¹ 12, 2017

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UDC 330.341.424:339.9
M. I. Z V E R Y A K O V,
Professor, Doctor of Econ. Sci.,
Corresponding Member of the NAS of Ukraine,
Odesa National Economic University
© Zveryakov Mókhailî Ivanovóch, 2017; 
A theoretical analysis of the crisis of the neoliberal model of globalization, which led to the processes of deindustrialization in many countries of the world, including Ukraine, was presented. It is shown that in the process of globalization, national states gradually lost their role as decision-making centers and became elements of a larger global economy. There was a gradual loss of national-state sovereignty by the states that entered the orbit of global economic forces and international institutions. It is noted that global regulators act in favor of TNCs, for which any national restrictions become an obstacle to the attraction of national resources to global economic turnover. It is stressed that the subordination of national interests to forces of global market is the main content of the process of globalization at the present stage. It is emphasized that the effect of the forces of global capital in the form of TNK, on the one hand, and resistance to such an action by national states on the other, constitute the main contradiction of the world economic development. An analysis of the process of deindustrialization as a consequence of the globalization process has been carried out. The process of transition in the USA from deindustrialization to reindustrialization under the influence of the “shale revolution” is considered. It is noted that as a result of renewal of development of high-tech branches of the real sector of economy in Western countries, the global economic model is changing, which gives a chance to overcome the negative consequences of the global crisis. An analysis of various models of capitalism under conditions of neo-liberal globalization, including those in the countries emerging in the post-socialist space, has been carried out. It is shown that solving the existing contradiction between current and long-term tasks in Ukrainian economy is possible on the basis of a reproductive approach.
Keywords: globalization, deindustrialization and reindustrialization, various models of capitalism, industrial policy, depreciation, strategic goal-setting, a model of sustainable economic growth (ðð. 3–12).
14. Zveryakov M.I. Pro zminu modeli ekonomichnoho rozvytku [On a change of the model of economic development]. Ekonomika Ukrainy – Economy of Ukraine, 2015, No. 6, pp. 41–49 [in Ukrainian].
15. Sokolov M. O poiske finansovykh rezervov dlya uskoreniya ekonomicheskogo razvitiya Rossii [About the search for financial reserves for accelerating of the economic development of Russia]. Obshchestvo i ekonomika – Society and Economy, 2015, No. 6, pp. 49–75 [in Russian].
UDC 336.2:336.7
T. I. ² E F Y M E N K O, 
Professor, Doctor of Econ. Sci.,
Corresponding Member of the NAS of Ukraine,
President of the SESI “Academy of Financial Management”
© Iefymenko Tetiana, 2017; e-mail:

Interrelations between stable exchange rate of the national currency and level of interest rates with the degree of predictability of inflation dynamics and with factors of stimulation of economic activity and employment in the country are analyzed. It is proved that the choice of a method of applying the fiscal instruments (including those aimed at maintaining a safe level of public debt and its servicing costs) is determined by degree of rigidity of consistent policy of an independent central bank. In particular, in Ukraine, which according to the IMF classification refers to developing countries with average income level: (i) potential for budget redistribution is significantly limited; (ii) high share of revenues is generated by sources of regressive indirect taxes; (iii) budgetary rules for determining the expenses should be improved in terms of increased level of transparency and accountability.
At the same time, reducing the tax burden and improving the administration of mandatory payments contribute to ensuring the social balance in society, growth of production, etc. However, such a policy can be successful given the positive expectations of monetary stability in the country.
According to the experience, budget deficit not covered by current monetization of the economy has a reverse (negative) impact on predictability of exchange rate and price fluctuations, and ultimately on total output and unemployment.
In the context of countering the shocks, a need to create and further maintain the vital activity of institutional space for the management integration of fiscal and monetary directions of the common economic policy in the short and long term is considered.
To avoid the asymmetry of information within financial markets, it is justified the importance to harmonize the national regulatory norms and rules with similar international ones and also to interact professionally with institutions providing these processes.
Keywords: fiscal policy, monetary policy, inflation, targeting, budget, regulation (ðð. 13–33).
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UDC 336.71+336.368+339.56+339.9+53.01
JEL Codes: D40, F40, G20, E44, L10
L. V.  S H I R I N Y A N,
Professor, Doctor of Econ. Sci., Head of the Chair of Finances,
Educational and Research Institute of Economics and Management,
National University of Food Technologies,
© Shirinyan Lada Vasylivna, 2017; e-mà³l: làdàsh³r³nyà,
A. S.  S H I R I N Y A N,
Associate Professor, Ph. D., Doctor of Phys. & Math. Sci., 
 Senior Researcher, Educational and Research Center of the NAS of Ukraine,
Principal Researcher, Research Laboratory of the National University of Food Technologies
© Shirinyan Aram Sergiyovych, 2017; e-mà³l: aramsh³r³nyà
The purpose of the article is to study the degree of openness of financial services markets in Ukraine on the example of the banking and insurance sectors: banks and insurers with foreign capital. The main quantitative indicator for analyzing the influence of foreign players on a market is the coefficient of openness being as a share of foreign capital. A methodology for a comprehensive assessment of market openness of the banking and insurance services in Ukraine is proposed.
The authors elaborated a classification of market types according to the criterion of degree of openness. It has been found out that isolated markets have a degree of openness within 1%. In a closed market, the weight of goods and services of foreign players is less than 10% and does not almost affect the overall market condition. It is shown that for the case of Ukraine at the present stage of development, the degree of openness of the markets in the interval from 10% to 35% may be considered as the optimal one. Open markets are divided into four categories: from the optimal for Ukraine in the interval 10%–35% to affiliated for values of the coefficient of openness >75%. The important threshold is the value the coefficient of openness =50%, when freedom of choice of domestic and foreign service providers appears: the influence of foreign players becomes equal to the influence of national service providers. In the case of the coefficient of openness >50% a risk of loss of national preferences and monopolization of the market by foreign players appear.
The classification is guided by the known economical quotas and models of phenomena in natural sciences. Open markets can be described by the corresponding equations using models of classical, semi-classical physics and quantum-mechanical models of over-barrier transitions. The higher the value of the openness index is, the more approaches of classical physics for describing are suitable.
It is shown that markets of banking and insurance sectors of Ukraine are open: banking market is open and dependent, insurance market is open and optimal with conserving the national preferences and export-oriented at the same time.
Keywords: market openness, market of financial services, banks and insurers with foreign capital, criterion of openness, integral index of the market openness (pp. 34–51).
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2. Heyets V.M. Ekonomika Ukrainy: Stratehiya i Polityka Dovhostrokovoho Rozvytku [Economy of Ukraine: Strategy and Policy of Long-term Development]. Kyiv, Institute for Economics and Forecasting of the NAS of Ukraine, Feniks, 2003 [in Ukrainian].
3. Dzyublyuk O.V., Vladymyr O.I. Inozemnyi kapital u bankivs’kii systemi Ukrainy: vplyv na rozvytok valyutnoho rynku ta diyal’nist’ bankiv [Foreign capital in the banking system of Ukraine: an impact on the currency market development and banks activity]. Visnyk Natsional’noho banku Ukrainy – Herald of the National Bank of Ukraine, 2014, No. 5, pp. 26–33 [in Ukrainian].
4. Ermoshenko M.M. Finansova Bezpeka Derzhavy: Natsional’ni Interesy, Real’ni Zagrozy, Stratehiya Zabezpechennya [Financial Security of the State: National Interests, Real Threats, Strategy of Providing]. Kyiv, KNEU, 2001 [in Ukrainian].
5. Zaletov O.M. Vplyv strakhovykiv z inozemnym kapitalom na strakhovyi rynok Ukrainy [Influence of the insurers with foreign capital on insurance market of Ukraine]. Rynok tsinnykh paperiv Ukrainy – Securities Market of Ukraine, 2014, No. 1-2, pp. 77–84 [in Ukrainian].
6. Kornylyuk R. Ukrayins’ki banky v tenetakh inozemnoho kapitalu [Ukrainian banks in the networks of foreign capital]. Ekonomichna Pravda – Economic truth, May 12, 2009, available at: [in Ukrainian].
7. Mischenko V., Nabok R. Rol’ inozemnoho kapitalu v bankivs’komu sektori krainy [The role of foreign capital in the banking sector of the country]. Visnyk Natsional’noho banku Ukrainy – Herald of the National Bank of Ukraine, 2005, No. 11, pp. 38–44 [in Ukrainian].
8. Sanina O.R., Kirienko Yu.A. Indykatory otsinky vidkrytosti ekonomichnoi systemy Ukrainy, v: Menedzhment ta pidpryemnytstvo v Ukraini: etapy stanovlennya i problemy rozvytku: zbirnyk naukovykh prats’ [Indicators of Ukraine’s economy openness measure, in: Management and entrepreneurship in Ukraine: stages of formation and problems of development: coll. of sci. works]. Visnyk Natsional’noho universytetu “L’vivs’ka politekhnika” – Bulletin of Lviv Polytechnic National University, 2011, No. 704, pp. 158–166 [in Ukrainian].
9. Smovzhenko T., Drugov O. Upravlinnya protsesom zrostannya uchasti inozemnykh investoriv u roboti bankivs’koi systemy Ukrainy [Managing the process of increasing the participation of foreign investors in the banking system of Ukraine]. Visnyk Natsional’noho banku Ukrainy – Herald of the National Bank of Ukraine, 2008, No. 1, pp. 16–19 [in Ukrainian].
10. Shirinyan L.V. Finansove Rehulyuvannya Strakhovoho Rynku Ukrainy: Problemy Teorii ta Praktyky [Financial Regulation of Ukraine’s Insurance Market: Problems of Theory and Practice]. Kyiv, PH “Textbooks Center”, 2014 [in Ukrainian].
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UDC 330.8:502/504
O. O.  V E K L Y C H,
Professor, Doctor of Econ. Sci.,
Principal Researcher of the Department
of Economic Problems of Environmental Policy and Sustainable Development,
Institute of Environmental Economics and Sustainable Development of the NAS of Ukraine
© Veklych Oksana Opanasivna, 2017;


Based on lots of original international documents and results of foreign and domestic research, a clear lack of development of the problem of balancing the economic, social and ecological state of the functioning of society from the standpoint of the ecosystem approach in domestic specialized literature was revealed. This approach is particularly widely and in-depth used as a base in scientific developments and practical projects in the countries of near and far abroad in recent years. It was found that the initial reason for such a situation is an unclear understanding of the concept of an “ecosystem approach” in conceptual apparatus not only in economic, but also in other social sciences; this actualizes the research of its pithy content. The essence of the concept of an ecosystem approach in broad and narrow (in its own meaning) sense is revealed and it’s characteristic from management position as a specific methodological structure for development of practical managerial innovations is also given. It is proved that application of the ecosystem approach in economic sciences is not limited to the sphere of management only.
For the first time the notion of “ecosystem valuation” was formulated and introduced into scientific terminology. An algorithm for implementing the method of ecosystem valuation is proposed, developed and step-by-step disclosed. The essence, objectives and target instructions of each of the three stages of the implementation cycle of this method are consistently considered. This makes it possible to diagnose in a timely manner the socio-ecological and economic problems of the functioning of any ecosystem, transforming the ecosystem approach from an abstract concept to specific management actions. It is shown that application of the ecosystem valuation will promote the introduction of ecosystem accounting and an integrated approach to determining ecosystem benefits and losses, which are systematically underestimated. Thus, a more accurate factual basis for making management decisions, which are more effective in terms of economic costs, is created .
Keywords: ecosystem approach, ecosystem valuation, socio-ecological-economic system, public nature management (pp. 52–67).
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6. Karas’ Yu.S. Sotsio-Ekologo-Ekonomicheskaya Sistema kak Ob"ekt Regional’nogo Upravleniya [Socio-Ecological and Economic System as an Object of Regional Management]. Ufa, BASSM, 2013 [in Russian].
7. Korchagina E.V. Analiz i otsenka ustoichivogo razvitiya sotsio-ekologo-ekonomicheskikh sistem [Analysis and assessment of sustainable development of socio-ecological and economic systems]. Doctor’s thesis. Gatchina, Institute of Economics, Finance, Law and Technology, 2012, available at: [in Russian].
8. Ryzhkova Yu.A., Mikhneva S.G. K voprosu o formirovanii sotsio-ekologo-ekonomicheskoi sistemy [To the question of the formation of a socio-ecological and economic system]. Izvestiya vysshikh uchebnykh zavedenii – Proceedings of higher educational institutions, 2009, No. 4 (12), pp. 120–128, available at: [in Russian].
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11. Kopylov M.N., Nguyen Q.C. Sovremennye podkhody k ekosistemnomu upravleniyu [Contemprorary approaches to ecosystem management]. Evraziiskii yuridicheskii zhurnal – Eurasian Law Journal, 2013, No. 4, pp. 82–86, available at: [in Russian].
12. Medvedeva M.A. Rol’ Spetsial’nykh Pryntsypiv Mizhnarodnoho Prava Navkolyshn’oho Seredovyshcha u Zabezpechenni Realizatsii ioho Norm, v: Mezhdunarodnoe Pravo i Mezhdunarodnye Otnosheniya: XXI Vek [The Role of Special Principles of International Environmental Law in Ensuring the Implementation of its Norms, in: International Law and International Relations: XXI Century]. A.V. Zadorozhnii (Ed.). Kyiv, Feniks, 2013, pp. 54–64, available at: [in Ukrainian].
13. Suetnov E.P. Deyaki Aspekty Mizhnarodno-Pravovoho Rehulyuvannya Ekosystemnoho Pidkhodu, v: Teoretychni ta Praktychni Aspekty Realizatsii Ekolohichnoho, Zemel’noho, Agrarnoho Prava v Umovakh Staloho Rozvytku Ukrainy. Mater. kruhloho stolu [Some Aspects of International Legal Regulation of the Ecosystem Approach, in: Theoretical and Practical Aspects of Implementation of Ecological, Land and Agrarian Law in Conditions of Sustainable Development of Ukraine. Materials of Round table]. A.P. Het’man (Ed.). Kharkiv, Pravo, 2016, pp. 198–200, available at: [in Ukrainian].
14. Klynovyi D., Moroz V., Petrovs’ka I. Ekosystemnyi kontsept modernizatsii terytorial’nykh pryrodno-hospodars’kykh kompleksiv [Ecosystem concept of modernization of the territorial natural-economic complexes]. Ekonomika pryrodokorystuvannya i okhorony dovkillya  – Economics of nature management and environmental protection, 2015, pp. 75–86, available at: [in Ukrainian].
15. Tsibulnikova M.R. Problemy i perspektivy otsenki prirodnogo kapitala territorii kak pokazatelya resursoeffektivnogo prirodopol’zovaniya [Problems and prospects of the territory of the valuation of natural capital as an indicator of resource-efficient environmental management]. Sovremennye problemy nauki i obrazovaniya. Razdel: Ekonomicheskie nauki – Modern problems of science and education. Section: Economic sciences, 2014, No. 6, available at: [in Russian]. 
16. Vlasova E.Ya., Gavrilovskaya M.A., Barduk K.N. Transgranichnoe prirodopol’zovanie: prostranstvennyi i ekosistemnyi podkhody k issledovaniyu (na primere PKhK Sverdlovskoi oblasti) [Transboundary nature management: spatial and ecosystem approaches to research (using the example of Sverdlovsk Region’s NEC)]. Izvestiya Ural’skogo gosudarstvennogo ekonomicheskoho universiteta – Proceedings of the Ural State University of Economics, 2006, No. 3 (15), pp. 161–169, available at: [in Russian].
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UDC 330.332.3:330.14:37:614(477)
N. M. P R Y T U L Y A K,
Associate Professor, Cand. of Econ. Sci.,
Associate Professor of the Department of Corporate Finance and Controlling,
Kyiv National Economic University named after Vadym Hetman
© Prytulyak Natalia Ìókola³vna, 2017; 
Choice of the subject matter of the article is conditioned by the deep conviction that the very fact of assessing the national human capital will contribute to changing the views accepted in Ukrainian society on this unique resource, which contributes to modern development of society and to formation of awareness of the need to preserve and multiply this wealth. These same considerations have determined goals and objectives of the article.
Based on the fact that human capital is multidimensional economic phenomenon, which has a complex internal structure, analytical study of its state and development trends is performed by dividing this phenomenon into major components on the basis of indicators such as demographic trends in the country, processes of reproduction and accumulation of health, educational, scientific capital and innovation activity, along with criteria determining the standard and quality of living of Ukrainian population.
Given the fact that human capital is formed and accumulated through investments in specific processes of human life, except for special (branch) criteria, macro-financial indicators became the assessment tools. Their analysis made it possible to determine actual disparity of human capital existing in Ukraine to the level that would transform this economic phenomenon to the driving force of the state progress and provide sustainable and dynamic development of the economy. Study of the main trends and characteristics of macroeconomic factors impact on human capital formation revealed a number of problems and contradictions of its development, manifested in forms of sustainable socio-economic losses.
Taking into account the priority role of the state in the accumulation and preservation of national human capital, it is stressed the need to form the state social responsibility, capable of preserving the unique resource, which is the human capital, and to prevent irreversible processes of its destruction and losses.
Keywords: national human capital, health capital, knowledge capital, science capital, innovative creativity, standard of living, human development (pp. 68–85).
UDC 141.2: 37.013.73
V. L.  O S E T S ’ K Y I,
Doctor of Econ. Sci.,
Professor of the Department of Economic Theory, Macro- and Microeconomics, 
Taras Shevchenko National University of Kyiv,
© Osets’kyi Valerii Leonidovych, 2017;
I. L.  T A T O M Y R,
Cand. of Econ. Sci.,
Associate Professor of the Department of Theoretical and Applied Economics,
Drohobych Ivan Franko State Pedagogical University
© Tatomyr Iryna Lyubomyrivna, 2017;

The role played by massive open online courses in organizing a distance learning system is shown. The authors assessed the world’s top resources in the field of online education according to criteria such as the number of registered trainees, the number of courses, amount of investments, leading investors and partners. The arguments are presented why the “Coursera” educational platform, which counts several dozen global training centers around the world, is the leader in the niche of suppliers of massive open online courses.
It has been found that the best alternative solutions to prepare schoolchildren and students are offered by a non-profit educational resource – “Salman Khan Academy”. Indicators for assessing the quality and effectiveness of massive open online courses are substantiated. The first one concerns the completion of the course, the second one – the category of people visiting the online platform. It is found that, despite the goal of influencing the low-educated population groups, the online courses students are mostly people with a basic higher education and a corresponding educational and qualification level. The latter are standing out pretty significantly financially. The level of openness and availability of the course are proposed to be considered as one more quality indicator. Unlike offline, it can be reviewed, commented on and subjectively assessed by countless numbers of lecturers, students, experts in various fields of knowledge worldwide.
The ways of financial maintenance of majority of the most influential educational platforms, which provide for development of corporate philanthropy and monetization of the offered educational products and services, are determined. These ways are: receipt of funds from certificates granted, entrepreneurs’ fees for holding their own training courses, receipt of funds from individual training and counseling, income from licensing a training platform or selling it to employers or other educational institutions, etc. The prospective strategies for inclusion of the MOOC into the global educational system are determined.
Keywords: massive open online course, educational start-up, educational hub, education monetization (pp. 86–98).
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3. Tepla M. Masovi vidkryti onlain-kursy v Ukraini: suchasni tendentsii rozvytku, mozhlyvosti ta dosyagnennya [Massive open online courses in Ukraine: current trends, opportunities and achievements]. Proceedings from: Innovatsii v biznes-osviti. II Mizhnar. nauk.-prakt. internet-konf. [Innovation in business education. II International science and practical internet conference]. Kyiv, KNEU, pp. 82–84 [in Ukrainian].
4. Batsurovska I.V. Masovi vidkryti dystantsiini kursy: innovatsiina tendentsiya v osviti [Mass open distance learning courses: innovative trend in education]. Naukovyi visnyk Mykolaivs’koho Natsional’noho universytetu imeni V.O. Sukhomlyns’koho. Seriya: Pedahohichni nauky – Scientific Herald of the Mykolaiv V.O.Sukhomlinskyi National University. Series: Pedagogical Sciences, 2015, No. 1, pp. 31–34 [in Ukrainian].
5. Lyashenko O.M., Prots I.I. Masovi vidkryti onlayn-kursy: nova tekhnolohiya navchannya chy mif? [Massive open online course: new educational technology or myth?]. Molodyy vchenyy – Young Scientist, 2016, No. 4 (31), pp. 118–121 [in Ukrainian].
6. Tolstosheeva I. Transformatsiya onlayn-kursov: glavnye trendy, chto izmenilos’ i pochemu vse budut platit’ [The transformation of online courses: the main trends, what has changed and why everyone will pay], available at: [in Russian].
7. Koval’ M. Investitsii v obrazovatel’nye startapy Evropy vyrosli v 2 raza do ˆ23 mln [Investments in educational startups in Europe grew 2 times to ˆ 23 million], available at: [in Russian].
8. Salmon F. Udacity’s model, available at:
HEYETS V. M. Experience and lessons of the Reformation – a chance for Ukraine (pp. 99-102)
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