No. 1, 2019

Êiëüêiñòü ïåðåãëÿäiâ: 124
C O N T E N T S, No. 1, 2019 

UDC 338.2; 330.101; 330.8
V A L E R I I   H E Y E T S, 
Professor, Doctor of Econ. Sci., Academician of the NAS of Ukraine,
Editor-in-Chief of the “Economy of Ukraine” Journal, Director

© Heyets Valerii, 2019;

A N D R I I   G R Y T S E N K O, 
Professor, Doctor of Econ. Sci., Corresponding Member of the NAS of Ukraine,
Deputy Director, Head of the Department of Economic Theory

© Grytsenko Andrii, 2019;

Institute of Economics and Forecasting of the NAS of Ukraine,
26, Panasa Myrnoho St., Kyiv, 01011, Ukraine

(to the 70-th anniversary of Professor Grzegorz W. Kolodko)

G.W. Kolodko’s contribution to the theory and methodology of cognition and practical transformation of the modern world is revealed. It is shown that the main contradiction of the modern era is the contradiction between globalization, which relies on information-network and financial mechanisms, and the spatial-country localization of material and labor resources, which cannot move in space with the speed of information and financial flows. Globalization on neoliberal principles, which in many respects was destructive in nature, has become one of the forms of deepening and aggravating this contradiction. In place of destructive, the inclusive globalization should come, which leads not to disproportions in the development of various components of the socio-economic space, but to the inclusion of all elements of the system in the overall development process. It is shown that G.W. Kolodko’s “New Pragmatism”, which combines theoretical, methodological and practical approaches to the rational and ethical transformation of reality, can serve as an instrument for achieving the inclusive globalization. This “New Pragmatism” ensures the inclusiveness in the formation of the global space, where environmental, social and economic components, the state, the market and civil society, values, institutions and policies are in a state of searching for harmonious interaction and ensuring progress into the future (pð. 3–15).
1. Grytsenko A.A. Ekonomika Ukrainy na shlyakhu do inklyuzyvnoho rozvytku [The economy of Ukraine on the path to inclusive development]. Ekonomika i prognozuvannya – Economy and forecasting, 2016, No. 2, pp. 9–23 [in Ukrainian].
2. Aleksyns’ka M., Bastrakova A., Kharchenko N. Zainyatist’ cherez tsyfrovi platformy v Ukraini. Problemy ta stratehichni perspektyvy [Work on digital labour platforms in Ukraine: issues and policy perspectives], available at: [in Ukrainian].
3. Maliy I., Yemelianenko L., Dzenzeliuk K. Implementatsiya kontseptsii inklyuzyvnoho rozvytku v praktyku rehulyuvannya zainyatosti naselennya [Implementation of the concept of inclusive development in practice of regulation of population employment], available at: [in Ukrainian].
4. Doklad o Roste. Strategii Ustoichivogo Rosta i Inklyuzivnogo Razvitiya [Growth Report. Strategies for Sustained Growth and Inclusive Development]. Moscow, Ves’ Mir, 2009 [in Russian].
5. Kolodko G.W. Kitaiskaya ekonomika v epokhu globalizatsii [Chinese economy in the era of globalization], available at:[in Russian].
6. Kolodko G.W. Mir v Dvizhenii [World in Motion]. Moscow, Magistr, 2009 [in Russian].
7. Heyets V.M. Suspil’stvo, Derzhava, Ekonomika: Fenomenolohiya Vzaemodii ta Rozvytku [Society, State, Economy: Phenomenology of Interaction and Development]. Kyiv, Institute for Economics and Forecasting of the NAS of Ukraine, 2009 [in Ukrainian].
8. Hayek, F.A. Pagubnaya Samonadeyannost’. Oshibki Socializma [The fatal Conceit. The Errors of Socialism]. Moscow, Novosti, Catallaxy, 1992, [in Russian].
9. Mill J.S. Consideration on Representative Government. London, Savil and Edwards, Chandos Street, Covent Garden, 1861, available at:
10. Smith A. Teoriya Nravstvennykh Chuvstv [The Theory of Moral Sentiments]. Moscow, Respublika, 1997 [in Russian].
11. Schwab K. Technopolityczna transformacja. Świat potrzebuje przywódców obytych z technologią – nazwijmy ich... [Technopolitical transformation. The world needs leaders who are polished with technology – let’s call them…]. Ekonomia, 13.01.2014 [in Polish]. 
12. Heiets V.M. Instytuty sotsializatsii v Ukraini ta krainakh ES: tendentsii rozvytku ta klyuchovi vidminnosti [The institutions of socialization in Ukraine and the EU: trends and key differences]. Ukrains’kyi sotsium – Ukrainian society, 2011, No. 2 (37), pp. 7–34, No. 3 (38), pp. 7–34 [In Ukrainian].
13. Shiva V. How economic growth has become anti-life. The Gaurdian, November 2, 2013.
14. Heyets V. Novyi pragmatyzm – instrument dosyagnennya krashchogo maibutnʼogo [New pragmatism as an instrument to achieve a better future.]. Ekonomichna teoriya – Economic theory, 2017, No. 1, pp. 5–24 [in Ukrainian].
15. Taleb N.N. Chernyi Lebed’. Pod Znakom Nepredskazuyemosti [The Black Swan: The Impact of the Highly Improbable]. Moskow, KoLibri, Azbuka-Attikus, 2015 [in Russian].
16. Kolodko G.W. Dosvid Pol’shchi mozhe buty korysnym dlya Ukrainy [The experience of Poland can be useful for Ukraine]. Ekonomika Ukrainy – Economy of Ukraine, 2015, No. 6, pp. 38–40 [in Ukrainian].
The article was received by the Editorial staff on December 27, 2018.


UDC 336.61
I U L I I A  K O R N I E I E V A,
Cand. of Econ. Sci.,
Doctoral student of the SESI “Academy of Financial Management”,
38, Druzhby Narodiv Blvd., Kyiv, 01014, Ukraine

© Kornieieva Iuliia, 2019; 


The modern mechanisms of raising the financial resources on international capital markets, covering debt financing and share participation, are analyzed. The financing by the international financial institutions is reviewed separately. It is noted that strategic state-owned enterprises are limited in terms of the choice of mechanisms for raising capital in the equity and debt securities markets due to preventing (i) the growth of the share of foreign capital in strategic sectors of the economy, as well as (ii) an increase in the level of the state-guaranteed debt limited by the criteria of the IMF program.
A universal mechanism of international institutional financing of the strategic state-owned enterprises based on modern smart-contract technology is proposed. It is shown that the appropriate mechanism will overcome the institutional barriers for the implementation of an investment project funded by the IFIs in terms of improving approaches to institutional support for the implementation of bilateral agreements. The author outlines universal markers of economic efficiency and transparency that will activate the revolving financing mechanisms, automatically identifying opportunities for continuing cooperation between the MFI-donor and the state-owned enterprise-recipient on the pre-contracted terms. It is emphasized that the smart-contract design allows neutralizing the influence of political pressure on the decision-making process regarding the allocation of the next tranches of funding through automatization processes and thanks to well-defined markers that are consistent throughout the contract period and cannot be changed depending on the change in the balance of political power. It is known that the Blockchain technology, which is the basis of a smart-contract, allows leveling off of the risks associated with corrupt mechanisms by eliminating the human factor from the decision-making scheme, making thus mutually beneficial contractual relationships between key persons impossible within the decision-making system. At the same time, certain shortcomings of the proposed technology are noted, namely, the lack of flexibility of the smart-contract design after the inclusion of basic information to the Blockchain register. The role of smart-contracts in adapting the mezzanine financing to the needs of a strategic state enterprise in the context of creating prerequisites for managing externalities is considered.

Keywords: strategic state-owned enterprise; international financial organizations; smart-contract (ðð. 16–33).
References 14; Figures 4; Tables 2.
1. Iefymenko T.I. Fiskal’na ta Monetarna Bezpeka Natsional’noi Ekonomiky [Fiscal and Monetary Security of the National Economy]. Kyiv, SESI “Academy of Financial Management”, 2016 [in Ukrainian].
2. Bilorus O.G. Hiperfinansializatsia svitovoi ekonomiky ta ii global’ni problemy i naslidky [The hyperfinancialisation of the world economy, its global problems and consequences]. Finansy Ukrainy – Finance of Ukraine, 2014, No. 10, pp. 24–31 [in Ukrainian].
3. Honcharenko O.V. Instytutsional’ni aspekty realizatsii innovatsiinykh priorytetiv rozvytku agropromyslovoho vyrobnytstva [Institutional aspects of implementation of innovation priorities of agriculture production]. Ekonomika. Upravlinnya. Innovatsii. Ser.: Ekonomichni nauky – Economy. Management. Innovations. Ser.: Economics, 2016, No. 1 (16), available at: [in Ukrainian].
4. Kvasha O.S., Tsyganov S.A. Spivpratsya Ukrainy z mizhnarodnymy finansovymy orhanizatsiyamy – analiz ta perspektyvy vzaemodii [Collaboration of Ukraine with international financial organizations - analysis and prospects of cooperation]. Naukovyi visnyk Mykolaivs’koho derzhavnoho universytetu imeni V.O. Sukhomlyns’koho. Ser.: Ekonomichni nauky – Scientific Herald of Mykolaiv V.O. Sukhomlynskyi National University. Ser.: Economics, 2014, Iss. 5.3 (112), pp. 65–71 [in Ukrainian].
5. Kolosova V.P. Finansy Mizhnarodnykh Instytutsii v Ukraini [Finances of International Institutions in Ukraine]. Kyiv, Kyiv National University of Trade and Economics, 2016 [in Ukrainian].
6. Sl’ozko O.O. Otsinka efektyvnosti investytsiinykh proektiv MBRR ta EBRR v Ukraini [Estimation of investment projects of the IBRD and the EBRD in Ukraine]. Global’ni ta natsional’ni problemy ekonomiky – Global and national problems of economics, 2015, Iss. 7, pp. 66–71 [in Ukrainian].
7. Feldstein M., Horioka Ch. Domestic saving and international capital flows. The Economic Journal, 1980, Vol. 90 (358), pp. 314–329, available at:
8. Kornieieva I.V. Adaptatsiya mezoninnoho finansuvannya do potreb derzhavnykh pidpryemstv [The adaptation of mezzanine financing to the needs of the state-owned enterprises]. Biznes Inform – Business Inform, 2018, No. 4, pp. 337–344 [in Ukrainian].
9. Szabo N. Trusted third parties are security holes. Satoshi Nakamoto Institute, 2001, available at: .
10. Rikken Î., van Heukelom S., Mul S., Boersma J., Bijloo I. et al. Smart contracts as a specific application of blockchain technology. Dutch Blockchain Coalition, 2017, available at:
11. Böwer U. State-owned enterprises in emerging Europe: the good, the bad, and the ugly. IMF Working Paper No. 17/221, 2017.
12. Mirabile M., Sangar C., Schmerler C. Using financial instruments to mobilise private investment for development, in: Development Co-operation Report 2014: Mobilising Resources for Sustainable Development.  OECD Publishing, 2014, Part II, Ch. 11, pp. 135–144, available at: 
13. Robinson A.D., Fert I., Webb D.N. Mezzanine finance: overview. Thomson Reuters, 2011, available at: 
14. Popper N. A hacking of more than $50 million dashes hopes in the world of virtual currency. The New York Times, June 17, 2016, available at: 
The article was received by the Editorial staff on April 10, 2018.
UDC 005.336.4:339.9.012(477)
L ² U D M Y L A   T S Y M B A L,
Associate Professor, Cand. of Econ. Sci.,
Associate Professor of the Department of International Economics
Kyiv National Economic University named after Vadym Hetman,
54/1, Peremohy Ave., Kyiv, 03057, Ukraine

© Tsymbal Liudmyla, 2019;

Reorientation and activation of the use of new technologies and robotics, networking and intellectualization of economic processes become necessary in the process of transition to the knowledge economy. Under these conditions, only innovatively active economies are competitive, which actualizes the role of intellectual factors in the structure of the country’s economy and the state strategies for their use. In view of this, the author substantiates increasing role of intellectualization in the development of the national economies in the context of the current globalization challenges. Classical factors of intellectualization primarily include education; however, in modern conditions it undergoes significant changes and ceases to be the only driving force for the development of society. As a result of the analysis of the role and dynamics of the share of education in the structure of domestic GDP, it was concluded that they were gradually decreasing. The author determines indicators of Ukraine’s readiness to increase competitiveness, characterizes the status and dynamics of the main indicators of the estimation of intellectual potential of the country and carries out their qualitative analysis. These indicators primarily include indicators in the field of the R&D; among them are the network of scientific institutions, the financing of education and science, the structure and quality of scientific personnel, etc. It is determined that all indicators can be divided into basic and resultant ones. The author has carried out the cluster analysis of the countries of the world by the level of expenditures on the R&D (which allowed the identification of the five major groups of countries), as well as the comparative analysis of the countries-leaders and Ukraine by the number of researchers involved in the R&D. The main directions for raising the level of intellectual potential of Ukraine and the effectiveness of its implementation are proposed, among which, in particular, are public-private partnership, co-financing, activation of business involvement in the scientific sector.

Keywords: intellectual leadership; intellectual potential; R&D; factors of intellectualization (pp. 34–46)

References 15; Figures 6; Tables 5.
1. Chukhno A. Nova ekonomichna polityka [The new economic policy]. Ekonomika Ukrainy – Economy of Ukraine, 2005, No. 7, pp. 15–22 [in Ukrainian].
2. Butnik-Sivers’kyi O.B. Intelektualʼnyi kapital: teoretychnyi aspekt [Intellectual capital: the theoretical aspect]. Intelektual’nyi capital – Intellectual capital, 2002, No. 1, pp. 16–27 [in Ukrainian].
3. Sakaiya T. Stoimost’, Sozdavaemaya Znaniyami, ili Istoriya Budushchego, v: Novaya Industrial’naya Volna na Zapade [Value Created by Knowledge, or the History of the Future, in: New Industrial Wave in the West]. V. L. Inozemtsev (Ed.). Moscow, Academia, 1999 [in Russian].
4. Ishchuk S.O. Intelektualizatsiya yak svitova tendentsiya ekonomichnoho rozvytku [Intellectualization as a global trend of economic development]. Visnyk Universytetu bankivs’koi spravy Natsional’noho banku Ukrainy – The Banking University Bulletin, 2011, Iss. 2 (11), pp. 91–95 [in Ukrainian].
5. Luk’yanenko D.G., Poruchnyk A.M., Kolot A.M. et al. Global’na Ekonomika XXI Stolittya: Lyuds’kyi Vymir [The Global Economy of the XXI Century: Human Dimension]. D.G. Luk’yanenko, A.M. Poruchnyk (Eds.). Kyiv, KNEU, 2008 [in Ukrainian].
6. Maniv S.Z. Intelektual’nyi potentsial: ioho sut’ ta skladovi [Intellectual potential: its essence and components]. Ekonomika ta derzhava – Economy and the state, 2009, No. 6, pp. 51–55 [in Ukrainian].
7. Proshak V. Kontseptsiya intelektual’noho kapitalu u suchasnii ekonomichnii teorii [The concept of intellectual capital in modern economic theory]. Visnyk Lvivs’koho un-tu. Seriya ekonomichna – Visnyk of the Lviv University. Ser.: Economics, Iss. 32, pp. 59–68 [in Ukrainian].
8. Butnik-Sivers’kyi O.B. Evrystyka v intelektual’nii ekonomitsi, abo formuvannya systemy innovatsiinoho pidpryemstva [Heuristics in the intellectual economy or formation of a system of innovation enterprise]. Intelektual’na vlasnist’ – Intellectual property, 2005, No. 8, pp. 29–34 [in Ukrainian].
9. Vovkanich S.I. Dukhovno-Intelektual’nyi Potentsial Ukrainy ta ii Natsional’na Ideya [Spiritual and Intellectual Potential of Ukraine and its National Idea]. Lviv, PH LBA, 2001 [in Ukrainian].
10. Oryshchenko V.G. Shlyakhy formuvannya intelektual’noho potentsialu natsii v systemi natsional’noi osvity [Ways of forming the intellectual potential of the nation in the system of national education]. Proceedings from: Natsional’na elita ta intelektual’nyi potentsial Ukrainy. Mizhnar. nauk. konf. Lviv, 1996 r., 18–19 kvitnya [National elite and intellectual potential of Ukraine. Inernational scientific conference. Lviv, April 18–19, 1996]. Lviv, IRR NASU, 1996, P. 33 [in Ukrainian].
11. Marchuk E. Stratehichna orientatsiya suspil’stva – rukh na vyperedzhennya [The strategic orientation of society is an outpaced motion]. Stratehichna panorama – Strategic panorama, 1999, No. 4, pp. 13–17 [in Ukrainian].
12. Chukhno A. Intelektual’nyi kapital: sutnist’, formy i zakonomirnosti rozvytku [Intellectual capital: the essence of the form and regularities of its development]. Ekonomika Ukrainy – Economy of Ukraine, 2002, No. 11, pp. 48–55 [in Ukrainian].
13. Mykhailova O.G. Teoretychni aspekty formuvannya ta otsinky intelektual’noho potentsialu pidpryemstva [Theoretical aspects of formation and assessment of the intellectual potential of an enterprise]. Problemy pidvyshchennya efektyvnosti infrastruktury – Problems of Improving the Efficiency of Infrastructure, 2010, No. 27, available at: [in Ukrainian].
14. Kalenyuk I. Osvita v rynkovomu seredovyshchi ta neekonomichni tsinnosti [Education in the market environment and noneconomic values]. Ekonomika Ukrainy – Economy of Ukraine, 2003, No. 7, pp. 67–73 [in Ukrainian].
15. Grishnova O., Kozlovs’kyi A. Intelektual’nyi kapital Ukrainy: integral’na otsinka i porivnyal’nyi analiz [Intellectual capital of Ukraine: integrated assessment and comparative analysis]. Ukraina: aspekty pratsi – Ukraine: aspects of labor, 2014, No. 1, pp. 3–9 [in Ukrainian].
The article was received by the Editorial staff on February 27, 2018.

UDC 336:1
V A L E N T Y N A  P L E S K A C H,
Professor, Doctor of Econ. Sci.,
Cand. of Techn. Sci.,
Head of the Department of Applied Information Systems of the
Faculty of Information Technology
Taras Shevchenko National University of Kyiv,
24, Bohdana Hawrylysyna St., Kyiv, 04116, Ukraine,

© Ïëåñêà÷ Âàëåíòèíà Ëåîí³ä³âíà (Pleskach Valentyna), 2019; 

N A D I I A  P R O K O P E N K O,
Postgraduate Student of the Department of
Economics and Mathematical Modelling and Information-Analytical Support of the 
SESI «Academy of Financial Management»,
38, Druzhby Narodiv Blvd., Kyiv, 01014, Ukraine

© Ïðîêîïåíêî Íàä³ÿ Îëåêñàíäð³âíà (Prokopenko Nadiia), 2019; 


As a result of the study, system of institutional and organizational support for budget planning on the basis of the current Budget Code of Ukraine and the specialized legal and regulatory acts is determined. The bodies of the state administration involved in budget planning are structured. The functional obligations of public authorities with indication of relevant documents for each stage of budget planning are considered. The research was conducted on the basis of the budget process stages established by the Budget Code of Ukraine and the stages of the budget process depending on their functional content.
The authors analyses expenditures of the state budget of Ukraine by the bodies of state administration according to functional classification and management costs by the key participants of budget planning to confirm the inadequate quality of the introduction of medium-term budget planning in Ukraine.
The ways to improve and reform the existing institutional and organizational structure for the introduction of medium-term budget planning are proposed, in particular, delimitation of one-year and multi-year budget planning processes using the example of the European semester introduced in the EU.
It is proved that the coordination of one-year and medium-term budget planning in the budget process of Ukraine requires improvement taking into account the peculiarities of the budget process in the EU as a strategic partner of Ukraine. In particular, the one-year budget should be based on the medium-term budget rather than vice versa.

Keywords: budget planning; budget process; institutional and organizational structure; European semester (ðð. 47–59).

References 6; Figures 3; Tables 2.
1. Chugunov I.Ya., Lysyak L.V. Byudzhetna systema v instytutsiinomu seredovyshchi suspil’stva [Budget system in the institutional environment of society]. Finansy Ukrainy – Finance of Ukraine, 2009, No. 11, pp. 3–11 [in Ukrainian].
2. Chugunov I.Ya. Byudzhetnyi Mekhanizm Rehulyuvannya Ekonomichnoho Rozvytku [Budgetary Mechanism for Regulating Economic Development]. Kyiv, NIOS, 2003 [in Ukrainian].
3. Lysyak L.V. Byudzhetna Polityka u Systemi Derzhavnoho Rehulyuvannya Sotsial’no-Ekonomichnoho Rozvytku Ukrainy [Budgetary Policy in the System of the State Regulation of the Socio-Economic Development of Ukraine]. Kyiv, SESI AFM, 2009 [in Ukrainian].
4. Moldovan O.O. Derzhavni Finansy Ukrainy: Dosvid ta Perspektyvy Reform [Public Finances in Ukraine: Experience and Perspectives of Reforms]. Kyiv, NISS, 2011 [in Ukrainian].
5. Rozvytok Derzhavnykh Finansiv Ukrainy v Umovakh Globalizatsii [Development of Public Finances of Ukraine Under Conditions of Globalization]. I.O. Lunina (Ed.). Kyiv, Institute for Economy and Forecasting of the NAS of Ukraine, 2014 [in Ukrainian].
6. Instytutsiini Transformatsii Sotsial’no-Ekonomichnoi Systemy Ukrainy [Institutional Transformations of the Socio-Economic System of Ukraine]. A.A. Grytsenko (Ed.). Kyiv, Institute for Economy and Forecasting of the NAS of Ukraine, 2015 [in Ukrainian].
The article was received by the Editorial staff on July 25, 2017
and was renewed on October 16, 2018. 


UDC 332.1:35.072.1
M Y K O L A   B U T K O,
Professor, Doctor of Econ. Sci.,
Head of the Department of Management and Public Administration
Chernihiv National University of Technology,
© Butko Mykola, 2019;

O L H A   P O P E L O,
Cand. of Econ. Sci.,
Associated Professor of the Department of Management and Public Administration
Chernihiv National University of Technology,
© Popelo Olha, 2019;
95, Shevchenka St., Chernihiv, 14035, Ukraine,

V A L E R I Y   K O L O S H A,
Director of the “Piskivs’ke”PAE,
© Kolosha Valeriy, 2019;
Pisky, Bakhmats’kyi district, Chernihiv region, 16542, Ukraine


In today’s globalization conditions, the main task of our state for the near future is the need to ensure the implementation of such a policy that would motivate the intensification of spatial development and formation of competitive advantages capable of ensuring decent participation in the international division of labor.
The individual components of the localization of the country’s economic space under conditions of decentralization of power authorities are considered in order to accelerate the integration of Ukraine’s regions into a highly competitive European and world community. It is argued that institutional environment should only motivate the creation of new, highly productive workplaces as the basis for modernization of productive forces. Decentralization in the absence of sectoral economic management should become a kind of catalyst for localization of productive forces and a paradigmatic basis for the modernization of the economic space of Ukraine.
It is proved that, based on the experience of new EU member states, the localization of the economic space of Ukraine’s regions should focus on new forms of territorial organization of the economy. Such newest territorial-industrial forms of optimization of regional economic systems are technoparks, technopolises, business incubators, clusters, industrial parks and logistic platforms, however, all of them do not act as a locomotive of acceleration and structural changes in the regional economy of our state. At the same time, it is stressed that for regions, clusters can become the peculiar centers for accelerating innovations, the basis for implementing structural modernization of the economic space, solving the economic, social and environmental problems through effective use of available spatial resources and creation of new workplaces.
A model of the organization of agro-industrial cluster under conditions of a real territorial community is proposed. Paying tribute to territorial communities as a key link in the state-building process, it is necessary at the institutional level to achieve harmonization of local, regional and the national interests in the sphere of modernization of productive forces. This process should be accompanied by a simultaneous increase in the level of responsibility of the local self-governments for effective use of available resources in order to objectively assess their impact on the processes of activating the development of productive forces at the basic level of the s state-building core.

Keywords: decentralization; localization; innovation; technoparks; technopolises; industrial parks; clusters; resource potential; workplaces; sustainable development; private-municipal partnership; institutional environment; motivation (pð. 60–74).

References 9; Figures 3; Table 1.
1. Butko M.P. Bifurkatsiinyi stan derzhavotvorchoho yadra Ukrainy v umovakh realizatsii evrointegratsiinoho kursu [Bifurcation state of Ukraine’s state-building core under conditions of implementation of the European integration course]. Ekonomika Ukrainy – Economy of Ukraine, 2017, No. 10, pp. 49–64 [in Ukrainian].
2. Amosha O.I., Salomatina L.M. Innovatsiinyi rozvytok promyslovykh pidpryemstv u rehionakh: problemy ta perspektyvy [Innovative development of industrial enterprises in the regions: problems and prospects]. Ekonomika Ukrainy – Economy of Ukraine, 2017, No. 3, pp. 20–34 [in Ukrainian].
3. Grytsenko A.A. Lohiko-istorychni zasady kardynal’nykh ekonomichnykh zmin i perekhodu do rekonstruktyvnoho rozvytku [Logical and historical bases of cardinal economic changes and transition to reconstructive development]. Ekonomika Ukrainy – Economy of Ukraine, 2017, No. 5-6, pp. 39–57 [in Ukrainian].
4. Butko M.P., Samiilenko G.M. Klasternyi Pidkhid do Rozvytku Bazovykh Haluzei Rehional’noi Ekonomiky v Suchasnykh Umovakh [Cluster Approach to the Development of Basic Industries of the Regional Economy in Modern Conditions]. Nizhyn, Aspekt-Poligraf, 2012 [in Ukrainian].
5. Oskol’s’kyi V.V. Klasteryzatsiya – vahomyi faktor pidvyshchennya konkurentospromozhnosti ekonomiky Ukrainy [Clusterization is a weighty factor to enhance the competitiveness of Ukraine’s economy]. Ekonomika Ukrainy – Economy of Ukraine, 2014, No. 11, pp. 4–16 [in Ukrainian].
6. Borodina O.M. SAP ES yak dynamichne spoluchennya haluzevykh potreb i suspil’nykh interesiv [CAP of EU as the dynamical union of sectoral needs and social interests]. Ekonomika Ukrainy – Economy of Ukraine, 2016, No. 11, pp. 58–70 [in Ukrainian].
7. Khvesyk M.A., Bystryakov I.K., Klynovyy D.V. Finansovo-ekonomichnyi mekhanizm rekonstruktyvnoho rozvytku Ukrainy na zasadakh detsentralizovanoho upravlinnya pryrodnymy resursamy [Financial and economic mechanism of Ukraine’s reconstructive development on the bases of decentralized management of natural resources]. Ekonomika Ukrainy – Economy of Ukraine, 2018, No. 3, pp. 3–20 [in Ukrainian].
8. Onyshchenko V.F. Sotsial’ni peredumovy ekonomichnoho rozvytku Ukrainy [Social preconditions for economic development of Ukraine]. Ekonomika Ukrainy – Economy of Ukraine, 2017, No. 9, pp. 19–37 [in Ukrainian].
9. Heyets V.M. Osoblyvosti vzaemozv”yazku ekonomichnykh i politychnykh transformatsii na shlyakhu do rekonstruktyvnoho rozvytku ekonomiky Ukrainy [Peculiarities of interrelation 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].
The article was received by the Editorial staff on June 25, 2018.

UDC 338.23
S E R G I I  I V A N O V,
Corresponding Member of the NAS of Ukraine, 
Professor, Doctor of Econ. Sci.,
Head of the Department of Finance and Marketing
Prydniprovs’ka State Academy of Civil Engineering and Architecture,
24a, Chernyshevskogo St., Dnipro, 49600, Ukraine 

© Ivanov Sergii, 2019; 


It is shown that foreign experience of fast post-war economic growth is of interest to Ukraine, which needs reconstruction of the economy for the purpose of stable development and recovery after the armed conflict in Donbas and annexation of Crimea. It is revealed that the post-war economic boom was characterized by steady economic growth and almost full employment in European and East Asian countries, including those that were devastated by the war.
The author reveals the experience of Germany. The main aspects on which the Marshall Plan was focused, namely, approaches to the use and repayment of borrowed funds, are studied. It is determined that the recovery took place on the basis of the chosen conception of the development of a “social market economy”. The achievement of a high level of well-being of all strata of the population, free market competition and private entrepreneurship, and active participation of the state to ensure the preconditions and conditions of competition were the main elements of the conception.
The experience of the post-war reconstruction of Japan’s economy is analyzed. The basic concepts of the conceptual work “Basic problems of economic reconstruction of Japan” are presented. The latter outlines the methodological approaches for identifying and studying the economic problems and ways to overcome them.
The main elements of economic reforms in South Korea are analyzed. It is shown that the economic recovery was based on strengthening key industries, reducing unemployment and introducing more effective management approaches.
The current experience of restoration of Georgia is analyzed. It is shown that the Georgian authorities implemented the recommendations of external creditors: they began to fight corruption, simplified tax administration and reformed production.
Based on the analysis, the factors that contributed to the restoration and development of the analyzed countries after the hostilities on their territory were identified. The author proposes a number of measures, which consistent implementation can ensure the successful reconstruction of Ukraine’s economy.

Keywords: post-war recovery experience; economic growth; social and market economy; key areas of development; employment; labor productivity; social policy (ðð. 75–89).

References 10; Tables 4; Figure 1.
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6. Tselishev I. Yaponskaya model’ rosta: sberezheniya, kreditovanie, investirovanie [Japanese model of growth: savings, credits, investment]. Mirovaya ekonomika i mezhdunarodnye otnosheniya – World economy and international relations, 2001, No. 6, pp. 87–96 [in Russian].
7. Semenyuk I.V. Osoblyvosti istorychnoi tradytsii Pivdennokoreis’koho suspil’stva [Features of historical tradition of South Korean society]. Humanitarnyi visnyk Zaporiz’koi derzhavnoi inzhenernoi akademii – Humanitarian Bulletin of the Zaporizhzhya State Engineering Academy, 2013, No. 55, pp. 45–55, available at: [in Ukrainian].
8. Libanova E.M. Vidrodzhennya Donbasu: otsinka sotsial’no-ekonomichnykh vtrat i priorytetni napryamy derzhavnoi polityky [Revival of Donbas: assessment of socio-economic losses and priority directions of the state policy], available at: [in Ukrainian].
9. Libanova E.M., Gorbulin V.P., Pyrozhkov S.I., et al. Polityka Integratsii Ukrains’koho Suspil’stva v Konteksti Vyklykiv ta Zagroz Podii na Donbasi. Nats. dop. [Policy of Integration of Ukrainian Society in the Context of the Challenges and Threats of Events in Donbass. National report]. E.M. Libanova (Ed.). Kyiv, NAS of Ukraine, 2015 [in Ukrainian].
10. Soroka M. Po frontu nauky – revolyutsiino: nepovtornyi styl’ Borysa Patona [On the front of science – revolutionary: the inimitable style of Boris Paton], available at: [in Ukrainian].
The article was received by the Editorial staff on July 4, 2018.


V A L E R I I  H E Y E T S,
Professor, Doctor of Econ. Sci.,
Academician of the NAS of Ukraine, 
Editor-in-Chief of the “Economy of Ukraine” Journal,
Director of the Institute for Economics
and Forecasting of the NAS of Ukraine,
26, Panasa Myrnoho St., Kyiv, 01011, Ukraine 

(ðð. 90–91)


(p. 92)


SUMMARIES (pp. 93-94)



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