Видання зареєстровані авторами шляхом самоархівування
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Item Determinants of Management of Central Bank to Provide the Economic Growth: an Application of Structural Equation Modeling(Applied Economics Studies, 2021) Сисоєва, Лариса Юріївна; Sysoieva, Larysa Yuriivna; Бєлова, Інна Валеріївна; Bielova, Inna Valeriivna; Рябушка, Людмила Борисівна; Riabushka, Liudmyla Borysivna; Деміхов, Олексій Ігорович; Demikhov, Oleksii IhorovychThe country's domestic economic expansion is becoming increasingly important, especially in the context of the epidemic and financial crises, both within individual countries and the world. To provide this growth, it is relevant to the strategy of the central bank's activities for overcoming extern in the context of epidemical and internal threats with specific regulatory approaches and monetary instruments. The paper summarizes the arguments and counterarguments within the discussion of the question regarding the central bank's influence on the country's economic growth. The study's primary purpose is to determine the relationship between the indicators that characterize the central bank's activities and the country's economic development. The systematization of literary sources and approaches related to this issue confirms the mediated relationship between the activities of the central bank and the economic growth on a long-term basis. The relevance of this topic is closely connected with the changing role of the central bank and the expansion of its powers, tasks, responsibilities, and its place in the country's economy. This research's objective is the economies of the countries predominantly of the European Union, which has different levels of economic development. The structural modeling method is used in STATA 12.0 (based on data on 11 variables for the period of 1998-2016 for 24 countries). The results of the study confirm the correlation between the role of central banks and domestic economic expansion.Item Influence of monetary policy instruments and indicators on dynamics of financing innovation: empirical evidence(Limited Liability Company “FINTECHALLIANCE”, 2022) Belgibayeva, A.; Самойлікова, Анастасiя Вiкторiвна; Самойликова, Анастасия Викторовна; Samoilikova, Anastasiia Viktorivna; Васильєва, Тетяна Анатоліївна; Васильева, Татьяна Анатольевна; Vasylieva, Tetiana Anatoliivna; Лєонов, Сергій Вячеславович; Леонов, Сергей Вячеславович; Lieonov, Serhii ViacheslavovychToday innovations are drivers of countries’ economic growth, competitiveness, security, and sustainable development. Financial policy and its instruments play a significant role in innovation management, and monetary instruments are one of the most important components of financial policy. Therefore, the necessity of increasing the efficiency of financial support for innovation development actualizes the study of the impact of the monetary policy instruments and indicators on the level of financing innovation. The aim of the article is to improve the scientific basis for the study of the impact of monetary policy instruments and indicators on the dynamics of financing innovation based on empirical evidence. Information basis of the research was formed from the data for Ukraine and 12 post-soviet and other countries with similar starting economic conditions for 2010-2019, taking into account the availability of statistics from the International Monetary Fund, the World Bank, and the central banks for the whole investigated indicators at the time of the study. The software base included Excel and STATA. The methods of regression (linear regression model with panel-corrected standard errors) and correlation analysis (calculating Pearson and Spearman coefficients) were applied to identify a relationship between monetary instruments and indicators and indicator of financing innovation, confirm the hypothesis about the impact of the monetary instruments and indicators on the financing innovation and formalize this effect. To strengthen the country’s innovation development, it is proved the expediency of lowering the discount rate and real interest rate, increasing “broad money” on general reserves, and increasing liquid reserves on bank assets, as well as the transition to inflation targeting. According to the calculations, for all monetary instruments and indicators, except the discount rate, the directions of influence in Ukraine and the panel from 12 other countries were opposite. This one confirms that monetary instruments in Ukraine are not fully performing their regulatory function, in the context of stimulating innovation development.Item The impact of digital transformations on the transparency of financial-economic relations and financial security of Ukraine(Limited Liability Company “FINTECHALLIANCE”., 2022) Гриценко, Лариса Леонідівна; Гриценко, Лариса Леонидовна; Hrytsenko, Larysa Leonidivna; Захаркіна, Людмила Сергіївна; Захаркина, Людмила Сергеевна; Zakharkina, Liudmyla Serhiivna; Захаркін, Олексій Олександрович; Захаркин, Алексей Александрович; Zakharkin, Oleksii Oleksandrovych; Новіков, Володимир Миколайович; Новиков, Владимир Николаевич; Novikov, Volodymyr Mykolaiovych; Chukhno, R.The spread of digital information technologies can significantly increase the opportunities for publicity and growth of financial relations, reduce abuse and corruption, which in turn will contribute to financial security at all levels of the economic system. The aim of the article is to create a methodological basis and methodological basis for the formation of a fundamentally digital model of transparency of financial and economic relations at the level of public finance, which minimizes threats to financial security and maximizes development opportunities due to the digitalization of economy and society. The statement of basic materials. The article analyzes the current scientific approaches to determining the impact of digital transformations on ensuring the transparency of financial relations and identifies the most relevant areas of research on this topic. Bibliographic analysis was carried out with the help of modern software VOSviewer, which revealed cluster relationships between the categories of "digital transformations", "national security" and other economic categories, which once again showed significant global scientific interest in this topic and its interdisciplinary nature. Given that the key role in shaping the financial security of the state belongs to the provision of budget security indicators, considerable attention was paid to considering the specifics of the Open Budget Index, which is formed by calculating indicators that comprehensively characterize the transparency of the budget process. The rating positions of Ukraine according to this index are compared with the positions of other countries. The possibilities of the Transparent Budget system, which is part of the open government of Ukraine, are considered. The peculiarities of the Open Budget and Open Spending web portals, which provide informational support to the budget process and provide citizens with access to information on public funds at all stages of planning and use, are analyzed. Existing technologies and information opportunities to ensure the transparency of public debt policy, foreign exchange, and monetary market are considered. Conclusions. The study shows that the synergistic combination of digitalization and integrated development of financial transparency is an effective means of improving financial security, and reducing information barriers and will be a catalyst for positive changes in the economy.Item Impact of Politically Generated Shocks on Monetary Performance: a Cross-country Comparison(Business perspectimes, 2019) Макаренко, Михайло Ілліч; Макаренко, Михаил Ильич; Makarenko, Mykhailo Illich; Журавка, Федір Олександрович; Журавка, Федор Александрович; Zhuravka, Fedir OleksandrovychУ період після Великої рецесії макроекономічна стабільність все частіше стала порушуватися потрясіннями соціально-економічного характеру, зумовленими зростанням невдоволення населення високим рівнем безробіття та бідності, активізацією радикальних партій і рухів та загостренням геополітичного протистояння у світі. Залежно від виду та глибини таких потрясінь вони набувають форми політично генерованих шоків і справляють своєрідну дію на монетарну сферу як складову макроекономічного середовища, яке, з одного боку, може абсорбувати виниклу турбулентність, а з іншого - навпаки, посилити її через збурення адаптивних очікувань господарських суб’єктів. У статті досліджено три види політично генерованих шоків та специфіка їх впливу на монетарну сферу. Встановлено, що шоки, породжені політичним популізмом, характеризуються фіскальним домінуванням в економіці, використанням монетарних заходів при фінансуванні бюджетного дефіциту на догоду політичній кон’юнктурі, а також тривалим періодом їх подолання через необхідність неухильної болісної зміни суспільних настроїв і очікувань. Шоки, що виникли з причини застосування міжнародних санкцій до певних країн, мають зовнішнє походження і виражаються насамперед у підвищенні волатильності національних валютних ринків. Макроекономічна і, зокрема, монетарна нестабільність через участь країни у військовому конфлікті є результатом найбільш важких для економіки шоків, глибина і тривалість яких зумовлюється характером кризових явищ. Зазначені види політично генерованих шоків проаналізовані на прикладах таких країн, як Аргентина, Туреччина та Україна, які свого часу запровадили режим інфляційного таргетування в грошово-кредитній політиці, але змушені були допустити його видозміну під впливом політико-економічної нестабільності.Item The impact of inflation targeting on macroeconomic indicators in Ukraine(Businness Perspectives, 2020) Kuzheliev, M.; Zherlitsyn, D.; Рекуненко, Ігор Іванович; Рекуненко, Игорь Иванович; Rekunenko, Ihor Ivanovych; Nechyporenko, A.; Nemsadze, G.The correlation between macroeconomic dynamics and the inflation rate is the subject of many economic studies. The principles of monetary policy are developed in classical economics studies, which are based on the theories of Keynes, Phillips, Campbell, etc. However, classic approaches require practical validation, especially with regard to modern economic trends in times of crisis and emerging economies. Therefore, the purpose of the paper is to investigate and summarize the impact of inflation targeting and other key monetary policy instruments on fundamental economic indicators in Ukraine during periods of stability and crises. An empirical analysis is based on official statistics from Ukraine for 2011–2019. This study uses econometric methods (multivariate regression and simultaneous equation model), which are applied for the general and transmission impact of inflation on the estimation of economic growth. The results prove that inflation does not affect (less than 0.46 linear correlation) fundamental economic indicators during periods of real GDP growth and a quarterly CPI level of less than 2%. On the other hand, there are significant simultaneous regressions (more than 0.8 coefficients of determination) between unemployed, spending on real final consumption, hryvnia exchange rate and monetary policy instruments (discount rate, international reserves, amount of government bonds, M3 monetary aggregate) for periods when the quarterly CPI (consumer price index) is more than 2%. Therefore, the traditional monetary policy implications are discussed for emerging economies.