Том 6, випуск 1
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Item Application of the Scoring Approach to Monitoring Function of Central Bank Credit Registry(2021) Filatov, Vladyslav; Kaminsky, АndriyThe Central Bank Credit Registry was established in Ukraine in 2018. The two key functions which are fulfilled by Credit Register are monitoring and credit information sharing. This paper is devoted to applying a scoring approach for monitoring function realization in segments of individuals. The logic of using scoring tools to monitoring is based on an objective to create an effective form which reflects the dynamic of the above-mentioned segment. Data mining procedures for Credit Registry were realized and most significant characteristics were chosen. Correlation analysis for characteristics was applied. Different approaches to construct scoring for monitoring functions were analyzed. Namely, logistic regression, Machine Learning, method grounded on tree created by the XGBoost algorithm. Last method demonstrated the best efficiency for scoring construction and can be developed for implementation. The views expressed are those of the authors and do not necessarily reflect those of the National Bank of Ukraine.Item Auditing in the IT Environment: Discussion on Methodology(2021) Ivakhnenkov, SergiyThe problem of forming an integrated approach to the methodology of economic control (including audit and internal control) is considered in the article. Auditing in the IT environment and with the use of ІТ combines the features of social, natural, and exact sciences, and deals with research objects, which are conceptual systems, natural systems, and abstract systems. The structure of the method of economic control and audit is proposed. The audit method has a twodimensional (static and dynamic) and two-tier structure. At the general theoretical level, it includes 1) basic, general scientific theoretical techniques and approaches; 2) general research procedures inherent in auditing as an interdisciplinary field that combines research methodologies from natural, social, and exact sciences. At the applied (technological) level, the elements of the auditing method are control procedures and control technologies based on general scientific methods, approaches, and research procedures. The scientific procedure of audit and internal control is investigated and the methods based on the toolkit of exact sciences in conditions of ІТ application were proposed. The research method is arranged according to the selected objects. The techniques are grouped into three categories: a) techniques for collecting facts about physical characteristics; b) methods of thinking to gain understanding; c) modelling and programming. The identified facts are assessed and compared with the norm and an auditing result is formed, as well as in the direct implementation of corrective action.Item Conceptual Frameworks of the Development of Banking and Insurance Interaction in Modern Conditions(2021) Bazilinska, Olena; Panchenko, OlenaThe purpose of the article is to reveal conceptual frameworks for further development of the banking and insurance interaction in order to ensure the growth of the value of banking and insurance business on account of the more effective use of their potentials and opportunities. It is noted in the article that banking and insurance interaction is manifested as the provision of insurance services through banking institutions – Banсassurance, the provision of banking services through insurance companies – Assurbanking, the provision of integrated services within financial conglomerates – Allfinanz. In the course of the research, it was determined that the banking channel for the sale of insurance services is the most efficient, and Bancassurance is a system of insurance services sale through the extensive banking network. The necessity and importance of the Bancassurance development, which is actively used in all developed countries, but differs in scale, methods, organizational forms and final financial results, is revealed. This is especially relevant in the context of reforming the regulatory bodies of the state financial market. Within the study, the advantages and disadvantages of Bancassurance and the prerequisites for its development are revealed. Particular attention is paid to the requirements to insurance companies in the process of the Bancassurance implementation. It is noted within the article that the interaction of banks and insurance companies can be carried out at different levels, from the level of the cooperation agreement, agency agreement, banking and insurance cooperation, to the level of the corporate control through the mechanism of mergers and acquisitions and financial supermarket. Within the study the conclusions are made that further development of banking and insurance interaction is conceptually aimed at increasing the role of commercial banks and the formation of "financial supermarkets", in which each customer can meet the needs of bank services, financial consulting, and insurance.Item Neuromarketing Research on Individual Responses to Artwork: Implications for Galleries(2021) Chala, Nina; Pichyk, Kateryna; Voropai, OlgaThis paper reports the results of neuromarketing research for artworks. It was conducted among young people, students of non-art specialties, for nine different widely known art pieces with the help of eyetracking and emotional scanning equipment. The aim of the experiment is to determine (1) whether viewers concentrate more on the representational art compared to abstracts art, (2) whether any correlation between the viewing time and the evoked emotions exists, and (3) whether there is any difference between the monitored emotions and those people articulate (in other words, to what extend artwork viewers tell the truth). The result demonstrates a slightly higher preference in looking at the representational paintings. But we do not notice any correlation between the subjective liking of the painting and the time spent looking at it. An essential difference is recorded for the emotions fixed technically and those reported by the viewers. The paper also suggests several implications for gallery marketing.Item Path Dependence in Sovereign Debt Modelling: System Dynamics Approach(2021) Hryhoriev, HennadiiThe article offers a system dynamic modelling of sovereign debt using the path dependence concept. Using simulation modelling we are trying to find a fixed point in a motion of national sovereign debt towards its equilibrium and to change the existing mental model perception towards sovereign debt by changing the structure of the system. The research reveals the idea of the "debt snowball concept" using recursive dynamic approach. The dynamic linear and nonlinear recursive models of Ukrainian sovereign debt with the appropriate multi – order recursive equations are constructed. The fixed point as an equilibrium value for a country’s sovereign debt stock to GDP ratio with a linear dependence has been built. Finding the initial point for resolving sovereign debt issue is especially actual for national economy under strong fiscal pressure caused by COVID-19 and wartime on the East of the country. For this purpose, the sovereign debt cyclical behaviour was also reproduced using phase plot graphic. The fixed point as an equilibrium value for a country’s sovereign debt stock to GDP ratio with a nonlinear dependence was determined. The main purpose of this part of the analysis was to show the more complicated oscillated behaviour of the system and the multiplicity of possible equilibrium points. The stock and flows SD modelling and simulation analysis of sovereign debt in Ukrainian economy allows to make the conclusion of the inevitability of the sovereign debt existence even on the stable level and with the balanced national budget.Item Tugan-Baranovsky's Business Cycle Theory and French Economists: Inspiration and Legacy(2021) Adair, Philippe; Nezhyvenko, OksanaThe purpose of the paper is to emphasize the contribution of Mykhaylo Ivanovych Tugan-Baranovsky to Business Cycle theory and its legacy among French economists. Tugan-Baranovsky (1864–1919), a prominent Ukrainian economist was a cycle theorist who was inspired by some French or francophone economists whose language he mastered. His theory of industrial crises proved influential upon some major economists during the first quarter of the twentieth century until the Great Depression, from Spiethoff to Hayek and Keynes. We present both the history and analytical content of industrial crises in the French version of Tugan-Baranovsky’s masterpiece. We provide an overview of Tugan-Baranovsky’s intellectual legacy as for his French-speaking followers, namely, Lescure, Aftalion, Robertson and Bouniatian. The ebb and tide of Tugan-Baranovsky’s i fluence can be understood throughout two episodes: the shift from real to monetary cycles in the interwar period and the revival of real business cycles alongside New Classical Economics in the 1980s, which proves relevant again in the context of the current Great Lockdown Recession.