The Journal of International Economic Policy

Number 2 (27), 2017

14
Global Goals of Sustainable Development in Regional Policу of Ukraine

Authors: Larysa Gromozdova, Volodymyr Gromozdov

Abstract

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The article presents the results of regional consultations concerning the regional priorities of sustainable development in Ukraine, initiated by the United Nations in 2016, and outlines the methodological suppositions and principles for expert system definition of priorities for country’s sustainable development, policy categories and assessment indicators of the sustainable development at the regional and local levels. The technology of determination of national and regional priorities of sustainable development in Ukraine in the process of performance of consultations in 2016 on adaptation in Ukraine of the United Nations sustainable development goals, observance of their Rio conventions and criteria of the updated strategy of sustainable development of the EU is analysed. The comparison of sustainable development priorities on the national and regional levels have been defined by experts. (2013-2016). The measures proposed by the experts in 2016 in furtherance of the primary goals of local priority, proposals for the establishment of priorities of sustainable development in the content of new programs aimed at ensuring sustainable development on a democratic basis with the participation of civil society are presented. On the basis of the proposals, the major tasks for the transition of regions of Ukraine to sustainable development are: improvement of the legislative framework, development of social infrastructure, provision of economically viable and socially oriented production, realization of reforms in employment relations, establishment of system for monitoring sustainable development, conducting research, supporting innovations and high-tech economy sectors, preservation of ecology, adoption of renewable energy technologies, creation of a raw material base, creation of an effective mechanism for exchange of experience among entrepreneurs in the regions, improvement of the management system for implementation of sustainable development solutions at the regional level, enhancement of investment attractiveness of strong regions, creation of equal conditions for entrepreneurial activity, coordination of business and public company activities with regard to environmental standards, reduction of resource intensity of production, use of ecological technologies, establishment of rational limits of resource potential of the region, assistance in development of market system. The specified decisions should act to raise the living standards, reform the labor-market, including national assistance in the development of entrepreneurship, employment creation, development assistance of small and medium-sized businesses, c

17
Economic Imperative of Global Community Establishment

Authors: Tatyana Deyneka

Abstract

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Number of views: 337

Modern global society is becoming increasingly controversial. Under such conditions, the question of prospects for life of megasociety, which demands theoretical and methodological research from the economic science, as well as a thorough analysis of empiricists, becomes of special relevance. The publication presents the concept of systemic transformation of the global economy and global community. The following is defined: subsystems (spheres) of transformed community system (economic, political, social, spiritual); objects of transformation, the change of which is essential for the acquisition of a new quality by the system; causes and determinants of system transformation. Based on this, it is proved that the system of world community harmonized in its internal composition is integrity, each of its subsystems corresponds to the imperative of humanism. If this equirement is fulfilled, the world community will be able to move to a higher level of civilization development. In the process of studying transformation of the global society, a methodology has been used to identify these changes in the mega-society and describe them with a model. Choosing the defining parameters of the model allowed to answer the following questions: what is the purpose of humanity, radically changing its life; what are the structural transformations; in what way will community evolve; how the relations in such a society will be institutionalized. On the basis of the applied theory and methodology, the following is substantiated: The purpose of social dynamics is the comprehensive development of man and the creation of a society based on the principles of noosphere; changes in the structure of social system occur simultaneously with changes in subsystems and are subject to the imperative of continuous enrichment of the potential of society development; innovation as a basis for social reproduction in all its spheres is a way of society evolving; the systematic institutionalization of social relations is a cumulative effect of institutionalization of relations according to areas (post-industrial in the economy, polycentric international order in politics, nostalgic relations of harmonization of interests and ensuring mutual agreement of subjects in the social sphere and relations stipulated by the ideology of humanism — in the spiritual sphere); the reason and determining factor of the transformation of the system is aggravation/resolution of the contradiction between global capital and civil society, which is objectified in all spheres of community's life. According to the parameters of prognostic representation of the transformation of a global community, the transformation of each of its spheres — economic, political, social and spiritual — is described according to single methodology and identification parameters.

19
Forming of Sustainable City Competitiveness in the PRC

Authors: Oleg Shvydanenko, Bogdan Antonyuk

Abstract

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Number of views: 330

The article describes theoretical principles of international competitiveness of cities. The main methodological grounds of modern models of countries sustainable competitive development are studied. Taking into account the key trends in globalization, the main determinants of forming high competitive status of cities are comprehensively described. Benchmarking of sustainable competitiveness of PRC cities and provinces has been performed, and up-to-date priorities of balanced development of the People's Republic of China PRC have been analyzed. Chinese competitive development strategies has been investigated, and the benchmarking of sustainable competitiveness of Chinese cities has been accomplished. The nature and scale of urbanization processes in China are revealed. The main priorities in the structure of contemporary urbanization strategy of the PRC are defined, being focused on such areas as demographic planning, land management, financial security, residential construction in cities, ecology and environmental protection. The essence of smart cities in the context of their role in formation of local competitive development systems is determined. On the basis of qualitative indicators, the balanced competitiveness of cities of the PRC and the development of smart cities in Chinese provinces has been analyzed. The principles of government influence on the growth of sustainable competitiveness of Chinese megacities is investigated. The supporting evidence is provided for that the main objectives of Chinese megacities development for the next 5 years are to maintain sustainable rates of economic development, to increase the living standards of a specific city population, and to modernize the industrial sector. The strategic priorities for developing individual plans of competitive development for certain cities of the PRC and forming the sustainable competitiveness thereof, are specified.

20
Global Concept of Financial Institutional Transformation of Stock Exchange

Authors: Mykola Burmaka, Fedir Zinchenko

Abstract

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Number of views: 336

The article is about the research of processes of global transformation of stock exchanges through the mechanisms of internationalization, corporate and network consolidation, and technology. Objective processes of internationalization in stock markets affected by financial globalization and arising global information resources create new challenges for stock exchanges that can be overcome by adequate development strategies. The growing competition between stock exchanges and new capital institutes requires stock exchanges to use modern exchange technologies, primarily innovative, in order to maintain liquidity and increase investment attractiveness. Have been analysed the newest tendencies and determinants of modern global financial institutional architecture construction, the leading role in which are starting to play new stock exchanges and stalk exchange platforms, formed in growing financial centres of the world. Have been identified he main components of international stock market restructurization in the process of financial globalization, one of the attributes of which turned out to be a certain fragmentation of markets and their universalization. Through the example of US and EU financial market modernization processes of the last decade have been analysed financial and legal mechanisms of the national and regional levels, which are designed to ensure sustainable development of the global economy at the postcrisis stage. Have been diagnosed international activity of stock exchanges through the quantity indexed of foreign companies in listing, volume of trade with foreign financial instruments, and participation of foreign investors in exchange trade. Have been offered and calculated indices of internationalization of the world’s leading stock market. Have been analysed consolidation processes of the leading stock exchanges and new electronic trading systems at the regional, meso-global and global levels, which resulted in formation of powerful stock holdings able to meet the needs of a wide range of traders and investors with diversified investment strategies. Have been identified key factors of world stock exchange restructurization under the influence informatization, networking and technologizing processes. Have been revealed motivation, mechanisms, and consequences of stock markets in European Union, the USA and Asian region at the modern stage of development

20
Conditions and Factors Forming Investment Attractivenes of Eastern Europe Countries

Authors: Maryna Horna, Yaroslava Ishchuk,Tamara Khalilova

Abstract

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Number of views: 332

In the article, factors of influence and conditions of investment attractiveness in the Eastern European countries and Ukraine are characterized on the basis of the analysis of the relevant statistical factor, the main features of the investment environment. The given metric is widely used by leading international organizations and analytical companies, which, on the one hand, makes it possible to construct long statistical series, and on the other hand, it is a pictorial indicator of the investment attractiveness of the country. The article considers the special aspects of the investment environment in connection with global track records of the world economy and changes in the area of sustainable development. The dynamics of increase of volume of foreign investments in the national economy and structure of volumes of investments made from Ukraine into the economy of other countries of the world are analysed. The article analyses the factors that influence the adoption of investment decisions and determines the quality of the environment in which the subjects of investment act. In order to determine the factors and conditions for the formation of Ukraine’s investment attractiveness, the method of SWOT-analysis was used, based on the results of which it was revealed the threats and advantages and opportunities of improving the investment climate in Ukraine. The method of constructing a multifaceted regression model is used to determine the effect of the main factors shaping the investment climate of the country. The research methods are based on general scientific principles and fundamental positions of economics, social philosophy and statistical science. The results of the analysis determined the need for a comprehensive assessment of the state and trends of the investment climate in Ukraine, using statistical tools for analysing and agreeing quantitative and qualitative components of the model of investment attractiveness estimation of Ukraine and other EU member states. The analysis outputs and the empirical analysis may be used to promote further research for making informed decisions in order to improve the investment image of Ukraine and increase the volume of attraction of foreign investments and capital investments into the national economy.

21
From Protectionism to Neo-Protectionism: New Dimensions of Liberal Regulation

Authors: Volodymyr Panchenko, Nataliia Reznikova

Abstract

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Number of views: 376

The article summarizes the main concepts of the policy of protectionism. It was proved that the shaded or semi-open nature of protectionism of the 21st century model does not fall under classical manifestations of protectionism recorded in the WTO documents, and therefore further hybridization of its forms actualizes the need for their classification in order to attract the attention of the scientific community to new challenges to the global regulation of the system of international economic relations. It was discovered, that protectionism in the process of economical globalization has evolved from trade policy based on introduction of tariff limitations, and later from non-tariff protection instruments, into a complex comprehensive state mechanism for increasing competitiveness of the national economy in the process of globalization, which we call neo-protectionism. Was provided a classification of neo-protectionism and were singled out forms of manifestation of each of its types. Were established country features of neo-protectionism policy. Was established that flexibility of tools for implementing neo-protectionism policy, absence of a unified approach to interpreting the methods of achieving goals announced by the state, differences in priorities and unity of the goals of all instruments, which are to stimulate restoration of economic growth, can be considered as determinative signs of new regulation. It was found that state intervention becomes an inherent characteristic of liberal politics. Was observed that neo-protectionism with its flexible instruments becomes a policy of reducing asymmetric distribution of benefits from globalization and reaction to global imbalances, which again emphasizes the thesis that state participation in regulation of economic processes is an objective reality, and we are witnessing transformation of the previously announced trend towards deregulation into re-regulation.

32
International Competitive Disposition of National Higher Education Systems

Authors: Larysa Antonyuk, Denys Ilnytskyy, Dmytro Barabas, Mariya Sandul

Abstract

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Number of views: 370

In this paper, the stratification of national systems of higher education in a dynamic competitive environment, which is one of the ways of deepening the asymmetries of global economic development, is examined. Governments of key innovation countries, responding to global challenges, place considerable emphasis on increasing the competitiveness of national systems of higher education as generator of the competitive advantages of international economic relations, which are denominated in the form of intellectual capital. The evolution of paradigms of higher education, determinants, criteria and indicators of evaluation, methods of classification and research of the competitiveness of higher education systems are investigated to identify the international competitive disposition of national higher education systems. The stratification of countries is carried out according to the level of competitiveness of national higher education systems which is supported by their positioning in the system of quality coordinates, coverage with higher education and intensity of use, the construction of competitive maps of the global educational market, cluster analysis. Indicators of quality of higher education systems, which are the components of global competitiveness index, and the indicators for ranking the national systems of higher education are the basis for constructing competitive maps. Based on the analysis of competitive maps, the dynamics of positions of the countries are identified and the feasibility of their division into four groups is substantiated. It was found that the grouping of countries and their key characteristics correspond to the levels of development inherent in the paradigms Education 1.0 — Education 4.0. Four types of competitive disposition of national education systems have been identified: leadership, strong, weak and outsider, each having its own peculiar features. The expediency of grouping national systems of higher education into intermediate, transition subgroups, which are distinguished from one to three. It is discovered that each of the methods of grouping countries has drawbacks and advantages, so different ones can be applied depending on the objectives of stakeholders. It is revealed that the identification of positions of the higher education system of Ukraine, as well as other countries, depends on the chosen system of indicators and demonstrates the possibility of its classification both as a country with strong competitive positions, and a country with outsider position. This is typical for countries of transition subgroup. Positive trends in 2017 allowed Ukraine to stabilize its positions in the global educational space, but did not compensate for the continued decline in key indicators of the higher education system. It is substantiated that in order to increase the competitiveness of the higher education system of Ukraine, it is expedient to implement a targeted development strategy that should integrate the key priorities of reform — the focus of activity on the results, the improvement of the effectiveness of interconnections, the development of business environment and the improvement of quality of the resource base.

42
Offshore Financial Centers in Global Capital Flow

Authors: Zoriana Lutsyshyn, Elnur Mekhtiiev

Abstract

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Number of views: 408

The article is dedicated to investigation of the place and role of offshore financial centers in financial globalization system, and of the reasons for using offshores in assets securitization mechanism. Numerous offshore and other preferential zones enabling to avoid the effective national and governmental tax regime are important attributes of global financial system and redistributive links of world financial flows. At present, around 70 countries and territories offer their offshore services for foreign capital, bank transactions, profitability from activities in financial markets proper. The global offshore business concentrates large amounts often having no relation to the country of origin, the so-called cosmopolitan capital (wandering). Although in the early 80's of the XXth century offshore companies were considered to control approximately 500 billion dollars, it was already in the early 90's that this amount doubled and was estimated as 1 trillion dollars. Today, from ⅓ to half of the world capital turnover goes through offshore business channels, and therefore, almost half of non-resident bank deposits are concentrated in world offshore centers. These are the world financial centers comprising international capital markets that provide for the accumulation and redistribution of world capital. From the process of reproduction (circulation of capital), the world financial centers plunge out the most homogeneous and mobile element — money, and freely manipulating with them, concentrate huge economic power in their hands. The role of world financial centers was also enhanced by the latest achievements in computer science, allowing execution of instant transactions and movement of huge amounts to any point of the world within the shortest possible time. The world financial centers consist not only of powerful banks and financial institutions operating on the international scene, but also have currency, stock and other exchanges as their integral parts concertedly working under increasingly unified rules. The world financial centers are establishing new criteria for economic activity, modifying its motivation and priorities. Basically, these changes are aimed at shortening the activities timing and advancing profitability over all other criteria. As a result, substantial portion of funds is directed not to production, but to purely financial transactions. The matter is not only that with significant financial resources available, the volume of competitive production facilities according to international standards is limited and often burdened with increased political risk. The financial sector itself is artificially creating particularly favorable conditions for itself, at the same time generating risks to be mitigated and securitized.