Кафедра фінансів

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5 инструментов для развития вашей бизнес-модели
(2011) Мертенс, О.
Цей посібник підготовлено в рамках проекту Міжнародної фінансової корпорації (IFC) з подолання наслідків кризи в корпоративному секторі.В межах проекту в різних частинах України було проведено декілька десятків семінарів з управління бізнесом в посткризових умовах. В посібнику запропоновано 5 завдань до обговорення менеджерами компаній для пошуку нових ідей та рішень для вдосконалення бізнес-моделі.
A review of approaches to understanding corporate crisis
(2014) Lytvyn, Anton
У статті розглянуто основні академічні підходи до визначення організаційних криз. Разом із оглядом визначень поняття «криза» дослідниками сфери антикризового управління, наведено міркування щодо суті криз, їхнього впливу на підприємства та настанов управління ними. Зроблено висновки щодо розвитку подальших досліджень у сфері криз на підприємствах.
Analysis of Advertisement Financial Efficiency in Pharmaceutical Sphere
(2017) Dadashova, Pervin; Khobta, V.
This paper defines the main trends of pharmaceutical market development in Ukraine and presents the most common measures of the demand stimulation for pharmaceutical products, primarily advertisement. The scope of the investigation included the analysis of the impact of these measures on the companies’ revenue from sales, with the use of the panel data model, and the group of products with the low income level without advertisement was defined. The respective group was additionally analyzed with the use of cluster analysis that allowed for conclusion on the most efficient demand stimulation instruments. The obtained results show that in order to perform an efficient advertisement campaign, it is necessary to analyze statistical data regarding separate products sales with the application of the methods presented in the paper.
Analysis of the expenditures of the state budget of Ukraine
(Kyiv-Mohyla Academy Publishing House, 2023) Lukianenko, Iryna
For many years, the budget system of Ukraine has been characterized by instability and constant reforms, budget deficits, a significant amount of national debt, and imperfections in intergovernmental relations (Figure 5.1). In 2014-2015, after a major budget crisis triggered by military actions in the east, reforms in the budgetary system and relations began.
Artificial intelligence application in auditing
(2023) Ivakhnenkov, Serhii
Artificial intelligence (AI) is a rapidly evolving technology that has gained prominence in various industries, including auditing. AI enhances the effectiveness of auditors by automating routine tasks and improving data analysis. Major audit companies, such as EY and PwC, have integrated AI into their practices to save time, increase accuracy, and provide better services to clients. AI applications in auditing include anomaly detection, fraud prevention, revenue analysis, risk assessment, and financial data analysis. Machine learning algorithms, a subset of AI, play a crucial role in analyzing large volumes of financial data, identifying patterns, and making predictions. AI implementation in auditing involves different stages, including pre-planning, planning, contracting, control risk assessment, and substantive tests. The benefits of AI for auditors and clients include improved data analysis, reduced human error, increased efficiency, and enhanced audit quality. However, the successful implementation of AI in auditing requires a clear understanding of its strengths, limitations, and challenges, as well as interdisciplinary collaboration and the development of specialized frameworks. AI has the potential to transform audit procedures, but human expertise and understanding are still essential for its proper use. It is important to recognize that while AI can automate certain tasks, it cannot replace auditors’ judgment and critical thinking skills. There are also challenges associated with AI implementation in auditing. These include the need for extensive data preparation, ensuring data quality and integrity, managing complex algorithms, and addressing regulatory and compliance issues. Furthermore, auditors must stay updated with the latest advancements in AI and continuously adapt their skills to leverage the technology effectively.
Assessing how large is the market for prostitution in the European Union
(2017) Adair, Philippe; Nezhyvenko, Oksana
Prostitution regimes in the EU-28 include prohibition, regulation and abolition; we tackle this typology from the perspective of both free sex work and forced labour, in order to gauge the magnitude of the European sex market as of 2010. We document the behaviour of customers on the demand-side for prostitution. Next, we address the supply-side, using HIV prevalence among sex workers to achieve a first series of two estimates. We design a second series of two estimates from miscellaneous sources (NGOS and the police). We investigate forced sexual labour trafficking, providing an additional series of estimates from the ILO and from Eurostat and UNODC. We check the magnitude of prostitution as regards employment figures and ranking with respect to the distribution of population in the EU countries. Thanks to an ordered probit, we test all five estimates; eventually, we come up with one best estimate (from HIV prevalence) that is also the lowest one.
Assessment of the sources and magnitude of income in Ukraine's state budget
(Kyiv-Mohyla Academy Publishing House, 2023) Lukianenko, Iryna
It is important to pay attention, that in 2022 the income of the state budget amounted to 115,1 % of the approved by the Parliament in the beginning of the year, the excess amounted to 234 billion UAH [12]. In the conditions of war government was searching for new income. At the same time, the amount of the biggest article of income- tax income in comparison to 2021 decreased for 14,21%. If the part of tax income in the general structure of the budget amounted to 85% in 2021, so in 2022 it accounted only 53%.
Budget deficit management and budget-balancing strategies
(Kyiv-Mohyla Academy Publishing House, 2023) Lukianenko, Iryna
An important element of fiscal policy is the timely response to economic cycles, the prevention of economic crises, adherence to maximum limits for the budget deficit and public debt. Issues of medium-term and strategic budget planning hold priority importance. Formulating a long-term strategy and identifying target areas is crucial. However, given the limited budget funds, it is necessary to determine the priority areas of financing to ensure the functions of the state and the socioeconomic development of the country [4]. Managing a budget deficit and developing strategies to balance a budget are crucial aspects of fiscal policy, particularly for governments aiming to maintain financial stability and promote economic growth.
Budget Security as Factor of Economic Development of the State
(2020) Bondaruk, T.; Momotiuk, Liudmyla; Bondaruk, O.
A system analysis of the core threats to the budgetary security of the state shows that the current performance of the budgetary system in Ukraine was formed under the pressure of destructive external and internal risks aggravating the budgetary security problem. The article’s objective is to deepen theoretical and methodological foundations for the assessment of core threats to the budgetary security of the state. It is demonstrated that the occurrence of external and internal threats to the budgetary security is characterized by the following tendencies: high level of GDP redistribution through the budgetary system; the growing figures of the total public debt, the government guaranteed debt and the payments to service and repayment of the public debt in Ukraine; the persisting high deficit of the public budget; high level of centralization of the budgetary funds. It is substantiated that the execution of budget revenues involves two main dimensions of risk activities, which are the threats related with the proceeding of taxes and other categories of obligatory payments to the budget, and the administrative threats stemming from the existing system of tax administering. The impact of the first group of threats can be minimized by building up a rational budgetary system with the optimal level of fiscal burden. Minimization of the impact from the second group of threats will enable for the effective work of government bodies charged with administering and control. The factors that cause risks and threats of budget losses resulting from failures in the budget revenues administration system are determined: risks which occurrence will result in the budget revenues never reaching the expected levels due to the inefficiency of forecasting and planning of budget revenues and failures in the routine operation process, first and foremost when mobilizing payments to the budget; risks of the excessive costs with the occurrence of which the costs for guaranteeing the projected figures of budget revenues by revenue category will exceed the economically viable ones; risks of the violation of the law, and risks of budget revenues administering per se.
Can We Afford (In)Formal Wages?
(2016) Nezhyvenko, Oksana
Ukrainian workers are regarded as highly educated and skilled, entrepreneurial, hard-working and even able to hold multiple jobs at the same time. Nevertheless, abroad Ukraine is continuously considered to be a poor country, not attractive as a country of work destination from developed economies. This short paper discusses whether informal employment may be a reason for this.
The Canonical New Keynesian Monetary Policy Model: A System Dynamics Translation : [preprint]
(2018) Wheat, David; Oleskevych, Marianna
Material of the speech at 36th International Conference of the System Dynamics Society, Reykjavík, Iceland, August 7-9.
Circular economy: the future of aquaculture sector in Ukraine
(2023) Ozhohanych, T.; Iermakova, Olga; Klenin, Oleh; Dolinskyi, Leonid; Glushchevsky, V.; Tkach, O.
Ukraine stands on the threshold of economic development and outdated habits. At the same time, the situation with landfills and ecologically oriented productions is much wider than in Western countries. But thanks to the popularity of the transition to alternative energy sources, even the country's population already partially uses it. The aquaculture sector is one of the promising areas of the Ukrainian economy. Currently, it is only taking its modern form. This study examines the prospects for the development of the aquaculture sector in the circular economy, as a reliable pillar of Ukraine's food security in the long term. Weaknesses and opportunities of the sector, as well as pre-war growth trends, are identified. A number of recommendations are also offered to direct attention to the issues of the sector.
Comparative evaluation of the labor markets development in the Republic of Moldova and Ukraine
(2017) Blyzniuk, Victoria; Rojco, Anatolii
The relevance of the article is due to the fact that the functioning of labour markets in the Republic of Moldova and Ukraine is facing a number of serious problems. Among them, the most acute are the problem of inefficient employment, the widespread informal employment, and the imperfect wage system. The aim of the research is to analyze the challenges and risks in the labour sphere of Moldova and Ukraine, to identify commonalities and differences in the process of transforming the labour markets of both countries, and to develop proposals for resolving the most acute problems. Information base of the research is represented by data of national statistics, international databases, legislative and normative acts. The authors are using the following methods: monographic, statistical, analogue based, and comparison based ones. They proposes various measures to bring the minimum wage to European standards, reduce the level of informal employment, and improve the system of social protection of the unemployed.
Comparison of Running a Small Enterprise in Germany and Ukraine
(2016) Bazilinska, Olena; Panchenko, Olena; Dovhinka, Yelyzaveta
In this article work of private enterprises in Ukraine and Germany is compared. It is highlighted a set of features that determine successful functioning of small business enterprises in Germany compared to Ukraine. In addition, the system of private enterprises is considered in the article as the basis of social and economic development of a country. Particular attention is paid to national characteristics of accounting. Also the importance of maintaining small private enterprises by the state is emphasized.
The Concept of Tax Elasticity as a Measure of Taxation System Efficiency in Ukraine
(2003) Lukianenko, Iryna
Rather than allocating resources and setting quarters for output, the state in transition countries now provides certain public services, such as national defense, law enforcement, environmental protection, and social security nets for vulnerable sections of population. The success of such government activity significantly depends on the budget revenues collected from taxation. In assessing the efficiency of a tax system in terms of collecting revenue for the budget and determining the scope for necessary reforms the concept of tax elasticity is useful. It is often of interest to have a measure of how “responsive” tax revenue is to some changes in tax rate or any other taxation requirements. One of such measures is elasticity that can give a picture of built-in flexibility of taxation system in terms of raising budget revenue. Therefore, our analysis applies the concept of elasticity of a particular tax with respect to GDP and the tax base. This can allow to evaluate the efficiency of current Ukrainian tax system. We use the elaborate econometrics models to investigate different aspects of the elasticities of Ukrainian tax system. Special attention was paid to VAT (Value Added Tax) as one of the main sources of budget revenue. The issues of whether in Ukraine VAT works properly in terms of budget revenue collecting and stimulating economic activity are examined. The responsiveness of VAT revenue and the budget execution on VAT with respect to changes in the tax base were estimated. The empirical analysis showed that efficiency of Ukrainian tax system in terms of raising budget revenue can be enhanced by simplifying the tax law, lowering and differentiating the tax rate. Simple and transparent tax law allows taxpayers to diminish compliance and administrative costs. Lowering and differentiating the tax rate implies different tax rate for different goods and services that in their turn could expand the tax base. Based on examined models the improvements in VAT implementation were proposed.
Conceptual bases to define shadow economy
(2015) Nezhyvenko, Oksana
The article presents theoretical bases to define shadow economy. The importance is stressed to study and tackle this challenge in transition countries and in Ukraine particularly. It is emphasized that a substantial size of shadow economy affects the official economy by causing corruption and, being a feature of a survival economy, hinders long-term growth perspective on a country level. The definitions of the "shadow economy", "non-observed economy" and "underground economy" are provided based on the System of National Accounts and the principles of the Organization for Economic Cooperation and Development.
Conclusions
(Kyiv-Mohyla Academy Publishing House, 2023) Lukianenko, Iryna
In light of the profound transformations occurring in the Ukrainian economy, this study of financial policy, the analysis of individual instruments, and the effectiveness of their implementation become particularly relevant. The thorough analysis and systematic use of econometric tools presented in this work define the key aspects and trends of contemporary state regulation of socio-economic processes. Therefore, the main directions and prospects for forming an effective financial policy strategy aimed at achieving macroeconomic stability and sustainable economic growth are outlined. Below are conclusions that distinguish the main vectors of this study and define strategic recommendations for the development of Ukraine's financial policy.
Conclusions to chapter 1
(Kyiv-Mohyla Academy Publishing House, 2023) Lukianenko, Iryna
In the proposed study, the theoretical and methodological foundations of macroeconomic stability and its crucial component - financial stability - are examined. A list of endogenous and exogenous factors influencing financial stability is provided, parameters of macroeconomic and macro-financial stability are determined, and benchmarks for effective management of the national economy are substantiated. The study also explores the activities of the Financial Stability Council of Ukraine, the "Strategy for the Development of the Financial Sector of Ukraine," and the proposed "Post-War Macroeconomic Architecture for Ukraine."
Conclusions to chapter 2
(Kyiv-Mohyla Academy Publishing House, 2023) Lukianenko, Iryna
It has been determined that in case of favorable and stable macroeconomic conditions, a moderate liberalization of financial markets and return to an inflation targeting regime and a floating exchange rate are important. The necessity of continuing technological development of financial services as a prerequisite for further expansion of financial inclusion and ensuring cybersecurity is also substantiated. Important measures also include the restoration of financial infrastructure in de-occupied territories, ensuring accessibility and inclusiveness of the financial sector. Additionally, for Ukraine, the development of financial markets is a crucial task, as they play a significant role in determining the level of interest rates and credit conditions, which affects the size of investments, expenditures of enterprises and citizens, and overall economic development of the country. The development of financial markets entails creating effective financial instruments, such as stocks, bonds, derivatives, and others, allowing for the attraction of more capital and creating favorable conditions for doing business in Ukraine. Furthermore, the creation of financial instruments will help reduce risk for investors and enable the attraction of funds for long-term investments in Ukraine. Directions for the development of financial markets include the advancement of the banking system, securities market, stock market, insurance market, pension market, and derivatives market. Successful development of financial markets in Ukraine can enhance the effectiveness of monetary policy and positively impact the development of the real sector of the economy.
Conclusions to chapter 3
(Kyiv-Mohyla Academy Publishing House, 2023) Lukianenko, Iryna
Any crisis has a negative impact on the strength of the national currency. Therefore, a balanced exchange rate policy ensures the supporting effect of the national currency, and in particular, the position of national producers (export and import facilities). Currency interventions are a crucial means to influence the volatility of the foreign exchange market. There exist different types of currency regulation regimes, each with its own set of pros and cons. Selecting the appropriate currency regime involves considering various factors such as the characteristics of the domestic financial market, the level of economic growth, and the country's overall development. In times of crisis such as during a war, fixing the exchange rate is often the most appropriate solution.

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