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C O N T E N T S, No. 2, 2019
P E T R O E S H C H E N K O,
Professor, Doctor of Econ. Sci.,
Principal Researcher of the Department of Economic Sociology
Institute of Sociology of the NAS of Ukraine
12, Shovkovychna St., Kyiv, 01121, Ukraine
© Eshchenko Petro, 2019;
INFORMATION ECONOMY: A CHANCE TO BUILD A NEW MODEL OF SOCIAL DEVELOPMENT OR AN ILLUSION OF A CHANCE?
The article is devoted to the research of the informational model of development, which arose at the turn of the XX and XXI centuries as a result of the information and technological revolution (ITR). The information economy, its features, ways of formation and contradictions are characterized. On the basis of statistical data, it is shown how the information economy affects the socio-economic situation of various segments of the population in developed and developing countries, particularly in Ukraine. It is proved that ITR, computerization and digitalization of all spheres of public life ultimately leads to the collapse of an existing mature socio-economic system. After all, according to the laws of dialectics, it has become internally contradictory, but at the same time it is a developed element of the next socio-economic system.
It is substantiated that Ukraine will not be able to switch to the information economy and form a new model of development unless the real causes of the failure of reforms in the country are resolved. Their consequences are: stagnation, structural deformations, deindustrialization, the outflow of highly qualified personnel abroad, dependence on advanced technologies and external sources of financing, almost total poverty and excessive income differentiation, which reproduces continuous social contradictions.
In the author’s opinion, to ensure Ukraine’s transition to the information economy it is necessary to develop a program of strategic development of the country. Such a program should be formed on the basis of integrated social science and technological justification, which will contribute to the renewal of production, bring it closer to the world standards and ensure the socio-economic needs of the Ukrainian people in accordance with adequate modern international standards.
Keywords: information economy; innovation activity; information and digital technologies; technological revolution; network communities; financing of innovation activity; socio-economic system; development strategy; new model of socio-economic development (ðð. 3–21).
References 17; Tables 2; Figure 1.
1. Kastells M. Informatsionnaya Epokha: Ekonomika, Obshchestvo i Kul’tura [The Information Age: Economy, Society and Culture]. Moscow, SU HSE, 2000 [in Russian].
2. Artomova T.I., Gritsenko A.A., Krichevskaya T.A., et al. Ierarkhiya i Seti v Institutsional’noi Arkhitektonike Ekonomicheskikh Sistem [Hierarchy and Networks in the Institutional Architectonics of Economic Systems]. A.A. Gritsenko (Ed.). Kyiv, Institute for Economics and Forecasting of the NAS of Ukraine, 2013 [in Russian].
3. Mason P. Postkapitalizm. Putevoditel’ po Nashemu Budushchemu [PostCapitalism: A Guide to our Future]. Moscow, Ad Marginem Press, 2016 [in Russian].
4. Rifkin J. Tret’ya Promyshlennaya Revolyutsiya. Kak Gorizontal’nye Vzaimodeistviya Menyayut Energetiku, Ekonomiku i Mir v Tselom [The Third Industrial Revolution. How Lateral Power Is Transforming Energy, the Economy and the World]. Moscow, Alpina non-fiction, 2014 [in Russian].
5. Grytsenko A.A. Arkhitektonika Ekonomichnoi Bezpeky [Architectonics of Economic Security]. Kyiv, NAS of Ukraine, Institute for Economics and Forecasting of the NAS of Ukraine, 2017 [in Ukrainian].
6. Butkalyuk V.A. Sotsiologicheskoe izmerenie sovremennoi sotsial’no-ekonomicheskoi sistemy [Sociological measurement of the modern social and economic system]. Ekonomika: teoriya ta praktyka – Economics: theory and practice, 2017, No. 2, pp. 13–17 [in Russian].
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14. Malitskii B., Popovich A. Ukrainskaya nauka: kuda vedet politika “urezaniya” [Ukrainian science: where the “cuts” policy leads to]. Zerkalo nedeli – Mirror Weekly, October 8, 2016, available at: http://gazeta.zn.ua/science/ukrainskaya-nauka-kuda-vedet-politika-urezaniya-_.html [in Russian].
15. Innovatsiina Ukraina 2020: Natsional’na Dopovid’ [Innovative Ukraine 2020: National Report]. V.M. Heyets et al. (Eds.). Kyiv, NAS of Ukraine, 2015 [in Ukrainian].
16. Bogdan T. Razrushenie ukrainskoi nauki kak sledstvie klanovo-oligarkhicheskogo stroya [Destruction of Ukrainian science as a consequence of the clan-oligarchic system]. Zerkalo nedeli – Mirror Weekly, April 7, 2018, available at: https://zn.ua/SCIENCE/razrushenie-ukrainskoy-nauki-kak-sledstvie-klanovo-oligarhicheskogo-stroya-280531_.html [in Russian].
17. Parkinson S.N. Zakon Parkinsona i Drugie Pamflety [Parkinson’s Law, and Other Studies in Administration]. Moscow, Progress, 1976 [in Russian].
The article was received by the Editorial staff on September 25, 2018.
GOVERNING THE ECONOMY: THEORY AND PRACTICE
V I K T O R S H E V C H U K,
Professor, Doctor of Econ. Sci.,
Head of the Department of International Economic Relations
Lviv University of Trade and Economics
10, Tugan-Baranovsky St., Lviv, 79000, Ukraine,
© Shevchuk Viktor, 2019;
N A T A L I I A C H E R K A S,
Associate Professor, Cand. of Econ. Sci.,
Doctoral Student of the Department of International Economics,
Kyiv National Economic University named after Vadym Hetman,
54/1, Peremohy Ave., Kyiv, 03057, Ukraine
© Cherkas Nataliia, 2019;
INFLUENCE OF UKRAINEʼS FOREIGN TRADE STRUCTURE ON ECONOMIC GROWTH
IN CONTEXT OF INVOLVEMENT IN GLOBAL VALUE CHAINS
The interrelation between the volumes of export-import, GDP and industrial production is researched. This allows identifying the ways to increase the technological level of exports as a prerequisite for successful integration in global value chains (GVC). Fragmentation of the world production is usually regarded as a defining feature of a globalized economy; at the same time, the technological complication of production is necessary for successful competition in foreign markets.
The sectoral influence of export-import on GDP and industrial production is evaluated, which is important for identifying promising areas for the participation of Ukrainian enterprises in the GVCs. For empirical research, a structural analysis of domestic foreign trade was carried out in the context of the four main categories: (i) technological goods; (ii) low-tech products; (iii) metal products; (iv) other raw materials. Quarterly 1998-2016 data were used for empirical estimation. The research methodology included the use of a vector autoregression model with error correction (Vector Error-Correction Model – VECÌ). Empirical results indicate a clear stimulating effect of technological and low-tech exports on the dynamics of industrial production, whereas exports of metallurgical and agricultural products have a restriction effect. At the same time, technological exports significantly stimulate other segments of the export sector, while technological imports do not contribute to an increase in industrial production.
Based on the research, it is substantiated that competitive participation in the GVCs implies primarily technological complication of exports, but with the possibility of using productive links within the national economy (in particular, integration of lower technological structures into production chains and replacement of import of technological goods). It is emphasized that the prerequisites for the integration of individual export sectors into competitive value chains are based on the development of labor-intensive production, subject to dynamic wage growth.
Keywords: exports structure; economic growth; global value chains; technological exports; technological import; vector autoregression (pð. 22–36).
References 26; Figures 4; Tables 2.
1. Gereffi G. International trade and industrial upgrading in the apparel commodity chain. Journal of International Economics, 1999, Vol. 48 (1), pp. 37–70.
2. Bair J., Mahutga M. Commodity chains and development, in: Sociology of Development Handbook. G. Hooks (Ed.). Berkeley, UC Press, 2016, pp. 645–666.
3. Schmitz H., Knorringa P. Learning from global buyers. The Journal of Development Studies, 2000, Vol. 37, pp. 177–205.
4. Giuliani E., Pietrobelli C., Rabellotti R. Upgrading in global value chains: Lessons from Latin American clusters. World Development, 2005, Vol. 33 (4), pp. 549–573.
5. Schmitz H. Learning and earning in global garment and footwear chains. European Journal of Development Research, 2006, Vol. 18 (4), pp. 546–571.
6. Bair J. Commodity chains in and of the world-system. American Sociological Association, 2014, Vol. 20 (1), pp. 1–10.
7. Brewer B.D. Global commodity chains & world income inequalities: the missing link of inequality & the “upgrading” paradox. Journal of World-Systems Research, 2011, Vol. 17, pp. 308–327.
8. Porter M. The Competitive Advantage of Nations. New York, Free Press, 1990.
9. Baldwin R., Robert-Nicoud F. Trade-in-goods and trade-in-tasks: an integrating framework. Journal of International Economics, 2014, Vol. 92, pp. 51–62.
10. Cherkas N.I. Stratehiya ekonomichnoho rozvytku v konteksti global’nykh tendentsii merezhevizatsii vyrobnytstva [Strategy of economic development in the context of global trends of networking of production]. Stratehiya rozvytku Ukrainy – Strategy of development of Ukraine, 2017, No. 2, pp. 103–109 [in Ukrainian].
11. Measuring and Analyzing the Impact of GVCs on Economic Development. Global Value Chain Development Report 2017. Washington, World Bank, 2017.
12. Bas M., Strauss-Kahn V. Does importing more inputs raise exports? Firm level evidence from France. CEPII Working Paper No. 2011-15.
13. Criscuolo C., Timmis J. The relationship between global value chains and productivity. International Productivity Monitor, 2017, Vol. 32, pp. 61–83.
14. Navas-Aleman L. The impact of operating in multiple value chains for upgrading: the case of the Brazilian furniture and footwear industries. World Development, 2011, Vol. 39 (8), pp. 1386–1397.
15. Tokatli N. Toward a better understanding of the apparel industry: a critique of the upgrading literature. Journal of Economic Geography, 2012, Vol. 13 (6), pp. 9931011.
16. Rabellotti R. How globalisation affects Italian industrial districts: the case of Brenta. Proceedings from: RSA International Conference Pisa. Pisa, Università del Piemonte Orientale, 2003, 12–15 April.
17. Cingolani I., Iapadre L., Tajoli L. International production networks and the world trade structure. International Economics, 2018, Vol. 153, Special Iss., pp. 11–33.
18. Lőrincz N. Main characteristics of nowadays’ Global Value Chains and their relevance to the Hungarian automotive manufacturing industry, available at: http://unipub.lib.uni-corvinus.hu/2862/1/VT_2017n5p35.pdf.
19. Butyter D., Wachowska M. Foreign trade and innovation: evidence from Ukraine. Journal of International Studies, 2015, Vol. 8 (1), pp. 173182.
20. Kacprzyk A., Doryń W. Innovation and economic growth in old and new member states of the European Union. Economic Research-Ekonomska Istraživanja, 2017, Vol. 30 (1), pp. 1724–1742.
21. Shevchuk V.O., Cherkas N.I. Evrointegratsiya i yakist’ ekonomichnoho zrostannya [European integration and the quality of economic growth]. Aktual’ni problemy mizhnarodnykh vidnosyn. Zb. nauk. prats’ – Actual problems of international relations. Collection of scientific works, 2007, Iss. 66, Part 1, pp. 15–23 [in Ukrainian].
22. Furman V. Stymulyuvannya rozvytku ekonomiky: dosvid Turechchyny i ukrains’ki realii [Stimulating the development of the economy: the experience of Turkey and Ukrainian realities]. Dzerkalo tyzhnya – Mirror Weekly, May 18, 2018 [in Ukrainian].
23. Imbruno M. Firm efficiency and Input market integration: Trade versus FDI. FIW Working Paper No. 154, 2015.
24. Gibson M., Graciano T. Trade Engagement and Producer Performance. Agricultural & Applied Economics Association’s AAEA Annual Meeting. Seattle, Washington, 2012, August 12–14.
25. Nielsen P.B. The puzzle of measuring global value chains – The business statistics perspective. International Economics, 2018, Vol. 153, Special Iss., pp. 69–79.
26. Luk”yanenko I.G., Zhuk V.M. Analiz Chasovykh Ryadiv. Pobudova VAR i VECM Modelei z Vykorystannyam Paketa E.Views 6.0. CH. 1 [Time Series Analysis. Construction of VAR and VECM Models Using the Package E.Views 6.0. Part 1]. Kyiv, NUKMA, Agrar Media Grup, 2013 [in Ukrainian].
The article was received by the Editorial staff on April 2, 2018.
FINANCES. TAXES. CREDIT
JEL CÎDES D40, F41, G21, L10, P52
A R A M S H I R I N Y A N,
Doctor of Phys. & Math. Sci.,
Principal Researcher of the Research Laboratory,
National University of Food Technologies,
68, Volodymyrs’ka St., Kyiv, 01601, Ukraine,
Senior Researcher of the Educational and Research Center of the NAS of Ukraine,
46, Nauky Ave., Kyiv, 03028, Ukraine,
© Shirinyan Aram, 2019;
L A D A S H I R I N Y A N,
Doctor of Econ. Sci., Professor, Head of the Chair of Finances,
Educational and Research Institute of Economics and Management,
National University of Food Technologies,
68, Volodymyrs’ka St., Kyiv, 01601, Ukraine
© Shirinyan Lada, 2019;
COMPETITIVENESS OF UKRAINE’S BANKING SERVICES MARKET: SCALE FACTOR
The need for effective development of Ukraine’s banking services market under conditions of expansion of foreign capital and international business rules requires the presence of competitive advantages of the national suppliers of banking services. In this context and from the point of view of the European integration processes in Ukraine’s economy, the development of modern tools of prudential supervision by the authorized bodies is becoming relevant.
The authors for the first time define the concept of competitiveness of the banking services market and analyze this competitiveness from the standpoint of estimation and comparison of the market indicators set of one country over aggregate indicators of corresponding markets of other countries.
A new unified methodology of complex estimation of the competitiveness of the banking services market based on the system of quantitative assessments and criteria is developed. The presented research covers the following points of the analysis of the market: territorial borders, capacity and scales; density and compactness of banks and branches; openness of the market; capacity and importance of services; density of income and services; entry and exit barriers; capitalization limits of banks; level of development of innovative services.
The approach with regard to the scale factor analysis of Ukraine’s banking services market for 2007–2017 is approved. The comparison of data and quantitative indices of Ukraine’s banking services market with the corresponding indices of other commensurate countries of euro-zone and world countries is performed. The place of Ukraine’s banking services market at the international level is determined. Such a comparison is provided in the context of markets in the countries with developed and transition economies.
It is found that at the world level and within the euro-zone, Ukraine’s banking services market corresponds to a small scale; the heterogeneity and disproportionality of services within the country are present; there exist approximately equal influences of residents and foreign owners of banks; the market has high entry barriers for new players and is at the beginning stage of the digital revolution. Bankruptcy of the largest bank will be tangible for the banking sector of Ukraine, but not destructive for the financial system of the country.
Keywords: banking services market; market competitiveness; scale of the market; density of banks and services; market capacity; openness of the market; limit of influence; entry barriers; limits of capitalization (pð. 37–48).
References 18; Tables 16; Formulas 17.
1. Sak T.V. Finansovo-ekonomichna bezpeka komertsiinykh bankiv Ukrainy [Financial and economic security of commercial banks of Ukraine]. Ekonomichnyi chasopys Skhidnoevropeis’koho natsional’noho universytetu imeni Lesi Ukrainky – Economic journal of Lesia Ukrainka Eastern European National University, 2015. No. 2, pp. 66–71 [in Ukrainian].
2. Epifanov A.O., Plastun O.L., Dombrovs’kyi V.S., et al. Finansova Bezpeka Pidpryemstv i Bankivs’kykh Ustanov [Financial Security of Enterprises and Banking Institutions]. A.O. Epifanov (Ed.). Sumy, UAB of the NBU, 2009 [in Ukrainian].
3. Korets’ka N.I. Protses kontsentratsii rynku bankivs’kykh posluh Ukrainy: otsinka ta stratehii pozytsionuvannya [Process of concentration of the banking services market in Ukraine: assessment and positioning strategies]. Ekonomichnyi forum – Economic forum, 2014, No. 1, pp. 196–204 [in Ukrainian].
4. Kunitsyna N.N., Krayushkin V.S. Razrabotka metodiki integral’noi otsenki konkurentosposobnosti kommercheskogo banka [Development of the technique of the integrated assessment of commercial bank’s competitiveness]. Mir nauki, kul’tury, obrazovaniya – World of science, culture, education, 2013, No. 1 (38), pp. 303–306 [in Russian].
5. Lyutyi I., Yurchuk O. Konkurentospromozhnist’ bankiv v umovakh globalizatsii ta liberalizatsii rukhu kapitalu [Competitiveness of banks in the conditions of globalization and capital market liberalization]. Visnyk NBU – Herald of the National Bank of Ukraine, 2006, No. 11, pp. 18–25 [in Ukrainian].
6. Porter M.E. Konkurentsiya [On Competition]. Moscow, Vil’yams PH, 2005 [in Russian].
7. Radova N.V. Peredumovy zabezpechennya konkurentospromozhnosti bankiv Ukrainy [Background ensure the competitiveness of Ukrainian banks]. Ekonomika i Suspil’stvo – Economy and Society, 2017, No. 8, pp. 659–665 [in Ukrainian].
8. Chernova S.A., Alieva M.Yu. Metodicheskie podkhody k otsenke konkurentosposobnosti regional’nykh kommercheskikh bankov [Methodological approaches to the competitiveness assessment of regional commercial banks]. Izvestiya Ural’skogo gosudarstvennogo ekonomicheskogo universiteta – Journal of the Ural State University of Economics, 2015, No. 1 (57), pp. 89–99 [in Russian].
9. Claessens S., Laeven L. What drives bank competition? Some international evidence. Journal of Money, Credit, and Banking, 2004, No. 36, pp. 563–583.
10. Panzar J.C., Rosse J.N. Testing for “Monopoly Equilibrium”. Journal of Industrial Economics, 1987, No. 35, pp. 443–456.
11. Shaffer S. Conduct in a banking monopoly. Review of Industrial Organization, 2002, No. 20, pp. 221–238.
12. Trembovetskyi V. Testing for competition in banking sector: evidence from Ukraine. Extended abstract of MA thesis. Kyiv, Kyiv School of Economics, 2010.
13. 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, Center for Educational Literature, 2014 [in Ukrainian].
14. Koch S., Schneider S., Schneider R., Schröck G. Basel IV: What’s next for European banks? McKinsey & Company, available at: https://www.mckinsey.com/business-functions/risk/our-insights/basel-iv-whats-next-for-european-banks.
15. Khoruzhyi D. Suchasni tendentsii vprovadzhennya polozhen’ Bazelya III [Contemporary trends in the implementation of the Basel III]. Visnyk Natsional’noho banku Ukrainy – Herald of the National Bank of Ukraine, 2015, No. 4, pp. 60–65 [in Ukrainian].
16. Dolgikh V. Neparametrychni otsinky vplyvu inozemnoho kapitalu na efektyvnist’ diyal’nosti bankiv Ukrainy u 2005–2012 rr. [Non-parametric estimations of the influence of foreign capital on the efficiency of activity of Ukrainian banks in 2005-2012]. Visnyk Natsional’noho banku Ukrainy – Herald of the National Bank of Ukraine, 2013, No. 10, pp. 36–42 [in Ukrainian].
17. Shirinyan L.V., Shirinyan A.S. Metodolohiya kompleksnoi otsinky vidkrytosti rynkiv bankivs’kykh i strakhovykh posluh Ukrainy [Methodology for a comprehensive assessment of a market openness of the banking and insurance services in Ukraine]. Ekonomika Ukrainy – Economy of Ukraine, 2017, No. 12, pp. 55–60 [in Ukrainian].
The article was received by the Editorial staff on May 24, 2018.
The end of the article is in the next issue of the journal.
QUESTIONS OF THE DEVELOPMENT OF AIC
UDC 631.15 (477)
B O R Y S P A S K H A V E R,
Professor, Doctor of Econ. Sci.,
Academician of the NAAS of Ukraine,
Principal Researcher of the Department of Forms and Methods of
Management in the Agro-Food Complex,
Institute for Economics and Forecasting of the NAS of Ukraine,
26, Panasa Myrnoho St., Kyiv, 01011, Ukraine
© Paskhaver Borys, 2019;
PRICE CIRCUMSTANCES OF THE AGRO-FOOD COMPLEX DEVELOPMENT
The main source of financial resources of enterprises of the agro-food complex is the favorable proportions of the purchase and sale prices for goods/services. In the Soviet period, the ratio of prices for input and output of agriculture provided collective farms and state farms with almost 40 percent profitability. Subsequently, hyperinflation of the era of coupon-karbovanets violated price parity in agricultural production, which resulted in the majority of agrarian enterprises being in a zone of loss-making. With the introduction of hryvnia, the parity of price movement in agriculture gradually improved, and today the agricultural sector is a highly profitable sector of the national economy.
Currently, food consumption by the population of Ukraine is almost 20% lower than the norm recommended by the doctors. The combination of significant volumes of food exports with mass malnutrition is a sign of a drastic price disproportion – a violation of parity between the dynamics of household incomes and price movements in the national food market. The reason for the disparity is the high rate of inflation, which causes a permanent depreciation of the national currency. In 2014–2015, real incomes of the population declined by 30%, which by one third reduced its costs for the purchase of food products. Positive but insufficient rates of post-crisis recovery were observed in 2016–2017. If a third of effective demand is lost, and the pace of its recovery is at the level of 3–4% per annum, then the elimination of the consequences of the crisis will be delayed.
One should follow the experience of developed countries that use higher consumption rates (the policy of “quantitative easing”) as an anti-crisis measure. In Ukraine, the opposite trend is observed: in times of crisis, consumption rate is declining. In the author’s opinion, it is advisable to increase it to 75% of national GDP and increase savings due to the growth of investment attractiveness for foreign investors.
The main indicator that characterizes the price situation is the consumer price index. According to official statistics, real incomes of the population of Ukraine during the post-Soviet period have increased significantly, but the indicators of food consumption have considerably deteriorated. Such a contradiction shows understatement of the inflation index and requires clarification of the methodological principles of its calculation.
Keywords: inflation; price parity; food prices of producers and consumers; consumer price index; effective demand (pð. 49–61).
References 6; Tables 14.
1. Gadzalo Ya.M., Gladii M.V., Sabluk P.T. Agrarnyi Potentsial Ukrainy: Napryamy Rozvytku [Agrarian Potential of Ukraine: Directions of Development]. Kyiv, Agrarian science, 2016 [in Ukrainian].
2. Gadzalo Ya.M., Lupenko Yu.O., Pugachov M.I. et al. Rozvytok Ekonomiky Sil’s’koho Hospodarstva v 2011–2015 rr. Nauk. Dopovid’ [Development of Agricultural Economy in 2011–2015. Scientific report]. Yu.O. Lupenko (Ed.). Kyiv, SEC “IAE”, 2016 [in Ukrainian].
3. Gaiduts’kyi P.I. Nezabutni Reformy v Ukraini [Unforgettable Reforms in Ukraine]. Kyiv, DKS-tsentr, 2017 [in Ukrainian].
4. Bodnar O.V. Tsinoutvorennya na Produktsiyu Roslynnytstva [Pricing for Crop Production]. Kyiv, SEC “IAE”, 2017 [in Ukrainian].
5. Shpychak O.M. Problemy tsinoutvorennya v konteksti kupivel’noi spromozhnosti naselennya ta inflyatsiinykh protsesiv [The matter of price-formation in the context of purchasing power of the population and inflation processes]. Ekonomika APK – The economy of Agro-Industrial Complex, 2016, No. 6, pp. 59–70 [in Ukrainian].
6. Shubravska O.V. Rozvytok agroprodovol’choho vyrobnytstva Ukrainy: zavdannya i vyklyky [Development of agroindustrial production of Ukraine: tasks and challenges]. Ekonomika APK – The economy of Agro-Industrial Complex, 2016, No. 4, pp. 5–12 [in Ukrainian].
The article was received by the Editorial staff on September 13, 2018.
O L E N A S H U B R A V S K A,
Professor, Doctor of Econ. Sci.,
Head of the Department of Forms and Methods
of Management in the Agro-Food Complex
Institute for Economics and Forecasting of the NAS of Ukraine
26, Panasa Myrnoho St., Kyiv, 01011, Ukraine
Shubravska Olena, 2019;
AGRARIAN CORPORATE SECTOR:
The author considers the development of theoretical and methodological foundations for research of agrarian corporations and the corporatization process of the agrarian sector of Ukraine’s economy. It is found that the current domestic legislation does not contain a single and comprehensive definition of a corporation in general and an agrarian corporation in particular. Meanwhile, their existing definitions show some inconsistency in the interpretation of the definition of a “corporation” in various legislative acts.
Formation of corporations is inseparable from the processes of concentration and integration. The main features of the institutional unit affiliation with the corporate sector are: the pooling of resources (capital and/or property), internal structuring and separation of property rights from the rights of management (control).
The corporation is an economic system with certain social functions. The corporate segment in agriculture is formed of agricultural enterprises, their associations and cooperatives. At the same time, agrarian corporations should not formally include the state and private enterprises with a sole proprietor, as well as farms. The agrarian corporate system is not homogeneous either in composition or in the nature of regulation. It should be structured according to certain characteristics (for example, according to the size of land-use and/or livestock). Accordingly, the development trends of various segments, their impact on the dynamics of macroeconomic indicators and the effectiveness of the state regulation of the industry should be examined.
Ukraine’s agrarian corporate sector demonstrates a generally positive development dynamics. It produces almost half of all agrarian output and more than half of plant-growing. Agricultural corporations make the main contribution to ensuring a positive balance of foreign trade in agricultural products. At the same time, corporations are responsible for distorting the structure of exports, namely for the prevalence of several groups of commodities in exports. Holding entities, whose activities are not legalized, dominate in the agrarian corporate sector.
Keywords: corporation; corporatization; agrarian sector; agricultural enterprises (ðð. 62–72).
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6. Añkoff R. Plan³rovanie Budushchego Korporatsii [Creating the Corporate Future]. Moscow, Progress, 1985 [in Russian].
7. Lemeschenko P.S. Vvedenie v evolyutsionnuyu ekonomiku [Introduction to the evolutionary economy], available at: http://docplayer.ru/35666140-Vvedenie-v-evolyucionnuyu-ekonomiku.html [in Russian].
8. Nelson R.R., Winter S.G. Evolyutsionnaya Teoriya Ekonomicheskikh Izmenenii [An Evolutionary Theory of Economic Change]. Moscow, Delo, 2002 [in Russian].
9. North D. Instituty, Institutsional’nye Izmeneniya i Funktsionirovanie Ekonomiki [Institutions, Institutional Change and Economic Performance]. Moscow, Nachala, 1997 [in Russian].
10. Hodgson G. Chto takoe instituty? [What are institutions?]. Voprosy ekonomiki – Issues of the Economy, 2007, No. 8, pp. 28–48 [in Russian].
11. Galbraith J.K. Ekonomicheskie Teorii i Tseli Obshchestva [Economics and the Public Purpose]. Moscow, Progress, 1979 [in Russian].
12. Kochetkov G.B. Natsional’nye modeli upravleniya i ispol’zovanie zarubezhnogo opyta [National models of management and use of foreign experience]. SShA i Kanada: ekonomika, politika, kul’tura – USA and Canada: economy, politics, culture, 2000, No. 12, pp.73–87 [in Russian].
13. Umantsiv Yu.M. Formuvannya ukrains’koi modeli korporatyvnoho upravlinnya [Formation of the Ukrainian corporate governance model]. Ekonomika. Finansy. Pravo – Economics. Finance. Law, 2010, No. 3, pp. 10–13 [in Ukrainian].
14. Kalyuzhnyi À. Ekspert: Vertikal’naya integratsiya agroholdingov – zashchitnaya reaktsiya [Expert: Vertical integration of agroholdings is a defensive reaction], available at: http://agroportal.ua/news/ukraina/ekspert-vertikalnaya-integratsiya-agrokholdingov--zashchitnaya-reaktsiya/ [in Russian].
15. Inozemtsev V., Nekrasov D. K reforme rynka zemli v Ukraine [Towards the reform of the land market in Ukraine], available at: http://hvylya.net/special-projects/ukrainian-institute-future/k-reforme-ryinka-zemli-v-ukraine.html [in Russian].
The article was received by the Editorial staff on June 20, 2018.
METHODS OF ECONOMIC-MATHEMATICAL MODELING
D M I T R Y O L I E I N I K,
23, Amosova St., Apt. 360, Kharkiv, 61176, Ukraine
Olieinik Dmitry, 2019;
THE MECHANISM OF BANK INTEREST RATE FORMATION
AT THE MACROECONOMIC LEVEL
AND ITS ECONOMIC AND MATHEMATICAL MODEL
It is shown that, as of today, the issue “interest rate and factors affecting it” is described in sufficient detail in terms of identifying and classifying these factors. However, both classical and modern theories consider the interest rate from the point of view of relations between economic agents: the owner of the funds (creditor) and the entity experiencing the need for additional funds (borrower) without singling out the banks.
The bank interest is considered exclusively at the microeconomic level as the fundamental rate, adjusted depending on the conditions for granting a loan or attracting a deposit and the financial condition of a bank. However, the issue of the fundamental rate – the rate formed at the macroeconomic level – remains unresolved.
Taking decision to set the interest rate, banks pursue two goals: profit maximization and risk management. The author substantiates the idea that the risk factors and effective use of funds raised are crucial for the formation of the fundamental rate.
It is shown that the basic factor of the bank interest formation, which combines the elements of risk and profitability, is bank liquidity. At the same time, under the influence of the laws of the behavioral economy, the linear influence of liquidity is transformed into an ellipsoidal one. It is analyzed that subjective factors (the Central Bank rate and its profitability) are the efficiency factors, and their effect on the interest rate is manifested in the context of comparison with the influence of the base factor only. It is substantiated that, in a crisis, the main motivational element when making decision on the interest rate is managing the risk of customer funds outflow. The author presents the interest rate model and modeling results for the banking system of Ukraine, which are quite close to the real market indicators.
Keywords: economic management models; interest rate; banking sector; macroeconomics (ðð. 73–89).
References 7; Figures 4; Formulas 5.
1. Keynes J.M. Obshchaya Teoriya Zanyatosti, Protsenta i Deneg [The General Theory of Employment, Interest and Money], available at: http://socioline.ru/files/5/316/keyns.pdf [in Russian].
2. Marshall A. Printsipy Ekonomicheskoi Nauki [Principles of Economics], available at: http://library.tneu.edu.ua/files/EVD/HTML/marshal/marshal.htm [in Russian].
3. Pigou A.C. Ekonomicheskaya Teoriya Blagosostoyaniya. V 2 t. [The Economics of Welfare. In 2 vol.]. Moscow, Progress, 1985 [in Russian].
4. Friedman M., Schwartz A. Monetarnaya Istoriya Soedinennykh Shtatov. 1867–1960 [A Monetary History of the United States, 1867–1960]. Kyiv, Vakler, 2007 [in Russian].
5. Hicks J.R., Allen R.G.D. Peresmotr Teorii Tsennosti, v: Vekhi Ekonomicheskoi Mysli. T. 1: Teoriya Potrebitel’skogo Povedeniya i Sprosa [A Reconsideration of the Theory of Value, in: Milestones of Economic Thought. Vol. 1: Theory of Consumer Behavior and Demand. Preface]. V.M. Gal’perin (Ed.). SPb., School of Economics, 1999, pp. 117–141 [in Russian].
6. Lupanov V.V., Belotserkovsky V.I. Analiz faktorov, vliyayushchikh na formirovanie protsentnoi stavki po kreditam i depozitam v kommercheskom banke [Analysis of the factors, which influence the formation of the interest rate on the credits and the deposits in the commercial bank]. Izvestiya Tul’skogo gosudarstvennogo universiteta. Ekonomicheskie i yuridicheskie nauki – Procedings of the Tula State University. Economic and legal sciences, 2010, Iss. 1, Part 1, pp. 137–143 [in Russian].
7. Katasonov V.Yu. Den’gi, Kredit, Banki: uchebnik i praktikum dlya akademicheskogo bakalavriata [Money, Credit, Banks: textbook and a workshop for academic undergraduate]. Moscow, Yurait, 2016 [in Russian].
The article was received by the Editorial staff on March 30, 2018
and was updated on March 4, 2019.
CRITIQUE AND BIBLIOGRAPHY
A N T O N F I L I P E N K O,
Professor, Doctor of Econ. Sci.,
Professor of the Chair of World Economy and International Economic Relations of the
Institute of International Relations
Taras Shevchenko National University of Kyiv,
36/1, Yuriia Illienka St., Kyiv, 04119, Ukraine
DEVELOPMENT OF GLOBALISTICS
AS THE NEWEST DIRECTION
OF THE MODERN SYSTEM OF ECONOMIC KNOWLEDGE
1. Belorus O.G., Vlasov V.I., Gritsenko A.A. Global’naya Konvergentno-Setevaya Finansovaya Ekonomika [The Global Convergent-Network Financial Economy]. Lambert Academic Publishing, 2018 [in Russian].
The review was receives by the Editorial staff on December 4, 2018.
To the 70-th ANNIVERSARY of PROFESSOR, DOCTOR of Econ. Sci. O.I. PAVLOV
THE AUTHORITATIVE SCIENTIST, ECONOMIST-AGRARIAN (ð. 92)
SUMMARIES (pp. 93-94)
EDITORIAL POLICY AND ETHICAL PRINCIPLES (pp.95-96)
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