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13.04.2019

¹ 3, 2019

Êiëüêiñòü ïåðåãëÿäiâ: 35
C O N T E N T S, No. 3, 2019

GOVERNING THE ECONOMY: THEORY AND PRACTICE 

UDC 338.516
V I C T O R  L O G A T S K I Y,
Cand. of Econ. Sci.,
Leading expert of Razumkov Centre,
16, Lavrska St., Kyiv, 01015, Ukraine

©Logatskiy Victor, 2019; 
e-mail: victor.logatskiy@gmail.com

IMPROVEMENT OF THE TARIFF POLICY 
IN THE ELECTRIC POWER INDUSTRY 
TO ACHIEVE SECTORAL AND MACROECONOMIC BALANCES

Summary
The problems of formation of tariff policy under conditions of transition to a new model of the electricity market in Ukraine and introduction of incentive pricing in the electric power industry are considered. The main shortcomings of the existing electricity market model are identified, as well as the institutional structure and functional interaction of market segments of a new market model based on free pricing for electricity as a commodity. The attention is paid to the fact that in order to achieve sectoral and macroeconomic balance, it is necessary to properly justify prices for electricity distribution services under conditions of transition to a new market model, since tariffs for these services will be further regulated by the state. 
It is determined that the main criteria for the formation of adequate tariffs in Ukraine should be as follows: the feasible financial burden for the vast majority of participants in the electricity market in order to ensure the balance of the market; sufficient financial resource to maintain the proper technical condition of the energy infrastructure. The main shortcomings of the existing regulatory framework for the introduction of the incentive pricing for the distribution of electricity in Ukraine and the reasons associated with delaying the application of the incentive pricing for these services in Ukraine are identified. 
The main constituent elements of the structure of incentive pricing are considered, which are incorporated in the economic-mathematical model with the purpose of scenario forecasting of financial and economic indicators of the electricity distribution sector. The author shows that the predictive tariff rates (obtained as a result of the simulation) for electricity distribution for various categories of consumers, as well as aggregated financial and economic indicators of electricity distribution companies, should be considered as sectoral benchmarks for decision-making at the level of the national energy regulator.

Keywords: tariff; price; pricing; market; electrical energy; service; electricity distribution; consumer (ðð. 3–21).

References 1; Figures 8; Tables 3; Formula 1.
References
1. Logatskiy V.M., Omel’chenko V.Yu., Yurchyshyn V.V. Rol’ i Mistse Ukrains’koi Energetyky u Svitovykh Energetychnykh Protsesakh [The Role and Place of Ukraine’s Energetics in the World Energy Processes]. Kyiv, Razumkov Centre, 2018 [in Ukrainian].
The article was received by the Editorial staff on September 12, 2018.

UDC 658.5:330.4:338.4
M A R Y N A   A F A N A S I E V A,
Postgraduate Department of Economic Analysis and Accounting
National Technical University “Kharkiv Polytechnic Institute”,
2, Kyrpychova St., Kharkiv, 61002, Ukraine

© Maryna Afanasieva, 2019;
e-mail: marinaafanaseva911@gmail.com

RISK ANALYSIS OF INEFFICIENCY AT UKRAINE’S MACHINE BUILDING ENTERPRISES

Summary
The paper considers the risk identification of inefficiency concerning 51 Ukrainian joint-stock companies of machine building in 2012–2017. The value added at factor cost (VA) is determined as the resulting indicator of production efficiency, which is a source of income of various social groups, so it contributes to combined efforts. To support advanced production and management technologies, rather than an extensive market capture, the multiplicative model of VA has been suggested with the VA share in output to assess the quality processes within the enterprise. Economic analysis of the annual public financial statements and the structural statistics were conducted to study proportion between the cost elements in sum of expenses with link to profit in net turnover for the main operating activity. As a result the models of two types of risk coefficient have been proposed. It has been verified by statistical analysis. Data were checked on submission to normal distribution law by Shapiro – Wilk test and homogeneity by coefficient of variation. With the help of nonparametric analysis of variance by Kruskal – Wallis test and Spearman rank correlation coefficients; it has been proved that risk groups differ from other enterprises and from each other statistically significantly. We conclude that 37% of the sample enterprises are risky; a third of this is the large and medium-sized companies. Advantages of the method in comparison with Ward clusterization were shown. When making decisions about resource allocation, it should be confirmed that the enterprise is risk-free according to algorithms provided. To improve situation it needs to apply sustainable development concept.

Keywords: control of efficiency; value added at factor cost; risk analysis; nonparametric analysis of variance; correlation analysis (pð. 22–34).

References 15; Tables 4; Figures 4; Formulas 7.
References
1. Dmytrenko I.M. Kontseptsiya Rozvytku Audytu Korporatyvnykh System [The Concept of Development of Corporate Systems’ Audit]. Kyiv, “Kondor-PH” Ltd, 2013 [in Ukrainian].
2. Vlasenko N. Pokaznyky dlya Monitorynhu Stanu Dosyahnennya Tsilei Staloho Rozvytku: Metodolohiya Zboru ta Rozrakhunku Danykh. Analit. zvit v ramkakh proektu PROON/GEF “Integratsiya Polozhen’ Konventsii Rio u Natsional’nu Polityku Ukrainy” [Indicators for Monitoring the Status of Achievement of the Sustainable Development Goals: a Methodology for the Data Collecting and Calculating. Analytical report within the “Integrating Rio Convention Provisions Ukraine’s National Policy Framework” UNDP/GEF project]. Kyiv, 2017 [in Ukrainian].
3. Drucker P. Management Challenges for the 21st Century. New York, HarperBusiness, 2001.
4. Bilyk M.D., Pavlovs’ka O.V., Prytulyak N.M., Nevmerzhyts’ka N.Yu. Finansovyi Analiz [Financial Analysis]. Kyiv, KNEU, 2007 [in Ukrainian].
5. Siegel A. Practical Business Statistics. New York, University of Washington, Irwin McGraw-Hill, 2000.
6. Molina-Azorin J.F. Micro foundations of strategic management: toward micro-macro research in the resource-based theory. Business Research Quarterly, 2014, Vol. 17, Iss. 2, pp. 102–114, available at: https://www.sciencedirect.com/science/article/pii/S2340943614000206?via%3Dihub. DOI: http://dx.doi.org/10.1016/j.brq.2014.01.001.
7. Afanasieva M.A. Udoskonalennya form finansovoi zvitnosti yak krok na shlyakhu do staloho rozvytku [Improving the forms of financial reporting as a step towards sustainable development]. Proceedings from: Oblik, kontrol’ i analiz v upravlinni pidpryemnyts’koyu diyal’nistyu. 6-a Vseukrains’ka nauk.-prakt. internet-konf., 28 bereznya 2018. U 2 ch. [Accounting, control and analysis in the management of entrepreneurial activity. 6th All-Ukrainian Scientific and practical Internet conference. March 28, 2018. In 2 parts]. Vinnytsya, VITE KNUTE, 2018, Part 1, pp. 8–12 [in Ukrainian].
8. Shapiro S., Wilk M. An analysis of variance test for normality. Biometrics, 1965, Vol. 52, No. 3, pp. 591–611.
9. Corder G., Foreman D. Nonparametric Statistics: A Step-by-Step Approach. New Jersey, Wiley, 2014. 
10. Kruskal W.H., Wallis W.A. Use of ranks in one-criterion variance analysis. Journal of the American Statistical Association, 1952, Vol. 47, No. 260, pp. 583–621.
11. Spearman C. The proof and measurement of association between two things. American Journal of Psychology, 1904, Vol. 15, pp. 72–101, available at: https://www.jstor.org/stable/1412159?origin=crossref&seq=1#metadata_info_tab_contents. DOI: http://dx.doi.org/10.2307/1412159.
12. Ward J. Hierarchical grouping to optimize an objective function. Journal of the American Statistical Association, 1963, Vol. 58, pp. 236–244.
13. Reiff M., Tokar V. Post-communist financial and economic development: cluster analysis of selected countries. Economic Annals-XXI, 2016, Vol. 161 (9-10), pp. 12–17, available at: http://soskin.info/userfiles/file/Economic-Annals-pdf/DOI/ea-V161-03.pdf. DOI: https://doi.org/10.21003/ea.V161-03.
14. Afanasieva M. Economic control by civil society: an institutional approach, available at: http://eng.economukraine.com.ua/index.php?id=17607&show=86402.
15. Afanasieva M.A. Kontseptsiya staloho rozvytku ta ii korysnist’ dlya rozrobky mekhanizmu kontrolyu v systemi upravlinnya pidpryemstvom [Sustainable development concept and its usefulness for development of economic control mechanism in management of enterprise]. Efektyvna ekonomika – Effective economy, 2018, No. 11, available at: http://www.economy.nayka.com.ua/?op=1&z=6713. – DOI: 10.32702/2307-2105-2018.11.206 [in Ukrainian].
The article was received by the Editorial staff on December 11, 2018.

FINANCES.  TAXES.  CREDIT

UDC 332.12+336.71
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;
e-ma³l: aramshirinyan@ukr.net,

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;
e-mail: ladashirinyan@ukr.net

COMPETITIVENESS OF UKRAINE’S BANKING SERVICES MARKET:
SCALE FACTOR
(the end)

Summary
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. 35–51).

References 18; Tables 16; Formulas 17.
References
18. Pavlichenko R. Tretii bank registrirovat’ vsegda bystree, chem pervyi [The third bank is always faster to register than the first one], available at: http://forbes.net.ua/business/1341758-rostislav-pavlichenko-tretij-bank-registrirovat-vsegda-bystree-chem-pervyj [in Russian].
The article was received by the Editorial staff on May 24, 2018
and was updated on March 13, 2019.

PROBLEMS OF REGIONAL DEVELOPMENT AND DECENTRALIZATION

UDC 332.146.2:336.027:352
H A N N A  O L E K S Y U K,
Cand. of Econ. Sci.,
Associate Professor of the Economy and Marketing Department,
Scientific-Educational Institute of Entrepreneurship and 
Perspective Technologies of the Lviv Polytechnic National University,
18, Horbachevskoho St., Lviv, 79044, Ukraine

© Oleksyuk Hanna, 2019; 
e-mail: h_oleksyk@ukr.net,

N A T A L I Y A  L Y S Y A K,
Cand. of Econ. Sci., Associate Professor,
Head of the Economy and Marketing Department,
Scientific-Educational Institute of Entrepreneurship and 
Perspective Technologies of the Lviv Polytechnic National University,
18, Horbachevskoho St., Lviv, 79044, Ukraine

© Lysyak Nataliya, 2019; 
e-mail: natali.bila@gmail.com,

N A Z A R I Y  P O P A D Y N E T S,
Cand. of Econ. Sci.,
Senior Researcher of the Regional Economy Department
Institute of Regional Research 
named after M. I. Dolishniy of the NAS of Ukraine,
4, Kozelnytska St., Lviv, 79026, Ukraine

© Popadynets Nazariy, 2019; 
e-mail: popadynets.n@gmail.com

CONCEPTUAL AND STRUCTURAL MODELS OF ENDOGENOUS CAPACITY OF THE CONSOLIDATED TERRITORIAL COMMUNITIES AS A PRECONDITION FOR INCREASING THEIR COMPETITIVENESS 

Summary
The results of decentralization of power and finance, which began in Ukraine in 2014, are characterized. Quantitative and qualitative indicators of the functioning of the consolidated territorial communities (CTCs) provide an opportunity to carry out research, identify positive and negative aspects and draw conclusions. At the end of 2018, 865 CTCs were created in Ukraine, covering only 37% of the total territory. According to the assessment of the financial solvency of the created CTCs, about 10% of the communities are untenable in terms of the level of budget subsidies and the share of expenses for maintaining the management apparatus from their own resources and have low own incomes and capital expenditures per 1 resident. The actuality of the analysis of the components of the socio-economic capacity of the CTCs is shown and the reserves of financial sustainability of communities that can ensure the sustainable development of settlements in the future are revealed.
It is proved that the legal and geographic rearrangement of villages, settlements and cities into new CTCs to ensure their financial capacity may not always be effective, since the consolidated community is a single complex of the natural and resource wealth of the territory, production, economic and infrastructure potentials, social infrastructure and indicators of the quality of life of residents.
It is revealed that to find ways to improve the management of community, it is expedient to use the method of constructing the conceptual and structural models of these components of the CTC capacity, which can be formed using proper inventory and valuation of assets and resources regardless of their legal status, economic direction, etc., and with the use of spatial planning and urban planning documentation, and financial and economic indicators of the manufacturing sector. It is determined that such a way of the formation of programs and forecasts of socio-economic development for short and long-term periods ensures the objectivity of indicators, the reality of overcoming the financial imbalances, the feasibility of the vectors of the community development, investment opportunities and competitiveness of the CTCs.

Keywords: productive-economic and infrastructural capacity; conceptual and structural models; competitiveness; consolidated territorial communities; natural resources capacity; regulation; social infrastructure; management; financial capacity (ðð. 52–69).
References 7; Figures 6; Table 1.
References
1. Terytorial’nyi Rozvytok ta Rehional’na Polityka v Ukraini 2017: Aktual’ni Problemy, Ryzyky ta Perspektyvy Administratyvno-Finansovoi Detsentralizatsii [Territorial Development and Regional Policy in Ukraine 2017: Relevant Problems, Risks and Perspectives of Administrative and Financial Decentralization]. V.S. Kravtsiv (Ed.). Lviv, Institute of Regional Research named after M. I. Dolishniy of the NAS of Ukraine, 2017 [in Ukrainian].
2. Karpins’kyi B.À., Bozhko S.Ì. Produktyvnist’ i Stalyi Rozvytok Ekonomiky [Productivity and Economy Sustainable Development]. Lviv, Lohos, 2014 [in Ukrainian].
3. Kravchenko V.². Mistsevi Finansy Ukrainy [Local Finances of Ukraine]. Êyiv, “Znannya” society, ÊÎÎ, 1999 [in Ukrainian].
4. Tkachuk. ².H. Derzhavni Finansy [Public Finances]. Ivano-Frankivsk, V. Stefanyk Precarpathian National University, 2015 [in Ukrainian].
5. Oleksyuk G. Osoblyvosti formuvannya balansu vyrobnychykh, mainovykh ta finansovykh resursiv terytorii [Peculiarities of formation of the balance of productive, property, and financial resources of a territory] Ekonomika Ukrainy – Economy of Ukraine, 2001, No. 11, pp. 14–20 [in Ukrainian].
6. Finansovi Mekhanizmy ta Instrumenty Podolannya Dysbalansiv Sotsial’no-Ekonomichnoho Rozvytku Ukrainy [Financial Mechanisms and Instruments of Overcoming the Misbalances of Socio-economic Development of Ukraine]. T.H.Vasyl’tsiv (Ed.). Lviv, Liha-Pres Ltd, 2016 [in Ukrainian].
7. Mekhanizmy Administratyvno-Finansovoi Detsentralizatsii: Svitovi Praktyky ta Napryamky ikh Implementatsii v Ukraini. Naukova dopovid’ [Mechanisms of Administrative and Financial Decentralization: the World Practices and Directions of their Implementation in Ukraine. Scientific report]. I.Z. Storonyans’ka (Ed.). Lviv, Institute of Regional Research named after M. I. Dolishniy of the NAS of Ukraine, 2018 [in Ukrainian].
The article was received by the Editorial staff on January 8, 2019.

UDC 332.14
M A R I A N A  M E L N Y K,
Professor, Doctor of Econ. Sci.,
Head of the Sector of Spatial Development

© Melnyk Mariana, 2019; 
e-mail: mar.melnyk@gmail.com,

I R Y N A  L E S H C H U K H,
Cand. of Econ. Sci.,
Junior Researcher of the Sector of Spatial Development

© Leshchukh Iryna; 2019; 
e-mail: ira_leschukh@ukr.net,

Institute of Regional Research named after M. I. Dolishniy of the NAS of Ukraine,
4, Kozelnytska St., Lviv, 79026, Ukraine

CITIES AS CENTERS OF ECONOMIC ACTIVITY IN THE DIMENSION OF THE OBJECTIVES OF INCLUSIVE DEVELOPMENT

Summary
The main tasks of inclusive growth are determined, in particular: development of human capital; improving the quality of life of citizens, reducing inequality and poverty; development of social and economic involvement; careful use of natural resources and protection of the environment; territorial unity and elimination of regional disparities. 
The tight dependence (R = 0.84) between the index of global competitiveness of the countries and the index of inclusiveness of development is shown. The authors reveal the relationship between the intensity of urbanization processes and indicators of natural and migration growth (reduction) of the population; indicators of economic development and quality (comfort) of life for the inhabitants of the cities of Ukraine; indicators of institutional (including infrastructure) development of cities and assessments of their inhabitants regarding quality and comfort of living; indicators of economic development and investment attractiveness of the cities of Ukraine.
The current trends in the development of the IT sphere as a key driver for the implementation of inclusive development are analyzed. Priority measures for achieving the objectives of inclusive development of cities and regions are named, in particular: (i) the enhancement and effective use of human potential, which is primarily the education, retention in a city and preservation of the concentration in various fields of creative people who are able to develop creative and innovative activities; (ii) development and implementation at the national level of urban audit, such as in the EU countries; (iii) when developing an effective policy of reforms in Ukraine, taking into account not only statistical but also sociological results of the assessment of social sentiment, especially under conditions of decentralization of authority, responsibility and decision-making; (iv) use of participatory management and partner approach in developing a common vision of urban development based on inclusiveness.

Keywords: regional economy; economic activity; inclusive development; inclusive economy (ðð. 70–84).

References 11; Figures 4; Tables 2.
References
1. Acemoglu D., Robinson J. Pochemu Odni Strany Bogatye, a Drugie Bednye. Proiskhozhdenie Vlasti, Protsvetaniya i Nishchety [Why Nations Fail: The Origins of Power, Prosperity, and Poverty]. Moscow, AST, 2015 [in Russian].
2. Reinert E.S. Kak Bogatye Strany Stali Bogatymi, i Pochemu Bednye Strany Ostayutsya Bednymi [How Rich Countries Got Rich ... and Why Poor Countries Stay Poor]. Moscow, PH of HSE SU, 2014 [in Russian].
3. Podesta J. Inclusive economic growth: increasing connectivity, expanding opportunity, and reducing vulnerability, available at: https://www.americanprogress.org/issues/economy/reports/2013/02/07/52160/inclusive-economic-growth-increasing-connectivity-expanding-opportunity-and-reducing-vulnerability/. 
4. Bedos Z.M. Dlya bahatshykh i dlya bidnishykh. Zrostannya nerivnosti – odna z naibil’shykh sotsial’no-ekonomichnykh i politychnykh problem suchasnosti [For the richer and for the poorer. The growth of inequality is one of the greatest socio-economic and political problems of our time], available at: http://tyzhden.ua/World/62625 [in Ukrainian].
5. Hollander S., Bolling R. Practice, don’t preach: getting serious about inclusive development, available at: http://www.thebrokeronline.eu/Articles/Practice-don-t-preach-getting-serious-about-inclusive-development. 
6. Ranieri R., Ramos R.A. Inclusive growth: building up a concept. Working Paper No. 104, International Policy Centre for Inclusive Growth, available at: http://www.ipc-undp.org/pub/IPCWorkingPaper104.pdf .
7. Gupta J., Vegelin C. Sustainable development goals and inclusive development, available at: https://link.springer.com/article/10.1007/s10784-016-9323-z.
8. Bobukh I.M., Shchegel S.M. Stratehichni orientyry ekonomichnoho zrostannya Ukrainy: inklyuzyvnist’ yak klyuchovyi priorytet [Strategic environment of economic growth in Ukraine: inclusiveness as a key priority]. Visnyk Natsional’noi akademii nauk Ukrainy – Bulletin of the National Academy of Sciences of Ukraine, 2018, No. 7, pp. 55–70 [in Ukrainian].
9. Prognimak O.D. Inklyuzyvnyi rozvytok Ukrainy: pereshkody vs perspektyvy [Inclusive development of Ukraine: obstacles vs. prospects]. Ekonomichnyi visnyk Donbasu – Economic Herald of the Donbass, 2018, No. 1 (51), pp. 187–197 [in Ukrainian].
10. Terytorial’nyi rozvytok i rehional’na polityka: Vyklyky ta priorytety staloho endohennoho zrostannya rehioniv Ukrainy v umovakh suchasnykh reform. Nauk. dopovid’.  Seriya: Problemy rehional’noho rozvytku [Territorial development and regional policy: Challenges and priorities of sustainable endogenous growth of regions of Ukraine under conditions of modern reforms. Scientific report. Ser.: Problems of regional development]. V.S. Kravtsiv (Ed.). Lviv, Institute of Regional Research named after M. I. Dolishniy of the NAS of Ukraine, 2018 [in Ukrainian].
11. Melnyk M.I., Yaremchuk R.Ye., Shcheglyuk S.D. Rol’ mis’kykh tsentriv u aktyvizatsii endohennoho rozvytku rehioniv [The role of city centers in intensifying the endogenous developments of regions]. Rehional’na ekonomika – Regional Economy, 2018, No. 2 [in Ukrainian].
The article was received by the Editorial staff on October 18, 2018.

CRITIQUE AND BIBLIOGRAPHY
 
O L E K S A N D R   A M O S H A,
Professor, Doctor of Econ. Sci.,
Academician of the NAS of Ukraine,
Director Institute of Industrial Economics of the NAS of Ukraine,
2, Marii Kapnist St., Kyiv, 03057, Ukraine

© Amosha Oleksandr, 2019;
e-mail: amosha1937@gmail.com

INDUSTRIAL REFORMS AS A WAY TO RENEW 
THE UKRAINE’S ECONOMY
(pð. 85–87)
References 2. 
References
1. Rozvytok Promyslovosti dlia Zabezpechennya Zrostannya ta Onovlennya Ukrainskoi Ekonomiky. Nauk.-analit. dop. [Industry Development to Ensure the Growth and Renewal of Ukraine’s Economy. Scientific and analytical report]. L.V. Deineko (Ed.). Kyiv, Institute for Economics and Forecasting of the NAS of Ukraine, 2018, available at: http://ief.org.ua/docs/sr/301.pdf [in Ukrainian].
2. Stiglitz J.E. Globalization and its Discontents. New York, W.W. Norton & Company, 2002.
The review was received by the Editorial staff on December 28, 2018.

T E T Y A N A   O R I E K H O V A,
Professor, Doctor of Econ. Sci., 
Vice-rector for International Affairs
Vasyl’ Stus Donetsk National University,
21, 600-richya St., Vinnytsóa, 21027, Ukraine

© Oriekhova Tetyana, 2019;
e-mail: t.oriekhova@gmail.com

INTERNATIONAL MARKETING AND FINANCE FOR 
BUSINESS DEVELOPMENT
(ð. 88–91)

Reference 1.
References
1. Kisters’kyi L.L., Puzanov I.I., Lypova T.V. Mizhnarodnyi Marketyng i Finansy dlya Maloho i Seredn’oho Biznesu: Metodolohiya i Praktyka [International Marketing and Finance for Small and Medium Business: Methodology and Practice]. Prague, Coretex CZSE, 2018 [in Ukrainian].
The review was received by the Editorial staff on February 28, 2019.
______

SUMMARIES (pp. 9294)
_______

EDITORIAL POLICY AND ETHICAL PRINCIPLES (pp. 9596)
 

 



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