Bulletin of Taras Shevchenko National University of Kyiv. Economics.

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Authors: A. Starostina, Doctor of Sciences (Economics), Professor, M. Ustymenko, PhD in Economics, Assistant Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

The paper systemizes existing studies devoted to agglomeration formation and functioning and exploring the peculiarities of agglomerations' development in CEE countries. The research is based on a comparison of indicators for industrial agglomeration development in 51 region of CEE countries. The assessing prospects for industrial agglomeration development were conducted using the following groups of indicators: localization level, availability of resources, the demand for the products of the agglomeration area. The study used methods of analysis and synthesis of scientific generalization, comparison, induction and deduction. Results of the research shows that an important feature for agglomeration development in Central and Eastern Europe were foreign investment resources in the region, which is associated with the emergence of clusters in these regions, although this investment was not the only determinant of success. The success of agglomeration origination with foreign investment was driven by the presence of industrial agglomerations in key areas and related supporting industries. It builds up a competitive advantage in the region and specialization in international supply chains, supply of resources (labor, production, logistical), unmet demand in the domestic markets of these countries. As the prerequisite of agglomeration development was availability of resources (natural; capital; technological). Primary lack of capital; technological resources was compensated because of the transfer of activities from abroad due to other competitive advantages of the regions. Availability of market opportunities and demand for agglomerations' products was an important aspect of determining the potential due to unsatisfied demand in national markets of the countries and proximity to customers in West European markets.

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Authors: L. Shynkaruk, Doctor of Sciences (Economics), Professor, I. Baranovska, PhD in Economics, L. Milman, Degree seekers The National University of Life and Environmental Sciences of Ukraine, Kyiv, Ukraine

The approaches to the doctrine of long-term development of Ukraine, considering realities of functioning national economy, are substantiated. It is proposed diversification of Ukraine's economy to realize by two directions: through the modernization of traditional sectors and infrastructure and active transition to knowledge-intensive non-raw sectors of production and services. Directions institutional reforms with orientation on rapid improvement of the business environment and attract investment are determined. The basic directions of industrial policy, framework conditions of stimulation industry restructuring and priorities for SME development in Ukraine are defined.

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Authors: O. Krupskyi, PhD in Psychology, Associate Professor, V. Redko, Phd in Economics, Associate Professor Oles Honchar Dnipro National University, Dnipro, Ukraine

In the article the emotional labor is considered as a process that is determined by peculiarities of work in the tourist sphere. It was suggested 16 components of emotional labour on tourism and hospitality enterprises, their influence on some economic (employee welfare, productivity, employee turnover) and psychological (level of stress, degree of commitment and job satisfaction) indicators is analyzed in terms of staff's cognitive characteristics and chosen by them emotional strategies of it behavior. The influence of the cognition of an individual on the quality of provided services was substantiated.

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Authors: D. Rasshyvalov, PhD in Economics, Associate Professor Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

This paper studies the fallout of Brexit for insurance industry through a lens of future decisions to be made on the format and mechanism of this process. The operational and institutional aspects are analyzed, with focus on the leading role of the London insurance market in the formation of the capacity of the global insurance market and its dependence on the cash flows of other regional and national insurance as well as financial markets.

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Authors: N. Tkachenko, Doctor of Sciences (Economic), Professor Taras Shevchenko National University of Kyiv, Kyiv, Ukraine, O. Kryvytska, PhD in Economics, Associate Professor National University "Ostroh Academy", Ostroh, Ukraine

The article investigates the practical aspects of the activity of insurance intermediaries in Ukraine. The structure and dynamics of insurance payments for life insurance in Ukraine as a whole, as well as in the context of residents and non-residents, are analyzed. The share of insurance intermediaries in the realization of life insurance services in Ukraine is revealed. The indexes of insurance intermediaries in the organization of life insurance in Ukraine for 2012-2016 are systematized. In the article mention that insurance intermediaries stay in not active phase in their activity in life insurance sphere. The definition of the insurance intermediary is defined in broad and narrow terms. The purpose of the activity of insurance intermediaries is determined. Schematically shows the common and excellent in the activities of the key representatives of insurance mediation – insurance agents and insurance brokers. It is argued that insurance intermediaries have the opportunity to become key players in life insurance, since they are the ones who can reach potential insurers in the shortest possible time. It is also noted that the further development of life insurance will largely depend on the professionalism of the insurance intermediary. Noted the appropriate identification of a life insurance intermediary with a financial advisor.

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Authors: N. Smentyna, Doctor of Sciences (Economics), Associate Professor, N. Klevtsevich, PhD in Economics Odessa National Economic University, Odessa, Ukraine

The role of state partnership with a private sector in ensuring s development of territorial socio-economic systems was grounded. The process of interaction between local authorities and private operators was considered in the context of three stages: justification of the partnership necessity, conclusion a partnership agreement and monitoring the commitments implementation. The situation regarding distribution of PPP projects on the scope of partnership was described that allow to consider the instrument as a basis for joint responsibility for the development of priority sectors of the regional economy. The major issues of interaction between public and private operators that require legislative regulation were identified. The main components of evaluating the effectiveness of PPP projects from a government position and their logical sequence were suggested.

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Authors: N. Prykaziuk, PhD in Economics, Associate Professor Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

A comparative analysis of the definitions of "systemically important", "systemically significant", "systematic financial institutions" was conducted, and the correlation between definitions was established in the article. It was discovered that the definition "systemically important financial institution" is the broadest among those which were investigated, since it was substantiated that not only institutions that are considered large according to their size or volume of transactions, but also those institutions which are of an average or even small size but which are characterized by the presence of a large number of similar financial institutions can be related to the financial institutions that meet the main features of the systemically important institutions. It was determined that the ability to influence the financial system, and the entire economy through financial system is the main feature which determines an institution as a "systemically important financial institution". Systemically important financial institutions can be allocated both at the national and global levels. At the same time, the latter can carry systemic risks and affect not only the national but also the global financial system, the difficulties of their activities can be reflected in the situation of the economy of some countries as well as the aggregate of countries; It was investigated that systemically important financial institutions are those institutions that can potentially carry systemic risks and negatively affect the financial system that in its turn affects the economy as a whole, and that have at least one additional feature related to their large size (capital / assets / the market share / volumes and the complexity of the operations they carry out / the presence of an extensive system of branches and subsidiaries), systematic, the presence of a large number of similar financial institutions or the difficulty (complexity) of their substitution; It was substantiated that systematic financial institutions are those financial institutions, which according to the parameters of the size, the structure and the volume of transactions carried out by them act as an important part of the financial system and taking into account the scale of their activity, can potentially influence it.

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Authors: D. Tretiak, PhD in Economics, Аssistant Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

In order to find ways to innovate the development of personal insurance, problems were summarized and constraining factors that prevent personal insurance from developing as a separate insurance industry. These problems include: the lack of a developed insurance infrastructure, low insurance culture, unfinished reform in the field of health insurance, the slow pace of economic restructuring, low level of the population's solvency, a protracted political crisis, insecurity of insurance companies. Analysis of global trends in the development of insurance business has shown that those insurance companies that will be ready to offer their clients detailed risk analysis and innovative insurance products will win in competition. On the basis of foreign experience, innovative directions for the development of personal insurance in Ukraine were proposed. In particular, during the research, various ways of innovative improvement of life insurance, medical insurance and accident insurance were identified and proposals were developed to expand the assortment of insurance products and distribution channels for these types of insurance.

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Authors: N. Ignatovich, PhD in Economics, Associate Professor Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

The article deals with the influence of economy reformation on process of its modernization and possibilities of movement to postindustrial society in Ukraine. The features of western economy modernization and distinctions of economy transformations factors and motivations are considered in Ukrainian and Western economies. The necessity of Ukrainian economy neoindustrialization is shown. Causes of economic reforms negative results in Ukraine are analyzed, conditions of its removal are defined.

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Authors: O. Zhykhor, Doctor of Science (Economic), Professor O.M. Beketov National University of Urban Economy in Kharkiv, Kharkiv, Ukraine, D. Zherlitsyn, Doctor of Science (Economic), Associate Professor Zaporizhzhya Institute of Economics and Information Technologies, Zaporizhzhya, Ukraine

The periods of the Ukrainian transitional economic system based on key macroeconomic indicators are classified. The macroeconomic tendencies of the functioning and development of the Ukrainian economy under the conditions of transformation since 1990 till 2015 have been investigated. The specific problems of functioning of modern Ukrainian transformational economic system are determined.

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Authors: V. Kozyuk, Doctor of Science (Economic), Professor, O. Dluhopolskyi, Doctor of Science (Economic), Professor Ternopil National Economic University, Ternopil, Ukraine

The relationship between oligarchic economies and crony-sectors development, which includes industries with domination of rent-seeking behavior, is made. The relationship between power distance and some indicators of socio-economic development, value orientations of economic systems is analyzed. The correlation-regression analysis of power distance and crony capitalism dependence has been carried out. The existence of "bad locked circle", associated with tolerance of hierarchies, is debated. The conclusions about fact that cultural factors of hierarchical society's formation have direct effect on the spread in the economic system crony sectors and weak institutions are made.

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Authors: L. Yarosh-Dmytrenko, PhD in Economics, Assistant Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

In the article the problem of advancing the international competitiveness of industry has been highlighted in the context of the impact on getting out the crises in the country and forming preconditions for economic growth. The study is based on an empirical basis of metallurgical industries of Ukraine, which has traditionally focused largely on international markets. The advancing international competitiveness of these enterprises is particularly topical and important for getting over the crisis and forming a trajectory of economic development of the country. The system of the factors has been represented and analysed, the priorities for advancing the international competitiveness of metallurgical industryJSC "Zaporizhstal".Recommendations to improve the competitiveness of the analysed enterprise have been formulated and common priorities for improving the international competitiveness of steel companies determining the possibility of positive impact on getting over the crisis and economic development at the level of companies, as well as at the level of Ukraine's economy have been identified

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Authors: O. Yevtushevska, PhD in Economics, Assistant Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

Planning of time always was an inalienable part of social and economic life. However, nowadays time management became so current because of essential changes in society development. Massive production, strict competition, secularization, modern cult of success caused sufficient changes in time perception. Workers, producers, agents, especially in developed countries involved into dynamic economic relations, which demand planning of time and strict daily routine. In our opinion, two main reasons of time management popularity are world-view changes, which make modern secular society radically transforms surroundings of existing and high competition between producers and workers. Time management has its positive advantages, namely it discipline peoples, rise their productivity, reduce wasting of time. However, time management can turn into end in itself.

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Authors: Y. Hirnyk, PhD Student Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

The article examines trends shaping the problem of "public sector". The research shows the history of the formation of the concept of "social economy", its relationship with the basic principles of theoretical economic analysis and development. The paper investigates process of establishing the structure of the phenomenon of the public sector and its interaction with the challenges of the modern world and the global economy. The article deals with the role of the public sector in the production of public goods. The researchers evaluated the effect of its scale in indicators of social, economic and i institutional development. The study singled out performance criteria for public sector institutions and analyzed changes of vectors public choice in terms of globalization changes. It was revealed the impact of global institutional transformation and structural reforms in the public sector, in-depth conceptual basis of improving the efficiency of public sector functions.

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Authors: C. Năsulea, Doctor of Sciences (Economic), Lecturer, D. F. Spînu, MA Student University of Bucharest, Bucharest, Romania, R. M. Moroianu, PhD Student Academy of Economic Studies, Bucharest, Romania

Twenty-six years ago the international community witnessed one of the most dramatic changes in economic systems. Naturally, the fall of communism in Eastern Europe and its consequences were events difficult to judge and anticipate in their immediate aftermath. Today, we have gained a much more coherent perspective on their meaning. The political liberalization of Poland in 1989 and its transition to the market economy was generally perceived as the most successful of all post-communist countries. From 1990 to 2013, Poland experienced the most outstanding economic growth within the former communist bloc. It doubled its GDP in real terms and became the only country to experience economic growth during the financial crisis of 2008-09. However, the polish secret recipe lies in the "shock therapy" adopted at the beginning of the 90's. The aim of this paper is to examine the importance of the Balcerowicz's program in creating the basis for economic stability and growth through privatization, liberalization of foreign trade, monetary reform and an open economy. We will also review the impact of this unprecedented transformation in shaping a strong, market-oriented economy.

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Authors: V. Kuzomko, PhD in Economics, Associate Professor, M. Mykhailiuk, PhD Studen Vadym Hetman Kyiv National Economic University, Куіv, Ukraine

In article it is carried out modification of calculation procedure of the nine-components indicator of the financial stability in the context of introduction of the indicators, which estimate accounts payable and stocks. Testing methods offered by financial diagnosis made on materials PJSC "Yahotyn creamery." The method of calculation of sixteen-components indicator of financial stability allows for a deeper analysis of enterprise financial stability and detect problems with production and inventory, as well as mid-term payables, which is not technique allows ninecomponents indicator of financial stability.

4

Authors: V. Laval, economist West University of Timisoara, Timisoara, Romania

The urge to increase the performance of company processes is ongoing. Surveys indicate however, that many companies do not measure the controlling performance with a defined set of key performance indicators. This paper will analyze three categories of controlling key performance indicators based on their degree of measurability and their impact on the financial performance of a company. Potential measures to optimize the performance of the controlling department will be outlined and put in a logical order. The aligning of the controlling activity with the respective management expectation will be discussed as a key success factor of this improvement project.

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Authors: V. Rudyk, Doctor of Science (Economics), Associate Professor, O. Chaikovska, PhD in Philological Sciences State Agrarian-Engineering University in Podilya, Kamianets-Podilskyi, Ukraine

The article attempts to provide an overview of world experience in functioning and development of retirement insurance system based on insurance principles. The world experience in the sphere of retirement insurance and realization of pension reforms in countries with different economic development will help to apply certain elements to Ukrainian pension program. The importance of functioning of multilevel pension models is considered in the study. The analysis has shown that pension models based on redistributive and accumulative pension programs give an opportunity to receive differential pensions to citizens of retirement age.

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Authors: К. Tretiak, PhD in Economics, Assistant Kyiv National Economics University named after Vadym Hetman, Kyiv, Ukraine

At the reinsurance market the object of purchase and sale is a specific product – a reinsurance service. According to several scientists' researches, the definition of a reinsurance service is clarified as a specific service in the form of selling legally formed liabilities concerning redistribution of already insured risk between insurance companies, which has its price, which is influenced by supply and demand. The author has proposed new approaches to the insurance service interpretation as a dominant, which causes the reinsurance market formation. It is shown that being traded in the reinsurance market, a reinsurance service is an important factor in the functioning and self-development of the market environment, it combines the interests of supply and demand holders and directly influences the market quality characteristics, causing trends of its further development. Supply and demand for a reinsurance service are influenced by both external and internal factors, the most important of them are: the capitalization level of insurers, the balance of their insurance portfolios, the condition of the state economy, the level of investment attractiveness, monetary and tax policy. The concepts of "reinsurance service demand" and "reinsurance service supply" have been clarified. Reinsurance service demand is a conscious and financially secured desire to buy reinsurance services. Reinsurance service supply is all services submitted in the reinsurance market.

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Authors: H. Bachev, Doctor of Sciences (Economics), Professor Institute of Agricultural Economics, Sofia, Bulgaria

Evaluating absolute and comparative sustainability of farming enterprises is among the most topical issues for researchers, farmers, investors, administrators, politicians, interests groups and public at large. Nevertheless, in Bulgaria and most East European countries there are no comprehensive assessments on sustainability level of Bulgarian farms of different juridical type. This article applies a holistic framework and assesses absolute and comparative sustainability major farming structures in Bulgaria – unregistered farms of Natural Persons, Sole Traders, Cooperatives, and Companies. First, method of the study is outlined, and overall characteristics of surveyed farming enterprises presented. After that an assessment is made of integral, governance, economic, social, environmental sustainability of farming structures of different juridical type. Next, structure of farming enterprises with different sustainability levels is analyzed. Finally, conclusion from the study and directions for further research and amelioration of sustainability assessments suggested.