#### Economics of Development

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ISSN / EISSN : 1683-1942 / 2304-6155
Total articles ≅ 56
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#### Latest articles in this journal

Evans Kulu, Samuel Mensah, Prince Mike Sena
Published: 10 June 2021
Economics of Development, Volume 20, pp 23-34; https://doi.org/10.21511/ed.20(1).2021.03

Abstract:
The role of institutions in both the inflow and the impact of foreign direct investment is of great im¬portance. The quality of institutions in a country can direct investment towards improving growth. This paper analyzes the individual and combined effect of foreign direct investment and institutions on economic growth in Ghana. The paper used the Auto Regressive Distributed Lag (ARDL) tech¬nique for secondary data obtained from 1995 to 2019. All data series, except for the quality institution index, were drawn from the World Bank Development Indicators. Institutional Quality Index data was obtained from the Heritage Foundation’s Economic Freedom Index website. The results of the ARDL model indicate that foreign direct investment and a quality institutional index together have a significantly positive effect on a country’s economic growth compared to their individual effects in both the short and long run. The study recommends that government policies should be aimed at attracting foreign direct investment while strengthening institutions and regulations to enhance output growth.
Nadiia Lysytsia, Yuliya Byelikova, , Tamara Prytychenko
Published: 10 June 2021
Economics of Development, Volume 20, pp 1-10; https://doi.org/10.21511/ed.20(1).2021.0

Abstract:
DL), which has resulted in an unprecedented experiment in the sphere of higher education in Ukraine that requires scientific analysis. The aim of the work was to identify the possible potential directions of DL development in institutions of higher education as a result of marketing research of satisfaction/dissatisfaction of students with DL. The survey method was used in the study. The results of marketing research (an online survey of students) (Kharkiv, 2020, n = 316) allowed the authors to identify the factors of satisfaction and dissatisfaction of students with DL. Students considered the most important factors of satisfaction with DL as follows: development of competencies, self-organization, discipline, self-motivation, responsibility, taking an active position as participants of the educational process, comfort. Students expect that lectures secure improvement of teacher-student communication process; flexibility of educational approaches; use of interactive tools and constant change of activities to maintain the attention, interest, concentration of students on studying process. The latter will maximize students’ involvement in activities during training; improvement of digital competencies. The students expectations are: flexibility of the DL platforms compared to full-time in-person education; creation of the “map” of the educational process in a distance mode. It is noted that the results of marketing research (the online survey) demonstrated the factors of satisfaction and dissatisfaction of students with DL. This information was considered as the arguments for identifying the possible potential directions of DL development in higher education institutions.
Nadiia Lysytsia, Yuliya Byelikova, , Tamara Prytychenko
Published: 10 June 2021
Economics of Development, Volume 20, pp 1-10; https://doi.org/10.21511/ed.20(1).2021.01

Abstract:
DL), which has resulted in an unprecedented experiment in the sphere of higher education in Ukraine that requires scientific analysis. The aim of the work was to identify the possible potential directions of DL development in institutions of higher education as a result of marketing research of satisfaction/dissatisfaction of students with DL. The survey method was used in the study. The results of marketing research (an online survey of students) (Kharkiv, 2020, n = 316) allowed the authors to identify the factors of satisfaction and dissatisfaction of students with DL. Students considered the most important factors of satisfaction with DL as follows: development of competencies, self-organization, discipline, self-motivation, responsibility, taking an active position as participants of the educational process, comfort. Students expect that lectures secure improvement of teacher-student communication process; flexibility of educational approaches; use of interactive tools and constant change of activities to maintain the attention, interest, concentration of students on studying process. The latter will maximize students’ involvement in activities during training; improvement of digital competencies. The students expectations are: flexibility of the DL platforms compared to full-time in-person education; creation of the “map” of the educational process in a distance mode. It is noted that the results of marketing research (the online survey) demonstrated the factors of satisfaction and dissatisfaction of students with DL. This information was considered as the arguments for identifying the possible potential directions of DL development in higher education institutions.
Published: 10 June 2021
Economics of Development, Volume 20, pp 35-45; https://doi.org/10.21511/ed.20(1).2021.04

Abstract:
Profits that are calculated to finance unexpected cash need expedite management. This paper investigates the effect of corporate governance on cash holdings with systematic risk as a moderating variable. The population consists of companies from the property and real estate sectors listed on the Indonesia Stock Exchange (IDX) during 2012–2020. Through the purposive sampling technique, the sample obtained 41 companies as the study object. Data analysis is focused on panel data and its interpretation through the Moderated Regression Analysis (MRA). Hypothesis testing uses statistical terms at the 5% probability level. Important findings underline that corporate governance has a positive significant effect on cash holdings, while systematic risk has a negative insignificant effect. On the other hand, the moderation between corporate governance and cash holdings through systematic risk is positive significant. Systematic risk reflects the reliability of a stock; when the risk is higher, it tends to increase in cash flow situations, and investors prefer high-risk investments with the expectation of profit from returns. It is hoped that future contributions will serve as reference material for academics, government, and companies engaged in the financial service sector.
Serhiy Frolov, Volodymyr Orlov, Olha Lozynska, Fathi Shukairi
Published: 10 June 2021
Economics of Development, Volume 20, pp 11-22; https://doi.org/10.21511/ed.20(1).2021.02

Abstract:
General trends of the current stage of development of the world and domestic economies confirm the most important trends of financial systems of the leading countries, including Ukraine. Among them, it is advisable to highlight the following: financial inclusion, formation of an unassailable reputation by financial institutions, reducing the volume of shadow banking, increasing the level of the population’s financial literacy, developing financial technologies, and deepening the financial system. All of this involves increasing the size of financial assets in relation to the size of the economy based on the GDP indicator. Based on the results of generalizing the approaches of scientists to the list of determining factors affecting the development of the country’s financial system, the key role of the level of financial literacy of the population was established. The article presents the total index of financial literacy of the population of individual countries of Europe and the world based on the index components. The development of the financial system in all these areas creates conditions for a gradual transition to the development of a new quality financial ecosystem. The article proposes a definition of the financial ecosystem in the context of established hybrid of real and digital space based on the integration of financial institutions as key players with technology companies, public service providers and other participants. To ensure development, the advantages and disadvantages are specified based on the results of the SWOT analysis, which allowed to systematize the strengths and weaknesses, as well as the opportunities and threats of the financial ecosystem development. Based on the results of the analysis, four basic strategies for restructuring the financial system were developed, which are the basis for proposals for the development of the financial ecosystem and changing the business models of functioning of its subjects in Ukraine.
, Robert Bacho
Published: 18 May 2021
Economics of Development, Volume 19, pp 48-60; https://doi.org/10.21511/ed.19(4).2020.05

Abstract:
Non-bank financial institutions play an important role in the non-bank financial service markets expressed in expanding the access to financial services for individuals and legal entities. The non-bank financial service markets demonstrate their performance peculiarities in the pre-crisis and post-crisis periods that bring up to date the need to form a scientific presentation of their development trends. Therefore, it is necessary to provide scientific background and identify the regress and progress processes in the non-bank financial service markets. The research aim is to develop an analytical approach to determining the peculiarities of the development processes in the non-bank financial service markets. The research assesses the key indicators of the non-bank financial service markets in terms of quantity by dividing a set of values into groups by cluster analysis and multidimensional object clustering by a system of indicators, as well as identifying the progress and regress patterns in the non-bank financial service markets. Achieving the research results requires taking into account the above-mentioned objectives fulfilled in seven stages. The research results reflect the influence on the financial service markets exerted by the governmental regulation policy and the consumer protection level in these markets.
, Svitlana Hlushchenko, Kamilla Sverenko
Published: 31 March 2021
Economics of Development, Volume 19, pp 35-47; https://doi.org/10.21511/ed.19(4).2020.04

Abstract:
The goal of the paper is to disclose the links between the dynamics of macroeconomic indicators and the level of bank loan rates based on international and Ukrainian practice. On the basis of the previous analysis, the paper also aims to identify the key trends in the formation of loan prices in the long run and identify problematic issues related to bank loan rates. The main characteristics of bank lending rates in Ukraine are: a) their high rates; b) sharp changes in the weighted average bank loan rates from year to year; c) higher loan rates for households compared to the cost of bank loans for businesses; d) higher bank loan rates for short- and medium-term loans versus long-term ones; e) lower rates on loans in foreign currency compared to the loans in hryvnia; and f) high share of non-performing loans to households and businesses in bank portfolios. In the context of world and Ukrainian practice, the paper demonstrates the reverse effect between macroeconomic indicators such as GDP per capita, the ratio of loans to GDP, the ease of doing business index and bank loan rates. The article also demonstrates a direct relationship between the dynamics of inflation rate in the country, the dynamics of non-performing bank loans and their rates.
, Saurabh Srivastav, Tetiana Zhyber, Denys Hryzohlazov
Published: 15 March 2021
Economics of Development, Volume 19, pp 24-34; https://doi.org/10.21511/ed.19(4).2020.03

Abstract:
The study focuses on the need to update tools for making local governance decisions using modern information technology in an environment of unpredictability added by the pandemic. Policy formulation by the authorities, especially local governments, is faced with the demand for sustainable development due to the obstacles and risks that have arisen. The purpose of the paper was to create a model for an intelligent information system to rank input qualitative information as an object in accordance with sustainability criteria for determining the local government’s policy on budgetary support for entrepreneurial activity. Fuzzy informatics methods used in soft computing based on fuzzy logic improve estimation potential. The activity in сommunity-based tourism (CBT) was chosen as a basis for simulating the “Intelligent Ranking System” for local budgeting. In the paper, the system ranks four factors of sustainability according to the importance of local government activity by nine criteria, whose fuzzy values are calculated based on expert judgments within the framework of six linguistic variations. Simulation of future directions of budgeting was developed using unified answers from the example of India for applying in local tourism. The basis of the system matrix is formed through the subsequent analysis of deviations from the limiting variations of the maximum positive and maximum negative impressions of experts. The model of this ranking system will be useful for service-oriented activities where consumer impressions are an important development requirement.
Anatolii Voronin, , Lidiia Аfanasieva
Published: 29 December 2020
Economics of Development, Volume 19, pp 12-23; https://doi.org/10.21511/ed.19(4).2020.02

Abstract:
The work is focused on solving a set of problems related to the functioning of the enterprise (firm) in a competitive market environment. The stability of the firm in market conditions is determined by the ability to optimally manage available resources, effective planning for timely promotion of new products, the ability to adequately respond to challenges posed by sudden changes in market conditions. An important factor in achieving economic stability of the enterprise is the presence of the internal concept of self-development, which combines two main functions - marketing and management system (management). In this article the methodology of economic and mathematical modeling of a market condition of firm as process of interaction of functions of marketing and management has received the further development. A model is proposed, which is built in line with the paradigm of economic synergetics and is a system of two nonlinear ordinary differential equations. It is proved that in this situation the classical linear principle of superposition loses its relevance and does not allow the application of the traditional apparatus of econometric analysis. Therefore, the most important for the implementation of the practice of economic forecasting is the construction of areas of stability of the equilibrium of the firm. According to the results of the study, the emphasis is placed on the need to develop criteria for the proximity of system parameters to the dangerous limits of loss of stability by the firm, during the transition through which the economic system changes its dynamic mode catastrophically. A key place in the work is given to determining the parameters of cyclic processes, indicating the amplitude, frequency and nature of the stability of periodic trajectories. The presented results of numerical modeling have practical value and can be used for the analysis and forecasting of parameters at separate stages of the corresponding periodic modes of functioning of the enterprises with various types of stability.
Iryna Sierova, Hanna Svydlo, Viktoriia Derykhovska, Zine Barka
Published: 15 December 2020
Economics of Development, Volume 19, pp 1-11; https://doi.org/10.21511/ed.19(4).2020.01

Abstract:
Current trends in the socio-economic development of the world community have predetermined a close relationship between the parameters of the dynamics of national economies and their structural proportions. Changes in the quantitative proportions and the qualitative state of the world economy as a system determine the trend in the dynamics of the sectoral structure of the national economy. Despite the post-industrial nature of the development of countries with market economies, the source of their structural changes remains domestic economic growth, which is caused by the redistribution of capital and labor in high-tech manufacturing industries. Therefore, the purpose of this study is to formulate a general scheme for the correct assessment of the secondary sector of the Ukrainian economy based on the possibility of using analytical generalizations. The object of research is the structure of the types of activities that form the secondary sector of the national economy. The dynamics of this sector is largely determined by price characteristics. Therefore, in the analysis of reproduction processes, structural proportions associated with different price elasticities are taken into account. Since the basis for the formation of the price of products is the cost of their production, and the quantitative proportions of the economy determine the setting of new strategic goals, the article traces the dynamics of the relationship of zones and states of balanced indicators that reflect the activities of an industrial group as one of the forms of business organization. Reduction of dynamics indicators to one base allows them to be compared at all levels of generalization of data and to track trends that more accurately reflect the real state of the secondary sector of the national economy.