The Journal of International Economic Policy

21

Authors: Volodymyr Korol, Oksana Nebyltsova

The article studies both general trends and peculiar characteristics of processes of economic integration in the Great East Asia, which plays the role of one of the major centers of contemporary global development. The basic determinants and barriers for implementation of regional strategies by China, Japan, ASEAN that will influence the geo-economic policy of Ukraine not only in East Asian, but also European and Eurasian areas. Attention is focused on the basic principles of realized and potential future integration models in the "ASEAN+" format with variable composition of member states that correspond to different extents to strategic objectives of both specified key actors in the region and extra-regional states that have global and transnational interests. Extrapolation of dominant trends in the nature and dynamics of transformation processes of East Asian economic regionalization allowed forming a forecast for the longterm conservation of importance of free trade agreements in the absence of preconditions to create customs unions. At the same time it was stressed out that proper assurance of national interests of international economic relations will be based on contractual instruments at the international level, without creating institutional and legal superstructure similar to the European Union or the Eurasian Economic Union as supranational law and supranational bodies.

25

Authors: Oleksandr Sharov

The paper presents evolution of the European Union fiscal system creation process as well as outlines problems in functioning thereof that have arisen during recent years and the main reforming (modification) trends. The analysis is primarily focused on creation of the fiscal union within the EU. In this regard, the idea of two different groups of countries moving to the common goal at different paces is becoming ever increasingly much-talked-about in the EU. The first group comprises donor countries that adhere to all treaties and fiscal discipline, while demonstrating respective positive macroeconomic indicators. The second group implies countries of Euro-periphery, where the above processes take place along with significant complications or do not occur at all. In these countries Eurosceptic positions are also quite strong, which often leads to taking measures contrary to the jointly adopted decisions. Currently, there is no clear understanding within the EU as to which way out of the crisis should be taken. However, profound understanding of the crisis causes and active work on preparation and implementation of measures to overcome the negative effects of this crisis suggest availability of sufficiently favorable prospects for further development of the EU fiscal system (including formal creation of the Fiscal Union). Based on the conducted analysis conclusions have been made as to potential vectors of action aimed at improving EU fiscal system, while specific recommendations on actions to be taken by Ukraine have been developed (particularly, as regards budget forecasting and planning) with the purpose of harmonizing Ukrainian financial institutions and mechanisms with the EU fiscal system.

28

Authors: Yevgen Panchenko, Mykola Voychak

This paper investigates the essence and peculiarities of high-Technology products exports in conditions of global competition with performed classification of its models on a corporate level. Peculiarities of corporate motivation of exporting high-technology products have been determined. Interconnection between innovation management system in transnational corporations and their capabilities of strengthening their competitive positions on world markets of high-technology products has been shown. Tendencies of fixing studies and developments during the last decade of leading companies, along with their influence on corporate innovative potential have been studied. On the example of aerospace sector of Ukraine, possibilities of strengthening the influence of high-technology export on rising of national economy international competitiveness have been determined. The need has been proved, and the ways have been shown for attraction of international investments into hightechnology sectors of Ukrainian economy through improvement of business conduct area, defense of intellectual property rights, and development of cooperation between national and transnational companies. Directions of use of integration factors of rising of volumes of export of high-technology Ukrainian products on the basis of developing cooperation of national enterprises with Russian partners have been shown.