Peculiarities of market infrastructure formation in Ukraine are studied. The genesis of the formation of the economic category "infrastructure" is considered, its main functions and role in the socio-economic development of society are determined. The paper substantiates that the market infrastructure should be considered as a set of objects and institutional structures that ensure the formation of material, financial, and information links between market participants. The complexity of the market infrastructure as a system is due to the variety of functions performed by its constituent elements. We can distinguish financial and credit, organizational, technical, and information subsystems. The interaction of elements of market infrastructure will ensure maximum efficiency and timely implementation of any programs and activities aimed at creating a competitive market environment. The shortcomings that hinder the efficient development and functioning of market infrastructure are identified, namely: lack of a regulated system of interaction between existing market infrastructure actors, insufficient innovation activity of research institutions, low perception of innovations by manufacturing enterprises, and weak provision of infrastructure network with human resources. The paper argues that the methodological approach to market infrastructure research should be based on the assessment of the existing market infrastructure, analysis of strategic directions of socio-economic development of the territory (medium and long term), taking into account the interests and needs of market participants, forecasting, identifying opportunities and risks related to the development of market infrastructure facilities, including the definition of priority areas and measures, implementation of programs and projects for the development of these facilities, and monitoring the implementation of planned measures for market infrastructure. The assessment of the existing level of market infrastructure development should be carried out in order to identify the potential additional opportunities related to market development, increase its competitiveness, and take into account the interests of market participants.
Based on the assessment of the features and basic preconditions for the shadowing of ICT services in the regions of Ukraine, it is substantiated that a significant level of its shadowing, especially in the IT sector, is an unfavorable factor that limits the positive effects and structural changes in Ukraine’s socio-economic system and also hinders the most complete and effective realization of its development potential. It is established that lack of effective judicial system and specialized standard and legal base, and also the low level of ICT services domestic market development and generally low investment appeal of our country’s economic system remains the main obstacles which hinder the achievement of the high level of the Ukrainian ICT sector development and increase in competitiveness of its services on a global scale. It leads not only to the deepening lag of the ICT services sector of Ukraine from its main competitors on a global scale, but also to maintaining a high level of its shadowing, which negatively affects the prospects of the national economy and increasing the efficiency of its potential in ensuring economic development of the regions of Ukraine. The maximum positive impact of the ICT services sector in the development of the economic system is possible only if it, in addition to increasing its competitiveness in the global IT market, will contribute to the growth and improvement of the domestic IT market through the implementation of experience gained in the economic systems of developed countries in creation and introduction of modern innovative technologies, products, methods of organization and management of business processes. The positive impact of the ICT services sector on the internal IT market development in Ukraine is significantly limited by numerous regulatory and economic barriers, which together with the high level of the shadow economy, both in the ICT services sector and in the economic system of Ukraine in general, noticeably reduce its investment attractiveness for foreign and domestic investors. According to the assessment of the shadow economy level in the ICT services sector of Ukraine in 2013-2018 by the method of unprofitable enterprises, the interdependence between changes in the level of the shadow economy in ICT services sector and some parameters of its productivity in the economic system is defined. It allowed to find out the main reasons for the shadowing and the threats of its growth in the ICT services sector in Ukraine, and also to identify possible ways to overcome them in the near future.
ICT services sector, ICT market, shadow economy, IT private entrepreneur, export of ICT services
The methodological bases of the analysis of the condition of urbanized systems are substantiated in the article by means of methods of system analysis. Based on the model of the urban system, the available methods of research of the development of urban systems are singled out and characterized. The system of methods used to study urban systems includes methods of economic, social, spatial analysis, universal methods. For today's conditions, general scientific and special methods, which include economic and mathematical methods, methods of statistical analysis, and factor analysis, have remained relevant and suitable for solving socio-economic problems. Well-known and widely used methods of spatial analysis and synthesis will remain relevant, in particular, population forecasting and determining the demographic capacity of the territory; factor-by-factor analysis and comprehensive assessment of the territory; calculation of traffic flows and transport capacity in the territory and in cities; minimization of territorial ties; assessments of urban systems; location of service facilities, delineation of their radii of accessibility, etc. A separate group includes universal research methods suitable for the study of all dimensions of the system. Using a systems approach, our own method of analyzing the state of urban systems is substantiated. The method of analysis of the state of the urban system is based on four components of the system: human, spatial, social, and temporal. The economic component is a priority. Quantitative and qualitative relationships between economic and spatial, social, and temporal characteristics of the system are revealed. The combination of dimensions forms a set of combinations for the analysis of the economy of the urban system, in particular, there are socio-economic, spatial-economic, economic-temporal, and socio-spatial sections. Characteristics of individual dimensions and their interaction allow to organize information about the state of the system, to determine the tasks of the socio-economic and spatial development of cities, to reveal the possibilities of their system analysis.
methodology, research methods, system approach, urbanized system
The peculiarities and contribution of the information technology industry (IT industry) to the development of the Ukrainian economy are studied. The classification of different types of innovations by basic features and by scope is considered. The degree of automation and regulation of labor operations in the development of IT-projects is described. The types of innovative labor in the IT industry are identified, depending on the degree of its regulation and the types of innovations to which it is aimed. The types of innovative labor in the IT industry depending on the types of innovations and the degree of regulation of labor elements are developed and graphically presented. The influence of regulation of innovative labor on the efficiency of its rationing is substantiated. The proposed classification of types of innovative labor with professional groups in accordance with the quadrants of the matrix of positioning of IT professionals in the specialty is compared and their relationship is presented. The labor of programmers and features of its rationing are considered. Placement of the labor of software product developers on the matrix in accordance with the classification of innovative labor and the matrix of positioning of IT professionals are graphically presented.
innovative labor, types of innovations, regulation of labor operations, IT industry, types of innovative labor
The article is devoted to the substantiation of risk management methods of banks’ lending to individuals. Existing approaches to understanding the nature of consumer loan are considered. The classification of loans to individuals is provided. The paper proves that consumer lending should be considered in the context of the entities, object, currency, and principles. Consumer lending by its nature as a financial phenomenon refers to the provision of funds by the lender to individuals to obtain goods, works, or services, the acquisition of which meets the specific needs of consumers by redistributing cash flows in the present and future on the principles of maturity and payment. Consumer lending is a subtype of lending to individuals along with mortgage lending. The process of formation of consumer lending in Ukraine is considered: the main periods are identified and the key events and patterns that determine the current state of affairs in the consumer lending by banks are identified. The dynamics of lending to individuals is presented along with the total amount of loans granted. The nature of lending risk and its components are given. The loans are classified into 5 groups depending on the level of credit risk. The volumes of loan debt and loan risk are calculated for all groups: the largest volumes of loans issued to individuals account for the 1st and 5th groups. The amounts of loan debts and loan risk are calculated for all groups: the bulk of the debt is concentrated in the first group - that is, these are the most reliable loans, and the amount of loan risk is the largest in the fifth group. The analysis of the structure of foreign currency loans suggests that the 1st group is formed by new loans in the domestic currency issued to entities with a strong financial condition, and the 5th - old loans, most of which are issued in foreign currency, where debtors are characterized as unreliable with critical financial condition. The lending, operational, and country risks are the main risks of lending to individuals. The classification of risk management in lending to individuals is proposed. Methods of minimizing operational risk in the course of lending to individuals are considered.
consumer lending, lending to individuals, risk, credit risk, operational risk, scoring models, country risk
A number of problems of ecologically safe management of soils in Ukraine are revealed. A significant decrease in capital investment and current expenditures on environmental protection and the lack of information on soil protection expenditures has been detected in recent years. The paper shows that in 2015, the forms of state statistical reporting of Ukraine were eliminated, while they contained such important land use indicators as reclamation, drainage, restoration, etc. The implementation of state plans for the development and adoption of regulatory legal acts in the land management in Ukraine was traced and the adoption of the developed bills was determined to have been proceeding very slowly. The powers of central and regional government bodies and local government bodies in the area of soil fertility preservation were analyzed. The control of the State Service of Ukraine on Geodesy, Cartography and Cadaster over changes in indicators of the qualitative state of soils is determined to be problematic due to the lack of specialized laboratories in the regional departments. The paper shows that agrochemical certification of agricultural lands is carried out at a low rate, and this, in connection with the beginning of the functioning of the land market in Ukraine, is unacceptable. The paper reveals that cartograms of the qualitative state of soils were developed for almost half of the agricultural land and are already outdated. The statistical information about the environment of Ukraine in terms of soil protection is reduced to the amount of fertilizers applied and the use of pesticides, and is relevant only for a part of enterprises that use a certain area of agricultural land. The low level of cooperation between the European Commission and the State Space Agency of Ukraine in the use of the capabilities of the Copernicus program is revealed.
state control bodies, ecologically safe management of soils, land management, normative-legal provision
In conditions of economic transformation at all governance levels, the processes related to the implementation of economic entities in the global economic space become intensified, making the issues of maintaining Ukraine’s international competitiveness increasingly relevant. International competitiveness of the country is an important indicator of competitive status in the global economic space that defines the further strategic vector of economic growth. Therefore, the issues of assessing the international competitiveness of Ukraine in the global economic space is of utmost importance. The paper aims to analyze and assess the international competitiveness of Ukraine in the global economic space. The analytical research on the international competitiveness of Ukraine in the global economic space is implemented in the current article. The international competitiveness of Ukraine is analyzed in terms of such indicators as GDP of Ukraine, GDP growth rate, GDP per capita of Ukraine, growth rate (decrease) of Ukraine's industrial production, international consumer price index of Ukraine, change of industrial producers’ prices of Ukraine, Ukraine's unemployment rate, Ukraine's average monthly salary, the level of economic activity among women and men. Moreover, a comprehensive assessment is conducted regarding Ukraine's international competitiveness in the global economic space as well as global competitiveness. The rating of Ukraine's international competitiveness in the global economic space is determined. The paper proves that Ukraine’s international competitiveness positions in the global economic space have deteriorated because of the decline in the functioning efficiency of the domestic financial system, low level of innovative capacity, poor healthcare system, aggravated economic situation. Meanwhile, the changes in the development of goods and jobs markets as well as in the development of institutions are positive, which is confirmed by the improved respective indicators in 2019 compared to 2018.
competitiveness, international competitiveness, country, gross domestic product, global economic space, consumer prices, unemployment
Derivatives markets have long ago started to be an important part of the global market in general and international monetary relations in particular. They make the process of risk management more advanced. It helps bringing the global monetary relations to a higher development level. Global trade in derivatives performs the functions of integration of regional capital markets and helps the global economy participants reduce available risks and concentrate on the further development of international trade and monetary relations. Therefore, the derivatives market contributes to reducing the risk level and balancing the international capital flow. Modern world trends in the derivatives’ market development are studied. The structure of the world derivatives market is determined with the separation of its exchange and over-the-counter parts. The instrumental structure of the market is analyzed with the separation of the most popular underlying assets among the derivatives market participants. The author notes that the share of interest rate and foreign exchange derivatives is constantly growing, with an advantage on the side of interest rate derivatives. The paper determines that there is a gradual shift of trade from exchanges to the over-the-counter market in the market of interest derivatives due to the passage of transactions through central counterparties, as well as the growing share of electronic and automatic trading. Analysis of the dynamics of foreign exchange derivatives reveals that contracts increasingly include currencies that do not belong to the top four (USD, EUR, JPY, GBP). At the same time, the US dollar remains the leading currency in operations with interest rate and foreign exchange derivatives. The cross-border operations with derivatives are analyzed. The paper proves that the global nature of the modern derivatives market can be supported by the recognition and implementation of global standards and the cooperation of regulators around the world.
world derivatives market, interest rate derivatives, foreign exchange derivatives, cross-border derivatives trading, global regulatory standards
In this paper, digital technologies development was analyzed as the basis for the so-called “fourth industrial revolution” with the potential for the qualitative transformation of the Ukrainian economy based on EU countries’ experience. Industry 4.0 is a new control chain over the entire chain of creating value throughout the product lifecycle. When developing an economic policy, it is important to pay attention to Industry 4.0. It increases productivity, produces new, better, and individualized products, and implements new business models based on “undermining” innovations. A comparative analysis of national initiatives I4.0 with their characteristics according to the main dimensions, including funding, focus, direction, was conducted. Particular attention was paid to considering deterrents to the successful implementation and enforcement of the I4.0 initiative in European countries. The factors of successful implementation of I4.0 initiatives in the EU countries were analyzed. Drawing on the analysis of the European experience of digital transformations in industry and national economies in general, the necessity of critical focus of such transformations in Ukraine was highlighted, and the need for state support of industrial transformation was substantiated. The emphasis was placed on the cooperation development between stakeholders within the implementation of Industry 4.0 – it is necessary to create national and regional 4.0 platforms, following the example of EU countries, which would bring together government institutions, businesses, and academics. The successful positioning of the Ukrainian modern industrial complex on the world markets depends on the high level of the interconnected system providing factors that characterize its development process. Considering the influence of a list of inhibiting factors on implementing the country’s industry accelerated development, a set of measures needed to transform Ukraine’s industry based on European experience was substantiated.
industry, industrial transformation, Industry 4.0, national initiative I4.0, digitalization
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