminal throughput. The main thing is to study the optimization of development from the perspective of both macroeconomic and business structures.","PeriodicalId":29705,"journal":{"name":"Economics Ecology Socium","volume":"46 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90587101","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 : 2023-06-30DOI: 10.31520/2616-7107/2023.7.2-1
A. Shlapak, O. Yatsenko, Tetiana Tananaiko, L. Lyskova
Introduction. The study is devoted to a comprehensive study of the global trade system in conditions of global economic instability, in particular, to the identification and analysis of the determinants of deepening its asymmetries in the regional perspective. The study contains a description of the peculiarities of the modern global trade system and regulatory regime, including tariff and non-tariff methods of regulating cross-border trade and key trends in its development. Aim and tasks. The purpose of the study is to diagnose the institutional provision of tariff and non-tariff regulation of cross-border trade in order to determine the presence or absence of asymmetries in the global trade system in the regional context. Results. The study identifies and systematizes fundamental features of the modern global trade system whose development has been directly or indirectly influenced by regional asymmetries. Particular attention is paid to the characteristics of the major international economic organizations as the main regulators of the cross-border trade process, and to the study of the impact of the use of tariff and non-tariff import and export regulatory tools on cross-border trade asymmetries. The world trading system is divided by country and individual customs territory, depending on whether it belongs to a certain geographical area or to a group of countries with a certain level of economic development. Conclusions. Although the expansion of global trade has visually slowed down, the integration of world trade is not over, on the contrary, there are clear signs of the beginning of a completely new phase of globalization. The presence of asymmetry in the world trading system in a geographical context, regardless of the size of the region, has been theoretically proven. According to the criterion of the asymmetry of the trading system depending on the level of economic development of the countries, in general, there is a tendency to increase the level of liberalization of trade regimes by the increase in the level of development. At the same time, it has been proven that belonging to the group of least developed countries does not necessarily mean closed access to national markets, and categorization as a developed country does not indicate the application of the least number of non-tariff measures to regulate trade volumes. At the same time, Ukraine remains a country that has undertaken the most liberal obligations regarding providing access to markets for both goods and services. As one of the world's leading exporters of agricultural products in 2020, Ukraine has set the customs tariff level at 11%, the lowest among group members.
{"title":"Institutional Provision of Tariff and Non-Tariff Regulation of Cross-Border Trade","authors":"A. Shlapak, O. Yatsenko, Tetiana Tananaiko, L. Lyskova","doi":"10.31520/2616-7107/2023.7.2-1","DOIUrl":"https://doi.org/10.31520/2616-7107/2023.7.2-1","url":null,"abstract":"Introduction. The study is devoted to a comprehensive study of the global trade system in conditions of global economic instability, in particular, to the identification and analysis of the determinants of deepening its asymmetries in the regional perspective. The study contains a description of the peculiarities of the modern global trade system and regulatory regime, including tariff and non-tariff methods of regulating cross-border trade and key trends in its development. \u0000Aim and tasks. The purpose of the study is to diagnose the institutional provision of tariff and non-tariff regulation of cross-border trade in order to determine the presence or absence of asymmetries in the global trade system in the regional context. \u0000Results. The study identifies and systematizes fundamental features of the modern global trade system whose development has been directly or indirectly influenced by regional asymmetries. Particular attention is paid to the characteristics of the major international economic organizations as the main regulators of the cross-border trade process, and to the study of the impact of the use of tariff and non-tariff import and export regulatory tools on cross-border trade asymmetries. The world trading system is divided by country and individual customs territory, depending on whether it belongs to a certain geographical area or to a group of countries with a certain level of economic development. \u0000Conclusions. Although the expansion of global trade has visually slowed down, the integration of world trade is not over, on the contrary, there are clear signs of the beginning of a completely new phase of globalization. The presence of asymmetry in the world trading system in a geographical context, regardless of the size of the region, has been theoretically proven. According to the criterion of the asymmetry of the trading system depending on the level of economic development of the countries, in general, there is a tendency to increase the level of liberalization of trade regimes by the increase in the level of development. At the same time, it has been proven that belonging to the group of least developed countries does not necessarily mean closed access to national markets, and categorization as a developed country does not indicate the application of the least number of non-tariff measures to regulate trade volumes. At the same time, Ukraine remains a country that has undertaken the most liberal obligations regarding providing access to markets for both goods and services. As one of the world's leading exporters of agricultural products in 2020, Ukraine has set the customs tariff level at 11%, the lowest among group members.","PeriodicalId":29705,"journal":{"name":"Economics Ecology Socium","volume":"20 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90665076","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 : 2023-06-30DOI: 10.31520/2616-7107/2023.7.2-4
O. Sienko, M. Babachenko, Maryna Chesnokova, S. Karianskyi
Introduction. The significant dynamic nature of modern geopolitical and military threats sets new requirements for evaluating the criteria effectiveness of solving maritime industry management problems, requires new methodological approaches and mathematical models for evaluating criteria, and determines a new architecture of information systems in the structure of which these approaches and models are implemented. This makes the issue of the analysis of the application of criteria and the development, research, and implementation of such models and systems extremely relevant. Aim and tasks. The purpose of the study is to create a methodological approach to evaluating the criteria that characterize the effectiveness of the management of the maritime industry, with the dynamic change of criteria due to the influence of threats and challenges. Results. A methodological approach has been developed to evaluate the criteria that characterize the effectiveness of the management of the maritime industry based on the model for assessing the convergence of the absolute values of the first derivatives of the criteria over time, which, at short time intervals, can be considered as criteria change trends. It has been established that instead of reducing transportation costs, management switches to the principle of ensuring optimal costs, which leads to an increase in the cost of freight and shock reactions in the sea transportation market. It was established that it is advisable to use the LSCI criterion as an indicator of the negative effect of “local optimization”. After determining the development trends of the criteria, their evaluation as well as the assessment of their convergence were carried out, which became the basis for proposing directions for improving the efficiency of maritime industry management. Conclusions. The developed methodological approach and the mathematical model of its implementation make it possible to conduct both quantitative and qualitative analyses of the effectiveness of management of the maritime industry. To increase the efficiency of management, it is proposed: to integrate port community systems; to increase the stability of the port infrastructure so that it can function in crisis conditions; to achieve coordination of management actions at all levels; to avoid “local optimization” and introduce integral optimization; to respond not only to direct threats but also to detect the cascading effects of threats.
{"title":"Criterion for Ensuring the Effectiveness of the Management of the Global Maritime Industry","authors":"O. Sienko, M. Babachenko, Maryna Chesnokova, S. Karianskyi","doi":"10.31520/2616-7107/2023.7.2-4","DOIUrl":"https://doi.org/10.31520/2616-7107/2023.7.2-4","url":null,"abstract":"Introduction. The significant dynamic nature of modern geopolitical and military threats sets new requirements for evaluating the criteria effectiveness of solving maritime industry management problems, requires new methodological approaches and mathematical models for evaluating criteria, and determines a new architecture of information systems in the structure of which these approaches and models are implemented. This makes the issue of the analysis of the application of criteria and the development, research, and implementation of such models and systems extremely relevant. \u0000Aim and tasks. The purpose of the study is to create a methodological approach to evaluating the criteria that characterize the effectiveness of the management of the maritime industry, with the dynamic change of criteria due to the influence of threats and challenges. \u0000Results. A methodological approach has been developed to evaluate the criteria that characterize the effectiveness of the management of the maritime industry based on the model for assessing the convergence of the absolute values of the first derivatives of the criteria over time, which, at short time intervals, can be considered as criteria change trends. It has been established that instead of reducing transportation costs, management switches to the principle of ensuring optimal costs, which leads to an increase in the cost of freight and shock reactions in the sea transportation market. It was established that it is advisable to use the LSCI criterion as an indicator of the negative effect of “local optimization”. After determining the development trends of the criteria, their evaluation as well as the assessment of their convergence were carried out, which became the basis for proposing directions for improving the efficiency of maritime industry management. \u0000Conclusions. The developed methodological approach and the mathematical model of its implementation make it possible to conduct both quantitative and qualitative analyses of the effectiveness of management of the maritime industry. To increase the efficiency of management, it is proposed: to integrate port community systems; to increase the stability of the port infrastructure so that it can function in crisis conditions; to achieve coordination of management actions at all levels; to avoid “local optimization” and introduce integral optimization; to respond not only to direct threats but also to detect the cascading effects of threats.","PeriodicalId":29705,"journal":{"name":"Economics Ecology Socium","volume":"1996 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88120939","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 : 2023-03-31DOI: 10.31520/2616-7107/2023.7.1-3
V. Kyrylenko, Mykola Halaburda, T. Fedorenko, Ivan Lisniak
Introduction. The country’s economic prosperity depends on economic, political, and social factors. A crucial component of a successful country’s development is its culture, which accumulates moral and value guidelines for the individual’s behaviour. Strict observance of moral rules is considerable for public trust formation, which is the foundation for social development. The relevance of the study is caused by the contradictions between individual and collective interests in using public goods. Individual interest gravitates toward cost reduction and avoiding payment for public goods. Instead, the collective interest consists in the moral obligation of the individual to pay for public goods for the general and individual well-being. Aim and tasks. The purpose of the article is to interpret the phenomena of the economic, social, and cultural factors of the free-riding problem of public goods. Results. An attribute of public goods is their nonrivalrous nature (the use of the good does not reduce the amount of the good available to others) and non-excludable (non-payers can use the good on an equal basis with those who honestly paid). The free-ride problem of public goods cannot be reduced to market regulation, whereas all communities benefit from the resources, regardless of whether they have paid for them (taxes, transport fees) or not. Regression analysis shows no relationship between economic and moral factors, in particular, the ability to pay for a good (using public transport) does not reduce the number of people who want to get it free of charge (free ride). The cost of the service (the ticket price) also does not affect the willingness to pay or not to pay for public goods usage. Thus, it can be recognized that the economic factor is not critical in using public goods. Conclusions. Simultaneously, the social factor of compliance with rules and trust is principal. The awareness that other participants also pay for public goods gives moral satisfaction to the individual and positively reinforces his conscience. Individuals’ consciousness and self-limitation form a cohesive community capable of development. Consequently, the social factor influences the individual's motivation and attitude toward the community's interests. Therefore, it can be assumed that the country’s economic growth depends on cultural and social norms regarding compliance with rules and trust, in addition to other factors.
{"title":"Economics and Morality Conflicts in the Public Goods Using","authors":"V. Kyrylenko, Mykola Halaburda, T. Fedorenko, Ivan Lisniak","doi":"10.31520/2616-7107/2023.7.1-3","DOIUrl":"https://doi.org/10.31520/2616-7107/2023.7.1-3","url":null,"abstract":"Introduction. The country’s economic prosperity depends on economic, political, and social factors. A crucial component of a successful country’s development is its culture, which accumulates moral and value guidelines for the individual’s behaviour. Strict observance of moral rules is considerable for public trust formation, which is the foundation for social development. The relevance of the study is caused by the contradictions between individual and collective interests in using public goods. Individual interest gravitates toward cost reduction and avoiding payment for public goods. Instead, the collective interest consists in the moral obligation of the individual to pay for public goods for the general and individual well-being. \u0000Aim and tasks. The purpose of the article is to interpret the phenomena of the economic, social, and cultural factors of the free-riding problem of public goods. \u0000Results. An attribute of public goods is their nonrivalrous nature (the use of the good does not reduce the amount of the good available to others) and non-excludable (non-payers can use the good on an equal basis with those who honestly paid). The free-ride problem of public goods cannot be reduced to market regulation, whereas all communities benefit from the resources, regardless of whether they have paid for them (taxes, transport fees) or not. Regression analysis shows no relationship between economic and moral factors, in particular, the ability to pay for a good (using public transport) does not reduce the number of people who want to get it free of charge (free ride). The cost of the service (the ticket price) also does not affect the willingness to pay or not to pay for public goods usage. Thus, it can be recognized that the economic factor is not critical in using public goods. \u0000Conclusions. Simultaneously, the social factor of compliance with rules and trust is principal. The awareness that other participants also pay for public goods gives moral satisfaction to the individual and positively reinforces his conscience. Individuals’ consciousness and self-limitation form a cohesive community capable of development. Consequently, the social factor influences the individual's motivation and attitude toward the community's interests. Therefore, it can be assumed that the country’s economic growth depends on cultural and social norms regarding compliance with rules and trust, in addition to other factors.","PeriodicalId":29705,"journal":{"name":"Economics Ecology Socium","volume":"11 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2023-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89896282","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 : 2023-03-31DOI: 10.31520/2616-7107/2023.7.1-6
A. Makurin
Introduction. The digital economy has significantly changed not only the types, forms and mechanism of payments, but also the form of money itself. Electronic money is becoming more popular, which increases the relevance and importance of the study of technical aspects and environmental consequences of mining encryption. The choice of equipment for cryptocurrency mining and its impact on the environment remains a rather debatable issue. It is also not clear how to calculate the costs of mining cryptocurrencies in order to determine the cost of such coins which creates obstacles to the normal reflection in the accounting of such activities in the future and the payment of the corresponding taxes on such operations where cryptocurrencies are involved. Aim and tasks. The study aims is to investigate modern approaches to cryptocurrency mining and the characteristics of the mining process itself, as well as the selection of the main equipment and a list of costs to ensure this activity takes into account the environmental consequences of mining encryption. Results. Cryptocurrency mining is the process of creating digital currencies. All transactions in the network are not processed by any central authority, but by any user connected to the network. The creation of cryptocurrency, i.e. its emission, is the acquisition of certain property rights. Determining the cost of mining, for example, one bitcoin depends on the amount of resources spent: the depreciation of the equipment that was used to generate new blockchain blocks and the monthly costs of its maintenance, the cost of high-speed Internet service, the configuration of the mining software product on a particular pool, combined electricity costs. Conclusions. The development of the cryptocurrency market has both positive and negative consequences at the micro and macro levels. Advantages include independence from the state-regulated banking system and general accessibility; high economic efficiency of mining; transparency of transactions, confidentiality and anonymity, security of data owners; high data security against external influences and attacks; absence of time or territorial restrictions; general availability and lack of need to create centralized data repositories; effective mechanism against theft, counterfeiting and inflation, irreversible nature of transactions. At the macro level, the advantages are the high capitalization of cryptocurrencies, which can contribute to meeting the financial needs of the state as a whole and independence from the state. Therefore, further accounting of such a specific asset as cryptocurrency requires detailed research.
{"title":"Technological Aspects and Environmental Consequences of Mining Encryption","authors":"A. Makurin","doi":"10.31520/2616-7107/2023.7.1-6","DOIUrl":"https://doi.org/10.31520/2616-7107/2023.7.1-6","url":null,"abstract":"Introduction. The digital economy has significantly changed not only the types, forms and mechanism of payments, but also the form of money itself. Electronic money is becoming more popular, which increases the relevance and importance of the study of technical aspects and environmental consequences of mining encryption. The choice of equipment for cryptocurrency mining and its impact on the environment remains a rather debatable issue. It is also not clear how to calculate the costs of mining cryptocurrencies in order to determine the cost of such coins which creates obstacles to the normal reflection in the accounting of such activities in the future and the payment of the corresponding taxes on such operations where cryptocurrencies are involved. \u0000Aim and tasks. The study aims is to investigate modern approaches to cryptocurrency mining and the characteristics of the mining process itself, as well as the selection of the main equipment and a list of costs to ensure this activity takes into account the environmental consequences of mining encryption. \u0000Results. Cryptocurrency mining is the process of creating digital currencies. All transactions in the network are not processed by any central authority, but by any user connected to the network. The creation of cryptocurrency, i.e. its emission, is the acquisition of certain property rights. Determining the cost of mining, for example, one bitcoin depends on the amount of resources spent: the depreciation of the equipment that was used to generate new blockchain blocks and the monthly costs of its maintenance, the cost of high-speed Internet service, the configuration of the mining software product on a particular pool, combined electricity costs. \u0000Conclusions. The development of the cryptocurrency market has both positive and negative consequences at the micro and macro levels. Advantages include independence from the state-regulated banking system and general accessibility; high economic efficiency of mining; transparency of transactions, confidentiality and anonymity, security of data owners; high data security against external influences and attacks; absence of time or territorial restrictions; general availability and lack of need to create centralized data repositories; effective mechanism against theft, counterfeiting and inflation, irreversible nature of transactions. At the macro level, the advantages are the high capitalization of cryptocurrencies, which can contribute to meeting the financial needs of the state as a whole and independence from the state. Therefore, further accounting of such a specific asset as cryptocurrency requires detailed research.","PeriodicalId":29705,"journal":{"name":"Economics Ecology Socium","volume":"23 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2023-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89957397","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 : 2023-03-31DOI: 10.31520/2616-7107/2023.7.1-4
D. Svyrydenko, B. Amarathunga, S. N. Wijethunga, V. Riznyk
Introduction. COVID-19 is a worldwide epidemic that impacts all aspects of human life. Social distancing was an essential action to prevent from COVID-19 virus. For this reason, collective activities were prohibited in many countries including Sri Lanka. Education is one of the main collective activities in the world. As such, it is relevant to test the influence of COVID-19 on graduate employability skills. However, it is difficult to find COVID 19 impact on graduate employability skills in the Sri Lankan context. Aim and tasks. The main objective of this paper was to identify the effect of the COVID-19 pandemic on the graduate employability capital of state universities’ management undergraduates in Sri Lanka and the significant level of that factor. Results. Based on the literature review, the COVID-19 pandemic affected five factors human capital, identity capital, cultural capital, social capital, and psychological capital identified as graduate employability capital factors or not. The methods of the study were to use the analysis of quantitative data. To achieve this goal, an online survey of 377 university students was conducted. The obtained selective results in the context of the COVID-19 pandemic showed significant positive shifts in the employment processes of university graduates. This positive impact, according to the results of the regression analysis, was provided by the following types of capital: social, human, psychological, cultural, and identity, the values of which ranged from 91.4 percent to 95.8 percent. Among all types of capital, human and psychological capital had the most significant impact on student mobility. Conclusions. The conducted studies show the importance of the online educational system in the universities of Sri Lanka. The use of available resources can significantly improve the existing infrastructure of online education and help increase the level of competence and professionalism of the teaching staff and university students. The introduction of the proposed online educational programs and courses will not only improve the quality of services provided but will also increase the revenue side of the university budget.
{"title":"The Impact of COVID-19 Pandemic on Labor Market Perspectives for Management Undergraduates: New Models of Employability Capital Development","authors":"D. Svyrydenko, B. Amarathunga, S. N. Wijethunga, V. Riznyk","doi":"10.31520/2616-7107/2023.7.1-4","DOIUrl":"https://doi.org/10.31520/2616-7107/2023.7.1-4","url":null,"abstract":"Introduction. COVID-19 is a worldwide epidemic that impacts all aspects of human life. Social distancing was an essential action to prevent from COVID-19 virus. For this reason, collective activities were prohibited in many countries including Sri Lanka. Education is one of the main collective activities in the world. As such, it is relevant to test the influence of COVID-19 on graduate employability skills. However, it is difficult to find COVID 19 impact on graduate employability skills in the Sri Lankan context. \u0000Aim and tasks. The main objective of this paper was to identify the effect of the COVID-19 pandemic on the graduate employability capital of state universities’ management undergraduates in Sri Lanka and the significant level of that factor. \u0000Results. Based on the literature review, the COVID-19 pandemic affected five factors human capital, identity capital, cultural capital, social capital, and psychological capital identified as graduate employability capital factors or not. The methods of the study were to use the analysis of quantitative data. To achieve this goal, an online survey of 377 university students was conducted. The obtained selective results in the context of the COVID-19 pandemic showed significant positive shifts in the employment processes of university graduates. This positive impact, according to the results of the regression analysis, was provided by the following types of capital: social, human, psychological, cultural, and identity, the values of which ranged from 91.4 percent to 95.8 percent. Among all types of capital, human and psychological capital had the most significant impact on student mobility. \u0000Conclusions. The conducted studies show the importance of the online educational system in the universities of Sri Lanka. The use of available resources can significantly improve the existing infrastructure of online education and help increase the level of competence and professionalism of the teaching staff and university students. The introduction of the proposed online educational programs and courses will not only improve the quality of services provided but will also increase the revenue side of the university budget.","PeriodicalId":29705,"journal":{"name":"Economics Ecology Socium","volume":"96 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2023-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82224321","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 : 2023-03-31DOI: 10.31520/2616-7107/2023.7.1-7
I. Chkhaidze, Nanuli Makharadze, Lela Devadze
Introduction. Global innovation challenges existing in the world at this current stage, activation of strategic innovation policy on gaining positions in the Global Innovation Index by the states, rapidly changing consumer demands, the struggle to maintain the advantages of leadership for competitiveness in the world market, the sudden appearance of the COVID-19 pandemic – faced the countries of the world before the complex challenges, which turned the production of innovative products and services, and the modernization of existing ones into an essential condition in a short period. Aim and tasks. The research aims to work out ways of improving the problems arising in Georgia's innovative business project management. The following objectives should be carried out to achieve the research goal: studying the characteristics of innovative business project management from the origin of an innovative business idea to its realization based on research and statistical data analysis Results. There have been reviewed problems in the management of innovative business projects-difficulties in adequately designing the business model to improve the business idea, which requires extra time, finances, and an experienced professional team. All of these hinder the startups' ability to go through the business process, turn the idea into a competitive product, carry out the correct marketing campaign, and build partnership relations at the local and international levels. Due to the urgency of the issue, the rating of Georgia has been studied regarding the innovation development of the Global Innovation Index. The positive attitude of the country towards the innovation policy has been determined, as reflected in the innovation policy carried out by the government. By analyzing the statistical data, grants and their effectiveness as issued to business projects by "Startup Georgia", "Produce in Georgia", and the European Union have been compared. Conclusions. The conclusions have been developed by analyzing the results of the research to eliminate the mentioned problems, according to which the constantly changing environment of the market economy forces companies to quickly adapt to market challenges to gain competitiveness and eliminate the problems existing in project management in parallel with the production of innovative products with the participation of professional project managers.
{"title":"Management Problems of Innovative Business Projects and Ways of Its Improvement","authors":"I. Chkhaidze, Nanuli Makharadze, Lela Devadze","doi":"10.31520/2616-7107/2023.7.1-7","DOIUrl":"https://doi.org/10.31520/2616-7107/2023.7.1-7","url":null,"abstract":"Introduction. Global innovation challenges existing in the world at this current stage, activation of strategic innovation policy on gaining positions in the Global Innovation Index by the states, rapidly changing consumer demands, the struggle to maintain the advantages of leadership for competitiveness in the world market, the sudden appearance of the COVID-19 pandemic – faced the countries of the world before the complex challenges, which turned the production of innovative products and services, and the modernization of existing ones into an essential condition in a short period. \u0000Aim and tasks. The research aims to work out ways of improving the problems arising in Georgia's innovative business project management. The following objectives should be carried out to achieve the research goal: studying the characteristics of innovative business project management from the origin of an innovative business idea to its realization based on research and statistical data analysis \u0000Results. There have been reviewed problems in the management of innovative business projects-difficulties in adequately designing the business model to improve the business idea, which requires extra time, finances, and an experienced professional team. All of these hinder the startups' ability to go through the business process, turn the idea into a competitive product, carry out the correct marketing campaign, and build partnership relations at the local and international levels. Due to the urgency of the issue, the rating of Georgia has been studied regarding the innovation development of the Global Innovation Index. The positive attitude of the country towards the innovation policy has been determined, as reflected in the innovation policy carried out by the government. By analyzing the statistical data, grants and their effectiveness as issued to business projects by \"Startup Georgia\", \"Produce in Georgia\", and the European Union have been compared. \u0000Conclusions. The conclusions have been developed by analyzing the results of the research to eliminate the mentioned problems, according to which the constantly changing environment of the market economy forces companies to quickly adapt to market challenges to gain competitiveness and eliminate the problems existing in project management in parallel with the production of innovative products with the participation of professional project managers.","PeriodicalId":29705,"journal":{"name":"Economics Ecology Socium","volume":"12 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2023-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79178728","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 : 2023-03-31DOI: 10.31520/2616-7107/2023.7.1-1
Elitsa Lazarova, P. Pavlov, M. Petrova, Sholpan Shalbayeva
Introduction. Since the mid-twentieth century, research has focused on agriculture as an important and structurally determining economic sector, constructing a significant part of the production infrastructure that serves an important function in generating economic growth in society. The asymmetry in the development of the territories and the general problems in the lagging areas are the subject of regional policy at the national and community level, to which a serious financial resource is directed, seeking a synergistic effect of the various support instruments on the entire territory. Over half of Bulgaria's territory is used for agriculture, and in rural areas it is also the main economic sector and source of livelihood. It is of crucial importance for the overall economic development of rural areas. In-depth research is needed to assess the infrastructure potential and analyze its impact on the generation of gross value added (GVA) and cohesion between regions. Aim and tasks. The aim of this paper is to analyze and evaluate the infrastructural potential of rural territories and its impact on the GVA generated by the agricultural sector. Results. The analysis compares the infrastructural potential of the districts with the production of the agricultural sector, the leading sector of the Bulgarian economy, and seeks ways to optimize it. Within the framework of the present research, the social, transport, tourist, and production infrastructure at the regional level is analyzed, and their relation to the GVA generated by the agricultural sector is examined. The social, transport, tourist, and production infrastructure by regions in Bulgaria and their impact on agribusiness were analyzed, and the results were summarized and mapped. As a result of the research, the territories were systematized depending on the ratio between the GVA from the agricultural sector and their infrastructural potential, and the trends in their development were outlined. Conclusions. The well-developed infrastructure in rural territories is a driving force for diversifying the functional use of the territory and the optimal utilization of available resources, ensuring not only economic progress but also sustainability in the development of rural territories. Improving infrastructure has a positive effect on the GVA of the agricultural sector, encourages diversification and the use of available resources, and helps make rural territories more sustainable.
{"title":"Analysis and Assessment of Infrastructural Potential in Rural Territories","authors":"Elitsa Lazarova, P. Pavlov, M. Petrova, Sholpan Shalbayeva","doi":"10.31520/2616-7107/2023.7.1-1","DOIUrl":"https://doi.org/10.31520/2616-7107/2023.7.1-1","url":null,"abstract":"Introduction. Since the mid-twentieth century, research has focused on agriculture as an important and structurally determining economic sector, constructing a significant part of the production infrastructure that serves an important function in generating economic growth in society. The asymmetry in the development of the territories and the general problems in the lagging areas are the subject of regional policy at the national and community level, to which a serious financial resource is directed, seeking a synergistic effect of the various support instruments on the entire territory. Over half of Bulgaria's territory is used for agriculture, and in rural areas it is also the main economic sector and source of livelihood. It is of crucial importance for the overall economic development of rural areas. In-depth research is needed to assess the infrastructure potential and analyze its impact on the generation of gross value added (GVA) and cohesion between regions. \u0000Aim and tasks. The aim of this paper is to analyze and evaluate the infrastructural potential of rural territories and its impact on the GVA generated by the agricultural sector. \u0000Results. The analysis compares the infrastructural potential of the districts with the production of the agricultural sector, the leading sector of the Bulgarian economy, and seeks ways to optimize it. Within the framework of the present research, the social, transport, tourist, and production infrastructure at the regional level is analyzed, and their relation to the GVA generated by the agricultural sector is examined. The social, transport, tourist, and production infrastructure by regions in Bulgaria and their impact on agribusiness were analyzed, and the results were summarized and mapped. As a result of the research, the territories were systematized depending on the ratio between the GVA from the agricultural sector and their infrastructural potential, and the trends in their development were outlined. \u0000Conclusions. The well-developed infrastructure in rural territories is a driving force for diversifying the functional use of the territory and the optimal utilization of available resources, ensuring not only economic progress but also sustainability in the development of rural territories. Improving infrastructure has a positive effect on the GVA of the agricultural sector, encourages diversification and the use of available resources, and helps make rural territories more sustainable.","PeriodicalId":29705,"journal":{"name":"Economics Ecology Socium","volume":"20 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2023-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90553183","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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