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Finance and banking

THE PROBLEMS OF ECONOMY №3-2009

Ivanov Y. B.
World Experience of Tax Stimulation of Small Business (p. 64 - 68)

The specific character of application of taxation of the basic tools of tax stimulation of small business development in world practice has been considered in the article. The comparative analysis of the use of alternative tax systems has been given. The expediency of priority use of special methods of the charge of depreciation and investment tax credit has been substantiated.

Article is written in Ukrainan

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Prokopenko V. Y.
Real Estate Tax is the Call of the Times (p. 68 - 72)

The article considers the real estate tax. The bills submitted to the Verkhovna Rada for consideration and adoption have been analysed. The today's condition of real estate market (the segment of housing real estate), good timing of introduction of real estate tax which can considerably influence the development of real estate market of Ukraine have been analyzed.

Article is written in Ukrainan

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Danko N. I., Reshetniak O. I.
Estimation of Sensitivity of Investment Projects to the Change of Environmental Factors (p. 72 - 75)

The methods of estimation of risks of investment projects have been considered and analyzed in the article. The authors suggested determining the coefficient of sensitivity for quantitative estimation of the degree of influence of either variable on indicators of effectiveness of investment project. The suggested coefficient also allows comparing the degrees of influence of various variables.

Article is written in Russian

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THE PROBLEMS OF ECONOMY №4-2009

Ivanov Y. B., Chumakova O. O.
Distribution o Tax Load Between Factors of Production and Consumption Taking into Account the Process of Shifting of Taxation (p. 79 - 84)

The article justifies the need to consider the process of shifting the tax in the calculation of implicit rates on the factors of production and consumption. Proposed update to the EU methodology on the inclusion of social transfers employers in the tax burden on capital. A comparison of the proportion of taxes in the price structure with the implicit rate of consumption revealed the magnitude of transcriptions of the actual manufacturer of taxes to the buyer.

Article is written in Russian

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THE PROBLEMS OF ECONOMY №1-2010

Kolesnichenko V. F.
The Role of Credit Institutions in Financial Support of Innovation in Conditions of Development of Knowledge Economy (p. 65 - 71)

Knowledge in association with the social capital becomes the key factor of creation of competitive advantages, the main source of well-being of a society. In economy, based on knowledge, the side between fundamental and applied researches, between a science and technologies becomes more and more shaky, and innovations and knowledge are defining factors on which the sustainable development economy any state is based. One of conditions realizations of such process is obligatory presence of sufficient level of financial maintenance. Therefore an actual problem in the conditions of development economy knowledge is the increase in a role of the credit organizations in financing of innovative activity.

Article is written in Ukrainan

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Pilipenko A. A.
Organisation of Accounting and Analytical Support of the System of Competitive Intelligence of Industrial Enterprise (p. 72 - 79)

The essence of the concept of competitive intelligence disclosed. Place of competitive intelligence in the management of industrial units defined. The particularities of the using to concepts of management knowledge in association enterprise are considered. The process of accounting information generation are oriented on preventive actions of economic entities.

Article is written in Ukrainan

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THE PROBLEMS OF ECONOMY №3-2010

Hubarieva I. O., Shtaier O. M.
Definition of Set of Indicators of an Estimation of a Condition of Economic Safety of Bank (p. 66 - 75)

The article analyzes the main approaches to assessing the economic security of the bank. The method of assessing the financial stability of the bank is offered.

Article is written in Ukrainan

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THE PROBLEMS OF ECONOMY №4-2010

Tischenko A. N., Antonenko S. V.
Taxes in the System of State Regulation of the Environment of Developed Countries (p. 98 - 104)

The main directions of environmental tax regulation were analyzed and potential areas of environmental taxes in Ukraine were identified.

Article is written in Ukrainan

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Prokopenko V. Y.
The Bureau of Credit Stories: Evolution, Formation and Development Opportunities (p. 104 - 107)

In article formation and development of possibilities of bureau of credit stories in Ukraine is considered. Also world experience of functioning of bureau is considered.

Article is written in Ukrainan

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THE PROBLEMS OF ECONOMY №2-2011

Kolodizev O. M., Shtaier O. M.
Formation of universal system of an estimation of economic safety of bank (p. 67 - 75)

The article is devoted to the description of the basic methods of an estimation of a bank economic safety and construction of integrated indicators. Also it considers analyses of the condition of banks economic safety of Ukraine and offers the technique of an estimation of a bank economic safety and its basic components.

Article is written in Ukrainan

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Chmutova I. M., Afanasenko M. V.
External Rating Management of Bank of a Method DEA (Data Envelopment Analysis) (p. 75 - 79)

The formation of the rating of banks of Ukraine on the basis of DEA is proposed in the article. The rating model and the system of indicators to estimate the effectiveness of the banks is formed. The set of managerial recommendations for the banking management was developed on the basis of the calculation of the rating of banks in Ukraine.

Article is written in Ukrainan

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Kirik T. N.
Share capital and preferences of investors (p. 79 - 82)

Investor’s restrictions and preferences influence on the investment attractiveness estimation of the object. The investment attractiveness level can be calculated more precisely within the limits of homogeneous group of investors.

Article is written in Russian

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THE PROBLEMS OF ECONOMY №4-2011

Sabluk R. P., Kravchuk Y. V.
Financial leasing: current state and prospects of development (p. 121 - 123)

Theoretical specific features of financial leasing are examined, the current state, the problems of development and actual directions of its practical application are identified.

Article is written in Ukrainan

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Nazarova G. V., Tarasenko A. A.
Analysis of investment opportunities of institutional investors (p. 124 - 130)

The article deals with analysis of investment opportunities of non-state pension funds by indicators of reliability and economic efficiency, which, at the current time of development of the system, fully reflect efficiency of operation of pension funds, when pension payments for a specific period nearly have not been done. The purpose of this analysis is to facilitate a more complete and objective justification of the principles of attraction of savings of private investors into long-term investments. Subject area of the article is relevant to such institutional investors as non-state pension funds, especially given the lack of experience of functioning of long-term savings systems in Ukraine by these institutions.

Article is written in Ukrainan

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Nikolaev I. V.
Methods of assessment of financial risks of economic systems under crisis conditions (p. 131 - 134)

The article is devoted to issues of assessment of financial risks. Their main advantages and disadvantages are identified. Definition of the financial risk is formulated. Multifactor analysis is presented as a modern and perspective method of assessment of financial risks.

Article is written in Russian

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Chmutova I. M.
Specific features of functioning of state banks in the banking system of Ukraine (p. 135 - 138)

This article is devoted to research and formalization of perspective directions of development of the domestic banking system in the context of improving functioning of state banks.

Article is written in Russian

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THE PROBLEMS OF ECONOMY №1-2012

Lepeyko T. I., Kotelevska Y. V.
Analyses of efficiency of marketing strategies of advance of bank products (p. 96 - 100)

The analysis of charges of banks is conducted on marketing. The indexes of efficiency of marketing’s measures are expected. Key requirements are certain to forming of marketing strategy of advancement of bank products.

Article is written in Ukrainan

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THE PROBLEMS OF ECONOMY №3-2012

Marchenko O. I.
Financial influence factors on innovative activity (p. 174 - 178)

In the article the financial factors affecting innovation, and examined the structure of industries industrial complex of Ukraine on technological structure of production.

Article is written in Ukrainan

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THE PROBLEMS OF ECONOMY №4-2012

Mayburov I. A.
The Problem of Tax Expenditures Identification and Evaluationf: Methodological Approach (p. 187 - 193)

The problem of identification and evaluation of tax expenditures is actualized in the article. The degrees of elaboration of this problem is analyzed. We investigate different approaches to the understanding of tax expenditures, the author's definition is given. Approach to the separation of the basic tax and regulatory structures is investigated. The conclusion that such separation is very promising for the assessment of national practices is grounded. A series of steps estimates of tax expenditures is shown. The original formulae for calculating annual tax expenditures and tax expenditures for the period of display effect benefits are presented.

Article is written in Russian

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Azarenkova G. M., Piskunov R. A.
Determination of Boundary Parameters of Cash Flows Regulation of Bank Contractors Using Methods of Financial Analysis (p. 194 - 199)

The selected risk forming factors of cash flow value is determined with the help of hierarchical system of interconnected methods and models of different types. The boundary parameters of cash flows regulation between economic agents by taking into account the coefficient of credit resource of bank contractor in the period of lending bank service for contractor is determined by expansion of parametric model.

Article is written in Ukrainan

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Vovk V. Y.
The Theoretical Foundations of Providing Financial Safety of Bank (p. 200 - 204)

The article gives methodology-theoretical points of providing financial safety of a bank which consist of reasonable system of its implementation principles, key characteristics and the main objectives, as well as the list of internal and external threats which may constitute danger to realisation of interests and priority purposes of a bank institution, understanding of which allows to create a reliable system ensuring financial safety of a bank. The specified determination of the concept "financial safety of a bank" is complex and provides realisation of system of actions ensuring financial safety of a separate bank, as well as a banking system as a whole for self-defence, self-development and self-preservation of national banking sector in the conditions of strengthening of macroeconomic instability in the country and the world.

Article is written in Ukrainan

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Portna O. V.
Financial Potential of Ukraine: Problems and Prospects (p. 205 - 208)

The article presents an analysis of some topical and disputable aspects of the financial potential of Ukraine. Theoretical and practical aspects of the nature of economics and the essence of the financial potential have been studied. The approaches which determine completeness of formation, objective estimation, and effectiveness of using the financial potential have been spotlighted. The constituent elements of the financial potential of Ukraine have been detailed and completed. The prospects of financial reinforcement and development as the base of Ukraine’s economic security have been suggested.

Article is written in Ukrainan

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Kalambet S. V., Uskov I. V.
Territorial Finances in the Conditions of Acceptance of the New Budgetary Code of Ukraine (p. 209 - 215)

The features of forming of financial resources, their of distribution in the conditions of acceptance of the new Budgetary code of Ukraine, are defined in the article. Further measures are offered on strengthening of budgetary-tax decentralization, creations financially of independent local authorities of power.

Article is written in Russian

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THE PROBLEMS OF ECONOMY №1-2013

Abakumenko O. V.
Modelling supply in Ukrainian financial market (p. 283 - 290)

The article states that despite the fact that financial market of Ukraine is insufficiently developed, volatile, disproportional, speculative and being significantly dependant on foreign capital and foreign economic dynamics, its progressive development is accompanied with growth of volumes of supply in it and appearance of its new modern forms, which are adequate to economic realities. The article offers a scientific and methodical approach to identification and assessment of supply in the financial market, which allows drawing justified conclusions with respect to its quantitative expression, which serves as a basis for modelling one of the main aspects of the study of the financial market situation – identification of balance parameters in it and also identification of factors that influence formation of this balance. It uses the conducted calculations for forecasting main directions and tendencies of development of the financial market in the context of assessment of supply in this market for the future period.

Article is written in Ukrainan


Shumskaya S. S.
Empirical assessment of influence of changes of private real effective exchange rate (REER) of Ukrainian hryvna (UAH) on export and import flows in the context of types of economic activity (TEAs) (p. 291 - 303)

The article substantiates a necessity of analysis of influence of the exchange rate dynamics on volumes of export and import operations through the use of not aggregated but private (individual) indices of REER of UAH, built for individual goods and types of economic activity. Assessment of private REER of UAH by export and import baskets for the period from 2003 till 2011 allowed making a conclusion that strengthening of UAH before crisis had different influence on exporters and producers of products for the domestic market. Analysis of private indices of REER of UAH for individual TEAs of industry revealed that, as of the end of 2011, the products of both extractive industry and processing industry preserved the reserve of price competitiveness with respect to the year 2003. Reduction of REER in 2009 from 109.7 down to 93.3 showed that devaluation of UAH in the end of 2008 made 47.9% of Ukrainian products competitive if compared with pre-crisis 26.2% in the structure of export of goods. The article shows results of assessment of exchange rate elasticity of export of products of individual industrial TEAs, received in the result of realisation of econometric models of assessment of influence of UAH exchange rate changes upon volumes of export during the 2003-2011 period. Changes in the structure of import by directions, shown on the basis of analysis of data of expenses-production tables of Ukraine in main prices, helped to confirm factual dependence on import factors of production of some of the products that go to the domestic market. The conducted detailed analysis of exchange rate effects on different sectors of economy allowed allocation of TEAs groups, which are potentially interested in strengthening UAH and those that can obtain profit from devaluation. The article provides results of econometric modelling of influence of changes of private REER on volumes of import of products of individual TEAs groups, which gives an assessment of exchange rate elasticity of import. The article makes model calculations and shows that exchange rate effects significantly depend on participation of a branch in international competition, its orientation on foreign or domestic market, and scale of use of imported raw materials and components.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №2-2013

Novak S. N.
Optimisation of the structure of the dealing service of the bank with a limited base of counteragents (p. 201 - 205)

The article considers methods of assessment of optimal parameters of the dealing service of the bank with a limited base of counteragents. The methods are based on a mathematical model of microstructure of the interbank currency market [5]. The methods allow identification of optimal parameters of the infrastructure of the dealing service of the bank based on indicators of dynamics of currency rates and market environment of the bank.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №3-2013

Aptekar S. S., Skomarovska K. A.
Problems and prospects of modern methods of business analysis in the process of assessment of solvency of borrowers (p. 261 - 266)

The goal of the article is a comparative analysis of modern methods of business analysis in the process of assessment of solvency of borrowers of Ukrainian commercial banks, study of prospects and problems of the use of methods in the credit process. In the result of the study the article systemises and considers the conduct of the credit process of Ukrainian commercial banks. It becomes clear from result of the study that it is impossible to obtain a single assessment of solvency of a borrower with generalisation of numerical and non-numerical data. Assessment of qualified analysts is required for a justified assessment of solvency apart from information represented in numbers. Improvement of approaches to assessment of solvency of borrowers and adaptation of the existing foreign experience in this field to specific features of formation of solvency of Ukrainian borrowers are important tasks for the Ukrainian banking system. Prospects of further studies in this direction are establishment of importance of the conduct of business analysis and its key role in assessment of solvency of borrowers as a main instrument of minimisation of the credit risk. Improvement of this sphere of analytical work in Ukrainian banks should be carried out in the following main directions: study and analysis of qualitative indicators of business activity; analysis of main sections of the business plan; expansion of the composition of indicators of the financial analysis for obtaining information; conduct of analysis of possible sources of repayment of loan liabilities; and active use of analysis of cash flows of an enterprise.

Article is written in Ukrainan


Vovk V. Y.
Theoretical and applied aspects of use of the balanced scorecard in bank management (p. 267 - 273)

The article analyses directions of use of the balanced scorecard (BS) for managing bank activity. It systemises strategic goals within financial, client and process sub-systems and BS personnel sub-system. It generalises advantages of BS integration into the process of bank management. It offers distribution of functions of the strategic map as a BS instrument depending on the stages of its formation and use. In order to increase efficiency of introduction of strategic maps, the article justifies allocation of each of the formulated functions. It considers specific features of the process of BS cascading on different levels of bank management and the role of personnel in realisation of the strategy.

Article is written in Russian


Kovtun O. A.
Problems of periodisation of transformation of financial behaviour of households in the market of financial services of Ukraine (p. 274 - 281)

The goal of this article is justification of transformation of financial behaviour of households within the proposed periodisation of formation and development of the economic system and financial markets of Ukraine. The article conducts analysis of existing periodisations of the national financial market, reveals their advantages and disadvantages and offers own periodisation of establishment and development of the market of financial services. In the process of the study the article proves that changes that take place in the economy directly influence mentality and financial behaviour of households. Deliberate, active or inertial behaviour of households, in its turn, forms both increase and reduction of market demand on several financial services. Prospective directions of further studies are development of indicators of financial behaviour of households under modern conditions and construction of models that would allow formation of behavioural clusters. To do this it is necessary to analyse foreign experience of management of financial potential of households with the aim to detect existing mechanisms of activation of their financial activity and to develop new effective ones.

Article is written in Ukrainan


Moldavska O. V., Demidenko A. V.
Statistical assessment of quality of credit activity of Ukrainian banks (p. 282 - 288)

The article conducts an economic and statistical analysis of the modern state of credit activity of Ukrainian banks and main tendencies of its development. It justifies urgency of the statistical study of credit activity of banks. It offers a complex system of assessment of bank lending at two levels: the level of the banking system and the level of an individual bank. The use of the system analysis allows reflection of interconnection between effectiveness of functioning of the banking system and quality of the credit portfolio. The article considers main aspects of management of quality of the credit portfolio – level of troubled debt and credit risk. The article touches the problem of adequate quantitative assessment of troubled loans in the credit portfolios of banks, since the methodologies of its calculation used by the National Bank of Ukraine and international rating agencies are quite different. The article presents a system of methods of management of credit risk, both theoretically and providing specific examples, in the context of prevention of occurrence of risk situations or elimination of their consequences.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №4-2013

Manoilenko O. V., Lisina V. Y.
Methods of state financial regulation of the corporate sector of economy (p. 318 - 323)

The article conducts the study of theoretical approaches to formation of methods of financial regulation of the corporate sector of economy and identifies their composition and priorities of application. It marks out main stages of their formation, which include identification of: goals, factors of influence, criteria and restrictions that allow development of instruments of state financial regulation. It offers typologisation of the organisational and financial composition of instruments of state financial policy, among which there are main groups: supporting the functioning mode, stabilising and transformational (directed at changing the form of organisation or structure of the corporate sector and/or mode of its functioning), which, in their turn, are divided into two classes: financial-economic and institutional.

Article is written in Ukrainan


Volokhova I. S.
Financial equalisation in Ukraine: search for an efficient model (p. 324 - 330)

The goal of the article lies in development of an efficient model of financial equalisation of income of territorial budgets, which would allow achievement of the maximum degree of accounting of needs of the population. The author considers advantages and shortcomings of various types of inter-budget transfers and shows the problems of financial equalisation in Ukraine. In the result of the study the article develops an economically more efficient model of financial equalisation for Ukraine, which would not violate sovereignty of consumers and stimulate bodies of local self-governance for accumulation of own income base. The article shows that common inter-budget transfers are the most optimal type of horizontal financial equalisation. In order to conduct it efficiently, it is necessary to achieve the balance between the financial needs of territorial units and their financial potentials, which are taken into account during financial equalisation. Equalisation grants are offered to be provided mainly by means of the funds that are transferred from the lower level budget into the higher level budget. Increase of the financial potential could be realised through attaching some of the state taxes, dues and mandatory payments to local budgets. The article justifies the necessity to reduce the degree of the financial equalisation. The author offers to provide target-oriented inter-budget transfers by objective criteria and only in the event of a necessity of stabilisation of cyclic fluctuations of economy and equalisation of income of the population. The considered issues are the basis for further deeper applied studies, connected with the necessity of conducting reforms of financial equalisation, for development of some legislative norms, which creates prerequisites for further system reformation of territorial finance in Ukraine.

Article is written in Ukrainan


Goykhman M. I.
Diagnostic approaches to analysis of the problem situation of unprofitableness of the banking system (p. 331 - 340)

The article contains diagnostics of unprofitableness of the banking system of Ukraine with application of an approach to analysis and assessment of influence of individual bank groups by classification of the National Bank of Ukraine on its unprofitableness and profitableness. The article describes a diagnostic approach to analysis of the problem situation of unprofitableness of the banking system. It illustrates the use of the developed tools when conducting diagnostics of the problem situations of activity of the banking system. It forecasts values of the “net loss” and “net profit” indicators of the domestic banks and identifies a big range of change of the forecast value of the “net loss” indicator and low range of change of the forecast value of the “net profit” indicator as of 2013 for the banking system of Ukraine. This testifies to a problem situation of unprofitableness of activity of domestic banks by various groups by classification of the National Bank of Ukraine, which has to be diagnosed, analysed and assessed on behalf of the regulator of the banking activity. The article shows that activity of the banking sector of Ukraine in 2010 – 2012 was not stable. In spite of the fact that the general volume of own capital, assets and liabilities was increased and the size of losses was reduced, there are significant jumps in the rates of development of both bank groups and the whole banking system.

Article is written in Ukrainan


Melnychenko O. V.
Audit of bank’s information security when working with electronic money (p. 341 - 347)

The article is devoted to the audit of the bank’s information security when working with electronic money. The author considers main requirements and principles of conducting audit, identifies main directions of the audit, in particular, organisational-technical and legal provision of banks for prevention of violation of integrity, accessibility, confidentiality and observance of information systems, which ensure functioning of the electronic money systems. Moreover, the article pays attention to social engineering and focuses on the necessity to conduct audit of training of bank specialists that deal with electronic money operations and users (owners) of electronic money.

Article is written in Ukrainan


Pogorelenko N. P.
Approaches to formation of the mechanism of managing the bank’s economic capital (p. 348 - 355)

The goal of the article lies in development of theoretical and methodological grounds of formation and use of the mechanism of managing economic capital of the bank, based on application of procedures of dynamic modelling of movement of financial resources. The article shows that the main task of operation of such a mechanism should become development of principles of formation and reference points of use of banking resources and ensuring their observance. The article provides proposals on formation of the mechanism of managing the bank’s economic capital, the basis of which is the dynamic model of flows of banking resources. It is reduced to identification of desired trajectories of resulting indicators, which are offered to be considered as its leverages. The prospect of further scientific studies is interconnection of the said leverages with specific methods of impact on them. This requires not only development of “leverages – methods” correlation, but also accounting of parameters of necessary provision and establishment of dependence of selection of the method on the scenario of change of the level of a specific indicator (leverage).

Article is written in Ukrainan


Portna O. V.
Classification of the aggregate financial potential of a country (p. 356 - 360)

The goal of the article is an all-sided demonstration of specific features of the aggregate financial potential of the country through identification of features, which reveal its essence, functions, role and place in economy to the biggest extent, which is possible to do by means of allocation of its classification features. Analysing scientific works of many scientists, the article considers various approaches to classification of the financial potential. In the result of the study the article identifies the vector of theoretical grounds and dominating logic of classification of the aggregate financial potential of a country. It shows that the essential basis of classification of the aggregate financial potential of a country are its specific features and functions, which it performs in the country’s economy. The article offers the author’s position on differentiation of classification features of the aggregate financial potential of a country on the basis of its specific features and functions. The prospect of further studies in this direction is development of such scientific directions as formation and functioning of the aggregate financial potential of a country with consideration of the provided classification and further use of the classification for justifying managerial decisions on the basis of the results of the study.

Article is written in Ukrainan


Rats O. M.
Integral assessment of efficiency of anti-crisis bank management (p. 361 - 367)

The goal of the article lies in justification and development of the methodical approach to assessment of efficiency of anti-crisis bank management. In order to increase the quality of measuring efficiency of anti-crisis actions of the bank on the basis of the theoretical analysis, the article identifies more essential local characteristics of assessment of efficiency of anti-crisis actions, consisting of indicators of financial sustainability, business activity, liquidity and efficiency of bank management. In order to build the generalising indicator of assessment of efficiency of anti-crisis bank management the article identifies requirements, by which the model of assessment of efficiency of anti-crisis bank management is formed on the basis of use of the method of taxonomic indicator of development. The article establishes succession of stages of building and calculation of the integral taxonomic indicator of assessment of efficiency of anti-crisis bank management. The article uses the proposed methodical approach to identify the integral taxonomic indicator of assessment of efficiency of anti-crisis management of Public JSC Ukrsotsbank. The prospect of further studies in this direction is taking into account the quality particular characteristics, which would give a possibility of accounting the level of various types of bank risk: interest, exchange, currency, etc., in the integral assessment of efficiency of anti-crisis management by the bank.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №1-2014

Shalimova N. S.
Audit result and its users (p. 265 - 271)

The article identifies essence of the “audit result” and “users of audit result” notions and characteristics of the key audit results user. It shows that in order to give a wide characteristic of users it is expedient to unite all objects, which could be used (audit report, fact of refusal to conduct audit and information that is submitted to managers in the process of audit) with the term “audit result” and classify it depending on the terms of submission by final and intermediate result. The article offers to define audit results user as a person, persons or category of persons for whom the auditor prepares the audit report and, in cases, envisaged by international standards of the audit and domestic legislative and regulatory acts, provides other additional information concerning audit issues. In order to identify the key audit results user the article distributes all audit tasks into two groups depending on possibilities of identification of users. The article proves that the key user should be identified especially in cases of a mandatory audit and this process should go in interconnection with the mechanism of allocation of a key user of financial reports. It offers to consider external users with direct financial interests, who cannot request economic subjects directly to provide information and who should rely on general financial reports and audit report when receiving significant portion of information they need, as the key user. The article makes proposals on specification of the categorical mechanism in the sphere of audit, which are the basis for audit quality assessment, identification of possibilities and conditions of appearance of the necessary and sufficient trust to the auditor opinion.

Article is written in Ukrainan


Duba O. M., Polishchuk Y. A., Gernego I. O.
Participation of non-banking financial organisations in crediting innovation projects (p. 272 - 277)

The article describes main results of study of non-banking financial institutions as creditors of innovation projects. Based on the analysis of their investment activity, the article identifies their place and role in financing innovations. The article also compares banks and non-banking financial institutions as participants of innovation projects. On the basis of statistical data it characterises the modern state of non-banking financial institutions in the market of crediting innovation projects and forecasts their further functioning and status by pessimistic, realistic and optimistic scenarios. In order to achieve the level of realistic scenario of development of the non-banking financial institutions in innovation projects, the article offers a plan of organisation of participation of non-banking financial institutions in innovation projects. Crediting innovation projects by non-banking intermediaries has not only commercial but mostly social effect, since their realisation gradually brings the country’s economy to a qualitatively new technical and technological level. Earlier, scientists paid significant attention to banks as main creditors, leaving non-banks aside. The article shows advantages of participation of non-banking financial institutions compared to banks, which seems valuable from the point of view of development of this issue in the financial science environment. The prospective direction here is a study of banks and non-banking financial institutions as competitors in the market of crediting innovation projects.

Article is written in Ukrainan


Tysyachna Y. S.
Methodical approaches to assessment of quality of the bank loan portfolio (p. 278 - 283)

The goal of the article lies in the study of basic methodical approaches to assessment of the quality of the bank loan portfolio, identification of specific features of their practical application and justification of selection of the most appropriate for the modern economic conditions. The article considers three main groups of methods of assessment of the quality of the bank loan portfolio: expert evaluation methods and statistical and analytical methods. It goes without saying that in order to obtain an objective assessment of quality of the bank loan portfolio it is necessary to apply a complex approach, however, due to some advantages and shortcomings of the studied methods, the author marks expediency of building an integral indicator, taxonomic in particular, in order to obtain a complex, objective and efficient assessment of the bank loan portfolio. Prospects of further studies in this direction are assessment of the quality of the loan portfolio of the first group banks by the size of their assets through building integral taxonomic indicators and identification, on this basis, of factors that influence the quality of the loan portfolio with the aim of improvement of the mechanism of management of the bank lending activity.

Article is written in Ukrainan


Trygub O. V.
Specific features of domestic banks activity in the factoring services market (p. 284 - 291)

The article analyses specific features of formation and development of the domestic factoring market. In the result of the study the article establishes that development of factoring in Ukraine took place due to active participation of banking institutions in this process and nowadays they are leaders in the domestic factoring services market due to possessing significant competitive advantages if compared with non-banking companies that specialise in factoring. The article detects that nowadays the banks are not only offerers of factoring services and finance factoring operations of other market participants, but also take an active part in establishment of factoring branches and are consumers of factoring services. In order to accelerate development of international factoring in Ukraine, the article offers such forms of state support of banks, which render factoring services to domestic exporters. The article recommends to focus banks’ attention, under modern conditions that are characterised with volatility of financial markets, on factoring servicing of those clients, whom they have long business relations with, without jeopardising themselves through provision of factoring services to a big number of small debtors. The article provides schemes of banks’ co-operation in the sphere of “non-classic” factoring with accredited factoring companies.

Article is written in Ukrainan


Chmutova I. M., Maksimova M. V.
Assessing efficiency of formation of the bank’s system of financial controlling (p. 292 - 297)

The article offers a scientific and methodical approach to assessment of efficiency of formation of the bank’s system of financial controlling, which takes into account two components – assessment of efficiency of team work on introduction of financial controlling as an investment project. This would allow identification of expediency of investments into the project on introduction and taking into account not only professional level of the team but also psychological distinctive features of its each member. In order to determine correlations of the assessment components the article forms a matrix that would serve as a basis for development of the necessary complex of actions with respect to increase of the bank’s financial controlling efficiency.

Article is written in Ukrainan


Khodyakova O. V.
Analysis of indirect taxation in Ukraine (p. 298 - 303)

The goal of the article is analysis of the structure and dynamics of indirect taxes for the previous five years and also the influence of indirect taxation upon formation of income of the State Budget of Ukraine. The article analyses the modern state of indirect taxation in Ukraine. Specific weight of the value added tax, excise tax and customs duty are considered in the structure of tax receipts of the consolidated budget of Ukraine as indirect taxes. The article shows that receipts of the State Budget of Ukraine are mostly provided by indirect taxes. The Ukrainian taxation system is mostly a factor of reduction of the level of economic growth and investment activity in the country and the existing system of administering is not completely capable of excluding the possibility of tax evasion. The prospect of further studies in this direction is improvement of organisation of tax control in Ukraine and differentiation of the value added tax rates depending on the level of consumption of goods and level of income of consumers.

Article is written in Russian


THE PROBLEMS OF ECONOMY №2-2014

Kravchuk I. S.
Banks' Activities in the Field of Mezzanine Financing (p. 290 - 295)

Reduction of the financial stability of enterprises has led to narrowing of opportunities for the "classic" financing, which reduced the number of suitable sites for giving loans and investment by banking institutions. The article explains the need to diversify the product line of banks by establishing mezzanine financing, which will allow banks to use additional tools for credit risk management and companies to obtain the necessary resources for the implementation of innovation and investment projects. The purpose of the article is to determine the advantages and disadvantages of mezzanine financing, to analyze the current state of development of this type of financing in international practice and to develop proposals for its implementation at the national capital market. As a result of the analysis of international experience in mezzanine financing development, the author suggests the banks in Ukraine to create a national mezzanine segment of the financial market as a basis for the development of mezzanine loan products (subordinated loans with the right to participate in the profits of the company recipient), the active cooperation with the real economy on the construction of a mezzanine using securities (convertible bonds or debt securities with warrants), investments in these financial instruments and also on the basis of establishing qualified loan funds subsidiaries in mezzanine financing. To ensure the development of mezzanine financing in Ukraine the government support is grounded in the legal aspect of creating the conditions for the implementation of mezzanine instruments and towards the use of state-owned banks or resources to develop a program mezzanine financing to small and medium-sized businesses with the participation of international financial and credit institutions through State Innovation Finance Institution.

Article is written in Ukrainan


Melnychenko O. V.
Accounting Concept of Electronic Money in Banks (p. 296 - 301)

The article provides a solution to the problem of counting electronic money in the banks, which is due to the need to establish a proper monitoring system, data sources for the implementation of the economic analysis of electronic money in banks. The concept of counting electronic money is also intended to help users identify the strengths and weaknesses of the financial side of the bank, to assess its liquidity and solvency. In this paper we reviewed some of the provisions of the International Financial Reporting Standards, which reveal the essence of operations with electronic money, and provided the complex financial model of operations with electronic money in banks.

Article is written in Ukrainan


Kyrkach S. M.
Financial Plan as a Tool for Financial Planning of the Bank Activities (p. 302 - 308)

The purpose of the article is to study the process of formation of a financial plan as a tool for financial planning of the bank activities. Analyzing, systematizing and generalizing scientific works of many scientists and economists the essence of the financial plan of the bank, its structure and features of the formation (composition) were considered. The study focuses on eight main stages of the formation of the bank's financial plan, including: the selection of the study; payment scorecard evaluation of the current financial condition of the bank by groups of coefficients (financial stability, business activity, liquidity and management effectiveness (profitability)); identification of relevant indicators of evaluation of the current financial condition of the bank in the context of the proposed groups; Estimation of financial planning activities of the bank; determine the competitive strategy of the bank; formation (definition) of purposes; process of making the financial plan of the bank; definition and justification of possible ways to achieve the targets set by the bank's activities. It is proved that the proposed sequence of steps can reliably and objectively assess the economic environment of the bank, to identify the advantages and disadvantages of its activities, to establish such targets of the bank, the achievement of which is potentially possible.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №3-2014

Kotkovskyy V. S., Guzenko O. P.
Credit and Investment Innovations of a Commercial Bank: Performance Evaluation and Strategic Segment (p. 294 - 298)

The purpose of this paper is to develop a theoretical platform of methodology for assessing the cost-effectiveness of credit and investment activities of a commercial bank and its adaptation to modern depository institutions, which are the representatives of the banking sector. By analyzing, systematizing and summarizing the scientific work of many scientists, the existing relationship between the definitions of "efficiency of credit and investment bank innovation" and "innovation bank" were discovered, which allows us to consider the problems posed in the field of innovative development of modern banking institutions in more detail. The study was presented to the author's position regarding the estimation algorithm of additional financial flows of the bank, formed on the basis of the implementation of credit and investment innovation. It was justified from the point of view of measuring the cost-effectiveness of innovative processes in the bank that it is important to analyze the financial flows resulting from the implementation of banking innovation. The prospect of further research in this direction is to identify the main types of basic strategies in the implementation of bank credit and investment innovation. Further development of credit and investment innovations will enable modern banks to win positions in the market of banking products and services in a more confident way.

Article is written in Russian


Рidkhomnyi О. М., Kudlyak Y. V.
Banking Business under the Reform of the Financial System (p. 299 - 304)

The aim of the article is to study the features of the world economy today. The global financial crisis has diagnosed the most problematic aspects of the development of the economies of individual countries and the relationships between them, which proves the relevance of the revision of the conceptual foundations of the structure and functions of the economic system in the world. The paper analyzes the features of modern reform of the existing and the creation of a new world (international) financial architecture. The basic characteristics of the development of the global banking system were highlighted, dominated by the functioning of the banking business under the conditions of financial globalization. Factors, which in the context of globalization form a strategy for the global banking system are the international nature of banking activities, the liberalization of financial markets, the emergence of global markets, strengthening of the global resource competition, increasing demand for larger loans, the development of the global information market. Among the factors promoting financial globalization authors suggest: uneven economic development of countries and the disproportionate allocation of financial resources; the deficit of own resources for the implementation of investment projects and financing of social and economic programs in most countries; significant potential of the markets in developing countries, which attracts high-yield operations; reduction of legal and regulatory restrictions on financial transactions between the countries; virtualization of financial transactions.

Article is written in English


Somova V. V., Chumakova O. O.
Simulation Modeling of the Progressive Scale of Individual Income Tax Rates in the Ukraine (p. 305 - 311)

The article suggests a different approach for the choice of the tax rates on the income of natural persons, based on the simulation modeling, which unlike the other approaches makes use of both indicators of social security and of taxation burden rates, so that the irregularity in the distribution of income, in form of wages and of the tax burden on individuals will be reduced and budget revenues will be increased. It has been proven that the most appropriate progressive scale for the implementation in Ukrainian tax practice is as the following: 10% for wages up to 3 minimum salaries, 15% of the wages ranging between 3 to 10 minimum salaries and 25% for excesses of more than 10 minimal salaries.

Article is written in Ukrainan


Cheberyako O. V., Loboda A. B.
Integrated Financial Intermediaries as a Form of Interaction between Banks and Nonbanks (p. 312 - 318)

The paper investigates the activity of the integrated feature of financial intermediaries as a result of interaction between banks and non-bank institutions. The scientific works of Ukrainian and Russian scientists were analyzed, on the basis of which the ordering and clarification of the terms of “financial supermarket" and "financial conglomerate" in relation to the term "integrated financial intermediary" were made. The author's interpretation of the term "integrated financial intermediary" was suggested. The main difference between the integrated financial intermediaries from the traditional specialized financial intermediaries (banks and nonbanks) were defined, which is to provide a wide range of financial services in one place and in the mode of non-stop, that is, around the clock for weeks. The study identified three forms of co-specialized financial intermediaries in an integrated financial intermediary (bancassurance as an association of banks with insurance companies; assurfinance as an association of insurance companies with banks; allfinance as the interaction of financial intermediaries, the banking, insurance and investment markets). The examples of integrated financial intermediaries in Ukraine were considered.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №4-2014

Volkovskyi I. I., Kotina H. M., Stepura M. M.
The Budgetary Capacity and Capacity of the Budget of the Area: Methodological Aspects (p. 357 - 362)

The objective of the article consists in identifying the structural interconnections between the notions of “the budgetary capacity of the area” and “the capacity of the budget of the area” on the basis of analysis and study of the financial capacity, fiscal space, and the budgetary capacity. The article uses analysis, systematization, and generalization of research findings of numerous scientists for discussion of the perspectives on the interpretation of the definitions of “financial capacity”, “fiscal space”, and “budgetary capacity” and establishment of the interconnections among them. The study allowed singling out three points of reference which should be taken into account while assessing the capacity of the budget of the area: the available fiscal possibilities, the fiscal federalism model, and effective operations of the governmental bodies. The first two points are described by the budgetary resources which can presumably be accumulated in order to exercise the authority of local governing bodies. The third point characterizes the availability of additional sources for funding of local government initiatives. The interpretation of the budgetary capacity was found to be different from that of the capacity of the budget of the area. The latter is essentially a part of the budgetary capacity of the area and its fiscal space. The hierarchy and interconnection between these notions allowed graphical construction of the dependence between the definitions, introduction of mathematical tools for their interrelations and further analysis of the possibilities for accumulation of financial resources of the area in the local budget.

Article is written in Ukrainan


Ivasiv I. B., Fuksman O. Y.
The Status of Liquidity Management Systems in Ukrainian Banks (p. 363 - 368)

The objective of the article consists in studying the status of principal elements of liquidity management systems in domestic banks. Basic liquidity management strategies of banks were analyzed, the necessity of implementing an integrated liquidity management system was stressed. Key properties and elements of an integrated liquidity management system were identified. By using a questionnaire survey method, the current status of the liquidity management system in Ukrainian banks was analyzed in terms of correspondence of its elements to the characteristics of an integrated one; its principal flaws were identified. The necessity of equal attention paid by the management to the liquidity risk and the credit risk was substantiated. The prospects for further research in this field consist in analysis of the identified flaws of the liquidity management systems in banks and development of recommendations for their elimination, in particular: involvement of front-office representatives into active participation in liquidity management; introduction of an algorithm for calculation of a stimulating liquidity premium within the transfer model in order to achieve more efficient liquidity management by using transfer pricing; improvement of the information support of liquidity management by developing new reporting and analytical forms, etc.

Article is written in English


Melnychenko O. V.
Organization of Electronic Money Audit in Banks (p. 369 - 375)

The article describes the technological aspects of the organization of the of electronic money audit in the banks. There are given practical recommendations for inspection on the basis of accounting data presented in the automated banking system as an example of one of the most popular banks in Ukraine - ABS «SR Bank». The main purpose of this work is to form integrated scientific approaches, activities and principles of the electronic money audit in the banks, taking into account other publications on this topic. There are analyzed the main aspects of the audit, highlighted the differences and characteristics of audit the organization and given practical recommendations for its implementation. The author examines each of the stages of the audit: planning, research, evaluation, determination of credibility and accountability, within each of which presents the problem of auditors to verify transactions with electronic money in the bank.

Article is written in Ukrainan


Ohiychuk M. F., Horkovenko I. V., Skolotiy I. V.
E-taxation in the Accounting System of Value Added Tax (p. 376 - 381)

This article discusses the formation and functioning of the tax system. it is proved that the development of modern technologies and the widespread use of the Internet have contributed to a fundamentally new economic relations in the Information Society - e-tax. It is proved that a modern accounting system involves the use of primary documents, their workflow, storage and transmission of information on assets, equity and liabilities in electronic form. It is determined that among the main applications of electronic document is released electronic reporting, using the service "Electronic office of the taxpayer" and a system of electronic VAT administration. There is studied the system of electronic VAT administration and proved the need to address a number of issues, which will take into account the interests of both the state and taxpayers. Namely, there is need to implement the resolution of the issues of special VAT accounts service, bank statements periodicity, the cost of maintenance services, enterprise access to account information, date of VAT making on cash and barter, responsibility to the company for non-transfer of payments. The technique of reflection on accounts of value added tax, taking into account all the changes in its taxation is suggested. By debatable nature there are referred VAT refund from special accounts, including those for taxpayers who are in a special mode to VAT.

Article is written in Ukrainan


Paientko T. V., Rudaia M. I.
Organizational Basis of the Customs Controlling in the Financial Services (p. 382 - 387)

The paper is devoted to the study of organizational basis of customs controlling in the financial services. The purpose of the article is generalization of key directions and justification of organizational basis of customs controlling in the financial services. According to the results of research the essence of customs controlling in the financial services is substantiated, its types (strategic and operational) and functions (service and consulting) are analyzed. The main directions of the customs controlling in the financial services are outlined. There are allocated the stages of customs controlling organization and defined related totality of management procedures directed to increase of service - oriented management and administration. There are characterized approaches to conduct customs audit, which special attention is aimed at preventing participation of financial institutions in customs payments evasion schemes. It is generalized that customs controlling in the financial services helps increase efficiency of financial flows controls through the adoption of optimal solutions in the sphere of foreign economic activity. Outlook for further research is generalization of world trends in customs controlling tools application in the financial services and adapting customs controlling to modern conditions of Ukrainian economy.

Article is written in Ukrainan


Rats O. M., Tysyachna Y. S.
Study on the Competitive Advantages of Banks in the Deposit Market of Ukraine (p. 388 - 394)

The article is aimed to study the competitive advantages of domestic banks in the deposit market. In the article the state of bank deposits market has been analyzed. It has been defined, that market of deposit services is unstable due to the volatile situation in the country's economy, though it continues to evolve despite some problems. To the leading banks in Ukraine, as for both attracting deposits and criterion of reliability, belong the banks from the first group of the assets sizes. Clustering of 15 banks, carried out in the article in terms of deposit portfolio size as well as return on assets, has helped to distinguish five groups of banks. With aim of a more detailed study of the banks' deposit activities, the fourth cluster has been chosen, which includes the system-wide banks. Also in the article a competitive analysis of the banks from the fourth cluster, in terms of dynamics and structure of the deposit portfolio, and making use of the coefficient method, is conducted. SWOT analysis was applied to identify strengths and weaknesses as well as opportunities and threats to the bank. In order to elaborate a strategy and an effective strategic management, analysis of the bank's direct competition in the deposit market was carried out. It has been determined that benchmarking is the tool, which will allow the performance indicators of a bank to exceed competitors in the market of deposit services. Specific features of the application of benchmarking in the formation of bank's deposit policy has been disclosed. Benefits from use of benchmarking in the bank's deposit policy has been highlighted.

Article is written in Ukrainan


Ryazanova N. S.
Financial Information as a Factor in Creation of the Value Added in the Innovation Market Economy (p. 395 - 406)

The objective of the work consists in studying financial information as a factor in creation of the value added in the innovation market economy. The innovation market economy is characteristic of the developed information (postindustrial) society and replaced the classical market economy at the beginning of the 21st century. This transformation gives rise to significant challenges which consist in the need for understanding the forthcoming informational changes, forming corresponding economic paradigms and searching for new efficient economic management mechanisms. Within the context of the innovation market economy, where all processes have a monetary dimension grounded in the pricing mechanism, financial information is of critical importance, which makes it a key component of efficient economic management mechanisms, it becomes a special factor in creation of the value added. Characteristic features of such information were discussed, in particular the processes of its obsolescence, qualitative characteristics, the ability to represent all surrounding phenomena and objects in the contrastive monetary dimension, and a series of other properties. Specific aspects of the process of creating the value added involving financial information were studied, as well as tendencies of this process in the innovation market economy.

Article is written in English


THE PROBLEMS OF ECONOMY №1-2015

Zeldis V. V.
Organization of Trade in Derivatives at Stock Exchanges of Ukraine and the World (p. 266 - 273)

The article deals with analysis of the world derivative trade volumes in view of stock exchanges, tools, and categories. It is argued that the derivative segment of the exchange market is still in the making in Ukraine. The article considers the preconditions, operational characteristics, procedural rules for the trade in futures and stock options; the current practice of futures and options margining, settlement of derivative deals, provision of quotations for the corresponding deals, characteristic features of the domestic exchange derivative market. In the context of reliability crisis of the national financial system, in order to avoid numerous difficulties occurring within the derivative segment of the exchange market of Ukraine, it is recommended that small speculators as well as representatives of the small and medium-sized business sector requiring up-to-date risk management tools pay attention to the world centers of the exchange trade in derivatives.

Article is written in Ukrainan


Melnychenko O. V.
Application of Methods of the Waiting Line Theory in Economic Analysis of Operations with Electronic Money (p. 274 - 279)

The article focuses on the study of the waiting line theory and application of its methods and principles while analyzing operations with electronic money in cash desks of various establishments, among them commercial enterprises and banks. The work analyzes cashiers’ operating results on the basis of data from the real sector of economy. The author proposes a mechanism for analysis of cashiers’ work taking into account the factors which have an effect on their operating results reflected in the number of customers served per unit of time. Besides, the author conducted modeling of changes in the indices of the cash desk performance capacity based on the results of replacement of methods that customers use to put money into the cash desk: transition to non-cash transactions by using only bank cards and electronic money. The study proves that decreased amount of time that customers spend on paying for goods or, for example, settling bills in bank cash desks, influences the cashier’s operating efficiency by increasing the customer traffic, as well as the quality of customer service and reduction in costs associated with maintenance of the cash operating units.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №2-2015

Bielova I. V.
Identification of the Critical Level of the Systemic Financial Risk Accumulation in the Economies of Countries of Central and Eastern Europe (p. 207 - 212)

The aim of the article is developing a system of indicators of systemic financial risk accumulation and determining their threshold values on the example of a group of countries of Central and Eastern Europe. The conducted study revealed the fact that it is advisable to carry out the monitoring of the level of financial risk accumulation using indicators reflecting the operation of various institutional sectors of economy: financial corporations, general government sector, non-financial corporations, households. The information base of the research is formed on the basis of quarterly data on the dynamics of 18 indicators illustrating the operation of these sectors. Approbation of the developed approach on the example of a group of countries of Central and Eastern Europe helped identify threshold values and critical levels of indicators of macroeconomic development that threaten the financial stability of the country. The calculation results revealed both common features of economic development of the countries as well as the specific national features.

Article is written in Ukrainan


Vasylchuk I. P.
Sustainable Development Finance as a Response to the Post-Industrial Economy Challenges (p. 213 - 218)

The article is devoted to considering theoretical and methodological provisions of the concept of finance for sustainable development. The aim of the article is to study the essence, peculiarities and differences of finance for sustainable development as a phenomenon and provide a theoretical basis and the author's formulation of the definition. It was found that the reflection of finance on implementation of the provisions of sustainable development stipulated the emergence of a new phenomenon — sustainable development finance. It has been proved that there is an expansion of the object field of financial science research in the following components: participants of financial relations are diversified — both the providers of the capital and its recipients; innovative financial instruments, products and techniques are created and used. The mechanism of financial capital delivery involves the use of specialized financial models, tools, products and methods of mobilization and investment of capital, which take into account the peculiarities of the implementation of sustainable development activities. It has been reasoned that the concept of sustainable development finance is gradually acquiring both theoretical justification and practical confirmation that permits to introduce the term “sustainable development finance” in the academic discourse. There was suggested the author’s formulation of the definition of “sustainable development finance” and highlighted their constituents on the basis of the motivation of financial capital providers: socially responsible finance, socially oriented finance.

Article is written in Ukrainan


Didenko O. M.
Influence of Intensity of the Banking Regulation Activity on the Profitability of the State Banking System (p. 219 - 225)

In the work the assessment of the influence of intensity of the banking regulation activity on the profitability of the banking system has been carried out. There were taken for consideration 23 countries (the UK, Germany, France, Russia, Kazakhstan, the United States, Belarus, Australia, Brazil, Canada, Colombia, Chile, Estonia, India, Malaysia, Poland, the Netherlands, South Africa, the Philippines, Nigeria, Morocco), which are characterized by the specific features of the banking system, as well as significant differences in the legal and organizational conditions of the implementation of banking regulation. On the basis of the calculations made the author came to the conclusion that the growth of the intensity of banking regulation activity is reducing the banking system profitability, at that, the presence of crisis conditions reinforces the negative effect that generally indicates the relevance of regulatory liberalization in terms of improving the effectiveness of the banking systems functioning. At the same time, analyzing the factors influencing the banks profitability it is necessary to study the relations at the microeconomic level, since the formation of a particular banking institution profit is affect not only by the general conditions of the country development and the functioning of the banking system, but also the specific characteristics of the internal management specialization, the form of the bank ownership and so on. In view of the above mentioned the author’s further research will be devoted to studying the relationship between the intensity of banking regulation activity and profitability of individual banks. Besides, the perspective for further research, in the author’s opinion, are the issues of determining the influence of the intensity and direction of banking regulation activity on the stability of the banking system of Ukraine and other countries of the world.

Article is written in Ukrainan


Ryazanova N. S.
Institution of Financial Accounting in the Architecture of Financial and Economic Institutions of the Information Society (p. 226 - 239)

The article considers financial accounting as a social institution of the information society represented by the activities on providing information services in the field of finance. Being individual systems, social institutions form a multidimensional architecture of institutions with close internal connections. In this architecture, the relationship does not exist only in the vertical hierarchy, but in the other dimensions, among which are the spatial, temporal and informational ones. The whole architecture of institutions is “interfused” by the information institution, which includes the institution of financial accounting. At each stage of the society development there rapidly develop primarily institutions typical for the given stage determining its features, and in the information society among those is, in particular, the institution of financial accounting. In all countries, the state, business and the civil society, paying increasing attention to transparency in the activity of government authorities and corporations, focus on disclosure of information about the state and local finance, corporate finance and financial market, stating the growth of the importance of the institution of financial accounting. Financial accounting services can be provided by specialized financial information as well as analytical institutions and departments of financial and non-financial corporations, government statistical agencies and specialized departments of government authorities.

Article is written in Russian


THE PROBLEMS OF ECONOMY №3-2015

Zavadska D. V.
Client-Oriented Approach: Forming the System of Management of the Bank Relations with Clients (p. 181 - 186)

The aim of the article is to develop the theoretical principles of forming the bank relations with clients as part of the client-oriented strategy implementation. As a result of the conducted research there has been presented the definition of client-orientation, mechanism and system of management. The system of management of the bank relations with clients, the purpose and objectives of its formation have been substantiated. The hierarchy of subjects of forming and managing the process of the bank relations with client has been presented. The ways of implementing in practice the functions of the mechanism of managing relations with clients have been revealed. It has been proved that for implementation of the client-oriented approach the banking institution should have a comprehensive view of its clients’ behavior, which detailed understanding will allow for a more accurate segmentation and building individualized partnership relations. Implementing the principle of totality of client relationships level and comprehensive knowledge, development of employee behavior techniques and special techniques for working with the most valuable clients, the use of analytics and forecasting tools will provide targeting of marketing campaigns and lead to minimization of additional costs, satisfaction of every client, loyalty, increase in the market share, growth of sales volume, increase in profits of the banking institution.

Article is written in English


Zaslavska O. I.
Risks of resource provision of the banks in conditions of instability (p. 187 - 192)

Aim of the article is a characterization of the risks of resource provision of the banking and factors that affect them, as well as analysis and assessment of the Ukrainian banks’ activity in conditions of economical, social and political crisis. In the article there was researched the essence of resource banking risks. A definition of “risks of resource provision of a bank” was suggested. There was presented author’s classification of the risks of resource provision of a bank and were established causal connections between them. System risks faced by the banking system of Ukraine, in the context of its resource base, were analyzed. There were analyzed and investigated the causes of the outflow of deposits from the banking sector in Ukraine during the crisis. In the article were presented the dynamics of the hryvna devaluation in 2014-2015 and there were also revealed the key factors that led to its emergence and development. There was presented financial assessment of the impact of major bank risks on the economy of Ukraine, and was calculated the cumulative effect of the impact on the overall socio-economical situation of the state.

Article is written in English


Kalinichenko L. L.
Crediting Businesses as a Form of Financial Support (p. 193 - 200)

In the article the modern methods of crediting businesses in Ukraine have been considered and practical recommendations on choosing a particular form and method of crediting, which depends on the characteristics of the borrower activities, its creditworthiness, crediting purposes and objects have been offered. Today the most common crediting methods in the banking practice are: credit line, overdraft, non-instalment term credit. Each of these methods has its own characteristics, which are suitable for specific areas of the organization activity. It has been found that the credit line benefit is that the borrower is given an opportunity within the fixed limit to use the credit funds immediately at the moment the need arises, which in its turn allows reducing the cost of the credit servicing, however, the main disadvantage of this method of crediting is that in the case of difficulties with the repayment of the previous tranche the bank may reduce or cancel the credit limit and enter an additional fee on the unclaimed credit line limit. Overdraft crediting is characterized by a rapid procedure of obtaining a credit, can be granted without security, does not have a targeted character, allows providing payments from the current account, at the same time the interest rate on the overdraft is higher than that on other credits, and another disadvantage is the requirement of mandatory and in a certain, relatively short time repaying the credit. Crediting in terms of lump-sum cash disbursement is characterized by simplicity in granting and consistency in the organization of the crediting process, but the accrual of interests occurs immediately after the transfer of funds to the borrower on the full amount of the received credit. Thus, when deciding on obtaining a bank credit the entrepreneur has to choose one or another method of crediting taking into account all the advantages and disadvantages of the chosen method.

Article is written in Ukrainan


Karcheva G. T.
The System-Synergetic Approach to Development of Banking Systems under Conditions of Financial Instability (p. 201 - 207)

The aim of the article is to study the theoretical and practical aspects of using the system-synergetic approach to the development and functioning of banking systems under conditions of financial instability. It has been grounded that the theoretical foundations for the development of banking systems are based on the system approach, according to which the banking systems belong to a class of special complex dynamic, self-motivated and open systems with an integrated structure of subsystems and functions. The study of such systems should include two aspects — system-cybernetic and system-synergetic ones. It has been proved that under stationary conditions the banking system development goes on in accordance with the system-cybernetic model, which suggests the presence of a management subsystem, which functions are performed by the central bank. Under conditions of financial instability, in the pre-crisis, crisis and post-crisis periods to study the development of banking systems the system-synergetic approach taking into account the multi-variant and alternative development of the banking system at bifurcation points is used. The criteria of the banking system entering the phase of bifurcation based on assessing the volatility of the current liabilities and possibility of building an analytical trend have been determined. The methodical approaches to evaluating the synergistic effects and level of financial stability of the banking system have been suggested, experimental calculations have been made.

Article is written in Ukrainan


Nieizviestna O. V.
The Marketing Aspect of Banking Competition (p. 208 - 215)

The aim of the article is to study the need for application of marketing tools in order to improve competitiveness and competitive advantages of banks. By analyzing, systematizing and summarizing the scientific works of many scientists, the relationship between the competitiveness of the commercial bank and its share in the banking market has been discovered. In the process of studying the integration of the strategy of maximizing customer satisfaction in the practice of strategic competition in the banking market there was presented the author’s position regarding the need to take into account the structure of the customer loyalty, as it is it that helps to properly distribute the bank’s marketing efforts. It has been proved that the technology of bank marketing should not only include the systems of identifying customer needs, creation of new financial products, but also contribute to the formation of the multi-factor strategic model of competitive strategy of the bank competitive development. It has been proposed to use the SWOT-analysis in order to effectively manage the bank’s competitiveness.

Article is written in Russian


Pogorelenko N. P.
Peculiarities of the Dynamics of Volume of Credits Granted by the Ukrainian Banking System to Residents (p. 216 - 222)

Any questions related to crediting processes are constantly in the focus of attention. At that analyzing the dynamics of volume of the granted credits acquires a special role, as it determines movement of outgoing financial flows both of individual banks and the banking system in terms of stability of the banking system, individual banks and economic development in general. The purpose of the article is to analyze the movement of credit flows of the domestic banking system both with relation to the selected time period and for individual intervals during this time period. With the help of wavelet analysis local peculiarities of the studied time series have been identified due to decomposition of the incoming data into two sets of data, one of which is determined by a set of approximation coefficients, and the other — by that of detail ones. Approximation coefficients generalize the trend characteristics of the studied time series and detail coefficients reveal the existing peculiarities of the studied time series. The wavelet transform as a part of wavelet analysis permitted to build a hierarchical structure of the incoming studied time series, which increased the possibility of carrying out a more detailed analysis of the studied time series. Using wavelet analysis allows specifying periods of correlation and decorrelation between individual series of the analyzed data. It permits to draw conclusions about justifying adjustments of dynamics of components in the general series of the credit volume granted to residents and create a balanced policy of the impact on the banking system activity. The subject of the further research is developing recommendations on regulation of banking activities based on wavelet analysis.

Article is written in Ukrainan


Chmutova I. M.
Peculiarities of Using the Balanced Scorecard Technology at Different Stages of the Bank Life Cycle (p. 223 - 230)

The objectives and indicators of projections of the Balanced Scorecard system (BSC): “finance”, “clients”, “internal business processes”, “staff development” at different stages of the bank life cycle have been defined. Through the allocation of representative indicators of the financial projection of BSC according to the groups (resource stability, liquidity, business activity, financial performance) the variability of their composition for banks being at different stages of the life cycle has been proved. It has been found that at the stage of creation the financial projection of BSC comprises: the level of interbank loans in liabilities, the level of interbank loans in obligations, ratio of highly liquid and working assets, share of retail loans in assets, return on the balance capital; at the stage of extensive growth it includes the rate of the capital participation in formation of assets, current liquidity ratio, ratio of overdue loans, return on assets; realization of financial goals of the bank at the stage of intensive growth can be measured by the total capital adequacy ratio, current liability ratio, share of retail loans in assets, net interest margin; at the stage of maturity the financial projection of BSC includes safety ratio, general liquidity ratio, ratio of credit activity, return on assets; at the stage of recession — the return on net assets, level of assets insurance by reserves, general liquidity ratio, solvency ratio. When choosing indicators to be included into BSC there was ensured the correspondence of the objectives and indicators of its projections to the bank general strategy at a certain stage of the life cycle and the dominants of its financial strategy.

Article is written in Ukrainan


Yukhymenko T. V., Lapko O. O.
Influence of Socio-Institutional and Political Factors on Innovative Development of the Banking Sector (p. 231 - 236)

The purpose of the article is to study the impact of major socio-institutional and political factors on innovative development of the banking sector and to work out practical recommendations on their regulation. The article analyzes the influence of the main socio-political and institutional factors, namely, financial literacy and legislative control, on innovative development of the banking sector. It has been determined that these factors not only affect individual participants of the banking market, but also influence the economic development of the state as a whole. The level of financial literacy in Ukraine is inadequate, which has a negative impact on banking risks and reduces perception of innovative banking services. On the other hand, insufficient development of the domestic legislation hinders innovative development of the banking sector. It has been determined that the socio-political factors depend on the degree of risk and expenditures on innovation activities of banking institutions. Therefore, state regulators face the task of ensuring effective and transparent regulatory instruments to facilitate growth of responsibility both of banking institutions and individual consumers of banking services. An important condition in this situation is creating fair competitive environment due to the optimum ratio of macro-prudential supervision and the process of deregulation of the banking market. On the other hand, banks should realize their responsibility to the state and contribute to reducing systemic risks.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №4-2015

Matselukh N. P.
The Influence of Information Asymmetry on Pricing Mechanisms of the Securities Market and Development of Crises (p. 273 - 278)

The influence of information asymmetry on efficiency of operations in the securities market and generating risks of financial crises has been considered. It has been revealed that the main reasons of the information asymmetry in the securities market is the high cost of information, complexity of its receipt, limited access to it and lack of guarantee of the information reliability. The deepening of the information asymmetry in the securities market occurs at the expense of the activities of rating agencies, which behavior can often be seen as opportunistic. Financial intermediation as an effective financial market institution can change the depth of information asymmetry and contribute to concluding effective transactions in the securities market. The deepening of information asymmetry contributes to information imbalances, which in long-term development are transformed into information gaps. Information gaps successfully used by a small number of participants of the securities market can result in financial imbalances, which deepening is one of the causes for emergence of crises. This requires the development of new regulatory mechanisms able to limit the negative impact of information asymmetry on the development both of the securities market and financial market and the national economy as a whole.

Article is written in Ukrainan


Chunitska I. I.
Problems and Prospects of Developing the Financial Market Infrastructure Potential under Conditions of Economic Shocks (p. 279 - 284)

The article is devoted to systematizing the problems of infrastructural potential in the securities market, and finding the ways of their solution under conditions of economic shocks. A large number of regulators in financial markets and the low efficiency of the regulatory process have caused a high risk of fraud with the financial market operations, in consequence of which the level of trust in it remains very low. All these problems over the last two years have worsened even more as economic uncertainty deepened under the influence of political uncertainty. This situation became the basis for the emergence of serious shocks in the economy, which aggravate the problems of developing the financial market and its infrastructural potential. The results of the conducted research have shown that under conditions of economic shocks the most vulnerable sectors of the financial market is the securities market, banking sector and insurance market. Under conditions of economic shocks the complex chains of mutual influence that exist between these sectors are being violated, which affects developing the infrastructural potential of the financial market. The negative impact on the infrastructural potential development is manifested through the low efficiency of the securities market, which is under excessive bank-centricity not able to soften the blows of economic shocks. The poor quality of the banking system regulation violates its resistance to crises, and the low quality of disclosure does not contribute to building trust in the banking sector. Taking into account the fact that insurance companies place their reserves mainly on bank deposits, the banking crisis is the cause of a chain reaction in the insurance market. As a result, the main elements of the financial market function efficiently. The solution of the identified problems includes improving the quality of information support of activity in the financial markets and raising the level of responsibility of the regulators for poor quality of regulation or inaction under conditions of economic shocks.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №1-2016

Biletska N. V., Lopatiuk R. I., Servetnik-Tzariy V. V.
The Systemic Banking Crisis of 2014-2015 in Ukraine: Causal Relationship (p. 235 - 241)

The aim of the article is to study the concept of systemic banking crisis in scientific and practical literature as well as determine the causes and consequences of systemic banking crises on the example of the Ukrainian banking system for the last two years. The definitions of “banking crisis”, “systemic banking crisis” have been considered and our own vision of the theoretical aspect of a systemic banking crisis has been suggested. The features of systemic banking crises, in particular the crisis of 2014—2015, through the prism of social, political, economic, micro- and macroeconomic factors have been identified. The consequences, to which it led the Ukrainian banking system, and its impact on the population living standards have been examined. The dynamics of main indicators of the banking activity in Ukraine over the last five years has been analyzed, and a few basic points, which require the investors’ attention when choosing a bank, have been suggested.

Article is written in Ukrainan


Kolodizev O. M., Kotsiuba O. V.
The Analysis of Prospects for Derivatives Market Development in Ukraine in View of Solving the Problems of its Normative Legal Regulation (p. 242 - 248)

The increased uncertainty in the country’s economy, impossibility of raising capital only by standard financial instruments substantiated the need for such financial innovations as derivatives. The relevance of the suggested topic is justified by the lack of strong legislative framework regulating the market of derivative financial instruments, as well as by significant demand for them in Ukraine. The aim of the article is to analyze the development level of the normative and legal field of trade in the derivatives market as well as the quality of the formed system of main indicators for derivatives trading in Ukraine. The paper identifies the problem, which could be neutralized through the use of derivative financial instruments. The volume and structure of the world and domestic derivatives markets have been analyzed. Based on the analysis of the legal field of regulating the market of derivative financial instruments as well as statistical analysis of its volume and structure, the reasons for the low activity in the considered market have been justified and recommendations to improve the current situation proposed.

Article is written in Ukrainan


Laktionova O. A.
Evaluating the Effectiveness of Possible Introduction of Fiscal Spending Regulation in Ukraine in Retrospective (p. 249 - 257)

A possible impact of introducing fiscal regulation of spending into the budgetary mechanism, if used before the financial crisis of 2008—2009 or afterwards, has been studied. Accumulation of public finance imbalances in the form of government deficit and debt was taken as an introduction effect. Two approaches are considered as a variant of the spending regulation — limitation of spending depending on the state revenue growth and depending on the nominal GDP growth as well. According to the dynamics, the model defined by the GDP dynamics has more tight restrictions but it is more correlated with the business activity dynamics and is more procyclical. Provided the application of the spending regulation at the beginning of the financial crisis, its level in the GDP would have amounted to 9—21%, the reserve of fiscal space according to this indicator would have amounted to 1—16 percentage points.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №2-2016

Lomeiko Y. A.
The State Financial Control in Ukraine: Directions of Improvement of its Organization and Evaluation (p. 148 - 160)

The aim of the article is to examine the essence of the state financial control, identify directions of its improvement and define effective methods for its evaluation. On the basis of the results of analysis of modern scientific works it is determined that the precondition for building an effective state financial control system is defining its role in public financial relationships. According to the data of the conducted study it was concluded that first of all, the state financial control is an instrument of fiscal policy and, therefore, its direct purpose is ensuring a sustainable socio-economic development of the country, i.e., achieving the goal of the fiscal policy. Besides, there revealed the need to harmonize the components of the fiscal policy and types of the state financial control in order to build an effective institutional structure of public administration. It is proved that the division of the state financial control into internal and external must be conducted in accordance with the fact whether the controlling body and the subject under control belong to the same or different branch of power. Also the results of the study suggest that for Ukraine it is expedient to choose the model of a decentralized internal state financial control instead of the existing mixed one in order to avoid duplication by the State Audit Service of Ukraine bodies of partially the functions of the Audit Chamber, and partially those of internal control departments, which operate in the executive branch. There determined inappropriateness of building a system of state internal financial control on the basis of the principles provided for the bodies of the external state financial control. This situation leads to ungrounded definition of the internal control as an object of internal audit, which is carried out by structural units in budget organizations. It is also important to emphasize the need to evaluate managerial decisions in exercising the audit of the control effectiveness in order to increase the responsibility of officials. Prospects for further research are to improve the methodology for evaluating the state financial control in general to identify those of its components that have a negative impact on its entire system.

Article is written in Ukrainan


Portna O. V.
The State Policy on Modernization of the Aggregate Financial Potential of Ukraine (p. 161 - 166)

The aim of the article is to give a definition of “modernization of the aggregate financial potential of the country”, substantiate the directions and ways of the state policy on modernization of the aggregate financial potential of Ukraine. On the basis of the analysis, systematization and generalization of approaches to different kinds and types of modernization in the financial and economic sphere and its application to the constituents of the aggregate financial capacity of the country, it has been determined that the essence of the modernization of the country’s aggregate financial potential is in its renewal due to the disclosure of its structure, functions and mechanisms of implementation aimed at ensuring stable development of the national economy. According to the study results there have been proposed government measures to modernize the aggregate financial potential of Ukraine, including a complex system for stabilization of the national economy. The modernization paradigm implies an interconnected role of the system constituents that form the resource environment for ensuring the functioning of the national financial and economic sphere. Directions and ways of the state policy on modernization of the aggregate financial potential of Ukraine have a complex character both as a means of combating the existing financial and economic imbalances and from the standpoint of the requirements and expectations of society and of each economic entity. Prospects for further research in this direction are measures of the state policy on the expanded reproduction of the aggregate financial potential of Ukraine.

Article is written in Ukrainan


Rohach F. I.
On the World and Regional Currencies (p. 167 - 172)

The problem of pegging currencies of developing countries to the US dollar is that its dynamics determines the economic instability of most of such countries and the world economy as a whole. In this regard there is a need to find alternative variants of the global monetary anchor to ensure the global financial stability. It is proposed to choose an anchor based on the basket of floating national currencies, which will be balanced by counter fluctuations of the basket currencies and be stable with respect to the national currency, as one of the variants. Such basket anchor can potentially perform the function of money and be used as the world and regional currency. The article presents the example of calculating the quotation of national currencies against the baskets based on the data on G-20 and EAEU countries.

Article is written in Russian


THE PROBLEMS OF ECONOMY №3-2016

Gechbaia B. N., Vanishvili M. M.
Estimation of the Level of Competition in the Banking Sector of Georgia (p. 253 - 260)

On the basis of the latest literary sources and rich factual material the article consistently analyzes and estimates the level of competition in the banking sector of Georgia. In the course of relevant studies it was found (with further confirmation in the economic life), that the competition in the banking market has certain specific features, which make it different from the competition that is present in other markets. One of important differences is that the banking market operates with money — a commodity with absolute liquidity, which can not be replaced by other commodities. Another important feature is associated with the mobility of financial capital in the banking market. There made a conclusion that, despite the fairly low level of crediting the Georgian economy, the burden of debt service on each of the borrowers is hard enough, which is caused by the high interest rates and short-term nature. Accordingly, the lowering of interest rates is not only desirable for the overall economic development but also is a prerequisite for achieving the further growth of the banks themselves.

Article is written in Russian


Dubyna M. V.
Application of the System Approach to Financial Services Market Research (p. 261 - 266)

The article analyzes the nature of the financial services market by using the system approach methodology. In particular, the attention is focused on the already existing conceptual approaches to defining the nature of this market, their basic aspects are analyzed. The use of the system approach allowed to identify the essence of the financial services market as a single, complex system, which is proposed to be considered as an aggregate number of consumers and providers of financial services operating within a single economic space, their relationships emerging to meet different in their nature demands for financial services, with their interrelation being associated with movement of financial resources within this space and partially accompanied by processes of transformation of temporary free funds of economic entities into credit and investment resources. In the article the system components and the relationships between them are determined, the elements of the environment are identified and their relationship with the market for financial services described.

Article is written in Ukrainan


Ivashchenko A. I.
Using Cryptocurrency in the Activities of Ukrainian Small and Medium Enterprises in order to Improve their Investment Attractiveness (p. 267 - 273)

The aim of the article is to analyze the main features of cryptocurrency with respect to the identification of main advantages and disadvantages of using cryptocurrency as a method of effecting cashless payments by small and medium enterprises in order to increase the level of their investment attractiveness. The article describes the basic characteristics of cryptocurrencies and Bitcon as the most common among them. The Bitcoin emission mechanism has been built and the dynamics of changes in the value, difficulty of its “extracting” or “mining”, the market capitalization for 2009-2016 have been analyzed. In this connection the identified main trends and the relationship between the analyzed indicators are highlighted. The attitude of the authorities of different countries to “mining” and using cryptocurrency in calculations is shown, the monitoring of leading international financial institutions in terms of the use of Bitcoinis is carried out. In addition, the leaders among the existing cryptocurrency exchanges are determined, and the level of their market capitalization is shown, a comparative analysis of the traditional currency and cryptocurrency is conducted, an assessment of financial institutions that work with Bitcoin in Ukraine is performed, the attention being focused on the main advantages and disadvantages of using cryptocurrency in small and medium business. Taking into account all the positive aspects there justified the prospects of using the presented in the article finance cryptoinstruments, in particular Bitcoin, in order to improve the investment attractiveness.

Article is written in English


Pavlov R. A., Levkovich O. V.
Influence of Monetary Policy Announcements on Ukraine’s Stock Market Return and Volatility (p. 274 - 280)

The aim of the article is to assess the influence of decisions on the monetary policy on return and volatility of the Ukrainian stock market (on the basis of the representative stock index PFTS) with consideration to the phase of the financial cycle. Daily opening prices for the period of 2000-2015 are used as the initial data, on the basis of which the return of the stock index in the trading day format is calculated. Using the news about the monetary policy, the “expected” component and the component of “unexpectedness” of the announcement information context are distinguished. The analysis of the reaction of the Ukrainian stock market to the macroeconomic news about the monetary policy of the Federal Reserve System and the European Central Bank with regard to the phases of upturns and downturns of the financial cycle has been carried out. The study allows to draw conclusions about the impact of announcements about the dealing rate on the return and volatility of the domestic stock market: first, in the Ukrainian stock market the return reacts much more strongly to the announcements of the Federal Reserve System than those of the European Central Bank; second, the impact of decisions of the Federal Reserve System, being in line with the logic of risk management, is more pronounced during the downturn phase of the financial cycle.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №4-2016

Kovalenko V. M., Dropa Y. B.
Problems and Features of Forming Resources of the Ukrainian Financial System (p. 197 - 204)

The article defines the essence of financial resources of the national economy and discloses features of their formation in the process of flow of funds between the state, economic entities, households and international financial and credit institutions. The economic content of financial resources of the state is highlighted, and sources of their formation are studied; the dynamics of volumes of the budgetary fund, government borrowings and debt servicing costs in Ukraine are analyzed. The author’s understanding of the nature of enterprise financial resources is suggested, the aggregate of sources of their generation is justified, the dynamics of forming equity and total capital in domestic enterprises is assessed. The essence and role of financial resources of households in the country’s financial system is determined, the analysis of the population income, expenses and savings is performed. Using the correlation and regression analysis there investigated the relationship between the gross domestic product, budget resources, savings of citizens, government borrowings and their servicing costs.

Article is written in Ukrainan


Krasnova I. V.
The Nature and Structural Regularities of Financial Integration in the Global Dimension in the Context of “Impossible Trinity” (p. 205 - 212)

The aim of the article is to determine the nature of financial integration and to justify its place in the system of measures on state regulation intended to search for a balanced model of economic growth of the country through the impossible trilemma reflecting the impossibility of simultaneous implementation of three macro-economic policies in one country, namely financial openness, monetary independence and exchange rate stability. On the basis of synthesis, analysis and comparison of different interpretations, the concept of “financial integration” is clarified. There identified signs of integration of financial markets, such as: the uniformity of rules (transparency); equal access (availability); common operating environment (involvement); equity of prices (unity); uniformity of the reaction of financial assets on the impact of external trends and news (response). The policy of financial integration, in particular its component of the free movement of capital is designed to provide additional incentives to domestic economic growth by attracting external financial resources. To stimulate the economy and prevent the unstable volatility of exchange rate, many countries seek to achieve such macroeconomic goals as openness of financial markets, independence of the monetary policy and exchange rate stability. Since the monetary authorities may choose at any moment only two of the three goals, the Mundell-Fleming trilemma determines a possibility of three different combinations of monetary targeting. At present science has not developed a unified methodological approach to determination of indices of financial integration. To assess the dynamics of financial integration the following basic indices of integration are used: KAOPEN, FINREFORM, KASHI, etc. Based on the analysis of the mentioned indices in the context of different countries, there can be made a conclusion about a possibility of combination of different policies with a tendency towards financial integration. In today’s environment it is expedient to use the policy of monetary stimulation of growth rather than support unproductive monetary contraction. The prospect of further research is working out directions of monetary policy taking into account priorities in the country’s development.

Article is written in Ukrainan


Lavreniuk V. V., Shevchuk V. V.
The Nature and Assessment of Systemic Risk in Terms of Liquidity of the Banking System (p. 213 - 222)

The aim of the article is to determine the nature of systemic risk as a threat to the financial stability of the banking system and develop analytical tools to assess its impact on the banking system in terms of its liquidity. To solve the tasks assigned, there used general scientific and specific methods, such as: logical and dialectical method, mathematical and graphical one. Based on the generalization, analysis and comparison of different interpretations, there clarified the concept of “systemic risk” as a risk generated by financial institutions or individual sectors through the implementation of the mechanism of risk transmission, achieving significant scale of distribution and adversely affecting the stability of the financial system and the real sector of economy. There identified key aspects of systemic risk: a) systemic risk is not a sum of all individual risks of financial institutions; b) spreads through the channels of interconnectedness between financial institutions; c) is a result of accumulated structural imbalances; d) affects the stability of the financial/banking system, public confidence and the real sector of economy. Analytical tools for estimation of the bank’s contribution to the systemic liquidity risk on the basis of which it is determined that the first place in terms of the effect on the aggregate systemic risk of liquidity of the Ukrainian banking system is occupied by banks of Group I, the second place — by Privatbank, the third, fourth, fifth places — by banks in Group II — Oschadbank, Ukreximbank. It is found that it is systemically important state-owned banks that have a significant impact on systemic liquidity risk. It is determined that the probability of default of a leading systemically important bank could result in considerable cumulative losses for the entire banking system and real economy. The prospects of further research are the development of tools for systemic risk assessment with respect to interbank relationships.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №1-2017

Abakumenko O. V., Lukiashko P. O.
Financial Instruments: the Essence, Diversity and Role in the Process of Modernization of the Electric Power Sector (p. 320 - 328)

The aim of the article is to clarify the methodological basis for further research concerning analysis of the existing practices and development of proposals on using financial instruments for the modernization of the Ukrainian electric power sector, in particular, to clarify the definition of “financial instruments” and justify their classification, taking into account the defining characteristics. Based on the critical evaluation of various scientific approaches to interpretation of the essence of financial instruments, the author’s definition is proposed. Thus, it is advisable to consider them as means, techniques and methods of attracting financial resources (capital) from other entities and as absolutely liquid assets. The generalization and rethinking of the criteria for classification of financial instruments allowed the authors to divide them into financial assets (cash, bank metals, currency), financial obligations (equity and debt instruments), and instruments of irrevocable financial aid (charitable contributions, grants, crowdfunding, fundraising). The received methodological conclusions quite fully characterize the essence and variety of types of financial instruments, taking into account their principal properties, which will allow to make a well-considered justification for choosing the optimal instruments for the modernization of the electric power sector.

Article is written in Ukrainan


Bacho R. J.
Assessing the Condition of Non-Banking Financial Services Markets According to Scenarios of the Situation Development Based on the Results of Cognitive Analysis (p. 329 - 337)

The changes in the condition of markets of non-banking financial services under the influence of state regulation instruments are investigated. As a result of using diagnostic tools for assessing the condition of markets of non-banking financial services based on forecasting scenarios of changes in the condition of the credit services market, the market of private pension provision and the insurance market, the influence of the Regulator’s activities and external factors has been evaluated and forecasted. There made a conclusion about the necessity of using the developed diagnostic tools in determining the priority of the influence of the Regulator’s activities with the aim of leveling the negative influence of external factors on the condition of markets of non-banking financial services.

Article is written in Ukrainan


Britchenko I. G., Stoika V. S.
Creation of the Financial Ombudsman Institute: International Experience and Prospects for Ukraine (p. 338 - 343)

The article is dedicated to the problems of introduction of the institute of financial ombudsman in Ukraine on the basis of studying international experience. The modern development of the banking system of Ukraine is characterized by the presence of significant losses, the outflow of deposit funds of individuals, the growth of inflationary pressures, the reduction in the number of banking institutions, and the decrease in the level of confidence in them among the population. These factors among others have led to a considerable number of litigations between banks and their clients. This situation forces the banks to find effective ways to solve the problem. In the world practice the institute of financial ombudsman serves this purpose. The conclusion is made that the activity of the institute of the financial ombudsman occurs within the framework of a clearly defined legislative field, which in a generalized form is represented by the British and German models. The main difference between these models of the financial ombudsman lies in the status of this institute in different countries. But their common characteristics are the respect for clients, the possibility of voluntary appeal to the ombudsman, a short period of considering the matter, the lack of payment for ombudsman services. The necessity of establishment of the institute of alternative resolution of disputes in the sphere of financial services in the form of financial ombudsman in Ukraine is justified. Its creation will improve the quality of financial market regulation, increase the level of public confidence in financial institutions, strengthen financial discipline, reduce the load on law courts, increase the transparency and openness of the financial market. The financial ombudsman should complement the work of other financial market regulators but at the same time remain an independent and free-standing body. In modern realities of development of Ukraine, a necessary task is the development and adoption of a special law that would regulate the process of creating and operating the financial ombudsman in our country.

Article is written in Russian


Dunas N. V.
Development of Communication Strategies for the Marketing of Electronic Banking Services for Individuals (p. 344 - 350)

The main aim of the article is to study the trends in the development of communication strategies for the marketing of electronic banking services for individuals by studying the foreign experience in Digital Banking, as well as the situation in the Ukrainian banking market. There offered a comparative characteristic of banking systems of electronic banking services for clients with the purpose of working out flexible methodological approaches for the development of marketing communication strategies for remote client servicing. The characteristic features of electronic banking services and technologies in Ukraine are determined. Comparative evaluation of positive aspects and risks of remote electronic banking systems for banks as well as their client segment is conducted. Analytical aspects of the sociological survey of European banks regarding the selection of the most important priorities of the marketing strategies of financial institutions for 2017 are presented. Also the main factors determining the development of marketing communications of banks and their clients in the field of electronic payments both in Ukraine and abroad are identified. Modern directions of development of communication strategies of marketing of electronic banking services for individuals in Ukraine are proposed.

Article is written in Ukrainan


Prykaziuk N. V., Yankovskyi D. V.
Approaches to Formation of Technical Reserves of Insurance Organizations: Domestic Realities and International Requirements (p. 351 - 356)

The aim of the article is to study approaches to formation of insurance reserves by insurance companies in Ukraine and the world. The essence and peculiarities of the formation of reserves by insurance organizations in Ukraine are investigated. The provisions of the Solvency II Directive in terms of formation of reserves and financial stability in insurance organizations are considered. A comparative characteristic of the requirements for the solvency of insurers in accordance with the legislation of Ukraine and the requirements of Solvency II is presented. Differences in methods of formation of technical reserves by insurance organizations in Ukraine and the world are determined, factors affecting it are indicated. Methods of formation of insurance reserves in the countries of the European Union are considered. The directions of improving the process of formation of insurance reserves of the insurer are justified. The problems of introducing the experience of foreign countries and Solvency II requirements are analyzed taking into account the realities of the domestic insurance market. The strengths and weaknesses of the introduction of Solvency II in the Ukrainian insurance market are explored.

Article is written in Ukrainan


Chunitska I. I.
The Role of Infrastructure Potential of the Financial Market in Ensuring its Flexibility and Security (p. 357 - 365)

The article is dedicated to determining the role of infrastructure potential of the financial market in ensuring its security and flexibility. The aim of the article is to assess the role of infrastructure potential of the financial market in ensuring its flexibility and security. Threats to the financial market security are systematized by sources of formation, scale, duration and nature of influence. The essence of security and flexibility of the financial market is defined. There systematized indicators of security and flexibility of the financial market in interrelation with the components of infrastructure potential of the financial market. The methodology for determining the level of economic safety and flexibility of the financial market is substantiated, the corresponding calculations are made. Also the methodology for calculating the normalized index of the infrastructure potential of the financial market is developed. The correlation-regression analysis of the connection between development of the infrastructure potential of the financial market, its security and flexibility is carried out. The results of the calculations showed that the degree of implementation of the financial market infrastructure potential at the current stage of development of the Ukrainian economy is insufficient. It does not contribute to achieving the necessary level of flexibility and security of the financial market. Each of the components of infrastructure potential requires changing approaches to regulation aimed at ensuring the systematic development of the financial market. Most of the identified problems are mainly related to dysfunctionality of the technological and information components of the infrastructural potential of the financial market. This is manifested in the low level of confidence in it from the part of the household sector as well as in the poor efficiency of regulation of certain segments of the financial market. That is why the prospects for further research are to identify areas for increasing the role of technological and information components of the infrastructure potential of the financial market.

Article is written in Ukrainan


Shkarlet S. M., Dubyna M. V.
Application of the Turbulence Approach to Knowledge of the Current State of Financial Services Markets (p. 366 - 372)

The article presents the results of studying the turbulent approach to knowledge of the current state of the financial services market (FSM). In particular, there justified the expediency of using this approach through stating the presence of a considerable number of processes that emerge spontaneously and are difficult to anticipate in the economic development of Ukraine in recent years. The article substantiates the author’s position regarding the interpretation of the essence of the turbulent approach, describes the method of its use. Operating by the nature of the turbulent approach there identified the main turbulent processes that occurred in the development of the FSM and had a negative impact on it. These processes have been described and discussed in detail. Particular attention is paid to the influence of such processes on the overall development of the financial services market.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №2-2017

Bezrodna O. S., Lesik V. O.
Theoretical and Methodological Aspects of Assessing the Financial Stability of the Banking System (p. 251 - 263)

The aim of the article is to substantiate the directions and develop methodological tools for assessing the financial stability of the banking system. Taking into account the emergence character of the banking system as a complex systemic formation and the results of the analysis of scientific literature, arguments are given regarding the need to assess its financial stability using the following groups of indicators: intensity of the credit and financial interaction in the interbank market; functional load of the banking system in the context of ensuring macroeconomic development; structural changes and financial imbalances in the banking system and the activity of systemically important banks. There proposed a methodological approach to assessing the financial stability of the banking system, which implies quantitative integral assessment of its level and qualitative interpretation of the results using the methods of entropy and “golden section”, respectively. The application of the improved approach will allow identifying sources of risk distribution in the banking system and develop a set of effective regulatory measures in accordance with a certain level of its financial stability. Prospects for further research in this direction are to determine the dominants of ensuring the financial stability of the banking system as well as the threshold values of its assessment indicators, which serve to diagnose the crisis and can be used as a tool for the macro-prudential policy.

Article is written in Ukrainan


Yermak S. O., Kostakova L. D., Plotnitskaya V. V.
Innovative Forms of Financing the Creation and Development of Small Business (p. 264 - 269)

For small enterprises, unlike large ones, the issue of fundraising emerges both in the process of their creation, development and current activity. Small enterprises are experiencing quite a high demand for additional sources of financing. The aim of the research is to study innovative forms of financing the creation and development of small enterprises, their advantages and disadvantages. At present in addition to traditional ways of raising capital, such as bank loans or public offering of shares among external investors (IPOs), there exist a number of alternative options. Among them the most common are grants, international programs, loans from international banks and financial institutions, such as EBRD (European Bank for Reconstruction and Development), IFC (International Finance Corporation), NEFCO (Nordic Environment Finance Corporation), KfW (Kreditanstalt f?r Wiederaufbau), fundraising, crowdsourcing, crowdfunding, and angel investment. The article studies in detail the last two ways of financing: their essence, components, positive and negative features, experience of application in Ukraine and the world. The research shows that crowdfunding is suitable for business development at the early stages, that is, for those enterprises that require, for example, to complete prototyping and start mass production of their first product. Business angels can be a good choice for enterprises that already have a permanent customer base and want to grow their business.

Article is written in Ukrainan


Kravchuk I. S.
The EU Capital Markets Union and Financial Stability (p. 270 - 275)

The aim of the article is to study the processes of formation of the EU Capital Markets Union in the context of their influence on stability of the markets and the financial system as a whole. In the course of analyzing the project for the building of a single capital market with respect to financial stability, there determined its positive aspects as well as threats and challenges associated with simplification of information requirements to the prospectus of public offering of securities, low liquidity and higher volatility of the equity markets of small and medium-sized businesses, reduction of the regulatory requirements to investment firms (securities traders), correction of prudential norms for infrastructure investments of banking institutions and insurance companies, introduction of a simple, transparent and standard securitization, a secondary market for distressed banking assets, and a potential spread of financial instability at cross-border investments in securities.

Article is written in Ukrainan


Otlyvanska G. A.
The Prospects and Possibilities for Using Crowdfunding in the Investment Activity of Ukrainian Enterprises (p. 276 - 281)

The aim of the article is a comprehensive study of the possibilities and prospects for using crowdfunding as an instrument for financing the investment activities of Ukrainian enterprises based on analysis, synthesis and systematization of publications of domestic and foreign scientists, as well as practitioners. The article presents statistical data characterizing the dynamic development of crowdfunding in the world, the growth of interest of business in its application. Types of crowdfunding are characterized, and also signs of their allocation are defined. The main characteristics of crowdfunding platforms are formulated for choosing a platform for implementing an investment solution. The advantages and disadvantages of crowdfunding as an instrument for financing the enterprise investment activity are summarized, and prospects for its development in Ukraine are outlined.

Article is written in Russian


Chunitska I. I.
Measures to Prevent Financial Fraud and Legalization of Illicit Funds (p. 282 - 291)

The problems of preventing financial fraud and legalization of funds using mechanisms of the financial market are considered. The relevance of this problem in general and peculiar features of its research in developing economies are substantiated. The experience of organizations created to prevent the legalization of illicit funds is studied. It is determined that new organizations are created in response to the global challenges. It is justified that in Ukraine the fight against the legalization of illicit funds has actualized due to a lack of financial resources in the country, declaration of course towards European values and also as a result of the military conflict in the east of the country. The risk factors for financial fraud and illegal movement of financial flows are systematized according to the groups of conditions: pressure, favorable situation, propensity (justification). It is determined which levels of risk of generating illegal financial flows are inherent in different sectors of the economy depending on institutional factors. It is argued that the increase in the risks of illegal financial flows occurs under conditions of a low level of maturity of the institutional environment and a high level of information asymmetry. Types and tools of fraud in the financial market that increase the risks of illegal financial flows are systematized. It is determined that main types of fraud in the financial market are related to information manipulations and regulatory deficiencies. The world experience of legislative initiatives on counteracting the legalization of funds in financial markets is systematized. It is justified that, in order to prevent financial fraud and prevent legalization of illicit funds in Ukraine, it is necessary to ensure maximum transparency of information on the movement of financial flows in financial markets. In addition, regulators of the financial market should not only cooperate with each other but also prevent cases of evasion from punishment for fraud in financial markets or participation in schemes for the legalization of illicit funds.

Article is written in Ukrainan


Sholoiko A. S.
Professional Appraisers of Risks and Losses in the Insurance Market Infrastructure of Ukraine (p. 292 - 297)

The aim of the article is to elucidate the main differences between certain types of professional appraisers of risks and losses in the insurance market infrastructure of Ukraine. Analyzing and summarizing the provisions of regulatory legal acts and the results of researches by leading scientists in the field of insurance, it is determined that the range of functions of the underwriter at the stage preceding the conclusion of the insurance contract are somewhat wider than those of the surveyor, and the range of functions of the emergency commissioner at the stage of settlement of the insured event are wider than those of the appraiser, the average adjuster and the adjuster. Taking into account that professional appraisers of risks and losses as well as actuaries are responsible for the appraisals and recommendations provided by them, it is advisable to insure their professional responsibility. It is found that the number of certified emergency commissioners and actuaries is low in Ukraine, which requires further stimulation of the development of the insurance market infrastructure in terms of these components. Due to the fact that the work of the surveyor and adjuster is not legally regulated in Ukraine, these issues constitute prospects for further researches in this area.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №3-2017

Veriga A. V., Ragulina N. V.
The System of Local Finance as an Aggregate of Socio-Economic Relations under Conditions of Decentralization (p. 242 - 247)

The aim of the article is to identify the structural features of the local finance system as an aggregate of socio-economic relations under conditions of decentralization. The features of formation and development of the local finance system are analyzed. It is noted that the main place in the system belongs to local budgets as an important tool for the development of the socio-economic sphere. The importance of local finance in the formation of financial resources of local authorities under conditions of decentralization is studied. The shortcomings of the national budgetary policy at the local level are revealed. It is substantiated that the budgetary policy at the local level should be aimed at achieving an optimal balance between its economic and social aspects. Recommendations for improving the regulatory framework for the development of the finance system of the local self-government in Ukraine under conditions of decentralization are proposed. The need for providing access of the public to information and to participation in solving these issues is grounded.

Article is written in Ukrainan


Hladkykh D. M.
Rehabilitation of the Banking System as a Key Factor in the Resumption of Corporate Crediting in Ukraine (p. 248 - 253)

The aim of the article is to study the factors of negative dynamics of corporate crediting in Ukraine and justify proposals for further actions of the state in the direction of activating corporate crediting. The actions of the state in the field of activation of corporate crediting in Ukraine should include the steps mentioned below. As part of the overall rehabilitation and recovery of the economy – actions aimed at de-shadowization of the economy; restoration of foreign exchange earnings from exports; stimulation of timely return of the currency of exporters to the country. Within the framework of resolution of the bank’s non-performing corporate credit portfolio – establishment of a state company for the management of either distressed assets or a single remedial bank that is to accumulate non-performing credits. Within the framework of rehabilitation and post-crisis recovery of the banking system — completion of the procedure for removing problem banks from the market; bringing the capital adequacy ratio of the banking system in line with the requirements of Basel III; creation of a mechanism for structural refinancing, introduction of new instruments to stimulate bank crediting of enterprises in the real economy, etc. Within the framework of minimizing the current high level of inflation, which hinders the activation of corporate crediting – gradual decrease in the discount rate; ensuring a positive level of NBU interest rates relative to the forecasted core inflation; further accumulation of international reserves, etc. Within the framework of minimizing the budget deficit and limiting the issue of government bonds and deposit certificates of the NBU as instruments that divert banks’ credit resources from corporate lending – reducing the state budget deficit; decrease in banks' demand for government securities by reducing their profitability.

Article is written in Ukrainan


Kornіvska V. O.
Digital Banking: Risks of Financial Digitalization (p. 254 - 261)

The paper demonstrates the results of the research into development of the digital economy in the global financial space, shows the contradictions of these processes in the context of the growth of financial inclusion of households, identifies the risks of active introduction of digital banking in poor countries of the world. The characteristics of the processes of growth of the influence of banking institutions on the operational activity and daily life of households are given, and it is proved that under conditions of digital banking, without having any other alternative ways of economic activity in terms of money circulation than non-cash turnover, clients are forced to agree to unlimited presence of financial operators in social systems. It is substantiated that in Ukraine the global risk of digitalization of the society is gradually developing as a result of the creation of unified information systems for the control of global financial flows.

Article is written in Ukrainan


Omelchenko L. S., Laktionova O. E., Desyatsky S. P.
The Dynamics and Trends of Development of Financial Services Outsourcing in the Global and Supranational Markets (p. 262 - 268)

The increase of efficiency and productivity, reduction of costs on the process of financial management of business entities using financial services outsourcing, services of financial outsourcing as segments of the international market of intellectual services, is a relevant research topic for the development of Ukraine’s economy. To determine the trends, advantages and disadvantages of this financial tool in the global and regional markets — America, EMEA, Asia (2006-2015) — mathematical methods were applied. There obtained equations of the most suitable trend lines of the considered values, which showed that the advantage in terms of costs of outsourcing contracts belongs to the segment of financial services outsourcing. Despite the existing potential, companies-outsourcers in Ukraine are not represented in this market for intellectual services either as customers or as executors of financial services. It is necessary to develop methodological and methodic recommendations for increasing the activity of Ukrainian outsourcing companies in the international market for financial services outsourcing.

Article is written in Russian


THE PROBLEMS OF ECONOMY №4-2017

Vartsaba V. I., Mostipaka O. V.
Alternative Monetary Systems in the Context of Managing the National Economy (p. 351 - 362)

The aim of the article is to investigate alternative monetary systems, each of which can be an algorithm for managing the national economy. By analyzing, systematizing and summarizing the scientific works of both foreign and domestic scientists, it is established that money is a phenomenon capable of managing the socio-economic relations in the time and space development coordinates following the institutionalized functioning algorithms. There justified the informational nature of money, i.e., that money is artificial information, a peculiar way of understanding social and economic relations, since the monetary subsystem is algorithmizing social and economic relations and is a derivative of the functioning and development of the national economy. The effectiveness of the national currency depends on the built-in algorithms of its functioning, which are realized in the model of the national economy. The study reflects the basic variations of potential alternative monetary systems. In particular, world money, the issuers of which are highly developed countries; S. Gesell’s “free money”; S. Sharapov’s “absolute money”; money secured by commodity values; private money; virtual money — electronic money and crypto currency, etc. Given that the socio-economic system of Ukraine as a synergetic system have been in a state of bifurcation for a long time, the article considers and proposes the most effective way of the development and functioning of the monetary system in the context of a harmonious interrelations with the national economy in time and space coordinates by direct emission of money for innovative projects of development of the national economy. Prospects for further research are the trans-scientific paradigm of managing the national economy.

Article is written in Ukrainan


Kremen V. M., Ohol D. O.
Financial Sector Stability: Essence and Assessment (p. 363 - 368)

The article investigates approaches to the interpretation of the notion “financial stability” and the features of its assessing as an important instrument of macroprudential financial supervision. It is emphasized that the existing tools for assessing the financial sector stability have their advantages and disadvantages, which are defined by the authors. In the paper there applied the method of convolution of criteria to assess financial stability in Ukraine. The calculation of the composite indicator is based on values of financial soundness indicators determined by the IMF, which for the purpose of the research are divided into three groups. As a result the indicator of financial stability includes the components of capital adequacy, credit risk and liquidity. It allows using the regression procedure for evaluation of the influence of these components on financial stability of the country. The interpretation of the results indicate that raising the level of financial stability in Ukraine requires, first, improving approaches to managing credit risk, then increasing liquidity rates and, ultimately, improving the capital adequacy of financial intermediaries.

Article is written in English


Nesterenko O. O.
Methodological Bases for Describing Risks of the Enterprise Business Model in Integrated Reporting (p. 369 - 375)

The aim of the article is to substantiate the methodological bases for describing the business and accounting risks of an enterprise business model in integrated reporting for their timely detection and assessment, and develop methods for their leveling or minimizing and possible prevention. It is proposed to consider risks in the process of forming integrated reporting from two sides: first, risks that arise in the business model of an organization and should be disclosed in its integrated report; second, accounting risks of integrated reporting, which should be taken into account by members of the cross-sectoral working group and management personnel in the process of forming and promulgating integrated reporting. To develop an adequate accounting and analytical tool for disclosure of information about the risks of the business model and integrated reporting, their leveling or minimization, in the article a terminological analysis of the essence of entrepreneurial and accounting risks is carried out. The entrepreneurial risk is defined as an objective-subjective economic category that characterizes the probability of negative or positive consequences of economic-social-ecological activity within the framework of the business model of an enterprise under uncertainty. The accounting risk is suggested to be understood as the probability of unfavorable consequences as a result of organizational, methodological errors in the integrated accounting system, which present threat to the quality, accuracy and reliability of the reporting information on economic, social and environmental activities in integrated reporting as well as threat of inappropriate decision-making by stakeholders based on the integrated report. For the timely identification of business risks and maximum leveling of the influence of accounting risks on the process of formation and publication of integrated reporting, in the study the place of entrepreneurial and accounting risks in the business model of the enterprise is determined.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №1-2018

Demyanchuk M. A., Osipova M. S.
The Corporate Income Tax as a Set of Levers to Influence Enterprise Development (p. 287 - 293)

Effective functioning of the tax system is one of the main and determining components of the state activity. Taxes are one of the tools for withdrawing a part of the income of legal entities and individuals, among which the corporate income tax (CIT) is of particular importance. With the help of this tax, the state can stimulate the revival of investment and innovation activities, as well as the development of competitive relations. Therefore, the aim of the article is to study the corporate income tax as a set of levers to influence enterprise development. The article substantiates that the CIT presents a system of levers to influence enterprise development: 1) as a fiscal lever, it should be considered in terms of its capacity to fill the budget, since it is an important fiscal tool in the public finance system of each country; 2) as an economic lever, it provides for the possibility of certain manipulative actions with the tax base by using accelerated depreciation; 3) as an investment lever, it should be considered as a means to influence the resolving of economic aspects concerning sources of attraction of investments to an enterprise; 4) as an information lever, it is one of the components of integrated changes in the sphere of taxation and indicates the effectiveness of the government activity and further consequences of implementing the state policy in the sphere of business; 5) as a tax culture, it assumes the consciousness of business entities in paying taxes to the state budget; 6) as a social lever, it provides for an effective implementation of certain changes in taxation, which contribute to positive social consequences, thereby bringing the country’s economy to a new, more effective level. Applying a synergistic approach to the system of CIT levers, it is quite possible that the enterprise can achieve qualitative development, raise its level in the general state sphere as an attractive investment object for domestic and foreign citizens.

Article is written in Ukrainan


Lysiak L. V., Hrabchuk O. M.
Strengthening the Budgetary Potential of Local Budgets in Ukraine in the Context of Financial Decentralization (p. 294 - 299)

A real financial decentralization should contribute to strengthening the budgetary potential of local budgets as the basis and necessary condition for the socio-economic development of administrative-territorial entities. The aim of the article is to analyze the budgetary potential in the context of financial decentralization and identify ways of its strengthening for the development of regions of Ukraine. The economic essence and components of the budgetary potential of local budgets are considered. To date, the basis of a modern regional development strategy should be creating conditions for maximum use of the existing budgetary potential, which plays a decisive role in the performance by local authorities of the functions and powers assigned to them in accordance with the Constitution and Ukrainian legislation. The analysis of the main components of the budgetary potential of local budgets is carried out, and the directions for their realization in a greater degree are outlined. Recommendations for strengthening the budgetary potential in the context of deepening the financial (budgetary) decentralization are developed.

Article is written in Ukrainan


Nikitishin A. О.
The Adaptive and Coherent Institutional Architectonics of Tax Regulation (p. 300 - 307)

It is determined that insufficient attention has been paid to the disclosure of the content of the adaptive and coherent institutional architectonics of tax regulation, and, therefore, this direction of scientific and practical research is relevant. It is proved that the adaptive and coherent institutional architecture of tax regulation is based on the system of tax regulation ensuring the adequacy and connection of regulatory measures with the economic and social development of a country by achieving and maintaining the most optimal relationships between the elements of this system. The adaptability and coherence of institutional architectonics of tax regulation in the process of implementing the Strategy of Sustainable Development “Ukraine — 2020” is revealed. The consequences of the imbalance in the development of institutional architectonics of tax regulation and examples of institutional gaps are shown. The effect of attractors and repellers on business and the development of institutional architectonics of tax regulation is disclosed. The analysis of institutional indicators of attractors and repellers of the current tax regulation policy is carried out taking into account the geopolitical position of Ukraine in the context of international tax competition.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №2-2018

Dub A. R.
Real Estate Taxation: World Experience and Situation in Ukraine (p. 296 - 303)

The share of the tax on real estate, other than land plots, in tax revenues of local budgets in Ukraine is much lower than in other countries around the world. The aim of the article is to identify, on the basis of analysis of the world experience in real estate taxation, the problems related to the small share of the tax on real estate, other than land plots, in local budget revenues in Ukraine, and to find possible solutions to them. The carried out analysis of the significance of the tax on real estate, other than land plots, in tax revenues of local budgets and in the group of property taxes in countries of the world revealed that the real estate tax is an important source of financial resources at the local level in many foreign countries. The expediency of levying the tax on real estate is justified. Approaches to the establishment of the real estate base are described; their advantages and disadvantages are highlighted. The powers of local self-government bodies to define the tax base, establish tax rates and privileges are characterized. Features of the Ukrainian system of taxation of real estate, other than land plots, are given. There estimated the amount of the tax on real estate, other than land plots, in the tax revenues of local budgets in Ukraine. It is revealed that the incompleteness of the State Register of Rights to Real Estate, the lack of a tax base close to the market value and the political will of local governments on enhancing measures to increase revenues from real the estate tax are the main reasons for the insignificant role of revenues from the real estate taxation in tax revenues of local budgets in Ukraine. The proposed ways to increase revenues to local budgets from the real estate taxation by taking inventory of all real estate and making changes in the mechanism of tax administration, in particular, the tax base and rates.

Article is written in Ukrainan


Zarutska O. P.
The Justification of the Possibility for Introducing a System for Analyzing a Regulated Stock Market (p. 304 - 309)

The article presents the justification of the need to introduce an analysis system into the activity of a regulated stock market in order to reveal facts of manipulation. In this aspect, the possibilities of mathematical grouping of homogeneous elements of complex economic systems to analyze and monitor their state are presented. The formation of structural and functional groups is carried out using a neural network model of clustering — Kohonen self-organizing maps. The proposed methods of structural and functional groups have already been used for conducting an early diagnosis of financial stability of banks and classifying their business models. The relevant tools are proposed to be distributed for the analysis and monitoring of a stock market in order to identify transactions with an increased risk of manipulation. An effective and objective monitoring of any market segment requires identifying high-risk objects and using modern methods for processing report data. Stability of the market development is largely determined by the existence of clear rules and understandable restrictions brought to the notice of market participants. To properly perform the functions of the state regulator of a stock market, there needed methodological developments that determine the conditions for control, application of measures of influence, sanctions for violations. Transparent and unambiguous formulations of conditions create the necessary basis for coordinated work of market participants. The development of appropriate tools requires modern mathematical methods, including the use of the method of structural and functional groups.

Article is written in Ukrainan


Ilchuk V. P., Shpomer T. O.
Financial Support for Sustainable Development of Enterprises in the Real Sector of the Economy (p. 310 - 316)

The role and importance of financial support in the development of public production are revealed. A retrospective review of definitions of the concept “financial support” is given. Proceeding from the systems analysis of the concepts considered, the authors’ interpretation of this concept, based on formalization of the stages of the financial security process, is proposed. There considered components of the potential of financial support, which contribute to meeting the needs to finance investment and innovation projects. A scheme of the general approach to the process of financial support at various socio-economic levels of the economy is proposed, including the definition of policy of financial support for the industry, region, country; the development of a strategy as a system of measures to realize the general direction of investment support within the framework of the investment policy; the development of a financial support mechanism that includes consistent practical actions to find, attract and use financial resources. The criteria for assessing financial support for the reproduction of fixed assets of manufacturing enterprises are determined.

Article is written in Ukrainan


Krivtsova Т. О., Liadova Y. O.
Trends in the Development of Audit of Public Finances in the Context of Reforming the System of Public Financial Control (p. 317 - 327)

The aim of the article is the theorizing of trends in the development of audit of public finances in the context of reforming the system of public financial control in Ukraine and providing practical recommendations to improve the efficiency of the system of public financial control, taking into account the trends in the development of audit of public finances in Ukraine. In the article there used such research methods as induction and deduction, analysis and synthesis, methods of establishing causation, statistical analysis method. The analysis and research of regulatory legal acts, as well as the results of the activity of the State Audit Service of Ukraine, made it possible to determine the methodology and staffing related directions of reforming the system of public financial control in Ukraine. Measures on the introduction and development of audit of public finances in the activity of public sector bodies and the State Audit Service are planned and the achievements systematized. Based on the analysis of scientific works on the problem and the relevant domestic and international legislation, the classification of audit of public finances as a form of public financial control in the context of reforming the system of public financial control is generalized. There substantiated the directions for increasing the efficiency of the functioning of the system of public financial control, with regard to the trends in the development of audit of public finances in Ukraine. Practical realization of the trends in the development of audit of public finances, determined by the authors of the article, will make it possible to increase the effectiveness of reforming the system of public financial control, which in turn is the determining factor in the reform of the public financial management system, and hence the financial security of the state. In this regard, it is appropriate to focus the further work on studying the best practices of developed countries and world trends in the field of audit of public finances by supreme audit institutions.

Article is written in English


Kuzkin Y. Y.
Formation of the Fiscal Space of Local Self-Government in the Context of Decentralization of Public Finances (p. 328 - 334)

The aim of the research is the theoretical substantiation of the structure and the definition of the peculiarities in forming the fiscal space of local self-government in the context of decentralization of public finances. The main approaches to identification of the essence of fiscal space are determined, including the targeted, quantitative, resource, expenditure, efficiency, dynamic, institutional one. The prerequisites for local authorities to achieve real subjectivity in the fiscal sphere as part of the process of decentralization of public finances and reform of the system of interbudgetary relations in Ukraine are established. There proposed the definition of the essence of the fiscal space of local self-government as a set of economic processes and economic relations localized within a certain territory, the results of which, within the framework of fiscal mechanisms of the state, determine, based on developing and implementing active fiscal policy, the financial potential that can be used for implementing by self-government authorities at the local level a range of solutions in the field of regional development in compliance with the requirements and restrictions concerning the preservation of financial sustainability of the state and its regions. Furthermore, there presented an approach to the structuring of the fiscal space of local self-government. It is proved that the formation of the fiscal space of local self-government is a complex sequence of the deployment of economic phenomena and processes, in the course of which the formation of fiscal capacity, budgetary capacity takes place.

Article is written in Ukrainan


Lukiashko P. O.
The Experience of Using Financial Instruments for the Modernization of the Electric Power Sector by the Countries of South Asia (p. 335 - 343)

The aim of the article is to summarize the experience of countries of South Asia regarding the introduction of financial instruments for the modernization of the electric power sector. The data on the use of financial instruments for the modernization of the electric power sector by the governments of countries of South Asia are systematized. Along with the grouping of financial instruments by countries, the transformation of the structure of electricity generation in terms of primary sources for 2000-2015 is assessed as well. As a result of the study, there made a conclusion about the determining role of objective factors of a country’s economic development in the technological transformation of its electric power sector. The factors include the lack of investment resources, failure to meet demand, unreliability of the most widespread sources of renewable energy (sun and wind) in the region in terms of power generation stability. Under current conditions, the actions of governments regarding the introduction of financial instruments to stimulate the modernization of the electric power sector are of secondary importance.

Article is written in Ukrainan


Tomniuk T. L.
Financial Regulation in the Leading Economic Theories of XX-XXI Centuries (p. 344 - 349)

The aim of the article is to determine the place of the state financial regulation in the postulates of the basic economic theories of XX-XXI centuries. There carried out an analysis, systematization and generalization of scientific works of outstanding scientists — founders and representatives of various directions of the economic theory of XX-XXI centuries — about the participation of the state in the regulation of economic development. The main postulates of state regulation of the economy in such concepts as Keynesianism, monetarism, the supply theory, institutionalism are singled out. It is substantiated that the state participation in redistribution processes through using financial instruments is defined practically in all economic theories, however, with the levels of domination and efficiency as an instrument for providing economic reforms being different. The wide use of financial levers for stabilizing the economic situation, smoothing cyclical fluctuations, maintaining high growth rates and high employment in the Keynesian model, the supply theory, institutionalism are demonstrated. The non-recognition of financial policy as a means to stabilize the economy by monetarism is testified. It is concluded that there are advantages and disadvantages in financial regulation of the economy in each of the economic theories under consideration. It is determined that the predominance of this or that concept depends on the general economic policy of the state and the goals of state regulation. It is argued that in the recent history of Ukraine’s financial policy, the approaches determined by the supply theory dominate, in particular since the entry into force of the Tax Code of Ukraine, the amount of taxes and fees has been reduced, the income tax rate and the single contribution to the compulsory state social insurance have been reduced. Prospects for further research in this direction are defining the economic doctrine of Ukraine and effective instruments for financial regulation of the economy to ensure economic growth.

Article is written in Ukrainan


Khomutenko А. V.
Methodological Tools for Managing Public Finances (p. 350 - 356)

The aim of the article is to improve the theoretical and methodological bases of public financial management by streamlining and enriching the methodological tools for its purposeful impact. With this regard, there defined the content of the term “mechanism for managing public finances“ as a system of public financial management in operation. This allowed for focusing the research on one of the elements of the system — management activities implemented through the application of certain methods and tools. A theoretical distinction of the terms of “method” and “tool” is carried out, which enabled streamlining the main methods and tools for managing public finances. The author proposes the methods to be grouped by classical functions of management, and tools — in view of the component of public finances. A suggestion is made that as a result of ineffective management of public finances, there formed a stable tendency to increasing budget deficit, which is covered by issuance and / or state borrowings. The latter ones, in turn, lead to the formation of public debt, and the correct choice of management tools will ensure its reduction or controlled rational growth. The necessity of applying modern tools in managing public finances is justified (e.g., financial logistics, reengineering, benchmarking, etc.), which will improve the effectiveness of the management mechanism. Due to the disclosure of the essence of innovative tools for managing public finances, their possible positive impact on the management system as a whole is argued. It is believed that the use of the developed methodological tools in managing public finances will help to improve the level of satisfaction of public interests.

Article is written in Ukrainan


THE PROBLEMS OF ECONOMY №3-2018

Gonta O. I., Prokopenko V. Y., Dubyna M. V.
The Role of the Deposit Guarantee System in Raising the Level of Public Confidence in Depository Institutions (p. 178 - 183)

The main aim of the article is to study the essence of the deposit guarantee system and determine its role in increasing the level of public confidence in depository institutions. The issues of development of the deposit insurance system in Ukraine are considered, its main elements are defined, in particular, the deposit guarantee system and the voluntary deposit insurance system. The features of their functioning are analyzed. Furthermore, it is found that in the domestic market of deposit services the leading role in ensuring the return of funds to citizens is played by the system of individual deposit guarantee. It is established that the main subject of the system is the Deposit Guarantee Fund for Individuals, which implements the government policy in this area. The article analyzes the current trends in the operation of the Fund and, in general, the entire system of deposit guarantee. This made it possible to determine the key problems in the work of the system and the direction for its further transformation.

Article is written in Ukrainan


Zhavoronok A. V.
Trends in Development of the Deposit Market in Ukraine (p. 184 - 190)

The aim of the article is to study the main trends in the development of the deposit market in Ukraine and define its development prospects. To achieve it, the current situation in the deposit market in Ukraine is analyzed, and the peculiarities of its functioning are determined. It is established that at the present stage an important role in ensuring the stable and effective functioning of banks in Ukraine is played by the formation of a scientifically based banking policy, the main component of which is the deposit policy. It is substantiated by the fact that one of the main tasks of banks is the creation of a resource base, which is formed by deposits of the population and ensures financial sustainability and stability of a banking institution. The current problems of development of domestic banking institutions are identified. Based on the analysis of the state of deposit resources of commercial banks, it is established that there is a positive trend towards an increase in the amount of attracted deposits from both individuals and legal entities. In 2016, the share of deposits of individuals amounted to 50.7 %, which demonstrates a tendency to increase in the share of deposits compared with 2014–2015. In 2016 the share of deposits placed by legal entities was 50.7 %, fixed deposits dominating by term of attraction. The deposits of legal entities were mainly placed in national currency, deposits of individuals — in foreign currency. The complex of measures aimed at supporting the steady state of domestic financial and credit institutions is considered.

Article is written in Ukrainan


Kaneva T. V., Ruban M. O.
Evaluation of Taxable Capacity of an Administrative-Territorial Unit (p. 191 - 200)

The aim of the article is the revealing of the essence of taxability capacity of an administrative-territorial unit, further development of the methodological basis for assessing taxable capacity of local budgets in the context of fiscal decentralization. The typical domestic and foreign methodological approaches to defining taxable capacity and indicators of taxability of a budget are analyzed. The role of tax instruments in the development of territories is characterized as a system of fiscal mechanisms for pumping up, stimulating and / or restricting the budget, which are implemented in order to provide financial support for the development of relevant entities and the overcoming of their undesirable economic divergence. There proposed provisions for assessing taxable capacity of territories on the basis of an additive model that combines the capacity of local taxes and fees. The potential growth of revenues from personal income tax, tax on real estate other than land plots, land tax, rent, single tax is investigated. The implicit rate of the personal income tax in Ukraine and Kiev is estimated, some features and reasons for the differentiation of these values are determined. The features of the impact of the personal income tax in terms of proportional distribution between the state and local budgets are identified. The limits of growth of tax revenues to local budgets and factors influencing them are determined. The observance of the principles of continuity, complex adaptability, stability, and logical consistency for the purpose of harmonizing redistributive processes at the level of local budgets is proposed. The priority directions for increasing the level of taxability of the budgets of administrative-territorial units in the context of further institutional transformations of the domestic budget system are substantiated.

Article is written in Ukrainan


Pasichnyi M. D.
Priorities for Improving the Efficiency of Budget Expenditures (p. 201 - 209)

The aim of the article is to determine the nature of and justify the priorities for improving the efficiency of budget expenditures in the context of institutional changes in the government finance system. It is proposed to consider the category of cost-effectiveness in the context of fulfilling the objectives of fiscal policy, in particular, those concerning ensuring macroeconomic stability and creating incentives for economic growth, and of results achieved in improving the welfare of the population. An analysis of the trends in changes of the share of expenditures of the consolidated budget of Ukraine as a percentage of GDP for the period from 1992 to 2017 is carried out. The average forecast of this indicator for 2017–2021 is presented. It is identified that in the period of economic growth, the domestic budget policy was pro-cyclical in nature. The increase in expenditure weights was carried out without systemic institutional changes in government finance, which affected the decrease in cost-effectiveness and unbalanced the budget system in the following budget periods. The importance of fiscal decentralization in ensuring the growth of the overall level of budgetary performance is substantiated. The directions for improving the efficiency of budget expenditures on education and science, health care, social protection, and social security are proposed. The necessary changes in the functioning of the higher education system are modernizing the financial basis to conduct scientific research and implement their results in the educational process; focusing on the applied aspects of studying a specialty; developing mechanisms to assess the quality of higher education; providing financial independence to educational institutions. Important aspects of the public policy are the further introduction of the insurance and fee-for-service medicine on the basis of co-financing; compiling of the basic list and standards of relevant medical services guaranteed by the state, financed by the budget. In the field of social protection, it is advisable to develop tools to ensure the targeting of the benefits provided and streamline the categories of recipients.

Article is written in Ukrainan


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