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20.09.2019

¹ 6, 2019

Êiëüêiñòü ïåðåãëÿäiâ: 39
C O N T E N T S, No. 6, 2019 


GOVERNING THE ECONOMY: THEORY AND PRACTICE 
 
UDC 330.341:004.4 (477)
O L E K S A N D R  S E R D I U K,
Cand. of Econ. Sci.,
Senior Researcher of the Department of Perspective Development of Fuel and Energy Sector
Institute of Industrial Economics of the NAS of Ukraine,
2, Marii Kapnist St., Kyiv, 03057, Ukraine

© Serdiuk Oleksandr, 2019;
e-mail: serdyuk_o@nas.gov.ua
CONCEPT OF EFFICIENT REDUCING GREENHOUSE GAS EMISSIONS IN UKRAINE’S ENERGY SECTOR

Summary
Ukraine’s energy system, namely the sector of thermal energy, is the country’s largest producer of greenhouse gas emissions nowadays. Given the significant contribution of Ukraine’s energy sector to the nationwide producing greenhouse gas emissions, the need for its restructuring is becoming increasingly obvious from an economic point of view. However, the lack of economic incentives for private parties and the limited financial capacity of the public sector hamper the implementation of appropriate measures. Given that the natural economic incentives for reducing greenhouse gas emissions from the private sector in the energy sector (80% of the thermal energy sector belongs to the private sector) can only arise in the event of a change in the energy market situation, this raises the question of how to effectively use the limited financial resources of the state for such needs.
In view of this, the concept of reducing greenhouse gas emissions in Ukraine’s energy sector is developed, which should be implemented in three stages: (i) the optimization of electricity generation at the TPPs by bringing the load to the maximum and relatively efficient levels, at which the largest amount of energy will be generated per unit of greenhouse gas emissions; (ii) clustering of TPPs into two groups by the performance indicators of operation: the identifying relatively efficient TPPs to be modernized; (iii) ranking of relatively inefficient TPPs by priority for replacement with renewable energy sources. 
To identify the enterprises in relation to which the proposed measures should be applied, the software is developed, which will determine the relevant information by analyzing the data characterizing the activity of enterprises.
 
Keywords: concept; efficiency of reducing greenhouse gas emissions; thermal power plants; optimization of production; clustering; modernization; renewable energy sources (pð. 3–17).
 
References 3; Figures 12; Tables 2.
References
1. 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].
2. Plyaskina N. Formirovanie rynochnykh otnoshenii v sfere prirodopol’zovaniya i tendentsii razvitiya energeticheskoi politiki v usloviyakh realizatsii Kiotskogo protokola [Formation of market relations in the field of environmental management and trends in the development of energy policy in the context of the implementation of the Kyoto Protocol]. Vestnik Novosibirskogo gosudarstvennogo universiteta. Ser.: Sotsial’no-ekonomicheskie nauki – Vestnyk. Novosibirsk State University. Ser. : Social and Economic Sciences, 2005, No. 5, pp. 24–40 [in Russian].
3. Muller A. Vvedenie v Mashinnoe Obuchenie s Pomoshch’yu Python. Rukovodstvo dlya Spetsialistov po Rabote s Dannymi [Introduction to Machine Learning with Python: A Guide for Data Scientists]. SPb.,Vil’yams, 2017 [in Russian].
The article was received by the Editorial staff on November 7, 2018.
 
 
FINANCES.  TAXES.  CREDIT
UDC336.71+332.12
JEL CODES G18, G21, G28, L12, L41, 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, Volodymyrska St., Kyiv, 01601, Ukraine,
Senior Researcher of the Educational and Research Center of the NAS of Ukraine,
46, Nauky Ave., Kyiv, 03039, 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, Volodymyrska St., Kyiv, 01601, Ukraine,
 
© Shirinyan Lada, 2019;
e-mail: ladashirinyan@ukr.net
COMPETITIVENESS OF UKRAINE’S BANKING SERVICES MARKET:
RIVALRY FACTOR, TRENDS AND RESULTS

Summary
The authors propose a new methodology for the integrated assessment of the competitiveness of Ukraine’s banking services market, which reflects the result and perfection of the competitive interaction of banks and determines the degree of advantage of the set indicators of Ukraine’s banking services market over the set indicators of other sectors of economy and the corresponding markets in other countries. The approach is realized from the standpoint of competitive interaction of banks, business efficiency and distribution of services and is tested to analyze the situation in 2006–2017.
The presented study is the second part of the general methodology for assessment of the competitiveness of the banking services market and covers the following items: banking efficiency, degree of monopolization, level of competition of banks, integrated assessment of competitiveness, disproportions and market saturation with players.
To identify the advantages, the following relative indicators are introduced: indices of capitalization and concentration overrun, and index of competition exceeding. With this approach, Ukraine’s banking services market is compared with the commensurate markets of the euro-zone countries and other countries of the world. The perfection of the competitive interaction of banks is reflected by the indicators of efficiency, concentration, Herfindahl-Hirschman and disproportions. The generalized assessment of activities of all banks in the market is found due to the integral competitiveness index.
In recent years, banking services markets in Ukraine and Romania have been ineffective. Among the countries with economy in transition, the markets of Poland and Turkey are the most attractive reference markets for Ukraine. To approximate the indicators to the level of Poland and Turkey, it is necessary to increase the capitalization and market value of banks by 10 times, to the level of Germany – almost 180 times. Concentration indices in Ukraine are overestimated 1.4 times as compared with Italy and France, 1.3 times – compared with Poland. The trend of Herfindahl-Hirschman index in Ukraine is growing and the integral competitiveness of the banking services market in Ukraine is low, with an estimation “satisfactory”.
The necessity of increasing the capitalization of banks, the profitability of bank assets, the decrease in market concentration and the imbalances in the distribution of services is argued.
 
Keywords: banking services market; economic efficiency; competition; concentration; competitiveness; Herfindahl-Hirschman index; disproportion of distribution (pp. 18–38).
 
References 15; Tables 13; Formulas 14.
References
1. Shirinyan A.S., Shirinyan L.V. Konkurentospromozhnist’ rynku bankivsʼkykh posluh Ukrainy: factor masshtabu [Competitiveness of Ukraine’s banking services market: scale factor]. Ekonomika Ukrainy – Economy of Ukraine, 2019, No. 2, pp. 37–48; No. 3, ðð. 35–51 [in Ukrainian].
2. 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, PH «Textbooks Center», 2014 [in Ukrainian].
3. Gladkykh D. Umovy konkurentsii na ukrains’komu rynku bankivs’kykh posluh [Competition condition in Ukraine’s banking services market]. Visnyk Natsional’noho banku Ukrainy – Herald of the National Bank of Ukraine, 2012, ¹ 9, pp. 9–13 [in Ukrainian].
4. Karcheva G.T., Smovzhenko T.S., Mishchenko V.I. et al. Efektyvnistʼ ta Konkurentospromozhnist’ Bankivs’koi Systemy Ukrainy [Efficiency and Competitiveness of Ukraine’s Banking System]. G.T. Karcheva (Ed.). Kyiv, Banking University, 2016 [in Ukrainian].
5. 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].
6. 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].
7. Rashkovan V., Kornylyuk P. Kontsentratsiya bankivs’koi systemy Ukrainy: mify ta fakty [Concentration of the banking system of Ukraine: myths and facts]. Visnyk Natsional’noho banku Ukrainy – Herald of the National Bank of Ukraine, 2015, No. 234, pp. 6–38 [in Ukrainian].
8. Koch S., Schneider S., Schneider R., Schröck G. Basel «IV»: What’s next for banks? Implications of intermediate results of new regulatory rules for European banks. McKinsey & Company, 2017, available at: https://www.mckinsey.com/~/media/mckinsey/business%20functions/risk/our%20insights/basel%20iv%20whats%20next%20for%20european%20banks/basel-iv-whats-next-for-banks.ashx.
9. 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].
10. 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].
11. Claessens S., Laeven L. What drives bank competition? Some international evidence. Journal of Money, Credit, and Banking, 2004, Vol. 36, No. 3, pp. 563–583.
12. Panzar J.C., Rosse J.N. Testing for «Monopoly» Equilibrium. Journal of Industrial Economics, 1987, Vol. 35, No. 4, pp. 443–456.
13. Shaffer S. Conduct in a banking monopoly. Review of Industrial Organization, 2002, Vol. 20, Iss. 3, pp. 221–238.
14. U-Din S., Tripe D., Kabir M.H. Market competition and bank efficiency: a post GFC assessment of Australia and New Zealand. SSRN, August 18, 2017, available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3021357.
15. Koc Y., Celik S., Arslan S. Market structure and effects of the banking sector. PressAcademia Procedia, 2017, Vol. 3, pp.143–152, available at: http://doi.org/10.17261/Pressacademia.2017.400.
The article was received by the Editorial staff on September 7, 2018.
 
QUESTIONS OF THE DEVELOPMENT OF AIC
 
UDC 339.92: 338.43
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; 
e-mail: shubravska@gmail.com
 
TRANSNATIONALIZATION OF THE AGRARIAN SECTOR:
 KEY FEATURES OF THE PROCESS 

Summary
The main trends of the process of transnationalization of the agrarian sector of the economy are revealed. It is shown that the global agribusiness value chain includes agricultural TNCs themselves, as well as TNCs serving agricultural activities and related activities (supplies of agricultural machinery, equipment, seeds and fertilizers, processing, retail and wholesale). The activities of TNCs in the agrarian sphere are increasingly focused on the highly profitable, close to agrarian segments of the global chain. This intensifies the capital inflow to agrarian sector from previously unrelated with it branches, and also does not allow for a clear distinction between the purely agricultural and other mentioned types of TNCs. The agri-food complex of Ukraine as a whole is largely involved in the process of transnationalization, and the foreign capital entry tends to increase. The concentration of agricultural land by transnational corporations and their structures is being strengthened by means of acquiring and consolidating Ukrainian agricultural companies. The concentration of agricultural land by transnational corporations and their structures is being strengthened by means of acquiring and consolidating Ukrainian agricultural companies. Comparison of the main activities of the processes of transnationalization and holding of the agrarian sector of Ukraine (in particular, the involvement of corporations in the global financial space, including as investors, the relatively high level of their technical equipment and innovation activity, mainly export-oriented activities etc.) allowed to make a conclusion about their similarity. 
The increased presence of these structures in Ukraine’s agrarian sector had a number of economic positives. However, there is no reason to believe that the arrival of foreign capital in Ukraine’s agrarian sector will significantly increase the value added and the scale of innovation. The question of the relationship between possible economic benefits and damage from the corporates’ violations of the principles of environmental and social sustainability of agricultural production also remains open. In this context, it should be emphasized that to a large extent the nature of the activities of corporate structures, including TNCs, within the framework of national agrarian complexes is determined by the norms adopted and followed in each particular country.
 
Keywords: transnationalization; transnational corporations; agricultural sector; agroholdings; agricultural enterprises (ðð. 39–53).
 
References 11.
References
1. Tsvetkov V.A. Korporativnyi Biznes: Teoriya i Praktika [Corporate Business: Theory and Practice]. SPb., Nestor-Istoriya, 2001 [in Russian].
2. Kelaru I.O. Transnatsionalizatsiya i konkurentospromozhnyi rozvytok Ukrainy [Transnationalization and competitive development of Ukraine]. Extended abstract of candidate’s thesis. Kyiv, KNUTE, 2014 [in Ukrainian].
3. Kravchuk O. Eksport syrovyny yak natsional’na ideya ta napovnennya byudzhetu [Export of raw materials as a national idea and filling the budget], available at: https://commons.com.ua/ru/opadatkuvannya-silskogo-gospodarstva-vikliki-i-mozhlivosti/ [in Ukrainian].
4. Lissitsa A. K nam neozhidanno prishel “edinolichnik” [We were unexpectedly visited by an “individual peasant”], available at: http://agroportal.ua/views/blogs/k-nam-neozhidanno-prishel-edinolichnik/ [in Russian].
5. Bakumenko O. Tin’ova orenda zemli v Ukraini otsinyuet’sya v 11,7 mln. ha [Shadow land rent in Ukraine is estimated at 11.7 million hectares], available at: https://ua.interfax.com.ua/news/land/469898.html [in Ukrainian].
6. Miroshnychenko I. Tin’ na polyakh. Yak zupynyty nezakonni operatsii na agrorynku [Shadow in the fields. How to stop illegal operations on the agrarian market], available at: https://www.epravda.com.ua/COLUMNS/2017/03/27/623100/ [in Ukrainian].
7. Lebed’ L. Mnenie: Tenevoe proizvodstvo semyan podsolnechnika dostigaet 25% [Opinion: Shady production of sunflower seeds reaches 25%], available at: http://agroportal.ua/news/ukraina/mnenie-tenevoe-proizvodstvo-semyan-podsolnechnika-dostigaet-25/ [in Russian].
8. Poltavchenko P. Shveitsarskii treider Ukrlandfarming Olega Bakhmatyuka poshel po puti bankrotstva [Swiss trader Ukrlandfarming of Oleg Bakhmatyuk took the road of bankruptcy], available at: https://oligarh.media/2018/09/18/shvejtsarskij-trejder-ukrlandfarming-olega-bahmatyuka-poshel-po-puti-bankrotstva/ [in Russian].
9. Voloshyn P. Ukrains’ki kompanii uviishly v top-20 naibil’shykh agrokholdynhiv svitu [Ukrainian companies entered the top 20 largest agricultural holdings of the world], available at: https://uprom.info/news/agro/ukrayinski-kompaniyi-uviyshli-v-top-20-naybilshih-agroholdingiv-svitu/ [in Ukrainian].
10. Gutorov A.O. Rozvytok Integratsiinykh Vidnosyn v Agrarnomu Sektori Ekonomiky [Development of Integration Relations in the Agrarian Sector of the Economy]. Kyiv, “SIK GRUP Ukraina” Ltd, 2016 [in Ukrainian].
11. Lupenko Yu.O., Kropyvko M.F. Agrokholdynhy v Ukraini ta posylennya sotsial’noi vidpovidal’nosti ikh diyal’nosti [Agroholdings in Ukraine and strengthening the social responsibility of their activities]. Ekonomika APK – The Economy of Agro-Industrial Complex, 2013, No. 7, pp. 5–21 [in Ukrainian].
The article was received by the Editorial staff on February 13, 2019.
 
ECONOMIC PROBLEMS OF THE NATURE MANAGEMENT
 
UDC 330.8:303:502/504
O K S A N A   V E K L Y C H,
Professor, Doctor of Econ. Sci.,
Principal Researcher of the Department 
of Ecosystem Assessment of Natural Resource Potential 
Institute of Environmental Economics and Sustainable Development
 of the NAS of Ukraine,
60, Taras Shevchenko Blvd., Kyiv, 01032, Ukraine

© Veklych Oksana, 2019; 
e-mail: okveklych@ukr.net
THE SPECIFICS OF THE COST MEASUREMENT 
OF THE ECOSYSTEM SERVICES IN DETERMINING 
THE DAMAGE FROM ENVIRONMENTAL POLLUTION

Summary
The formalization of the economic damage from the deterioration/destruction of ecosystem services is carried out. On this basis, its output component is designated: the indicator of harm to ecosystem goods and services as assets of natural capital. For the first time, meaningful content of economic damage from the loss of ecosystem goods and services is revealed. Its content is based on the cost estimation of the total amount of harm caused to them (1), the volume of relevant public expenditure and financial resources to replace certain types of ecosystem services, which are lost in whole or in part (2), the costs necessary to prevent harm from the negative socioeconomic and environmental consequences of the loss of ecosystem services (3) and the elimination of these losses (4), as well as lost profits from lost opportunities (income) due to degraded ecosystem services and the resulting social costs (5). It is substantiated that in determining the overall rate of economic damage from environmental pollution by the ecosystem objects, its key parameter is exactly the cost measurement of the value of ecosystem services on the basis of an economic assessment of the degradation changes of ecosystem producers. A consistent parameterization of the economic value of ecosystem services is presented and the applied results of cost estimation of ecosystem services are generalized. These results provide reference methodological support for similar evaluation by other developers, in particular, professional appraisers licensed by the Ministry of Ecology and Natural Resources of Ukraine. 
The author introduces into scientific use the provisions on determining the economic value of ecosystem services and their contribution to well-being, which were set out in the four most important constitutional official documents developed by the United Nations Statistical Commission, FAO, the IMF and the World Bank in 2012-2017.
For the first time, the estimated cost of ecosystem services for the Dnipro river Basin within Ukraine, including the Kiev Region, is calculated. A double excess of the value of ecosystem services of Kiev area (as the region of the middle reaches of the Dnipro Basin) over the value of the regional gross product for the same time period was found. The author proves the necessity to take into account the significant contribution of ecosystem services (or, conversely, their losses) to public income in order to create a scientifically plausible basis for making more substantiated and credible practical decisions when forming and implementing the socio-economic and environmental policies.
 
Keywords: ecosystem services; economic damage from deterioration/destruction of ecosystem services; economic assessment of ecosystem services (ðð. 54–78).
 
References 25; Table 1; Formulas 5.
References
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3. Veklych O.O. Parametryzatsiia ekonomichnoho zbytku vid pohirshennya/znyshchennya ekosystemnykh posluh Parametrization of economic damage from degradation / destruction of ecosystem services. Ekonomika pryrodokorystuvannya i stalyi rozvytok – Environmental economics and sustainable development, 2019, No. 5 (24), ðð. 58–65 [in Ukrainian].
4. Wilson C., Matthews W. Man’s Impact on the Global Environment, in: Study of Critical Environmental Problems (SCEP). Cambridge, Massachusetts, MIT Press, 1970.
5. de Groot R., Fisher B., Christie M. et al. Integrating the ecological and economic dimensions in biodiversity and ecosystem service valuation, Ch. 1., March 2010, available at: http://www.teebweb.org/wp-content/uploads/2013/04/D0-Chapter-1-Integrating-the-ecological-and-economic-dimensions-in-biodiversity-and-ecosystem-service-valuation.pdf.
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The article was received by the Editorial staff on February 4, 2019.

ECONOMY AND LAW
 
UDC 330.341.1
V O L O D Y M Y R  K H A U S T O V,
Cand. of Techn. Sci., Scientific Secretary,
Institute for Economics and Forecasting of the NAS of Ukraine,
26, Panasa Myrnoho St., Kyiv, 01011, Ukraine

© Khaustov Volodymyr, 2019;
e-mail: khau@ief.org.ua
 
PROTECTION OF INTELLECTUAL PROPERTY RIGHTS 
IN THE GLOBAL PROCESSES OF THE DIGITAL ECONOMY DEVELOPMENT

Summary
It is shown that the level of development of digital technologies plays a decisive role in the competitiveness of both individual countries and individual regions. Along with the developed countries, the countries of South-East Asia have also become the leaders in the creation and implementation of the ICT.
It is justified that the transition to a digital economy is considered as the driving force of innovation-oriented economic growth, provided favorable conditions for the institutional and business environment, the transformation of intellectual property protection systems, and integration to the global value added chains are created. In such chains, the better off companies and countries are those who possess significant resources in the form of intangible assets. The development of digital economy is impossible without creating a “solid analogue foundation”, including a regulatory framework, a strong human capital, and special institutions of electronic governance.
The modern trends of the legal relations transformations in the field of intellectual property protection, as well as the structuring of objects and subjects of industrial property rights, copyright and related rights are systematized. It is pointed out that the current tendencies include both strengthening protection of personal non-property (moral) rights of the creators of intellectual property, and further commercialization of property (economic) rights. At the state level, it is necessary to ensure a balance between the protection of copyright and the priority areas of government policy in education, research, innovation, etc.
Ukraine is not an active participant in the global value added chains, despite the potential available. The results of analysis of the Global Competitiveness Index components have revealed the strengths and weaknesses of Ukraine, in particular: comparatively high rankings and valuations of intangible assets directly related to digitalization, and, at the same time, dangerously low rankings in the assessment of institutional environment, macroeconomic stability and financial system.
The key strategy for increasing Ukraine’s global competitiveness should be country’s “digitalization”, creation of domestic ICT market, and integration to the global value added chains.
 
Keywords: intellectual property; intangible assets; property and non-property rights; digital economy; global competitiveness (pð. 79–90).
Table 1.
The article was received by the Editorial staff on February 8, 2019.
_____
 
SUMMARIES (pp. 91-94)
______
 
EDITORIAL POLICY AND ETHICAL PRINCIPLES (pp.95-96)
 


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