The Problems of Economy

20-24

Authors: Glukhova D. A.

The aim of the article is to define the conceptual framework and features of priority directions in redistribution of the US federal funds. This subject is very relevant because it discloses a system of financing and allocations of the most powerful state in the world in many aspects. The article describes the structure of government funding of the national military sector and directions of the modernization of the US military-industrial complex. It has been determined that in the global expansion of military actions the USA in no case remain aloof from the given events. Manufacturing the US military products plays a key role in the defense industry not only of the country itself but also the international community as a whole. For Ukraine, with the complications in its military-political situation, the cooperation with the United States and inclusion of the financial assistance to our country in its federal budget are very important. The mentioned directions for allocating the received funds in the amount of $ 300 mln by the Ukrainian government confirm the support by the American state of our military equipment and modernization of the national defense industry.

30-38

Authors: Fehr H., Tofaniuk O. V.

Based on the experience of European countries, practical recommendations on improving the level of financial capacity of regions in Ukraine have been developed. In the article the comparative analysis of the financial equalization system in Germany and Ukraine has been conducted, different approaches to equalization on the basis of the actual redistribution have been determined, the efficiency and transparency of the use of budgetary resources in these countries have been analyzed. The research result is the substantiation of the necessity for decentralization of tax revenues in Ukraine to reduce the volume of transfers from the State Budget to the regions. Prospects for further research in this direction are developing a reform strategy for Germany and Ukraine in order to improve the socio-economic relations between the center and regions and to make the redistribution of budgetary resources more efficient. Improving the system of financial equalization involves the use of optimization techniques taking into account the inter-regional economic and geographic ties.

46-52

Authors: Polikarpova O. S.

The credit crisis and its transformation into a sovereign debt crisis have illustrated the limited character of the traditional macro financial politics. The financial crisis has shown that the priority of price stability does not guarantee macroeconomic stability. Revision of the goals and objectives of the monetary and credit policy is being carried out in many countries. In order to ensure macroeconomic stability, central banks have to use new instruments considering financial stability as an additional object. Since 2009 the IMF recommends central banks to use macro-prudential instruments for reducing macro-financial risks and imbalances in the financial system structure. The effectiveness of macro-prudential policy depends on its calibration with the monetary and credit policy. The growth of financial imbalances in the first decade after the adoption of the euro, presence of contradictory fiscal policies, deployment of a spiral of rapid crediting and price inflation have led to apraxia in the monetary and credit policy, and fiscal policy was limited by institutional arrangements. Accumulating funds during the budget surplus the countries-members of the European Monetary System (EMS) attempted to reduce asymmetric shocks. The priority of price stability in the EMS had been achieved but the economies of these countries suffered from financial imbalances. Macro-prudential policy is aimed at prevention and mitigation of systemic risk, plays a significant role in reforming the new policy of central banks. That is why European countries are developing new methods and an institutional framework for the implementation of a new macro-prudential policy. Problems of structural arbitration and the possibility of emergence of new financial imbalances in the EMS are becoming increasingly real. The flowof financial capitals and financial institutions to more lenient jurisdictions is connected with the establishment of macro-prudential policy. The macro-prudential policy of central banks has been considered, financial imbalances of the EMS since 1999 have been analyzed, the main macro-prudential instruments have been described and EMS countries that had implemented these instruments have been considered. The efficiency of using the main macro-prudential instruments in the extrapolation at mitigating symptoms of systemic risk has been analyzed. The directions of the interaction between macro-prudential and monetary and credit policy in the EMU have been identified. The problem of macro-prudential migration, which may cause a new threat of financial asymmetry in the EMU has been considered.

62-72

Authors: Tymoshenko O. V.

The fundamental contradictions of existing methodical approaches to assessing the level of the state economic security have been substantiated and proposals on the introduction of a unified methodology for its assessment, which would be acceptable for use at the international level or for a specific cluster of countries, have been developed. Based on the conducted researches it has been found that the there are no unified signs for such classification of countries. To determine the most significant coefficients and critical values of the indicators of economic security, it is appropriate that the countries should be grouped in terms of the level of the economic development proposed by the UN Commission and the IMF. Analysis of the economic security level has been conducted for the countries-members of the European Union as a separate cluster of countries on the example of macroeconomic security indicators. Based on the evaluation it has been found that the proposed list of indicators and their critical values is economically sound and built on the principle of adequacy, representativeness and comprehensiveness. In 2004 the most secure countries of the EU corresponding to the macroeconomic security standards were Austria, Denmark, Sweden, Finland, and as in 2014 the percentage of absolutely secure countries decreased from 14.3 to 7.1%, only Denmark and Sweden remained in the ranking. During the analyzed period Bulgaria and Croatia got into the risk zone, Estonia, Lithuania, Latvia, Romania were in a danger zone. In 2014 Ukraine in terms of its macroeconomic security was in a critical state, which testified about serious structural and system imbalances in its development.

79-91

Authors: Khaustova V. Ye.

The article analyzes the global trends in the industrial development both in developed and developing countries. The study is based on the data of interbranch balances for 38 countries over the period of 1996-2011. In the selected groups of countries there have been studied: the dynamics and structure of the world industrial output, share of industry, dynamics and structure of the volume of industrial exports, dynamics of export orientation of the industrial production, dynamics of capacity of the domestic market for industrial products, structure of consumption of industrial products, dynamics and structure of the GDP of high-tech industries, dynamics of the share of the GDP of high-tech industries in the world industry GDP. There have been formed the rankings of top 20 producers, exporters and importers of industrial products in the world, leading countries in terms of capacity of the domestic market for industrial products, leading countries in terms of import dependence of the domestic market for industrial products in the world, leading countries in terms of the GDP volume of high-tech industries. Based on the conducted analysis it has been proved that the development of industry in developing countries is taking place in higher, as compared with developed ones, pace. High rates of industrial development in developing countries are ensured, first of all, by increasing their domestic market capacity. At the same time maintaining a high level of activity in the international market for industrial products still allows developed countries to keep the leading positions in rankings. The most industrially developed countries among the developing ones are Korea, China and India, and those among the developed countries are Germany, Japan and the United States. A significant advantage of the developed countries is observed in the production of high-tech products. Even considering the advantage in the GDP growth of high-tech industries in the developing countries, their share in the world total output is still significantly smaller.

99-107

Authors: Bondar-Podhurskaya O. V.

The aim of the article is the development and materialization of techniques for forecasting and evaluating the efficiency of the system for managing sustainable innovative socially oriented economic development based on a modernized human development index (HDI). The HDI is studied as an integral indicator for evaluating the efficiency of the system for managing sustainable innovative socially oriented economic development in terms of its modernization with the purpose of considering the most powerful factors in the development of innovative activity in the context of sustainable satisfaction of the vital interests (VI) of the socium, society, or state. The terms «sustainability criteria» and «stability reserve» of the system for managing sustainable innovative socially oriented economic development, which serve signal values for evaluating the social stability, have been suggested. It is emphasized that the negative value of stability reserve indicates the country’s entering the active phase of a political, financial and economic crisis, long stay in which will inevitably lead to a revolutionary situation. It is for the first time that the author on the basis of a multidisciplinary approach, morphological analysis and the method of adjustment indices has developed a modernized human development index, which, unlike the conventional HDI, takes into account environmental, social and economic components of subsystems of the system for managing sustainable innovative socially oriented economic development. It makes for a complex evaluation of its efficiency as a dynamic system based on criteria of performance, optimality and sustainability, and also acts as the basis for making managerial decisions as to implementing the measures to improve the level of satisfying the vital interests of socium, society and state.

114-119

Authors: Kozhushko O. V., Vladimirova N. P.

The aim of the article is to define the main macroeconomic factors ensuring the state financial safety. The article defines the main problem areas for ensuring the financial safety of the state. It has been determined that the concept of «threat» in the financial sector is broader than the concept of «risk». It has been suggested that «the threat to economic security» should be considered as negative changes both in the external and internal political, economic and natural environment, as well as the situations developing as a result of these changes, which force countries to make additional efforts, require additional costs, mobilization of resources to ensure the implementation by the state of its obligations to the citizens, society and external creditors. The article also highlights the internal and external factors affecting the financial safety of Ukraine. It has been noticed that one of the important components of the state financial safety is debt safety. In this respect, the basic issues of debt security have been defined. Besides, negative consequences of the public debt growth impact on the state financial sector safety have been revealed. It has been pointed out that predicting the financial safety level provides the prediction variance and has a subjective character.

127-135

Authors: Koshovyi O. G., Krasovska O. Yu.

In the issue of reforming the given sector the determination of the development vector, its content basis has crucial significance for the project of changes as whole. The aim of the article is to analyze the institutional model of the functioning of the sphere of sports in Ukraine in comparison with the set international standards and to identify a new institutional framework for transformation of the sports sphere into an efficient and self-sustaining industry. The article considers the issues of reforming the functional relations within the institutional framework of the sports sphere in Ukraine, principles of its integration into the organizational structure of the world sports as well as potential possibilities for its transformation. Based on the analysis of the existing model of the sports sphere in Ukraine under conditions of significant reduction of its financing, the key problems in the existing functional relations have been revealed, there have been proposed a system institutional approach to performing qualitative transformations: establishing institutional linkages through legislative introduction of the principle of sports autonomy; formulation and implementation of standardized requirements to the status and regime of functioning of sports federations; creation of transparent and simple mechanism of simultaneous legalization of an international sports federation, its rules, kinds of sports; automatic delegating the rights of the National Federation to the sports federation, which is an official representative of a recognized international federation; formulation of standardized requirements to the status and regime of functioning of a sports club in activities of the selected sports federation. Implementation ofthe proposed steps to reform the sphere of sports in Ukraine will allow promoting the integration of the Ukrainian sports into the international sports arena and creating opportunities for the development of sports at both the micro- and macro-level, will make the new transparent system an attractive sector of the economy both for private and institutional investors.

144-149

Authors: Paientko T. V.

The problems of overcoming the institutional deformations in the policy of forming budget expenditures have been studies. It has been proved that the problems arising in the area of budget expenditures have not only economic, but institutional character as well. The development of the institutional environment is related to the formation and development of the financial infrastructure, which management component directly affects the state economic development. Imbalances in the development of the institutional environment and financial infrastructure have a negative impact on forming the policy of budget expenditures and the rate of the state economic development. This leads to the need for timely identifying and overcoming the institutional asymmetries in the policy of budget expenditures. Based on the results of the conducted research it has been revealed that the institutional asymmetries in budget expenditures are caused by three main reasons. The first one affects the overall dynamics of budget expenditures and is using the «manual» control over distribution of expenditures. The second is in increasing the volume of financing social areas (up to 2013) against the low GDP growth rates and recession in the sector of non-financial corporations, that is, under conditions of lack of their own basis for ensuring financial securityof these processes. The third one is in increasing the budget expenditures on general state functions at low institutional capacity of public administration, so that the budget funds are allocated and used efficiently, with minimal benefit for society. It has been proved that overcoming the existing institutional deformation and preventing the emergence of new ones is possible at the implementation of one of the following options of the state policy. The first one implies reducing the expenditures on general state functions to the level of economically developed countries. This should be carried out parallel to the measures on enhancing the institutional capacity of public administration by reducing the number of the management staff and raising responsibility for an inefficient use of the budget funds. The second one suggests maintaining a high level of budget expenditures, including those on general state functions and focusing on improving the institutional capacity of public administration. Under this option, the priorities of the society development will be a high proportion of public sector and relatively high level of taxation. The third one involves a gradual reduction in the budget expenditures on general state functions, improving the institutional capacity of the public administration apparatus, control over growth rates of budget expenditures on other items within the GDP growth rate. This option is the most mild but a positive effect from its implementation will be delayed for several years after economic stabilization

158-163

Authors: Reshetniak O. I., Zaika Y. A.

The aim of the article is to develop an organizational and economic mechanism of forming educational clusters for enhancing the competitiveness of higher education in Ukraine. By analyzing, systematizing and summarizing the scientific works of many scientists there has been justified the necessity of creating educational clusters by eliminating internal competition in the educational environment in a particular area of the economy and implementing the principles of partnership and mutually beneficial cooperation, which will create the conditions for achieving synergy effects increasing the competitiveness of higher education. As a result of the study there has been proposed an organizational and economic mechanism of forming educational clusters in Ukraine, which establishes a link between educational institutions, business organizations and governmental authorities. Prospects for further research in this direction are to determine the degree of involvement of business structures in financing of educational programs, as well as to develop mechanisms of state regulation of public-private partnership at creating educational clusters.

170-176

Authors: Tarangul L. L., Kramarenko O. A.

The aim of the article is to analyze the existing practice of inter-budget relations in Ukraine and specifics of providing transfers with the purpose of balancing the budget. In the course of the research the regulatory framework, according to which the mechanism of calculation and remittance of transfers functions, has been evaluated. The distinctive features and innovations in the field of providing transfers have been identified. The analysis of remittance of the transfers to local budgets in 2011-2014 has been performed. As a result of the research there has been determined the constant growth of transfers from the State Budget, and it was pointed out that, despite the changes in the budget process, at present the questions of building an optimal model for calculation and transfer of funds to local budgets remain unresolved. The work studies the Dutch practice of filling the budgets as well as that of inter-budget relations and proposes the principles of its adaptation in Ukraine. Prospects for further research in this area are to build a model of inter-budget relations taking into account economic criteria and improve the mechanism of balancing budgets on the conceptual level

188-194

Authors: Tkachenko S. A. I

Consideration of the scientific achievements of leading scientists-economists and diagnostics of the experience gained in establishment and operation of territorial production systems and implementation of accounting and economic as well as analytical calculations have made it possible to determine the main directions of improving methodological materials on economic monitoring: it is, first, clear definitions of indicators, which are necessary to operate with in the process of solving the tasks of monitoring, and the unity of their symbols; second, the use of rational methods of calculating the accounting and economic as well as analytical indicators; third, description (where appropriate) of various methods for obtaining the results of monitoring; fourth, giving a fairly complete list of incoming information necessary to calculate one or another indicator; fifth, construction of informational accounting and economic as well as analytical tables based on the number of specific indicators. Improving the monitoring methodology in the functionally advanced systems of strategic regulation of the regional structure and territorial organization of agro-food sector entities in all areas considered, as it is evident from the past experience, significantly facilitates the development of design solutions for economic monitoring subsystem and increasestheir cost-effectiveness, comprehensiveness, depth, speed, analyticity and quality. Among the prospects for further research in this direction, in our opinion, of special relevance is an issue related to information tools to provide economic monitoring subsystem in the functionally advanced strategic regulation systems of the regional structure and territorial organization of agro-food sector entities

202-209

Authors: Vladychyn M. B., Struk N. S.

The authors raise the problem of introducing the Balanced Scorecard (BSC) at commercial enterprises of Ukraine, which carry out foreign economic activities. The expediency of introducing the BSC has been proved. Accordingly, the results of the study showed that the BSC can significantly extend the possibilities of strategic management, as well as the formation and use of this concept would be of great practical importance for the development of foreign trade activities of the commercial enterprise. The stages of introducing the BSC with the help of the SWOT-analysis and strategy map have been considered. The advantages and disadvantages of introducing the BSC have been determined. The strengths and weaknesses of the studied commercial enterprise have been evaluated. The research results showed that intrinsically the strengths significantly predominate over shortcomings of the system and threats of the external environment can be neutralized. In particular, it has been proposed: to develop a quality strategy; invite coaches and specialists in strategic management; use at the first stages a standard software, such as: “1C: Enterprise” or Microsoft Excell, which will minimize the time of the data collection. A strategy map, which contains the basic measures on improving the performance of the studied enterprise, has been suggested.

216-221

Authors: Petrenko O. O.

The aim of the research is substantiating the feasibility of applying the methods of «360 degrees» and «assessment-center» to evaluate the competence of specialists of economic entities in Ukraine. In practice under modern conditions the use of the National Qualifications Framework is very limited and reduced to application in the field of higher and vocational education. The acquisition of competences can be regarded as the process of forming the professional culture to achieve the goals in the professional training of personnel. The process of managing competencies includes the creation of competence models for different groups of professions and jobs. The feature of the assessment method «assessment-center» is that in parallel with it other methods of appraisal can be used as well. In the process of applying the method «360 degrees» there takes place polling of the employee himself/ herself, his/her immediate superior, peers, subordinates, customers of the assessed employee. The main purpose of feedback in this case is to provide the employee with systematic information on assessing the level of development of his/her competences. The paper presents a comprehensive assessment with using the methods of «360 degrees» and «assessment-center» that, unlike other models of assessment, not only allows carrying out selection of employees qualitatively but also determining the current and future competences, planning the direction for training, formation of personnel reserve and career promotion of employees.

228-233

Authors: Savytska N. L., Heber N. A. I

The aim of the article is to determine the characteristics of opportunistic behavior and its impact on personnel potential of retail network enterprises. The causes and manifestations of internal stakeholders’ opportunistic behavior at the network enterprise have been highlighted. The features of opportunism in the «principal — agent» system have been described. Agency transaction costs arising from the opportunism of workers have been revealed. Forms of pre-contractual and post-contractual transaction costs have been identified and processed. The influence of system institutional traps on the formation of personnel potential has been presented. It has been determined that overcoming employees’ opportunism is advisable to be carried out by such major levers of forming personnel potential as a system of measures on preserving the personnel «core» of the enterprise by creating a differentiated system of remuneration; improving employees’ loyalty to the company, degree of job satisfaction.

240-246

Authors: Skrynkovskyy R. M.

In the scientific paper the key aspects of the enterprise competitiveness diagnostics are presented. The essence of such economic categories as «the enterprise product competitiveness» and «diagnostics of the enterprise product competitiveness» has been revealed. It has been determined that the enterprise product competitiveness is one of the key properties of the product, which is characterized by possibility and ability to achieve the requirements of the market better than its competitors, and in a shorter time period than they do. It has been found that the diagnostics of the enterprise product competitiveness allows for evaluating the state and properties of the product, its position in the market, demand and prices, as well as the future prospects of its stay in the market with the purpose of making sound management decisions to ensure the smooth functioning and development of the enterprise. It has been determined that the key indicators for diagnostics of the enterprise product competitiveness are: a) the price index of the product consumption; b) the product share in the market; c) the product quality index, including the level of the product safety for consumer, level of the product reliability for the consumer, level of products standardization and unification for the consumer, level of the product ecological properties, level of economical use of the product for the consumer. When carrying out the diagnostics of the enterprise product competitiveness it is recommended to use the method of expert evaluations

253-259

Authors: Bryukhovetskaya N. Ye., Buleev I. P.

Based on the retrospective analysis, the category of «competition» has been presented as a dialectical unity of the opposites «fight-cooperation». The forms of its manifestation at different stages of development of society and economy have been considered. The notion of competition and its features in the context of globalization have been clarified. Suggestions on improving the competitive relations at the present stage of economic development have been made. Proposals on specifying the indicators for the formation of competitiveness rankings at the level of the national and international economies taking into account the military and industrial production have been substantiated.

266-272

Authors: Khomjak M. S.

The aim of the article is to study the essence of theories and concepts of financial space, and its objectives are: to identify the main stages and specifics of financial theories and concepts of financial space; justify the possible directions for implementation of the theoretical concepts of financial space in the Ukrainian realities. Under modern unpredictable conditions of the globalized world, various financial processes, which are difficult to predict, occur in financial space. As the realities of the second decade of the XXI century testify, the financial practice is ahead of the theoretical developments. However, the essence of cash flows, which are formed in the world, including domestic financial space, is that they are real, rather than virtual, and therefore are of such a nature that can be found, studied and justified. All the financial problems that emerged during the existence of human civilization found its theoretical justification and proper implementation. That is why the domestic financial flows, which currently have an unpredictable nature, should be properly investigated and a concrete solution should be found.

279-284

Authors: Chunytska I. I.

The article is devoted to systematizing the problems of infrastructural potential in the securities market, and finding the ways of their solution under conditions of economic shocks. A large number of regulators in financial markets and the low efficiency of the regulatory process have caused a high risk of fraud with the financial market operations, in consequence of which the level of trust in it remains very low. All these problems over the last two years have worsened even more as economic uncertainty deepened under the influence of political uncertainty. This situation became the basis for the emergence of serious shocks in the economy, which aggravate the problems of developing the financial market and its infrastructural potential. The results of the conducted research have shown that under conditions of economic shocks the most vulnerable sectors of the financial market is the securities market, banking sector and insurance market. Under conditions of economic shocks the complex chains of mutual influence that exist between these sectors are being violated, which affects developing the infrastructural potential of the financial market. The negative impact on the infrastructural potential development is manifested through the low efficiency of the securities market, which is under excessive bank-centricity not able to soften the blows of economic shocks. The poor quality of the banking system regulation violates its resistance to crises, and the low quality of disclosure does not contribute to building trust in the banking sector. Taking into account the fact that insurance companies place their reserves mainly on bank deposits, the banking crisis is the cause of a chain reaction in the insurance market. As a result, the main elements of the financial market function efficiently. The solution of the identified problems includes improving the quality of information support of activity in the financial markets and raising the levelof responsibility of the regulators for poor quality of regulation or inaction under conditions of economic shocks.

293-301

Authors: Polova V. V.

The aim of the publication is studying the determination factors of the personnel labor behavior and developing a hierarchical classification with identification of its several levels and socio-cultural keynotes; comparing the value of the labor model prevailing in the minds of Ukrainians with the ideal one and determining the prospects for gradual revival of the foundations of the ideal labor model in the system of managing the personnel labor behavior. As a result of the analysis and synthesis of scientific works by many scientists the author systematized the factors of determination of the personnel labor behavior and highlighted two main approaches to their definition: by the origin and variety of needs, which influence the labor behavior emergence and changing. It has been proved that in the process of formation, implementation and development of labour behavior of an individual, a decisive role is played by his/her values and needs. The author has developed a hierarchical classification of the determination factors of the personnel labor behavior distinguishing its global, local-civilizational, macro-, meso-, micro-, mini- and nano-levels. It has been proved that locally-civilizational level (socio-cultural factors) has a determining influence on all lower levels and determination factors of the personnel labor behavior. Based on the analysis of the fundamental research in the field of determining the degree of actualization and needs of the modern Ukrainians in the labor process, it has been concluded about the destruction of the labour model traditional for our country. It is recommended that the further search for effective ways and methods of managing the personnel labor behavior should be necessarily conducted with regard to the principle of social and cultural identity.

309-319

Authors: Kuzmynchuk N. V., Oleksiuk T. V

The aim of the article is to develop a methodological approach to evaluating measures on management of financial safety at machine-building enterprises, which will allow forming a set of sound management decisions as to ensuring the necessary level of financial safety at applying a certain strategy and serve as a tool for improving the quality of the accepted strategic development alternatives based on non-random selection of the most significant management decisions adequate to a specific situation with consideration of the predicted values. There have been proposed a scientific and methodical approach to evaluating strategic measures on management of financial safety of machine-building enterprises based on an integrated dual evaluation: the ranking of strategic alternatives by the method of multi-criteria choice based on the additive convolution for each specific strategy and every direction of financial and economic activity on the one hand and assessment of the effectiveness of the strategic measures on management of financial safety using the methodology of the utility theory — on the other. It has been determined that the validity of choosing strategic decisions on ensuring the financial safety is based on synthesis of all-Ukrainian practices of implementing possible alternatives with the internal potential of the enterprise (available potential) expressed in the form of benefits for the management. There have been built and presented a graphical interpretation of membership functions of the calculated fuzzy expected utility of the strategic alternatives for JSC «Smelyanskiy Electromechanical Plant».