The Journal of International Economic Policy

14

Authors: Cheshmi Hajiyeva

The paper provides systematic analysis of Azerbaijan’s geo-economic development potential scenarios in the context of multivariation and multi-vector nature of the existing economic development paradigm. Methodological framework of the research was formed based on ‘intersection points’ of the pair ‘post-positivism → post-structuralism’. The author first provided scientific substantiation of the key mono- and multi-factor scenarios of Azerbaijan development based on technogenic and evolutionary competitiveness models. Analysing combination of interrelations between events and processes (such as revolutionary, political, social, military, etc.) in the triad ‘country → multidimensional communication space → global economy’ allowed for determining an integrative approach to formation of a single scenario for providing high competitive status of the country and its economic impact expansion in the Eurasian continent.

21

Authors: Volodymyr Bodrov, Roman Shepetko

This article researches the essence and peculiarities of the structural policy, performs classification of its models and determines possibilities of their use in the context of increasing international competition. It discovers the main components of the economic structure and trends of the state policy regarding their modernization. Measures on improvement of state regulation instruments are offered, factors of influence upon improvement of the Ukrainian economy structure are analyzed and priority goals are systematized which require urgent implementation in the terms of competitive struggle aggravation at the global markets. The article also researches the matter of importance of performing a complex of state functional and selective measures in the form of matrix policy for the purpose of protecting national interests of the country in the context of global challenges.

22

Authors: Oksana Snizhko

The article is dedicated to critical analysis of competitive conceptual approaches to determining the essence of financial system. The system establishing element of the financial system resource concept is understanding finance as economic relations of formation, allocation and use of financial resource funds with the purpose of performing functions and tasks of the state/company and provision of conditions for expanded reproduction. According to this approach, the notion «financial system» is further determination of finance and shall be interpreted as the totality of relatively separated but mutually related spheres and links of relations, in the process of which centralized and decentralized financial resource funds are created and used. The institutional concept of the financial system considers finance as a social institution that organizes determined ways of interactions between individuals or their separate groups in the society. Its target purpose is to minimize transaction expenses arising at exchange of binding requirements for real resources in the economy. Under this approach, the financial system is understood as an aggregate of means — financial institutions and markets — which result from the evolution of social contracts and with the help of which intertime decisions and interactions are fulfilled and coordination of savings and investments in the economy is performed. The article shows that the alternative theoretical models of financial system contain structural elements heterogeneous by content and nature of interrelations, with various properties. The differences between them concern methodological approach to distinguishing qualitative signs which determine the essential nature and structure of the financial system; mechanism of formation and functioning of financial relations; nature of distribution and scheme of financial resources flow; the nature of functions of the financial system in the economic environment; special mechanism of effect of the financial system upon the economic system. Considering the theoretical and methodological differences between the resource and institutional concepts of the financial system, the author offers to divide them into two theoretical models — financial system concept and the concept of the system of finance.

24

Authors: Viktoriia Olіinyk, Olga Goncharova

The paper explores the practice of monitoring and evaluating regional development policy in the European Union, as well as impact thereof on key indicators of economic and social development both in separate regions and in the EU as a whole. The authors analyzed developments in the regional policy monitoring practice, while also identified peculiarities characteristic of the monitoring process regarding implementation of development programmes and determined main stages of evaluation. The paper specifies basic difficulties in setting up the system of monitoring and evaluating achievement of objectives and coordination of regional programmes. The authors described major disparity in economic and social development of the EU Member States under their development programmes as well as determined main indicators of EU regional disparities. Principles, instruments and mechanisms for monitoring EU regional policy were also defined. The paper analyzes changes in the EU regional development paradigm focusing on the priorities for concentrating financial resources and instruments in terms of cohesion policy.