¹ 6, 2018

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C O N T E N T S, No. 6, 2018 
UDC 339.92
Z H A N G   D O N G Y A N G,
Postdoctoral Researcher, School of International Studies,
Peking University,
5, Yiheyuan St., Haidian Dt., Beijing, 100871, China

© Zhang Dongyang, 2018;
The status and prospects of development of trade and economic relations between Ukraine and China are considered. It is proved that bilateral cooperation in the trade and economic sphere has made significant progress. In 2012–2017, China was the second largest trading partner of Ukraine after Russia. However, the problem of imbalance in imports and exports between Ukraine and China has not yet been resolved. In addition, the scale and number of projects in which Ukraine attracts Chinese investment is much less than investments from European countries and the United States. 
It is justified that trade and economic cooperation between Ukraine and China is at a new historical stage. On the one hand, Ukraine signed the Association Agreement with the European Union, and on January 1, 2016, the rules of the free trade zone between Ukraine and the EU entered into force. This helps to accelerate the integration of Ukrainian economy into European one. On the other hand, the global economic downturn requires the introduction of innovations in the model of cooperation. The Chinese initiative “One belt is one way” is one of the variants of the innovation model of cooperation. Its significance is to unite the Asia-Pacific region with the EU in order to join the Eurasian Economic Union, create a new space and opportunities for development and achieve prosperity with the Eurasian countries. All this forms unprecedented opportunities for development of bilateral economic and trade relations.
It seems that to fully open the potential of Ukrainian economy and expand bilateral trade and economic cooperation, it is necessary to take into account such proposals as the establishment of the Sino-Ukrainian industrial park, the promotion of cooperation in the field of electronic commerce, the formation of the Sino-Ukrainian free trade zone and enhanced interaction within multilateral mechanisms (for example, the Shanghai Cooperation Organization and the interaction of China and the countries of Central and Eastern Europe in the 16 + 1 format).
Keywords: Ukraine; China; foreign trade; strategic opportunities; ways to expand cooperation (pð. 3–12).
References 5; Table 1.
1. “2017年乌克兰货物贸易及中乌双边贸易概况”,中国商务部综合司 [Ukrainian goods trade in 2017 and bilateral trade between China and Ukraine, China Department of Commerce], available at: [in Chinese].
2. 热妮娅 Rozhenko Ie. 乌克兰与中国经贸关系的前景和障碍 [Prospects and obstacles to the economic and trade relations between Ukraine and China]. 中国商论 – China Journal of Commerce, 2017, No. 3, pp. 71–73 [in Chinese].
3. 张弘 Zhang Hong. 中国与乌克兰“一带一路”合作的风险与应对 [The risks and countermeasures of the “One belt is one way” cooperation between China and Ukraine]. 和平与发展 – Peace and Development, 2017, No. 4, pp. 110–122, 128 [in Chinese].
4. Golubtsova Yu.V. Tendentsii razvitiya vneshnei torgovli Ukrainy posle vstupleniya v VTO [Trends in development of Ukraine’s foreign trade after accession to the WTO]. Molodoi uchenyi – Young Scientist, 2013, No. 3, pp. 209–212, available at: [in Russian].
The article was received by the Editorial staff on March 28, 2018.
UDC 005.334:640.42-043.86
L I U D M Y L A  Z A V I D N A,
Associate Professor, Cand. of Agrar. Sci.,
Doctoral student of the Department of Hotel and Restaurant Business
Kyiv National University of Trade and Economics
19, Kioto St., Kyiv, 02156, Ukraine

© Zavidna Liudmyla, 2018; 

In an unstable, rapidly changing situation, it is necessary to take into account all possible consequences of changes in market conditions, including the actions of competitors. A high degree of risk leads to the need to find ways to artificially reduce the possible consequences of the impact of risk on changing the conditions for the implementation of business operations. Therefore, the main purpose of risk assessment is to provide business owners with the information necessary to make appropriate decisions, as well as to forecast measures to protect against possible losses.
Flexible system of financial management at hotel business enterprise must promptly react to any changes in its activities, which is especially relevant in modern conditions and practically impossible without the use of effective methods for assessing the risk of bankruptcy. To forecast the crisis, assess the possible bankruptcy of the hotel business enterprises and determine the level of risk, an assessment of financial condition of 21 enterprises of the hotel industry from 10 regions of Ukraine (Vinnitsa, Volyn, Dnipropetrovsk, Transcarpathian, Lviv, Ternopil, Kharkiv, Kherson, Khmelnytsky, Chernihiv) and Kiev city in 2015 was made using the Altman five-factor model.
In the course of evaluating the strategy of hotel enterprises using this model, it was determined that, taking into account the existing risk conditions, most of the enterprises under study are not implementing the strategies effectively enough. Economic potential of the enterprises concerned is low and the risk of bankruptcy is high. For three hotel enterprises, the indicators are close to the norm, that is, their development strategy can be considered satisfactory. 
To prevent bankruptcy of high-risk hotel business enterprises, the author proposes to introduce financial instruments that would allow compensating losses in case of risk event. 
Growth in business value will be maximized if management forms a strategy and sets goals to achieve a balance in the “company growth – profitability – risks” triad; however, it is necessary to effectively use the available resources.
Keywords: risk; risk assessment; enterprises of hotel business; qualitative analysis; quantitative analysis; probability of bankruptcy; Altman five-factor model; business risk (ðð. 13–25).
References 14; Figure 1; Tables 5.
1. Makhovikova G.A., Kas’yanenko T.G. Analiz i Otsenka Riskov v Biznese [Analysis and Assessment of Risks in Business]. Moscow, PH Yurait, 2015 [in Russian].
2. Boulton R.E., Libert Â.D., Samek S.Ì. Cracking the Value Code: How Successful Businesses Are Creating Wealth in the New Economy. NY, Harper Business, 2000. 
3. Zahorodnii A.G., Voznyuk G.L., Smovzhenko T.S. Finansovyi Slovnyk [Financial Dictionary]. Kyiv, Znannya, KOO, 2000 [in Ukrainian].
4. Rogov M. I pribyl’, i ubytok – ot neopredelennosti [Both profit and loss – from uncertainty]. Risk: Rynok. Informatsiya. Snabzhenie. Konkurentsiya – Risk: Market. Information. Supply. Competition, 1994, No. 3-4, pp. 83–88 [in Russian].
5. Grabovyi P.G. et al. Riski v Sovremennom Biznese [Risks in Modern Business]. Moscow, ALANS, 1994 [in Russian].
6. Khokhlov N.V. Upravlenie Riskom [Risk Management]. Moscow, UNITI-DANA, 2003 [in Russian].
7. Upravlenie Sovremennoi Kompaniei [Management of a Modern Company]. B. Mil’ner, F. Lis (Eds.). Moscow, INFRA-M, 2001 [in Russian].
8. Illyashenko S.M. Ekonomichnyi Ryzyk [Economic Risk]. Kyiv, Center for Educational Literature, 2004 [in Ukrainian].
9. Klymenyuk M.M., Bryzhan’ I.A. Upravlinnya Ryzykamy v Ekonomitsi [Risk Management in the Economy]. Kyiv, Prosvit, 2000 [in Ukrainian].
10. Shegda A.V., Holovanenko M.V. Ryzyky v Pidpryemnytstvi: Otsinyuvannya ta Upravlinnya [Business Risks: Evaluation and Management]. A.V. Shegda (Ed.). Kyiv, Znannya, 2008 [in Ukrainian].
11. Luk’yanova V.V., Holovach T.V. Ekonomichnyi Ryzyk [Economic Risk]. Kyiv, Akademvydav, 2007 [in Ukrainian].
12. Queiroz L. Risk management strategies for the hospitality industry, available at:
13. Meyer D. Setting the Table: The Transforming Power of Hospitality in Business. New York, Harper Paperbacks, 2008.
14. Skibyts’kui O.M. Stratehichnyi Menedzhment [Strategic Management]. Kyiv, Center for Educational Literature, 2006 [in Ukrainian].
The article was received by the Editorial staff on April 3, 2018
UDC 336.275.3
V A S Y L  K U D R Y A S H O V,
Professor, Doctor of Econ. Sci.,
Head of Department of Public Finances,
Financial Research Institute “Academy of Financial Management”,
46/48, O. Honchara St., Kyiv, 01034, Ukraine

© Kudryashov Vasyl, 2018; 
Analysis of dynamics of indicators of the state and the state-guaranteed debt in Ukraine in recent years is carried out and imperatives of the growth of public debt are determined. It is found out that its primary factors were the expansion of financing of the state budget for budget support of the state sector of economy, banking system, as well as the financing of the budget deficit. It is concluded that the solving of such tasks was carried out under conditions of aggravation of financial risks, namely: revenue mobilization, attraction of an additional resource for the purpose of financing the budget deficit and deficit-debt adjustment, under-fulfilment of privatization plans, admission of high inflation, as well as depreciation of the national currency. It is noted that the growth of public debt was due to an increase in the state borrowings, which were used to repay obligations, cover the costs of conducting the active operations and shift part of the borrowings of corporations and institutions to the state budget. The conduct of active operations was aimed at providing the financial support to the state banks and state institutions, DGF and capitalization of some private banks. Changes in the volume of the state borrowings are disclosed in terms of the ratio of their internal and external components. The reasons and consequences of growth of costs of deficit-debt adjustment (active operations within the framework of the state budget) are determined. Under conditions of non-fulfillment of revenue plans from privatization of the state property, such a policy will lead to aggravation of fiscal risks (retention of high indicators of the state borrowings and debt financing at the expense of the NBU and the state banks). The policy of state borrowings (in terms of internal and external components) turned out to be inconsistent: sharp changes were allowed in attracting the resource from internal and external sources, and the implementation of debt policy was marked by significant peak load on the state budget as well as their high profitability both in domestic and foreign markets. The volume of loan servicing continued to grow, which became a factor of increasing budget expenditures. Financing of borrowings using the resources of the NBU and the state-owned banks were reaching high rates. The author proposes the directions of fiscal policy aimed at restraining and restricting the state and the state-guaranteed debt by introducing changes to fiscal policy in Ukraine.
Keywords:  state debt; state-guaranteed debt; fiscal risks; budget deficit; state borrowings; active state budget operations; deficit-debt adjustment; internal and external government obligations (ðð. 26–43).
References 9; Figures 5; Tables 4. 
1. Keynes J.M. Obshchaya Teoriya Zanyatosti, Protsenta i Deneg [The General Theory of Employment, Interest and Money], Ch. 24, available at: [in Russian].
2. Stiglitz J.E. Ekonomika Derzhavnoho Sektora [Economics of the Public Sector]. Kyiv, Osnovy, 1998 [in Ukrainian].
3. Friedman M. Kolichestvennaya Teoriya Deneg [Quantity Theory of Money]. Moscow, El’f-press, 1996, available at: [in Russian].
4. Nureev R.M. “Obshchaya teoriya zanyatosti, protsenta i deneg” Dzh.M. Keinsa: predposylki vozniknoveniya, metodologiya i osobennosti interpretatsii [“The general theory of employment, interest and money” J.M. Keynes: background, methodology and specific interpretations]. Zhurnal institutsional’nykh issledovanii – Journal of Institutional Studies, 2016, Vol. 8, No. 1, pp. 6–35, available at: [in Russian].
5. Bilorus O. Strukturna transformatsiya global’noho kapitalu ta hiperfinansializatsiya vidtvoryuval’nykh protsesiv [Structural transformation of the global capital and hiperfinancialization of reproduction processes]. Finansy Ukrainy – Finance of Ukraine, 2016, No. 1, pp. 7–19 [in Ukrainian].
6. Bohdan T. Global’ni umovy ta vnutrishni ryzyky funktsionuvannya valyutno-finansovoi sfery Ukrainy [Global conditions and country-specific risks for functioning foreign exchange and financial sectors in Ukraine]. Finansy Ukrainy – Finance of Ukraine, 2017, No. 1, pp. 52–72 [in Ukrainian].
7. Heyets V.M. Osoblyvosti vzaemozv”yazku ekonomichnykh ta politychnykh transformatsii na shlyakhu do rekonstruktyvnoho rozvytku Ukrainy [Peculiarities of interrelationship of economic and political transformations on the way to reconstructive development of Ukraine’s economy]. Ekonomika Ukrainy – Economy of Ukraine, 2017, No. 10, pp. 3–17 [in Ukrainian].
8. Iefymenko T. Fiscal reforms and sustainable development in Ukraine. Finansy Ukrainy – Finance of Ukraine, 2016, No. 3, pp. 7–14.
9. Kyrylenko O.P. Formuvannya instytutsiinoho zabezpechennya prozorosti byudzhetnoho protsesu v Ukraini [Formation of institutional support for transparency of the budget process in Ukraine]. Finansy Ukrainy – Finance of Ukraine, 2017, No. 8, pp. 80–94 [in Ukrainian].
The article was received by the Editorial staff on February 21, 2018.
UDC 339.924: 331.556.4
R O M A N   S T A K A N O V,
Associate Professor, Cand. of Econ. Sci.,
Associate Professor of the Chair of World Economy 
and International Economic Relations,
Institute of International Relations
 Taras Shevchenko Kyiv University,
36/1, Mel’nókova St., Kyiv, 04119, Ukraine

©  Stakanov Roman, 2018; 
The task of the research was to structure the existing migration systems, to define the role of regional level in the current migration policy and to determine how formation of a synthetic system of regional migration policy is taking place. The author proposes to divide the immigration policy into three types: the demand-driven migration system, the supply-driven migration system and the synthetic migration system.
Demand-oriented systems can manifest themselves through the testing of the labor market, preliminary certification of employers, as well as attestation. The key priority of the supply-driven migration systems is to focus on the national interests of the destination country and maximize the positive effect of large-scale involvement of migrants with high human capital. The main form of manifestation of this system is the use of the points-based migration system, according to which individual characteristics of a potential migrant are assessed. To overcome the limitations of both approaches, a number of countries are switching to use of the synthetic migration policy, which includes the elements of both aforementioned systems.
Combination of tools of demand- and supply-driven migration systems allows both to take into account the migration interests of the state (mainly due to preservation or introduction of the points-based migration system) and to account for interests of employers (for example, providing for a large number of points for employees with job offers). The synthetic migration system is mostly used by countries that have a long history of immigration and have previously used the supply-driven migration system (e.g., Canada, Australia). However, countries with the demand-driven migration system (in particular, the USA through the mechanism of the RAISE Act) are approaching it as well.
There is no single migration policy regarding labor migration in framework of the regional integration associations; however, in some regions, the regional migration policy is manifested in coordination of the national migration policy at the regional level. The synthetic migration policy serves as the basis for regional regulation in Oceania, and also has significant chances for implementation in the North America region.
Keywords: international labor migration; migration policy; regional integration; synthetic migration system; supply-driven migration system; demand-driven migration system; points-based migration system (ðð. 44–68).
References 19.
1. Mayda A.M. International migration: a panel data analysis of the determinants of bilateral flows. Journal of Population Economics, 2010, No. 23, pp. 1249–1274.
2. Duncan N. Recruiting global talent: policy success or failure? European Consortium for Political Research, available at:
3. Malynovs’ka O. Migratsiina Polityka Evropeis’koho Soyuzu: Vyklyky ta Uroky dlya Ukrainy [Migration Policy of the European Union: Challenges and Lessons for Ukraine]. Kyiv, National Institute for Strategic Studies, 2014, available at: [in Ukrainian].
4. Filipenko A.S. Mizhnarodni Ekonomichni Vidnosyny: Polityka [International Economic Relations: Politics].Kyiv, VPTs “Kyiv University”, 2015 [in Ukrainian].
5. Kutsyk P.O., Kovtun O.I., Bashnyanón G.I. Global’na Ekonomika: Pryntsypy Stanovlennya, Funktsionuvannya, Rehulyuvannya ta Rozvytku [Global Economy: Principles of Formation, Functioning, Regulation and Development]. Lviv, PH of Lviv commercial academy, 2015 [in Ukrainian].
6. Papademetriou D.G., Somerville W., Tanaka H. Hybrid Immigrant-Selection Systems: The Next Generation of Economic-Stream Migration Schemes. Washington, D.C., Migration Policy Institute, 2009, available at:
7. Chaloff J., Lamaitre G. Managing highly-skilled labour migration: a comparative analysis of migration policies and challenges in OECD countries. OECD Social, Employment and Migration Working Papers No. 79, 2009, available at:
8. Codagnone C. Migratsionnaya Politika kak Planirovanie Naugad, v: Immigratsionnaya Politika Zapadnykh Stran: Al’ternativy dlya Rossii [Migration Policy as Planning at Random, in: Immigration Policy of Western Countries: Alternatives for Russia]. G. Vitkovskaya (Ed.). Moscow, Gendal’f, 2002, pp. 8–26 [in Russian].
9. Metodologiya i Metody Izucheniya Migratsionnykh Protsessov [Methodology and Methods for Studying the Migration Processes]. Zh. Zaionchkovskaya, I. Molodikova, V. Mukomel’ (Eds.). Moscow, Center for Migration Studies, 2007, available at: [in Russian].
10. Vidyakina M.M., Stakanov R.D. Trudova Mihratsiya z Ukrainy do ES: Makroekonomichnyi Vymir [Labour Migration from Ukraine to the EU: a Macroeconomic Dimension]. Kyiv, DKS center, 2011 [in Ukrainian].
11. Sumption M. Labour immigration after Brexit: questions and trade-offs in designing a work permit system for EU citizens. Oxford Review of Economic Policy, 2007, Vol. 33, Iss. 1, pp. 45–53, available at:
12. Papademetriou D.P., Meissner D., Rosenblum M.R. Aligning temporary immigration visas with US labor market needs: the case for a new system of provisional visas. 2009, available at:
13. Meyers E. International Immigration Policy: A theoretical and Comparative Analysis. New York, Palgrave Macmillan, 2004, available at:
14. Donald A. Immigration points-based systems compared. 2016, available at:
15. Meissner D., Meyers D.W., Papademetriou D.G., Fix M. Immigration and America’s Future: A New Chapter. Washington, D.C., Migration Policy Institute, 2006, pp. 35–39.
16. Richardson S. What is a skill shortage? Adelaide, Australia, National Centre for Vocational Education Research, 2007, available at:
17. Ukrainian Migration to the European Union: Lessons from Migration Studies. O. Fedyuk, M. Kindler (Eds.). IMISCOE, SpringerOpen, 2016.
18. Penninx R. A critical review of theory and practice: the case of Turkey. The International Migration Review, 1982, Vol. 16, Nî. 4, pp. 781–818, available at:
19. Desiderio M.V., Hooper K. The Canadian expression of interest system: a model to manage skilled migration to the European Union? Migration Policy Institute, 2016, available at:
The article was received by the Editorial staff on January 19, 2018.
UDC 005.35
S V I T L A N A   K O R O L,
Associate Professor, Doctor of Econ. Sci.,
Associate Professor of the Department of Accounting and Taxation
Kyiv National University of Trade and Economics,
19, Kioto St., Kyiv, 02156, Ukraine

© Korol Svitlana, 2018;
Ukrainian companies’ entrance in the world markets and their desire to meet international business standards, improve the competitiveness and investment attractiveness resulted in a wide variation in approaches to the understanding of corporate social responsibility by scientists and practitioners.
Given this, the purpose of the article is to clarify the concept of a “socially responsible enterprise” and scientifically substantiate approaches to its identification. To do this, it is necessary to study foreign experience, take into account peculiarities of domestic practice of social responsibility of enterprises and requirements of international normative documents.
The basis for the above generalizations and conclusions was the analysis of open data on activities of 100 domestic enterprises and non-financial reports of 100 foreign enterprises, which declared their commitment to the principles of social responsibility. In the course of the research, the author applied methods of theoretical generalization, comparative analysis, induction and deduction, which allowed determining the essence of the concept studied, revealing the features of identification of socially responsible enterprises in Ukraine and determining the approaches to recognition of enterprises as socially responsible ones and to their ranking.
As a result of the research of domestic enterprises, it is determined that in Ukraine the practice of social responsibility of business is being extended. The variation of approaches is revealed, which is explained by the level of fulfillment of requirements of normative documents in the field of social responsibility of business (SRB). Only a few enterprises ensure the transparency of their activities and adhere to the principles of the SRB in their daily practice. To identify socially responsible enterprises, it is suggested to use 5 levels. The levels of social responsibility of enterprises differ by composition of primary stakeholders and approach to implementation of the principles of SRB in economic activities.
Increasing the level of social responsibility requires a radical change in the management of enterprise and does not depend on its type of economic activity and volume.
The provisions outlined in the article should be taken into account when carrying out further research aimed at improving the management of enterprises and increasing their economic, environmental and social efficiency.
Keywords: socially responsible enterprise; principles of social responsibility of business; recognition of the enterprise as a socially responsible one; levels of social responsibility of enterprises; non-financial report (pð. 69–83).
References 9; Figures 6; Tables 2.
1. Karagod V.S. Teoriya i metodologiya mezhdunarodnoi sistemy korporativnoi sotsial’noi otchetnosti [Theory and methodology of international system of corporate social reporting]. Extended abstract of Doctor’s thesis. Moscow, The Peoples’ Friendship University of Russia, 2006 [in Russian].
2. Korol S.Ya. Sotsial’na Vidpovidal’nist’ Biznesu: Teoriya ta Metodolohiya Obliku [Social Responsibility of Business: Theory and Methodology of Accounting]. Kyiv, Kyiv National University of Trade and Economics, 2016 [in Ukrainian].
3. Artemov E.A. Aktivizatsiya sotsial’no otvetstvennoi deyatel’nosti biznes-struktur kak uslovie effektivnogo upravleniya ekonomikoi regiona [Activation of socially responsible activity of business structures as a condition for effective management of the region’s economy]. Extended abstract of candidate’s thesis. Krasnodar, Kuban State University, 2013 [in Russian].
4. Zhiglei I.V. Bukhhalters’kyi oblik sotsial’no vidpovidal’noi diyal’nosti: teoriya, metodolohiya, orhanizatsiya [Accounting of socially responsible activity: theory, methodology, organization]. Extended abstract of Doctor’s thesis. Zhytomyr, Zhytomyr State Technological University, 2011 [in Ukrainian].
5. Ivanov V.G. Razvitie sistemy kontrollinga sotsial’no-otvetstvennoi deyatel’nosti promyshlennykh predpriyatii [Development of a controlling system for the socially responsible activity of industrial enterprises]. Extended abstract of candidate’s thesis. Moscow, Financial University under the Government of the Russian Federation, 2012 [in Russian].
6. Pavlyuk M. Metodychni pidkhody do otsinky rezul’tatyvnosti program u sferi korporatyvnoi sotsial’noi vidpovidal’nosti vitchyznyanykh pidpryemstv [Methodological approaches to evaluating the effectiveness of programs in the field of corporate social responsibility of domestic enterprises]. Rynok tsinnykh paperiv Ukrainy – Ukrainian Securities Market, 2012, No. 8, pp. 59–64 [in Ukrainian].
7. Kharitonova E.N. Upravlenie sotsial’no otvetstvennoi deyatel’nost’yu promyshlennykh predpriyatii (na primere chernoi metallurgii) [Management of socially responsible activity of industrial enterprises (on an example of ferrous metallurgy)]. Extended abstract of Doctor’s thesis. Moscow, FGOU VPO National University of Science and Technology «MISiS», 2009 [in Russian].
8. Biliavskyi V. Pidvyshchennya rivnya sotsial’noi vidpovidal’nosti torhovel’noho pidpryemstva [The increase of the social responsibility of a trade enterprise]. Visnyk KNTEU – Herald of KNUTE, 2009, No. 5, pp. 84–91 [in Ukrainian].
9. Korol S.Ya. Normatyvni dokumenty iz sotsial’noi vidpovidal’nosti biznesu [Regulations on social responsibility of business]. Ekonomika Ukrainy – Economy of Ukraine, 2013, No. 9, pp. 85–96 [in Ukrainian].
The article was received by the Editorial staff on January 15, 2018.
Renowned scientist, mentor, researcher (pp. 84-85)
In the memory of professor, doctor of economic sciences Valerii Trofimov (pp. 86-87)
SUMMARIES (pp. 88-90)

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