Scientific Papers NaUKMA. Economics

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ISSN / EISSN : 2519-4739 / 2519-4747
Total articles ≅ 120
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Olena Bazilinska, Olena Panchenko
Scientific Papers Naukma. Economics, Volume 6, pp 14-20;

The purpose of the article is to reveal conceptual frameworks for further development of the banking and insurance interaction in order to ensure the growth of the value of banking and insurance business on account of the more effective use of their potentials and opportunities.It is noted in the article that banking and insurance interaction is manifested as the provision of insurance services through banking institutions – Banсassurance, the provision of banking services through insurance companies – Assurbanking, the provision of integrated services within financial conglomerates – Allfinanz.In the course of the research, it was determined that the banking channel for the sale of insurance services is the most efficient, and Bancassurance is a system of insurance services sale through the extensive banking network. The necessity and importance of the Bancassurance development, which is actively used in all developed countries, but differs in scale, methods, organizational forms and final financial results, is revealed. This is especially relevant in the context of reforming the regulatory bodies of the state financial market.Within the study, the advantages and disadvantages of Bancassurance and the prerequisites for its development are revealed. Particular attention is paid to the requirements to insurance companies in the process of the Bancassurance implementation. It is noted within the article that the interaction of banks and insurance companies can be carried out at different levels, from the level of the cooperation agreement, agency agreement, banking and insurance cooperation, to the level of the corporate control through the mechanism of mergers and acquisitions and financial supermarket.Within the study the conclusions are made that further development of banking and insurance interaction is conceptually aimed at increasing the role of commercial banks and the formation of “financial supermarkets”, in which each customer can meet the needs of bank services, financial consulting, and insurance. JEL classіfіcatіon: G21, G22
, Valeriia Tkachova
Scientific Papers Naukma. Economics, Volume 6, pp 21-27;

Most central banks of developed countries realize the “quantitative easing” (QE) monetary policy that allows us to speak about globalization as for monetary policy, as for this policy effects. We identified some positive and negative effects from the QE policy for the US economy (as the issuing country) and for Ukraine (as a country that accept of this policy effects on local level) that can be taking into account when national economy economic planning.At the base of author’s CMI-model of macroeconomic dynamics we proposed possible explanation for this monetary policy effects for the US economy that have no satisfied explanation within well-known models: 1) comparatively low economic growth rate under the QE monetary policy; 2) phenomenon of low inflation under sharp rising of money supply as a result of the QE policy; 3) phenomenon of record employment under comparatively small economic growth rate. Also we identified some other effects of the QE monetary policy that can be explained within well-known models. There are the following ones: negative interest rates for bonds market, the US dollar weakening on FOREX market, price rising for gold and various digital assets. We proposed some possible ways to use global effects from the QE monetary policy to benefit Ukrainian economy. For example, we proposed to change the structure of part of the gold and foreign exchange reserves of the National Bank of Ukraine (NBU) in order to increase its value, actually, under the risk-free way. We can use periods of the US economy stimulus provided by Federal Reserve Bank to increase part of gold in the reserves with corresponding decreasing of foreign exchange part. When the stimulus will be stopped, we proposed to decrease part of gold with corresponding increasing of foreign exchange part. Conclusions, tied with impact of the cumulative market imperfections value (ΔР) on economic growth rate obtained for the US economy, are valid and for Ukrainian economy, because, beforehand, we proved the validity of our CMI-model for national economy, too. JEL classification: E30, E31, E32, E37
, Yevhen Riabtsun
Scientific Papers Naukma. Economics, Volume 6, pp 90-98;

The article’s objectives are to reveal the general tendency in the global investment climate within the fintech industry and introduce the grouping approach for countries based on distinctive characteristics of local fintech and economic environments. Moreover, the paper results can be used as recommendations for local regulators in terms of the fintech industry development, which is a vital force for enhancing the competitiveness level of the countries in the context of world economic uncertainty.Statistics method is used to perform the investment activities and investment structure overview with a close look at three regions: Americas, EMEA (Europe, the Middle East, and Africa), and the Asia Pacific. The results indicate the largest role of the America region, the smallest – of the Asia-Pacific region, and two main trends in the investment structure by the nature of deals, the first with a predominance of M&A deals and the second with a high venture investments part.Another applied approach is clustering analysis. It is used to group the countries by the set of characteristics, which reflect the general economic conditions and innovation capacity in the financial sector of different countries from the general population. The clustering results give a snapshot of six groups of countries. The group with the highest results is called FinTech Olympus and consists of countries such as the USA, UK, and Singapore. The worst results were shown by the Fintech Jungle group represented by Kenya, Lebanon, Egypt, Uganda, Pakistan, Ghana, Nigeria, Bangladesh, and Ukraine. The other countries are grouped in four more clusters with research names – FinTech periphery, Asian-European, FinTech middle class, and Major players. Local regulators, for example, the National Bank of Ukraine, can further consider the results of clustering for maintaining fintech development policy to benefit the economy in general.In such conditions, the main tasks for the Ukrainian government are the improvement of business climate and fintech ecosystem development with the further discovery of their impact on the country’s competitiveness in an unstable economic environment in the short and long term. JEL classіfіcatіon: C40, G19, G20
Scientific Papers Naukma. Economics, Volume 6, pp 66-72;

The purpose of the article is to reveal the directions of regional strategic development methodical bases’ formation on the basis of benchmarking.The article reveals the peculiarities of benchmarking methodology application in modern regional strategy. The study of regional development was conducted on the basis of a systematic approach and using situational analysis. The application of a systematic approach allows us to consider the region as a system with established goals and organized as a whole set of interacting elements. The situational approach most fully reflects the problems that arise in management activities and allows you to identify situational factors that affect the development of regions. It is proven that it is expedient to use the method of spatial benchmarking as a tool of situational analysis. The study of the methodological principles of benchmarking made it possible to formalize the stages of the benchmarking study of regional development.Studies of the strategies of different regions of Ukraine revealed the need and importance of applying a situational approach to management. This made it possible to formulate criteria for selecting a standardregion and to identify three groups of indicators of the study of specific regions, which allowed to form possible clusters using the method of hierarchical cluster analysis.As a result of research there are carried out calculations of the competitive analysis of regions of Ukraine and revealed strategic prospects concerning development of certain regions.According to the results of the study, it is concluded that the formation of regional development strategy requires detailed research, which is methodologically based on the principles of benchmarking analysis, there are opportunities to vary the list of indicators and criteria that determine the standard-region. The application of benchmarking in the management system allows you to systematically find and evaluate all the benefits of the best experience of the standard-region and create opportunities for their use in your own region. JEL classіfіcatіon: O12, R11, R12, R19
Scientific Papers Naukma. Economics, Volume 6, pp 73-83;

The Central Bank Credit Registry was established in Ukraine in 2018. The two key functions which are fulfilled by Credit Register are monitoring and credit information sharing. This paper is devoted to applying a scoring approach for monitoring function realization in segments of individuals. The logic of using scoring tools to monitoring is based on an objective to create an effective form which reflects the dynamic of the above-mentioned segment. Data mining procedures for Credit Registry were realized and most significant characteristics were chosen. Correlation analysis for characteristics was applied. Different approaches to construct scoring for monitoring functions were analyzed. Namely, logistic regression, Machine Learning, method grounded on tree created by the XGBoost algorithm. Last method demonstrated the best efficiency for scoring construction and can be developed for implementation. The views expressed are those of the authors and do not necessarily reflect those of the National Bank of Ukraine. JEL classіfіcatіon: G21
Scientific Papers Naukma. Economics, Volume 6, pp 40-44;

The article is devoted to solving the problems of ensuring sustainable development based on cultural and creative industries. The methodological basis of the research is a set of methods of scientific knowledge, general scientific and special research methods. The theoretical basis of the author’s statements regarding the concepts of “cultural” and “creative” industries is the fundamental research of Ukrainian and foreign scientists in the field of economic theory, regional economics and sustainable development of territories, sociology, strategic management of socio-economic development of regions. The author’s key conclusions regarding the category of “sustainable development” are based on studies of Ukrainian and European legal norms.Because of a historical digression, the article substantiates the expediency of separating the concepts of “cultural” and “creative” industries, since some represent a set of cultural practices that are carried out according to standards, and the second – involve the implementation of individual creative abilities. It is proposed to consider “cultural industries” in two fundamentally different aspects, which can be covered through cultural and economic approaches. It is proven that these industries are aimed not only at the production of products, they are also a tool for stimulating individuals to choose social forms of life, social behavior, and mutual understanding, rational consumption, etc. It is established that in modern science, the issue of distinguishing the types of cultural and creative industries is debatable, based on which the author’s structure of cultural and creative industries is developed, the core of which is the creative economy, and the external space is represented by the economic, environmental and social components of sustainable development. The author’s approach allows us to expand the scientific vision of the essence and content of cultural and creative industries, as well as to determine their role in ensuring sustainable development. The proposed interpretation of the structure will later be used in the development of a marketing strategy for cultural and creative industries, which contributes to the solution of the applied task of achieving the Sustainable Development Goals. JEL classification: O10, Q01
Scientific Papers Naukma. Economics, Volume 6, pp 28-33;

The development of a market economy involves the socialization of its economic entities, i.e. the direction of their activities to solve social problems. The purpose of this article is to consider the theoretical and practical aspects of social entrepreneurship as a modern trend of economic development. The authors note that the main features of social entrepreneurship are: innovative activities; its dual focus, which combines non-profit goals with the ability, necessity and ability to make a profit; public nature of social enterprises and complexity in the organization and development, the presence of significant risks. Studies of the functioning of social entrepreneurship in the world have identified the following trends in its development: due to the different participation of the state in its support; lack of a single “acceptable” or effective form of social entrepreneurship and a certain generally defined area of activity; the success of social entrepreneurship in the world and its significant contribution to the economy.In Ukraine, social entrepreneurship is a new form of business. The main trends in the functioning of social entrepreneurship in Ukraine are: a fairly wide geography of distribution of their activities, although the vast majority of them operate in large cities; the most common organizational form is individual small business; the main activities are: employment of vulnerable groups and generating income for social activities, etc. However, despite the rather rapid development of social entrepreneurship in Ukraine, the problems of its functioning are: lack of financial and institutional state support; lack of motivation to create social enterprises and low level of public awareness of their significant positive potential; its significant dependence on foreign support and investment. According to the authors, these problems do not allow social entrepreneurship in Ukraine to realize its potential and become a trend of economic development. JEL classіfіcatіon: D64, L26, L31
Scientific Papers Naukma. Economics, Volume 6, pp 3-7;

The purpose of the paper is to emphasize the contribution of Mykhaylo Ivanovych Tugan-Baranovsky to Business Cycle theory and its legacy among French economists.Tugan-Baranovsky (1864–1919), a prominent Ukrainian economist was a cycle theorist who was inspired by some French or francophone economists whose language he mastered. His theory of industrial crises proved influential upon some major economists during the first quarter of the twentieth century until the Great Depression, from Spiethoff to Hayek and Keynes.We present both the history and analytical content of industrial crises in the French version of Tugan-Baranovsky’s masterpiece. We provide an overview of Tugan-Baranovsky’s intellectual legacy as for his French-speaking followers, namely, Lescure, Aftalion, Robertson and Bouniatian. The ebb and tide of Tugan-Baranovsky’s i fluence can be understood throughout two episodes: the shift from real to monetary cycles in the interwar period and the revival of real business cycles alongside New Classical Economics in the 1980s, which proves relevant again in the context of the current Great Lockdown Recession. JEL classіfіcatіon: B14, E32, N13
Svitlana Hlushchenko,
Scientific Papers Naukma. Economics, Volume 6, pp 45-51;

The article describes the fiscal stimulus, which used in the world to overcome the negative effects of the recession in the context of the COVID-19 pandemic. The authors used historical and static methods, a combination of methods of analysis and synthesis, etc. Based on the statist analysis of the dynamics of macroeconomic indicators, the authors confirmed that the main development trend of most countries and Ukraine in 2020 is a significant economic decline (falling production, rising public debt, growing fiscal deficit, etc.) caused by the COVID-19 pandemic. The article summarizes that in the recession in 2020, countries use measures to fiscally stimulate households and business units through additional government expenditures and lost budget revenues. The size and structure of fiscal stimulus measures vary among different groups of countries. The main fiscal stimulus during this period are: deferrals and reductions in taxes, a moratorium on the payment of certain types of obligations, various forms of cash surcharges and subsidies, partial unemployment, capital injections into enterprises, loans and guarantees. The debt burden is a significant threat to low-income countries, as debt restructuring and public spending cuts will be relevant in the long run to stabilize debt in such countries. This means limited use of fiscal stimulus to exit the recession and stimulate economic development in the country. The results can have practical application within the framework of the formation of the state fiscal policy to overcome the recession and stimulate economic development in the country. In Ukrainian practice, during the pandemic, the main measures of fiscal stimulus were the use of reduced working day schemes and the expansion of unemployment benefits; changes in taxation; financial support for retirees; subsidies; social and economic support of households and enterprises. JEL classіfіcatіon: H2, H5, H6
Scientific Papers Naukma. Economics, Volume 6, pp 118-121;

The aim of this article is to reveal the main reasons for the irrational behaviour of economic agents during the COVID-19 coronavirus pandemic in terms of behavioural economics and opportunities for change such a behaviour.The article reveals the approaches that were used in 2020 and continue to be used today as the main ones to prevent the spread of coronavirus infection. Despite the existence of such prescriptions, the infection continues to spread and causes negative socio-economic consequences.Thus, the main reasons, the resistance of citizens to the measures recommended by governments around the world and the manifestation of deviant behaviour among the seemingly “rational” economic agents were analyzed.The main reasons and possible factors for changing such a behaviour are the postulates of behavioural economics, such as the effect of reinforcement effect, conservative bias, confirmation bias, conditional cooperation, the preference of beliefs consonance.In addition, this paper provides a brief overview of some post-material values of Ukrainian society based on global research and offers an assessment of the dependence of these values on the incidence of COVID-19 and an explanation in terms of behavioural economics.The article notes that the presence of certain established views on the “normality” of preventive antivirus measures may affect the propensity or the lack of propensity to adhere to the necessary protective behaviour by economic agents.The research methods are descriptive, analytical, methods of synthesis and comparison. As a result of the analysis, the article proposes a comprehensive approach to men’s behaviour during the pandemic according to behavioural economics.The study concludes that the main task to improve the effectiveness of preventive measures for the spread of COVID-19 today is to understand the causes of irrational behaviour in new circumstances in terms of behavioural economics and apply the theory of “pushing” or “nudging” to form positive social economic change. It is suggested to use this paper for further and deeper practical research of certain aspects of changing people`s behaviour for better work effectiveness and wellbeing. JEL classіfіcatіon: D03, A13
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