Êiëüêiñòü ïåðåãëÿäiâ: 51
C O N T E N T S, No. 5, 2019

S E R G I I   K O R A B L I N,
Corresponding Member of the NAS of Ukraine,
Doctor of Econ. Sci., Deputy Director,
Institute for Economics and Forecasting of the NAS of Ukraine,
26, Panasa Myrnoho St., Kyiv, 01011, Ukraine,

Korablin Sergii, 2019;

Given the ambiguity and importance of the issues of Ukraine’s cooperation with the IMF, the developments of leading scientists on the topic are very relevant. It is these problems that the International scientific seminar, which was held at the Institute of Economics and Forecasting of the NAS of Ukraine on October 10, 2018, was devoted to. The positions of some scientists are published in this issue of the journal (pð. 3–5).

UDC 339.97; 339.923
O L E K S A N D R   P E T R Y K,
Doctor of Econ. Sci., Member of the NBU Council,
Deputy Director of the IMF Board of Directors for Ukraine (2013–2017),
Professor of the Department of Finance,
 Banking and Insurance, Banking University,
1, Andriivska St., Kyiv, 04070, Ukraine

© Petryk Oleksandr, 2019;

Since the foundation of International Monetary Fund in 1944, this organization has evolved with the development of the global economy. Nevertheless, its mission remained unchanged – to ensure the stability of the world monetary system. Such a monetary system would allow countries to follow a single standard and would contribute to world trade, economic growth and rising of living standards across nations.
The IMF has three main functions: supervision and monitoring of the global economy and the economies of member countries (surveillance); providing financial assistance to member countries (lending); economic research and technical assistance to member countries (capacity development).
The financial resources of the Fund are based on financial contributions (quotas of each member state) and determined by the relative position of the country in the world economy. The size of the quota determines the right to vote or the weight of the country’s vote in the decision-making process of the IMF.
Today the Fund’s programs have considerably expanded and are in line with the world economy needs. The main IMF financial assistance programs are: 
– Loan agreement “stand-by” (SBA); 
– Extended Lending Facility (EFF); 
– Flexible Credit Line (FCL); 
– the Precautionary and Liquidity Line (PLL);
– Rapid Financing Instrument (RFI).
In October 2018, the IMF and Ukrainian authorities announced the launch of a new SBA program, which should replace the existing program. However, to start the program, the Parliament had to approve the budget within the framework of the program. Other conditions were the creation of a permanent mechanism for adjusting gas prices for the population and strengthening the fight against corruption.

Keywords: International Monetary Fund; IMF lending programs; stand-by loans for Ukraine (pð. 6–18).

References 5; Figures 2; Table 1.
1. Petryk O. Programy MVF: dosvid okremykh krain ta perspektyvy dlya Ukrainy [IMF programs: experience of individual countries and perspectives for Ukraine]. Zhurnal Evropeis’koi ekonomiky – Journal of the European Economy, 2017, Vol. 16, No. 4 (63), pp. 480–503 [in Ukrainian].
2. Stiglitz J. Globalization and Its Discontents. N.Y., Norton Print, 2002.
3. Sachs J. The IMF is a power unto itself. The Financial Times, 1997, 11 December.
4. Korablin S. Navishcho nam groshi MVF? [Why do we need the IMF money?]. Dzerkalo Tyzhnia – Mirror Weekly, 2016, No. 30 [in Ukrainian].
5. Khan M., Sharma S. IMF conditionality and country ownership of programs. IMF Working Paper No. 01/142, Washington, DC, IMF, 2001.
The article was received by the Editorial staff on April 12, 2019.

UDC 339.97; 339.923
O L E K S A N D R   S H A R O V,
Professor, Doctor of Econ. Sci.,
Principal Researcher of the Sector of International Financial Research,
Institute for Economics and Forecasting of the NAS of Ukraine,
26, Panasa Myrnoho St., Kyiv, 01011, Ukraine

© Sharov Oleksandr, 2019;


Ukraine became a member of the IMF in September 1992, shortly after the proclamation of independence in 1991. But in reality, the path to the IMF was much longer, since it began with the creation of the IMF as a specialized agency of the United Nations (taking into account that Ukraine was also the founder of the UN). During the membership period, Ukraine repeatedly turned to the International Monetary Fund for various assistance programs – both technical and financial ones. Nevertheless, in Ukraine there is a lack of understanding of the tasks and order of the functioning of the Fund (both among ordinary citizens and politicians), which requires an explanation in order to destroy certain myths on this issue.
The first of the myths is that the IMF acts as a global «shadow government» while it is actually a mutual organization in which all members (including Ukraine) could and should play an appropriate role. In this regard, the role of economic diplomacy for the establishing of relations with the IMF and with its individual members is growing significantly. At the same time, the IMF is not an «international bank», which seeks to obtain from the countries high interest rates, but rather the international «mutual fund» of solidarity, which one needs to know how to use by. At the same time, the lack of the IMF credit programs with a member country is not necessarily a bad signal for it. Many countries have successfully reformed their economies without receiving financial assistance from the IMF.
It is important to understand that the IMF does not impose its lending conditions, but takes note of the program that actually is designed (at least used to be designed) by a government of the recipient country. Finally, the IMF cooperates not only with governments of member states, but also with civil society institutions. Of course, if they are able to put pressure on their governments.
Thus, a true understanding of the rules of the IMF – which are fixed in numerous documents – could help significantly improve the effectiveness of Ukraine’s relations with the International Monetary Fund.

Keywords: International Monetary Fund; cooperation; government; international loans (pð. 19–27).

References 5.
1. Mikesell R.F. The Bretton Woods Debates: A Memoir. Princeton, Princeton University, 1994.
2. Voinovich V.N. Antisovetskii Sovetskii Soyuz [Anti-Soviet Soviet Union]. Moscow, Materik, 2002 [in Russian].
3. James H. International Monetary Cooperation since Bretton Woods. New York, International Monetary Fund Oxford University Press, 1996.
4. Griffith-Jones S. The Role and Resources of the Fund. Problems of International Money. M. Posner (Ed.). Washington, D.C., IMF, 1986.
5. Kuznetsov V. Otnosheniya Rossii s MVF [Relations between Russia and the IMF]. Mirovaya ekonomika i mezhdunarodnye otnosheniya – World Economy and International relations, 2002, No. 7, pp. 46–52 [in Russian].
6. Hawrylyshyn B. Zalyshayus’ ukraintsem [I remain Ukrainian]. Kyiv, Pul’sary, 2012 [in Ukrainian].
7. Thirkell-White B. The IMF and the Politics of Financial Globalization. Basingstoke, Palgrave Macmillan, 2005.
The article was received by the Editorial staff on April 12, 2019.

UDC 339.97; 339.923
O L E N A  B O R Z E N K O,
Professor, Doctor of Econ. Sci.,
Head of the Sector of International Financial Research 
Institute for Economics and Forecasting of the NAS of Ukraine,
26, Panasa Myrnoho St., Kyiv, 01011, Ukraine

© Borzenko Olena, 2019; 


The International Monetary Fund (IMF) keeps plans to complete the review of country quotas in 2019. The country’s quota in the IMF determines the amount of its financial obligations to the Fund; the number of votes in the Fund and the country’s access to financing depend on this quota. Lastly, these shares were redistributed in 2010 under the 14th revision of quotas, when IMF total capital was increased by 100%, and only 6% of the quotas were transferred to developing countries. However, the total share of developing countries in the Fund is only 42.5%; the remaining 57.5% belong to developed countries. The G20 has previously approved a roadmap according to which the quotas for IMF shareholder countries should be redistributed by the new formula until 2019. Countries with emerging economies should gain more weight in this institution, created to maintain the financial stability of its participants, while traditional shareholders should lose some of their share. However, earlier this formula could not be agreed because of the US counteraction. Indeed, currently, the allowable ratio of debt to GDP is revised upward in most countries, with these changes most noticeable in countries with emerging markets. It is expected that for such countries, the debt index may exceed the level observed at the beginning of the global financial crisis of 2008-2009. The developed countries with a debt burden exceeding 100% of GDP remain vulnerable as well. As a result, the probability of long-term preservation of low GDP growth rates increases. At one time, Cooper’s group refused to use the debt index, believing that it could cause certain “moral problems”: the states would be interested in debt build-up to increase their quota in the IMF.

Keywords: IMF; quotas; countries’ positions; G20 (ðð. 28–40).

References 10; Formulas 9.
1. Prokof’ev I.V., Karataev S.V., Troshin N.N., Abaev L.Ch. O vzglyadakh ekspertov BRIKS na reformirovanie Mezhdunarodnogo valyutnogo fonda [On the views of BRICS experts on the reform of the International Monetary Fund], available at: [in Russian]. 
2. Bradlow D.D. The governance of the IMF: the need for comprehensive reform, available at: 
3. Buira A. The governance of the IMF in a global economy, available at:
4. Christine Lagarde for breathing space before next round of IMF reforms, available at: 
5. Cooper R.N., Truman E.M. The IMF quota formula: linchpin of Fund reform, available at: 
6. Enevoldsen T. IMF quotas, Danmarks Nationalbank: Monetary Review, 4th Quarter 2000, available at:
7. Gade T.P., M.-Thagaard Sune, Thomsen Ñ.R. Voice and representation in the IMF, Danmarks Nationalbank: Monetary Review, 2nd Quarter 2015, available at: 
8. Kruger M., Lavigne R., McKay J. The role of the International Monetary Fund in the post-crisis world, Bank of Canada: Staff Discussion Paper, February 2016, available at:
9. Vestergaard J., Wade R.H. Establishing a new Global Economic Council: governance reform at the G20, the IMF and the World Bank, Global Policy, 2012, Vol. 3, Iss. 3, pp. 257–269.
10. Skala M., Thimann Ch., Wölfinger R.  The search for Columbus’ egg: finding a new formula to determine quotas at the IMF. ECB. Occasional paper series, No. 70,   August 2007, available at: d894b1e7e8982-295381a1a64cdd 5f270 .
The article was received by the Editorial staff on April 12, 2019.

UDC 336.025:339
O L E K S I Y  P L O T N I K O V,
Professor, Doctor of Econ. Sci.,
Honored Economist of Ukraine, 
Leading Researcher of the Sector of International Finance Research
Institute for Economics and Forecasting of the NAS of Ukraine,
26, Panasa Myrnoho St., Kyiv, 01011, Ukraine

© Plotnikov Oleksiy, 2019; 


The contemporary aspects of Ukraine’s cooperation with international financial organizations are considered. The modern world is characterized by widespread use of external debt borrowing along with domestic sources of financing. The problems on the way of optimization of relations between Ukraine and international financial organizations are identified. In particular, these problems include: solvency of Ukraine and the growth of external debt; inadequacy of requirements of the international financial organizations to the realities of Ukraine’s economy; permanent influence of the international financial organizations on the activity of the current government of the state; requirements from the international financial institutions that are on the verge of national security of Ukraine, and in some cases cross this limit; the use of political factors to directly support the holding of various kinds of “reformers”; optimization of relations between Ukraine and the international financial organizations.
The actual directions of optimization of Ukraine’s cooperation with international financial organizations are outlined. The author shows the necessity to build strategies of relations of Ukraine with international financial organizations to be based on the current state of the national economy. The transition from direct receipt of financial resources to advisory and other support from these institutions is deemed as the possible direction of further relations of Ukraine with international financial organizations. In modern conditions it is necessary to reorient the cooperation with international financial organizations to achieve the national interests of Ukraine in the country and abroad. Ukraine’s relations with the international financial institutions should be built in the context of optimizing the model of socio-economic development and changing relevant accents.

Keywords: international financial organizations; IMF; Ukraine’s cooperation with international financial organizations (ðð. 41–47).

References 4; Table 1.
1. Eaton G. Francis Fukuyama interview: “Socialism ought to come back”, New Statesman, 2018, October 17, available at: .
2. Plotnikov O.V. Ultima Ratio Ekonomichnykh Reform [Ultima Ratio of Economic Reforms]. Kyiv, Kondor, 2003 [in Ukrainian].
3. Burakovskii I.V., Plotnikov A.V. Mirovaya Ekonomika: Global’nyi Finansovyi Krizis [The World Economy: Global Financial Crisis.]. Khàrkov, Folio, 2010 [in Russian].
4. Savchuk N.V. Byudzhetni Priorytety Ukrainy u Konteksti Suspil’noho Vyboru [Budget Priorities of Ukraine in the Context of Public Choice]. Kyiv, KNEU, 2014 [in Ukrainian].
The article was received by the Editorial staff on April 12, 2019.
UDC 336.025:339
T A M A R A  P A N F I L O V A,
Cand. of Econ. Sci., Senior Researcher, 
Leading Researcher of the Sector of International Finance Research
Institute for Economics and Forecasting of the NAS of Ukraine,
26, Panasa Myrnoho St., Kyiv, 01011, Ukraine

© Panfilova Tamara, 2019;

The author substantiates the proposition that the spread of crisis phenomena in the world economy has actualized the transformation processes in the system of global governance, primarily regarding the functions and activities of the IMF. Current trends include the following: supervision of the international monetary and financial system; monitoring the economic and financial policies of member states; strengthening the global financial security system; coordination of international cooperation and integration. The potential risks of the development of the world economy, including the extremely high level of global debt in general and its components in particular, are outlined. It is shown that annual reports, quarterly reviews and forecasts, IMF press releases with aggregate data on the main trends of the world economy, its individual regions and countries are very important both for the scientific community and for the authorities.
The importance of forming a regulatory and legal environment for regulating the fiscal sphere as an integral part of the global governance architecture is emphasized. It is revealed that a common instrument of influence of international organizations is the development of the model (typical or framework) acts to regulate the relevant sphere of relations at the national level. The characteristic provisions of individual acts of a fiscal nature are presented.
The provisions and standards of the Code of Good Practice for ensuring transparency in the fiscal area and the Guidelines for the management of public debt are mentioned as very important aspects for reforming the public finance sector of Ukraine.

Keywords: IMF; global governance; supervision; monitoring; fiscal transparency; debt management; potential risks (ðð. 48–56).

References 6.
1. Boughton J.M., Bradford C.I., Jr. Global governance: new players, new rules: why the 20th-century model needs a makeover. Finance and Development, December 2007, pp. 10–14. 
2. Chumakov A.N. Global’nyi mir: problema upravleniya [Global world: the problem of governance]. Vek globalizatsii – Age of Globalization, 2010, No. 2, pp. 3–15 [in Russian].
3. Lukashenko S.V. Rol’ MVF v Formuvanni Natsional’noi Valyutnoi Polityky. Global’na Rol’ Mizhnarodnykh Finansovykh Orhanizatsii u Periody Ekonomichnykh Kryz. Mater. zasidannya krugloho stolu [The Role of the IMF in Shaping the National Currency Policy. The Global Role of International Financial Organizations in Times of Economic Crises. Proceedings of the round table]. Kyiv, KUTEL, 2010, pp. 66–79 [in Ukrainian].
4. Lagarde Ch. A delicate moment for the global economy: three priority areas for action. Speech at the U.S. Chamber of Commerce, April 2, 2019, available at: 
5. Lagarde Ch. “Steer, don’t drift”: managing rising risks to keep the global economy on course. Speech at the headquarters of the IMF, October 1, 2018, available at: 
6. Kolomiiets P.V. Pro Podatkovyi kodeks Ukrainy v konteksti “Osnov svitovoho podatkovoho kodeksu” [Tax Code of Ukraine in the context of the “Basic World Tax Code”]. Zhurnal skhidnoevropeis’koho prava – Journal of Eastern European Law, 2016, No. 30, pp. 29–34 [in Ukrainian].
The article was received by the Editorial staff on April 17, 2019.

UDC 339.97; 339.923
E V H E N I I   R E D Z Y U K,
Cand. of Econ. Sci., Associated Professor,
Senior Researcher of the Sector of International Financial Research,
Institute for Economics and Forecasting of the NAS of Ukraine,
26, Panasa Myrnoho St., Kyiv, 01011, Ukraine

© Redzyuk Evhenii, 2019;


The global economic system requires greater coordination and coherence in order not to provoke international financial and economic crises. Therefore, to minimize financial and economic crises, such a powerful center as the IMF functions. In general, the IMF is based on the neoliberal North Atlantic market values; it creates the conditions for cooperation between stakeholders and protects its legitimacy in the long term, increasing its effectiveness. Not all countries can cooperate productively with the IMF; there is sometimes a decline in the rate of economic growth and the intensification of crisis phenomena in their economies (Somalia – 1981; Kenya – 1990s; Indonesia, Malaysia and Thailand – 1997 Argentina – 2001, and others). However, there are positive examples of world-wide cooperation with the IMF: Peru – 1956, Mexico – 1956, 1982 and 1994, Portugal – 2011–2014, Cambodia – 1992, Brazil – 2015–2016, Poland – 2009–2011, Greece and Cyprus – 2009–2010, etc. Cooperation with the IMF is always a definite indicator of the reforms and confidence of Western investors in countries with which the IMF cooperates. Cooperation with the IMF is always a definite indicator of reforms and confidence of Western investors in countries with which the IMF cooperates: if such values prevail in the country, and government institutions are formed fully and impartially (market environment, rule of law, antitrust constraints, infrastructure availability, etc.), then there is the possibility of mutually beneficial cooperation. Without this, cooperation will be ineffective and will not always lead to economic growth.
Cooperation with the IMF for Ukraine as of 2015–2020 is important, given the need to ensure financial and economic stability. Such cooperation makes it possible to reduce the interest on servicing and the frequency of entering the international commercial loan markets. However, if cooperation with the IMF is not continued, then the risks of increasing debt burden on the budget, the destabilization of exchange rate policy and, as a consequence, crisis phenomena in Ukraine’s economy will increase. This leads to the intensification of systemic changes and reforms that will allow Ukraine to achieve successful results in cooperation with the IMF.

Keywords: International Monetary Fund; cooperation with the IMF; economic growth (pð. 57–67).

References 7. 
1. Heyets V.M. Suspil’stvo, Derzhava, Ekonomika: Fenomenolohiya Vzaemodii ta Rozvytku [Society, the State, Economy: Phenomenology of Interaction and Development]. Kyiv, Institute for Economics and Forecasting of the NAS of Ukraine, 2009 [in Ukrainian].
2. Vakhnenko T.P. Zovnishn’oborhovi Zobov”yazannya u Systemi Svitovykh Finansovo-Ekonomichnykh Vidnosyn [Foreign Debt Obligations in the System of the World Financial and Economic Relations]. Kyiv, Feniks, 2006 [in Ukrainian].
3. Redzyuk E.V. Posylennya global’noi nestabil’nosti v mizhnarodnii ekonomitsi ta ii vplyv na Ukrainu [Increasing global instability in the international economy and its impact on Ukraine]. Ukrains’kyi zhurnal «Ekonomist» – Ukrainian journal «Economist», 2018, No. 8, pp. 19–22 [in Ukrainian].
4. Bird G., Mylonas J., Rowlands D. The political economy of participation in IMF programs: a disaggregated empirical analysis. Journal of Economic Policy Reform, 2015, Vol. 18, Iss. 3, pp. 221–243, DOI: 10.1080/17487870.2015.1019289.
5. Muhumed Ì.M., Gaas S.A. The World Bank and IMF in developing countries: helping or hindering? International Journal of African and Asian Studies, 2016, Vol. 28, pp. 39–49. 
6. Oberdabernig D. Revisiting the effects of IMF programs on poverty and inequality. World Development, 2013, Vol. 46, pp. 113–142, DOI: 10.1016/j.worlddev.2013.01.033.
7. Stiglitz J. Globalization and Its Discontents. N.Y., Norton Paperback, 2003.
The article was received by the Editorial staff on April 12, 2019.


UDC 338.31
B O G D A N  K U Z N Y A K,
Doctor of Econ. Sci.,
Professor of the Department of International Economics and Marketing
Poltava National Technical Yuri Kondratyuk University,
24, Pershotravnevyi Ave., Poltava, 36011, Ukraine

© Kuznyak Bogdan, 2019; 

It is determined that the most common form of organization of production is the family farming. First, it is based on the unity of ownership and labor, which generates an interest in the efficiency of management. Secondly, this is an area where people deal with nature, living organisms that require special care, attention and rapid response to changing weather conditions. The owner and his family cope with all these unstable situations most successfully. It is revealed that modern farmers are managers who have professional equipment and agronomic, zoo-technical, and economic education, since without appropriate knowledge it is impossible to win in a tough competition. The state supports farmers financially, legally, provides and guarantees the right of ownership.
It is substantiated that an important role in the development of farming is played by service cooperatives that are created by farmers in order to jointly sell products in the domestic and foreign markets in large lots at bargain prices, as well as to purchase means of production and create processing enterprises. This allows farmers to focus on production, to study and implement the achievements of science and technology, which increases the efficiency of production. 
The author shows that, in Ukraine, farms began to emerge after gaining independence and the country’s transition to market economy. However, this process is contradictory. The development of farming is hampered by the lack of price parity for agricultural and industrial products, state material and legal support, the lack of appropriate personnel as well as by corruption and raiding. 
It is proved that the creation of service cooperatives is important for the development of farming. It is analyzed that their development is hampered by the lack of: the state support, knowledge about cooperation and the benefits it provides to peasants, an understanding of the essence of cooperation by the highest bodies of agricultural structures.
The author reveals that (i) the world experience of the development of farming and service cooperatives should be taken into account and (ii) it should be stated in the Constitution of Ukraine that the basis of the agrarian structure are farms, which in the long run should become the main producer of agricultural products, and service cooperatives as their constituent part.

Keywords: family farming; service cooperatives; state support; profit; tax, credit; education (ðð. 68–78).

References 10; Tables 3.
1. Kuznyak B. Problemy spetsializatsii sil’s’koho hospodarstva v umovakh perekhodu do rynkovoi ekonomiky [Problems of agricultural specialization in the transition to a market economy]. Extended abstract of Doctor’s thesis. Kyiv, 1991 [in Ukrainian].
2. Zbars’kyi V.K., Zbars’ka A.V. Perspektyvy rozvytku simeinykh fermers’kykh hospodarstv Ukrainy [Prospects for the development of family farms in Ukraine]. Bukhgalteriya v sil’s’komu hospodarstvi – Accounting in agriculture, 2015, No. 11-12, pp. 31–36 [in Ukrainian].
3. Kuznyak B. Osnovy Ekonomichnoi Teorii [Fundamentals of Economic Theory]. 3rd ed. Poltava, ASMI Ltd, 2015 [in Ukrainian].
4. Mazur G. Udoskonalennya mekhanizmu derzhavnoho rehulyuvannya ta stymulyuvannya rozvytku agropromyslovoho vyrobnytstva [The advancement of the mechanism of state regulation and stimulation of the development of agro¬industrial production]. Ekonomika APK – The Economy of Agro-Industrial Complex, 2013, No. 2, pp. 21–25 [in Ukrainian]. 
5. Anysenko O.V., Bondarevskiy R.O. Suchasnyi stan fermers’kykh hospodarstv v Ukraini ta ikh rozvytok [The current situation of farms in Ukraine and their development]. Agrosvit, 2018, No.3, pp. 37–40 [in Ukrainian]. 
6. Kuznyak B. Rol’ derzhavy v rozvytku sil’s’kohospodars’kykh obsluhovuyuchykh kooperatyviv [The role of the state in the development of agricultural servicing cooperatives]. Ekonomika i rehion – Economics and Region, 2012, No. 5, pp. 40–44 [in Ukrainian].
7. Kuznyak B.Ya. Osnovy Marketynhu [The Basics of Marketing]. Poltava, ASMI, 2006 [in Ukrainian].
8. Sheremeta V. “Fermers’kyi” mil’yard [“Farmer” billion]. Agrarnyi tyzhden’. Ukraina – Agrarian week. Ukraine, 2017, No. 12 (325), pp. 10–13 [in Ukrainian].
9. Karpenko O. Fermerstvo – rik “dovhykh nozhiv” [Farming – the year of “long knives”]. Sil’s’ki visti – Rural news, January 21, 2016 [in Ukrainian].
10. Zinchenko R. Shchedri obitsyanky [Generous promises]. Sil’s’ki visti – Rural news, March 15, 2019 [in Ukrainian].
The article was received by the Editorial staff on January 16, 2019.


UDC 330.556
JEL  Å200, Å210,Å220, Å270, Î110, Å650, Å660
I R Y N A  K R ² U C H K O V A,
Doctor of Econ. Sci., Principal Researcher
Department of Modeling and Forecasting of Economic Development
Institute for Economics and Forecasting of the NAS of Ukraine,
26, Panasa Myrnoho St., Kyiv, 01011, Ukraine

© Iryna Kriuchkova, 2019;

The article is devoted to outstanding scientist Boris E. Kvasniuk, who in his research focused on a wide range of topical issues of economic growth, increased efficiency of the state regulation of the economy, made a significant contribution to the theory of economic growth, and scientifically substantiated the basic structural proportions of GDP to ensure a stable investment in Ukraine’s economic growth. The theoretical and methodological foundations of the formation of the national savings, their specifics for various institutional sectors of the economy, the impact of government policies on the level of consumer spending in GDP and gross capital accumulation were presented in his works at a high scientific level. Borys E. Kvasnyuk identified the reasons for the volatility of gross savings and the high dependence of the economy on external financing and external shocks in Ukraine. Long before the new crisis of 2009, he warned about the need for the state support of domestic producers until they improve their competitiveness to a level ensuring a balance in foreign trade in goods and foreign exchange stability. He also foresaw that subsequently the overseas income of Ukrainians would become a factor in balancing the current account of the balance of payments, while the revenues from foreign direct investment would be a factor in its deterioration and would increase the dependence of Ukraine’s economy on external factors. Kvasnyuk’s works remain relevant for new generations of researchers as they reveal the fundamental principles of economic development and the role of the state in supporting the macroeconomic equilibrium.

Keywords: economic growth; gross savings; investment crisis; gross fixed capital formation; institutional sectors of the economy; the state support (ðð. 79–86).

References 2; Figures 3.
1. Kvasnyuk B.E., Kireev S.I., Bolkhovitinova O.Yu. et al. Natsional’ni Zaoshchadzhennya ta Ekonomichne Zrostannya. In-t ekonom. prognozuvannya [National Savings and Economic Growth. Institute for Economics and Forecasting]. Kyiv, SE “Lesya”, 2000 [in Ukrainian].
2. Kryuchkova I.V. Destruktyvni zminy v rozpodili valovoho nayavnoho dokhodu ta napryamy derzhavnoi polityky shchodo ikhn’oho podolannya [Destructive changes in the distribution of gross disposable income and the guidelines of the state policy to overcome them]. Ekonomika i prognozuvannya – Economy and Forecasting, 2013, No. 1, pp. 7–26 [in Ukrainian].
The article was received by the Editorial staff on February 20, 2019.



(pð. 87–89)


SUMMARIES (pp. 90-94)



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