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The article deals with the development and implementation of a financial model of exports in the context of strategic planning of foreign economic activity of enterprises. The model described in this paper aims to measure, analyse, evaluate and propose improvements to administrative processes by identifying various variables involved in strategic foreign trade planning. This paper is a survey that is being developed for export activities in Ukraine. Exports in Ukraine were analysed to test the methodology and to build an additive model. The model empirically shows the links that exist between the internal functions of a company and its ability to generate performance management indicators and business dynamics as a way to improve processes in strategic foreign trade planning. Some relevant findings from the first two stages of the empirical research conducted to date are presented. Validation has proven that the use of the methodology of strategic planning of foreign economic activity allows you to compensate for investments in new resources by increasing the number of operations carried out eliminating delays and attracting new customers as a result of improving the client's perception of the quality of service. During the audit, it was possible to determine that the delays created in the activities of support systems increase their negative impact on the process, consuming the slack of many actions of the central system and delaying their implementation, negatively affecting foreign economic activity. The model will be useful for enterprises engaged in foreign trade.

In terms of the formation of the world trade multipolar system, the issues concerning the implementation of a protectionist trade policy appear especially acute and are the primary focus of both theorists and practitioners. This paper primarily aims to explore trade protectionism in the global economy in conditions of multipolarity, to identify the vectors of the war in Ukraine's influence on policy in the sphere of food trade, to determine the origins of the WTO crisis in the system of multilateral regulation of international trade and to assess the prospects of further ensuring free trade doctrines, which is based on combinatorial approach and included the calculation of quantitative indicators of foreign trade restrictiveness and estimation of qualitative parameters of shifts in foreign trade policy. The empirical findings indicate high dynamism of increasing new trade restrictions, in particular export ones, caused at first by the COVID-19 pandemic and later by the war in Ukraine; slow but constant increase in import restrictions, so that at the end of 2022 9% of global import was affected by import restrictions; growth in export restrictive measures on food, feed and fertilizers as a response to food security challenges, caused by the war in Ukraine. The current paper reveals the necessity to take into account import dependence indicators and import capacity of export in formulating vectors of transformation of foreign trade policy towards national production support in the context of economic nationalism ideology. The authors emphasize the importance of the WTO dispute settlement system and the failures in its implementation call into question the possibility of organization functioning in the existing format, particularly as the number and spread of RTAs surged. Prospects for further research in this area are the assessment of macroeconomic effects and threats of the unilateral opening of the Ukrainian economy for imports against the background of the protectionist policy of "main players" of the world economy, determination of the potential of the protectionist policy of selective types of economic activity implementation in the conditions of post-war recovery.

The paper highlights the results of scientific research on the issues of training highly qualified logistics and supply chain managers, justification of directions, and development of practical mechanisms for its improvement. The paper is based on scientific literature analysis, comparative analysis, and case study research. It is established that modern global trends and changes in society and the economy lead to the emergence of more extended requirements for the training of highly qualified managers able to effectively perform specific types of work in accordance with the needs of society and the labour market in the field of logistics and supply chain. In this context, the issues of applying a competency approach when training future logistics and supply chain managers and the formation of a competency model that meets the modern requirements of the labour market are considered. A review of scientific literature has been carried out regarding the main theoretical foundations of forming competences and competencies in the process of professional training of logistics and supply chain managers. Attention is focused on the need to form basic core competencies, including models of basic professional competences and competencies that are key ones in the professional activity of specialists. The main models of competencies of the company's specialists, which make it possible to ensure effective management of modern companies, are highlighted. The experience of training future logistics and supply chain managers in Ukraine is studied. The expediency of applying a competency approach when training future logistics and supply chain managers in Ukraine is substantiated. A conceptual model of a multi-level national system of professional training of logistics and supply chain specialists is proposed. A T-shaped model of the competencies of modern logistics and supply chain managers is developed.

The purpose of this paper is to describe and analyze the issues of openness and transparency of the budgeting process in the defense and security sector in Ukraine, which results in effective spending of budgets. After Russia started a full-scale war against Ukraine, the international community is providing Ukraine with numerous financial support packages and ammunition. Therefore, one of the most important issues is strengthening the democratic control over the budget process in the defense and security sector of Ukraine, taking into account the new principles of information openness and its classification as a state secret. Here, the need to develop standards for transparent budgeting and the introduction of an open indicative system for monitoring and evaluating the budget process in the defense and security sector is particularly relevant. The article provides an empirical description, uses data obtained from expert discussions and multidimensional evaluation approaches on openness and transparency of the budget process in the defense and security sector to enhance the effectiveness of military budget spending. The paper develops conceptual approaches to ensuring the efficient use of budgetary resources in the defense and security sector by generalizing the practical implementation of the open and transparent budgeting principles, development of effective mechanisms for budget oversight, and compliance with standards of public accountability. The paper focuses on the need for the implementation of budget transparency standards referring to the priorities of the Military Security Strategy of Ukraine with particular attention to the issues of openness and transparency of financial reporting at budgetary institutions. The study proves the prospects for the introduction of transparent budgeting standards in the defense and security sector, which is a fundamentally new approach able to strengthen corruption prevention and, in combination with other hybrid defense tactics, the military provision. The study is performed under the project “Openness and transparency of budgeting in the defense and security sector of Ukraine”, supported by the Ministry of Education and Science of Ukraine.

The paper focuses on the acute problems of systemic financial risk in the economy of China posed by the real estate sector. In the event of collapse, the world's second-largest economy of this Asian giant, deeply integrated into the global system, can trigger spillover effects and a new global economic crisis. It is therefore important to deepen understanding of the internal mechanisms of systemic financial risk accumulation in the Chinese economy. We research the microfinancial roots of systemic financial risk and macroeconomic mechanisms of its accumulation and materialisation after it has reached a critical level. Microfinancial roots of systemic risks are connected with excessive growth of financial leverage. We suggest a mathematical model of the optimal level of financial leverage and its safety threshold for the companies in the real sector including the construction and development sector. On the macro level, the paper presents a comprehensive dynamic scheme of non-linear relationships in the real estate industry, which unwind self-reinforcing cycles and lead to the accumulation of systemic financial risks. The main driving force of these processes is the institutional mechanism that we call collateral accelerator. Under certain conditions, it plays the role of a powerful internal destabiliser of the economic system and provokes the unwinding of self-reinforcing cycles in the real estate market, the households’ finance, development companies, and the banking system. The results of the research can help shape the optimal macroprudential regulatory measures to minimise systemic financial risks and ensure financial stability without suppressing economic growth.

Under modern conditions, the problem of achieving marketing and business goals is actualized for companies in all sectors of the economy. Digital marketing plays a key role in effectively solving this problem. The purpose of the paper is to highlight the features of the development of digital marketing tools in the context of product promotion on social media platforms. The article highlights the features of planning and implementation of digital marketing in the context of the tasks of promoting goods and services in the digital space. The key role of digital marketing in the implementation of the company's marketing and business tasks is emphasized. The paper highlights a number of trends in the development of digital marketing tools in the context of digitization and changes in the socio-economic environment. The importance of considering the evolution of digital marketing tools in the context of the development of the exogenous and endogenous environment is emphasized. The directions of changes in the digital marketing paradigm are outlined in historical retrospect. The stages of the evolution of digital marketing in the context of marketing and market management are formulated. It is proposed to consider digital marketing as a new paradigm of company management in the conditions of comprehensive digitalization. The peculiarities of digital marketing in terms of individual social networks have been revealed. It is proposed to profile the main social media according to close criteria, which made it possible to place them in priority places in the configuration of the digital marketing company's complex. The most advanced toolkit of digital marketing is considered. Emphasis is placed on the importance of the efficiency principle in the development of the company's digital marketing complex within the framework of the tasks of promoting goods and services in social networks. The results of this study may be useful to practicing marketers, marketing directors, top managers and owners of small and large businesses, and researchers in the field of digital marketing. Prospects for further research are the analysis of the features of the use of digital marketing tools to strengthen the integration of digital channels, as well as the identification of the features of digital marketing tools during a period of significant socio-economic turbulence in Ukraine.

The basis of better organization of production, strengthening the competitiveness of the business entity in the market, the formation of its image in the socio-economic environment is marketing and marketing communications. The article considers the theoretical foundations of the complex of marketing communications of a special purpose airline with consumers of agricultural aviation services. The target consumers for the special purpose airline in the market of agricultural aviation works are agricultural enterprises. This paper proposes the use of aviation method of plant protection, which is effective for both special purpose airlines and agricultural enterprises. The main component of active influence on the target market of agricultural aviation services is the marketing support of a special purpose airline. Using the «four P» and «four C» models in the development of marketing strategies, a set of marketing elements for a special purpose airline is presented and the impact of marketing communications on the activities of a special purpose airline is determined. Each participant in the market of agricultural aviation works gets the effect only when the consumer benefits from the provided aviation services. The paper proposes a scheme of interconnection of participants in the market of agricultural aviation works, which shows the components of the effectiveness of the process of agricultural aviation works for each of its participants. Thus, marketing support for the effectiveness of agricultural aviation work is a measure carried out by a special purpose airline to attract potential consumers (agricultural enterprises) to services developed, implemented and provided in the field of agricultural aviation agricultural aviation works and aimed at attracting consumer attention and information, persuasion, reminders. ways to meet their needs and quality of services, which allows you to compare similar services, stimulate consumer demand. The scheme of realization of a complex of marketing of the airline of special purpose at performance of agricultural aviation works is developed.

The paper reviews information on the formation and development of a new form of employment — digital one — and identifies its impact on the country’s place in the global dimension. The overall objective of the study is to verify the trends of digital employment in Ukraine and assess its place and role in the global distribution of the digital workforce. The literature review indicates a lack of research on the gap between the level of technological development of the country and the use of digital employees in the national economy. This is particularly imperative for developing countries, which technologically remain far behind, and to which Ukraine belongs. The scholars used a certain sequence to conduct the study of this issue, particularly: at first, in accordance with the characteristics of digital employment, the authors identified the types of business where the largest number of digital workplaces is concentrated. Secondly, the researchers analysed the statistical indicators of digital employment in Ukraine for 10 years and revealed the development tendencies of this segment. Thirdly, the study compared the data on employment, wages and the obtainability of the favourable domestic talent development environments for the country of reference and a neighbouring country with a higher level of economic development. Fourthly, the research identified the factors influencing the spread of digital employment and defined the place and role of Ukraine in the global digital landscape. The study uses methods of analysis and synthesis, abstraction and generalisation in the verification of digital employment trends, statistical and analytical methodologies in the study of the state and trends inherent in the digital segment of national employment markets. The knowledge base of the research consists of the official statistics of Ukraine, Poland, analytical materials of UNIDO, The World Economic Forum, OECD, Eurostat. The object of the study is the digital segment of the labour markets of Ukraine and Poland, as these countries have similar preconditions for economic development, they are geographically located in Eastern Europe and border each other. At the same time, Poland has a higher level of economic development and is a recipient country for Ukrainian migrant workers. The paper presents the results of empirical analysis, which showed that technological lag is the major precondition for the low demand for digital employment in Ukraine. Accordingly, this determines that Ukraine is basically a resource colony in the digital global environment, which supplies highly qualified digital workers. The experts and practitioners can use the results of the study to elaborate a strategy for the development of Ukraine’s economy in the context of digitalisation.

Abstract. The COVID-19 pandemic has revealed significant structural flaws, caused deterioration of living and labor conditions, and slowed down economic growth paces for both regions and the country as a whole. It makes the domestic economy vulnerable to various stresses that, in turn, increases the vulnerability of financial systems and reduces their financial resilience. The paper aims to analyze the trends and factors causing financial imbalances of regions in economic instability and substantiate the consequences for their economic growth. The theoretical foundations of financial imbalances are expanded by decomposing financial stability, financial vulnerability, and financial instability. The interpretation of the concept of financial imbalances is expanded. The financial imbalances of Ukrainian regions in 2015—2020 are detected based on the suggested algorithm using the selected indicators. Depending on the year and type, the paper reveals the regions with a consistently low level of financial imbalances, high negative level, and a noticeable accumulation of financial imbalances. The causes of their emergence are explained, including the low capacity of the state to secure a sufficient amount of revenues and thus the budget balance, the low quality of planning and executing the budgets, weak relationship between budget programs and strategic priorities of regional development, domination of consumer expenditures over the development expenditures, inadequate public regional policy, falling volume of capital investment and poor investment attractiveness, declining production and thus deteriorating financial results in basic types of activity in the region, falling income of the population at the background of aggravated social tension and growing unemployment. The author suggests arrange of measures to prevent the emergence of financial imbalances and a set of efficient tools to regulate them. The paper emphasizes the need to develop a unified system of indicators in Ukraine similar to the scoreboard in Europe to measure imbalances on both macro and regional levels in order to detect prospective risks of imbalances emergence and expand the opportunities for their elimination or regulation. Keywords: financial imbalances, regional development, financial instability, financial capacity, financial vulnerability. JEL Classification H73, O40, R13 Formulas: 0; fig.: 2; tabl.: 2; bibl.: 16.

Abstract. The article is devoted to the study of the essence and peculiarities of the growth of tax competitiveness of the country in the conditions of a significant amount of shadowing of incomes and legalization of illegally obtained funds. The object of the study is the levels of shadow economy and tax competitiveness of the country. In the paper the 5,348 publications in the Scopus database and 2,036 publications in the WoS database on tax competitiveness and 3,095 and 1,063 publications on the problems of shadowing, respectively, were analyzed. The time horizon of the research was in 1992—2021. On the basis of bibliometric analysis the main directions of research of tax competitiveness and shadowing of economy are defined, the comparative analysis of tendencies of change of quantity of publications on these questions is carried out. It is concluded that the level of research on these issues in international scientometric publications has been significantly intensified since 2003 and 2005. With the help of VOSViewer tools, the main economic categories that are most closely related to the country’s tax competitiveness are identified. Based on the results of the analysis, a hypothesis about the connection between the level of tax competitiveness of the country and the shadowing of the economy was put forward. The article identifies the leading scientific journals indexed by Scopus and WoS databases, in which the most frequently published research questions. It is determined that the majority of the papers on tax competitiveness have been published in high-ranking journals in the first and second quarters. A methodical approach to assessing the relationship between tax competitiveness of the country with the level of its shadow economy is proposed. On the example of EU countries a significant negative impact of economic shadowing on the competitiveness of the country’s tax system has been proven. It is concluded that the implementation of shadow schemes of concealment of income and legalization of illegally obtained income causes significant damage to the amount of tax revenues to the budget. The methodical approach to estimation of losses of the economy from shadow activity is offered in the work. According to the results of the study, measures to de-shadow the economy in the context of increasing the country’s tax competitiveness are proposed, in particular: bringing the domestic regulatory framework to the requirements of the international community, reducing corruption, reducing time spent on filing and filing tax reports, optimizing the tax burden. Keywords: tax competition, shadow economy, state policy, money laundering, bibliometric analysis. JEL Classification O17, E26, H20, H71, F38 Formulas: 1; fig.: 4; tabl.: 4; bibl.: 21.

Abstract. The paper deals with the analysis of the banking system of the UK. The UK banking sector is quite diverse, and at the same time oligopolistic. The UK exit from the EU is already having a negative impact on main banking indicators. Uncertainty in the banking sector and among the business community is, definitely, very high. This means that banks will have to work on potential and alternative outcomes, depending on their development. The impact of Brexit on banks and banking in the UK will be determined by both government-level arrangements and the response of individual firms to operating conditions changes. At the same time, the realities of the banking environment after the crisis of 2008—2009 mean that it is necessary not only to strengthen market discipline, but also to avoid excessive proliferation and diversification of commercial banks and concentration of the banking system. The post-crisis environment is characterized by a decrease in the number of commercial banks in the UK. However, the reduction in the number of banks does not prevent an increase in the value of the banking system’s assets and an improvement in their quality. Moreover, the paper explores the crisis of 2008—2009 impact on the functioning of the UK banking system (loans to monetary financial institutions, loans to non-monetary financial institutions, loans to non-monetary financial institutions, loans to the central government, deposits of monetary financial institutions, deposits of non-monetary financial institutions, central government deposits). For this purpose, the system of six vector models of autoregression has been constructed. The results of the simulations have shown that all variables have similar dynamics after the crisis shock, except for central government deposits. In the future, the leveling of the shock is observed for these variables starting from the fourth year. There is only an increase in central government deposits, starting from the second year after the shock The other variables do not respond to the crisis shock. Keywords: financial crisis, banks, bank assets, bank liabilities, problem loans, econometric modelling, VaR-models. JEL Classification C39, C51, C52, E44, E47, G01, G17, G21 Formulas: 6; fig.: 6; tabl.: 1; bibl.: 30.

Abstract. The article is devoted to the essence and features of the formation of personal income tax gaps. The object of the paper is 1795 publications indexed in the Scopus database on the tax gaps in the national economy. The time horizon of the study was in 1935—2021. On the basis of bibliometric analysis, the main directions of the study of tax gaps are determine, the trend of changing the number of publications on this issue is analyzed. It is concluded that the theory of tax gap management is quite young and is currently only in its infancy. By the VOSViewer tools, five patterns of frequency of use of keywords in scientific works devoted to the issues of forming tax gaps have been identified, their connection with other economic categories have been determined. The analysis of the publications indexed in the Scopus database on a geographical basis is carried out. Clustering international research networks based on bibliometric analysis of scientific papers on the theory of tax gaps management by geographical location have been done. The article identifies the top Scientific Journals indexed by the Scopus database in which the issues of tax gap management were published most often. According to the Scopus database the most popular theories within this problem are: social theories, inequality and tax morality, management and motivation theories, sustainable development theory, production theory, concepts of fiscal policy implementation. A methodical approach to the assessment of tax gaps for personal income tax is proposed. The personal income tax gaps for Ukraine and European Union countries has been estimated. An average volume of personal income tax gaps within 7—28 %, and there is no positive dynamics in its reducing. The countries with the highest volume of personal income tax gaps include Greece, Poland, the Slovak Republic, Turkey, with the lowest — Germany, Belgium, Latvia, Luxembourg. Based on the Multiple regressions test, the hypothesis about the significant impact of tax gaps on personal income tax on the country’s economic development indicators was tested. Graphical interpretation of the link between the personal income tax gap and GDP for Ukraine and European Union countries indicates a negative correlation between them. Keywords: tax gap, shadow economy, tax evasion, GDP, economic development, state policy. JEL Classification E60, E63, C23 Formulas: 1; fig.: 4; tabl.: 2; bibl.: 17.

Abstract. The problem of attracting financial resources for the growth of small and medium-sized businesses was and remains relevant at all stages of the market economy development, which actualizes market research in the historical context. The article provides a historical retrospective to the problem of the mutual credit societies (MCS) creation and activity in 9 Ukrainian governorates, that were part of the Russian Empire in the second half of the 19th — early 20th centuries. The present paper makes attempt to examine the mechanisms and structure of lending, which was carried out by MCS in general. The objective is to establish the state of MCS’ development in the Ukrainian governorates. The paper also identifies the role of MCS in the lending system that had developed in the second half of the 19th — early 20th centuries in the Russian Empire. It was used several scientific methods which includes an interdisciplinary approach and are characteristic of research in the economic history field. Various historical sources like published statistical data and archival documents and materials were used. The study has found that the establishment and activity of MCS were focused on providing short-term loans to small and medium-sized businesses, that has been operating in governmental and provincial uyezd towns and cities where the banking system was poorly developed. It was carried out the analysis of development dynamic of quantitative and qualitative indicators of MCS activity. It was determined that the MCS share in the credit system of the Russian Empire constituted 5% in 1914. The study has found that rate of the MCS creating practice was influenced by many factors, which were mainly associated with unsuccessful financial reforms, belated legal regulation and weak episodic state support. The change in the structure of the credit-deposit and other operations provided by MCS has been processed. The range of banking services provided by MCS to their members and other clients was investigated. It has been proved the value of the historical experience of MCS crediting and the possibilities of its use to provide financial support for the development of domestic business are outlined. Keywords: Russian Empire, credit, crediting, loan, bank, mutual credit societies (MCS), banking system. JEL Classification B17, N24 Formulas: 0; fig.: 8; tabl.: 1; bibl.: 35.

The purpose of this paper is to examine the effectiveness of monetary and fiscal policy instruments, to determine the level of influence of monetary and fiscal factors on economic growth, as well as to justify ways for improving the effectiveness of monetary and fiscal policy coordination. Insufficient coordination of monetary and fiscal policies entails devastating economic consequences. The critical analysis of scientific publications proved that today the coordination of monetary and fiscal policies depends on the degree of balanced regulation of interest rates and inflation control. The research uses a NARDL model to capture mainstream trends in the influence of monetary and fiscal factors, as well as in the empirical study of their coordination. According to the estimations it was established that the weighted average rate of NBU instruments is absorbed to a greater extent in the monetary component of coordination, the system of managing the internal public debt – in the fiscal component. The participation of monetary authorities in the management of the national internal debt remains a debatable issue today. It is proved that the process of coordination of monetary and fiscal policies is influenced by the state of Ukraine’s economy during the war. Despite the difficult political and economic situation in Ukraine, it is necessary to focus on improving the coordination of monetary and fiscal policies. In particular, the significant contribution of the NBU in financing the state budget deficit due to their purchase of government bonds needs to be resolved. Strengthening the role of macroprudential policy in the coordination of monetary and fiscal policies, one of the goals of which is to counter the emergence of a systemic crisis; formation of a clearly developed coordination strategy, which would be based on clearly defined goals, set tasks on the basis of selected methods and instruments for their achievement.

In the paper, we explore the effects of monetary policy shock on the economic growth in systemically important countries such as the US, the Euro Area and China and their impact on Ukraine. Thus, the war in Ukraine and the rise of key policy rates by central banks to curb inflation have had a significant negative impact on economic activity. There has been both a significant decrease in trade activity and a slowdown in the services sector growth, which was the main engine of global economic growth at the beginning of 2023. Based on the vector autoregression model results, we demonstrated a slight initial decline of GDP growth with following stabilization in response to the rise of key policy rates in the US. In China, this decline is much bigger and constitutes 11% after the shock. In the Euro Area, we also observe a similar pattern as in the US with an initial decline up to 2% and a further return to equilibrium. Analyzing the results of the forecast error variance decomposition, we should note that GDP fluctuations in systemically significant economies are mainly explained by their own fluctuations. The key policy rate’s contribution ranges from 1% in the US to 11% in China. At the same time, economic growth in China is less vulnerable to inflation fluctuations, in the Eurozone we observe the most sustained one among the considered economies. In addition, the study shows that the key policy rate in the United States has a positive effect on the one in Ukraine.

This paper aims to assess the development pattern of resource-rich countries like Norway, Kuwait, Saudi Arabia, and the Republic of South Africa by analyzing their stock markets. As resource-rich countries have profound implications for the world's sustainable development, it is essential to investigate whether they transform natural resource wealth into sustained growth by reorientation from related to raw material industries to modern ones based on information and technologies. The analysis of resource-rich countries' stock markets allowed us to conclude that partially these countries are on the way to an economy dominated by intangible assets. Nevertheless, despite the declared intentions, some traditional attachments to raw materials are still present. At the same time, most companies in the optimal portfolios of these markets have a long-term nonlinear strategy. The impact of the pandemic COVID-19 turned out to be significant, but short-lived. The research was carried out based on R and Python packages.

The socio-economic crisis in Ukraine, which has worsened over the past decade, has had a profound impact on all local communities. Local governments implementing decentralised mechanisms and anti-crisis financial measures are currently facing numerous theoretical and procedural constraints, which, although not homogeneous, have a cumulative effect. In the context of low economic potential and existing legislative constraints, local governments cannot actively manipulate consistent sources of local budget revenues (taxes) to support sustainable regional development, and therefore a coherent policy of credit and fiscal equalisation is an important aspect of ensuring the sustainability of local public finances. The purpose of the paper is to assess the correspondence between the fiscal sustainability of local budgets (with a focus on the borrowing component) and the economic sustainability of regions. Empirical studies of Ukraine's experience based on regression modelling have not found a clear direct link between the drivers of fiscal sustainability of local budgets (solvency, dependence on intergovernmental grants, stability of tax revenues) and the sustainability of socio-economic development of Ukrainian regions. In addition, in the context of the crisis and external shocks, strict adherence to the criteria of fiscal balance of local budgets undermines the ability to ensure a sustainable recovery of the regional economy, so it is important not to limit the fiscal capacity of communities by attracting local borrowings and intergovernmental grant during the crisis.

This paper examines the financing of green energy initiatives as a critical element in strengthening Ukraine's energy security, especially in the context of post-war reconstruction and the need for sustainable and resilient energy infrastructure. The study aims to assess the potential and challenges of investing in green energy in Ukraine, considering the destruction caused by Russian military actions in the winter of 2022-2023, and the need for recovery based on sustainable models. In this regard, the obtained results emphasize the importance of creating a reliable and decarbonized energy sector, driven by both domestic needs and international cooperation with the EU and other partners. The analysis shows that despite strong support for the green energy transition, the development of the sector is hindered by the high capital intensity required for green technologies, which are often not competitive without government subsidies. This requires a careful balance between innovation and commercial viability of green energy projects, highlighting the need for public and private investments in technologies that can compete with traditional sources of energy in the long term and developing new financing tools for Ukraine. The conclusions indicate that a multifaceted approach is needed to ensure Ukraine's energy future and minimize risks. Such an approach should include policy reforms, strategic investments in proven green technologies, and fostering partnerships to bridge the commercialization gap. Policymakers face the dual challenge of accelerating the energy transition while managing financial constraints exacerbated by military spending, highlighting the trade-off between rapid development and the risks associated with financing innovation. Overall, this study contributes to the understanding of how green energy financing mechanisms can enhance Ukraine's energy security, suggesting broader implications for policy, investment, and technological innovation in the context of Ukraine's post-war recovery and future resilience.

Abstract. The article is devoted to the issue of modeling sustainable development of regions. In the article, the author notes that the issue of modeling sustainable development of regions has long been engaged in both domestic and foreign scientists. However, this topic is still relevant today. The paper emphasizes the importance of preserving the ecological state of the country in general and at the regional level in particular. It also emphasizes the need for harmonious development of social, economic and environmental spheres. Literary analysis of scientific works in the direction of research also leads the work of researchers and approaches to modeling the sustainable development of regions that were presented several decades later. The author gives a brief overview of the models that have already been proposed by researchers and notes the advantages and disadvantages of these models. Summarizing the analysis of literature research, the paper identifies a number of problems that are still unresolved in modeling sustainable development of regions. The paper aims to eliminate the existing contradictions in the modeling of sustainable development and proposed an alternative approach to modeling which is based on establishing a reliable relationship between the main indicators of the region in three areas: economic, environmental and social. In accordance with this goal, the author hypothesized the possibility of using the tool of neural networks in order to form reliable links between indicators of sustainable development and the implementation of further modeling. Thus, the paper presents arguments in the direction of using neural networks to achieve the goals. In order to build a neural network, the author formed a system of input and output parameters in three areas: economic, social and environmental. In selecting the factors, the author relied on his previous published study in which a correlation analysis of sustainable development factors was conducted, and the most influential ones were selected. The basis for the training of neural networks were statistical data on the sustainable development of Ukraine from 2004 to 2018. The construction of three neural networks: economic, social and environmental spheres. Only 70 percent of the sample data was used to train the networks, and the rest was used for testing. As a result, the constructed neural networks showed a high degree of forecast quality and can be further successfully used to model indicators of sustainable development of regions. The constructed neural networks are able to determine the indicators of sustainable development, which are represented by the main macroeconomic indicators of the region, based on a significant number of input parameters. Moreover, this approach will not only model sustainable development, but also determine the extent to which a factor affects it. The paper notes the prospects for further research which may be further testing of the obtained neural network on specific examples (indicators of development of the regions of Ukraine) in order to model. Also, the resulting neural network can be used as a basis for the optimization problem of finding optimal indicators of regional development. Keywords: sustainable development, regional development, modeling of sustainable development of regions, neural networks, indicators of regional development, ecological sphere of the region, economic sphere of the region, social sphere of the region. Formulas: 2; fig.: 2; tabl.: 1; bibl.:18.

Abstract. Life insurance, as well as bank deposits, is a form of household savings, so contributions under life insurance contracts must be properly guaranteed by creating compensation mechanism. The paper deals with a number of issues in relation to the solutions for Ukrainian life insurance guarantee scheme (IGS). The main purpose of this study is to introduce decision on scheme design and appropriate fund-raising mechanism for Ukrainian IGS providing the last resort protection to customers who make their savings via life assurance contracts. Highlighting positive and negative effects of IGS implementation, analysing sources of funding for guarantee schemes, the research substantiates economic effects of risk-based approach to assessing contribution and proposes general scheme of estimating the insurer’s contribution to the IGS fund, in particular indicators for risk-based adjustment of IGS levies and adjustment procedures. Based on methods for calculating contributions to European deposit guarantee schemes, the article specifies technically sound methods for calculating contributions to IGS fund which capture various aspects of the insurers’ risk profile including capital adequacy, asset quality, liquidity and funding, profitability profile, business management, as well as the potential loss for the IGS and market circumstances. The methodology, proposed in the paper, is relevant not only for Ukraine, where the introduction of the IGS scheme for life assurance is only in perspective, but also for all other countries with existing IGS to implement risk-weighted approach to scheme setting that prompts insurers to control their risks, provides more effective and healthy competition. Keywords: life assurance, insurance guarantee scheme, policyholder protection, funding mechanism, risk-weighted contribution. JEL Classification G22, G33 Formulas: 5; fig.: 4; tabl.: 1; bibl.: 13.

Abstract. The paper studies the historical and legal background of the formation and development of government procurement in Ukraine. It analyzes the essence and significance of public procurement for the effective development of budgetary enterprises, institutions and organizations in different historical periods. It has been established that public procurement took various forms long before the independence of Ukraine. State orders are considered in the context of the broader problem of state regulation of the economy, namely one of the most serious and ambiguous economic problems is the rational interaction of the state and the market system in the process of public procurement. It is substantiated that a full-fledged national economy largely depends on how transparent and economically justified public expenditures on the maintenance of institutions financed from the state budget. Detected that one of the most promising ways to implement the concept of rational and efficient use of budget funds is the widespread introduction of a single structured system in the procurement of goods, works and services for public needs, based on competition, transparency, non-discrimination and decentralization. The paper reviews specifics of legislative regulation of public procurement in the relevant periods. The stage of transition of the system of centralized production planning, distribution of material and technical resources, the function of the state order as an absolute state regulator in the production of products and services to the means of meeting the needs of material resources, products, works and services of consumers supported by the state budget. It identifies the main differences in the approaches to understanding the essence of public procurement. The paper provides a detailed description of the influence of factors and circumstances on the development of the legal framework of public procurement. It determines and substantiates government procurement development periods. The paper analyzes the negative effects of omissions and non-finalization of the legal framework of each respective period. It studies the methods of and reasons for changing the terminology in the formation of the conceptual apparatus of the modern legal framework. Conclusions on changes, additions and adjustments to the legal framework of public procurement are provided. The paper assesses the main differences between the adopted public procurement laws. Keywords: government procurement, public procurement, tender, government contracts. Formulas: 0; fig.: 0; tabl.: 2; bibl.: 10.

Abstract. The purpose of this paper is to improve the commodity management of retail chains by developing theoretical provisions of decision support system of retail chain commodity management (DSS RCM). Trading networks buy goods directly from manufacturers or large wholesalers, place these goods in warehouses, organize their distribution to stores. Commodity managers should decide how to provide all stores of the network in timely manner with the most profitable product every day. The objective of the DSS RCM is to maximize the daily trading margin, per each euro invested in commodities taking into account restrictions on commodity resources and shelf space. The DSS RCM have to prepare bills of lading and orders for inbound logistics, distribution and re-distribution of commodities within the network. Decision support uses data available in any retail software. The calculation algorithms are simple and effective to ensure the necessary and sufficient accuracy with the time and hardware limitations and without significant investments in hardware and staff qualifications update. Algorithms calculate the optimal solution based on the objective function (for example, profit maximization) and restrictions (for example, inventory level, store sales, profit from sales of a given product). The paper systematized the approaches of other scientists to solve the problem of product management in retail. Author analyze the strengths and weaknesses of those approaches for purpose to find the optimal approach for retail chains. So the aim of this study is to develop theoretical basis of decision support system of retail chain commodity management (DSS RCM). The proposed method of optimization of commodity assets in retail based on their mathematical modeling and calculating of the consolidated profitability ratio. Research results are limited to homogeneous product retail chains (e.g., clothing or footwear). By using proposed algorithms calculations could be in real-time mode in the database for tens (hundreds) of thousands items in the product range (for example, when selling clothes and shoes, a unique combination of model, color and size forms a separate item in the product range) in hundreds (thousands) of stores. Therefore, it could be hundreds of millions of combinations items-stores (Big Data). Keywords: retail chain, commodity management, decision support, sales analytics. JEL Classification F17, L81, M31 Formulas: 9; fig.: 0; tabl.: 1; bibl.: 39.

Abstract. The paper summarised arguments and counterarguments within the scientific discussions on the financial, socio-economic, environmental, and public health patterns of creating regional roadmaps to prevent the spread of the COVID-19 epidemic. The main goals of the paper were to develop the regional anti-epidemiological road map with markers using the instruments of differential calculus. The results of the analysis of the core health care (financial, social, economic, and ecological) determinants which justified the regional differentiation on vulnerabilities of the population of Ukraine from COVID-19 showed that they were based on the findings of other countries and did not consider the national and regional specifics. Methodological instruments were differential calculus of nonlinear equations, which allowed determining the critical values (markers) for each factor, which formalise the «weaknesses» and «bottleneck» of the region in terms of responding to future epidemiological threats. All regions of Ukraine and the city of Kyiv were selected as the object of research. The authors developed the roadmaps for future anti-epidemiological measures for each region of Ukraine. The results of the analysis could be useful for local governments to make informed decisions under existing powers and differentiated decisions to reduce social distancing, quarantine, suspension of economic facilities, changes in financial budgets, etc., considering the differences of each region on public health factors, social, ecological, and economic determinants. Keywords: local budget, pandemic, reform, road map, the state budget. JEL Classification H51, H75, I15, I18, K32, P36 Formulas: 2; fig.: 5; tabl.: 6; bibl.: 39.

The paper proposes tools for improving the strategic management system for assessing the processes dynamics and the level of their intensity and non-stationarity by local resource components of industrial enterprise as indicators of organizational and economic development and forecasting its change, as well as determining the structure of the strategic management system of enterprise development with emphasis on its resource communication component that will improve the efficiency of information exchange in the management process in the current context of increased importance of information resources as important elements that provide business entities competitive advantages. In this paper, the complex of models of research of development dynamics of enterprise activity spheres is built, which unlike the existing ones takes into account the non-stationary character of the behavior of these processes. This complex is based on the methods of multidimensional analysis, econometric modeling, decision-making. This complex contains the following steps: formation of the information sets of the company’s indicators in the main activity spheres; research of development dynamics of enterprise activity spheres on the basis of building of local and complex integral indicator of enterprise development level; simulation of non-stationarity dynamics of activity spheres on the bases of building and analysis of ECM&VAR-models — cointegration and vector autoregressive models; simulation of the enterprise development priorities on the bases of ECM&VAR-models analysis. For improvement of the strategic development management system, a conceptual scheme of the interconnection of processes, tasks, and models was developed, which provides the solution of the following main tasks: factor study of development trends, study of the internal environment and potential for key business factors and its development dynamics and implementation of adequate management decisions for increasing systems activity effectiveness as a whole.

The use of renewable energy in Ukraine is steadily increasing year by year. This is facilitated by the annual doubling of financial investment in energy production using alternative sources. There are many tools to manage the development of alternative energy. But the most influential are financial and credit instruments. The improvement of technology reduces the cost of capital and operating costs. But the issue of tariffs, benefits, availability of bank loans and their rates is in the hands of state regulators. The paper also analyzed the prospects for market development. The projection results for the period 2020—2035 presented in the article indicate significant changes in the consumption of fuel and energy resources by their types. The analysis of the forecast data proved that the predicted results can only be achieved by doubling the use of renewable energy during this period. This result can be achieved if alternative energy development management is applied. The need to manage the development of alternative energy in its different forms requires the use of appropriate methods and tools of public administration. Therefore, the classification of ways, tools and methods of development management has become extremely important. This classification proposed in this paper allows us to apply a systematic approach to the selection of effective tools, ways and methods of managing the development and modernization of efficient production and use of energy using renewable energy sources. It is established that the average profitability of alternative energy projects is ~ 20% and the payback period is 5-6 years. To compensate for the technological and economic shortcomings of certain types of energy production, it is proposed to optimize costs by investing in their integrated use. To encourage investment in alternative energy projects, it is proposed to introduce competitive energy purchases in the market. According to the calculations, it is possible to reduce the «green» tariff by 10% and then reduce it by 2.5% annually for three years. The combined «green» tariff for solar and wind energy installations of households should be 0.1228 EUR / kWh.

The paper analyzes the characteristics of lending to agricultural commodity producers using the innovative financing method — the agrarian receipts. In order to operate a new tool for lending to agricultural commodity producers, in the fall of 2014, a joint Order of the Ministry of Agrarian Policy and Food and the Ministry of Justice of Ukraine has introduced a pilot project Agrarian Receipts in Ukraine with the assistance of the International Finance Corporation (IFC) in partnership with the Swiss Confederation in Ukraine. Not only suppliers and distributors of material and technical resources, grain traders, banks, but also non-resident companies from Estonia, the Netherlands, and the United Arab Emirates have joined creditors on agrarian receipts. As a result of the Project, small and medium agricultural commodity producers have received an effective tool that will help to attract additional financial resources due to transparency of relations with the lender and to reduce the cost of the registration procedure compared to other tools. That is why the paper notes the importance of improving the mechanism of international agrarian receipts by amending the current legislation of Ukraine. After all, this will contribute to improve the access of agricultural commodity producers to production resources and financing, usability, efficiency, reliability of agrarian receipts, and expand the scope of their use. In this regard, proposals to amend the Law of Ukraine On Agrarian Receipts, namely, to determine the legal nature of an agrarian receipt and to enshrine at the legislative level of an agrarian receipt as a security with the possibility of its use in free circulation have been developed. It is considered the foreign experience in crediting the agricultural sector using of agrarian receipts. The features and attractiveness of the mechanism for financing agricultural commodity producers using international agrarian receipts, because it allows domestic agricultural producers access to international financing, have been disclosed. Therefore, one of the main purposes of this paper is to attract the attention of reseachers to the need to improve the mechanism for applying international agrarian receipts, putting them into circulation, which will facilitate the effective use of this tool by agricultural commodity producers in the process of attracting foreign financial resources.

The paper proposes an assessment and analysis of the dynamics of the state of personnel security and the effectiveness of its management on the basis of integral indicators of the development level, which allows to obtain an equal quantitative assessment of the development dynamics in a certain area in the form of an integrated rating indicator. The study of the components of the diagnostics at the general level of bank personnel safety in the work there was carried out by distinguishing the following system-forming elements on the basis of changing the range of relevant integral indicators, namely: the level of the staff’s competition in the banking market, which can become three states-rigid, regulated and perfect; the commercial bank’s personnel safety, which is classified as high, sufficient, medium and low; the environmental factors’ influence level that can have a destabilizing, neutral and positive impact; the environmental factors’ influence level is classified by the degree of influence-aggressive, moderate, weak. The model implementation selecting the strategy to ensure personnel security is based on the construction of the strategic priorities vector to be built on the appropriate coordinate system based on the calculated estimates for each of the studied components. The strategic priorities vector defines the strategy that is appropriate to choose for a commercial bank with the current level of development and the corresponding degree of influence of all the selected factors. In the direction opposite to the vector of strategic priorities there is a strategy that needs to be implemented to improve security by balancing external factors. Four quadrants of strategic personnel security solutions have been built under four simulated scenarios. The paper proposes a comprehensive approach to modeling the scenarios of strategic changes in the commercial bank’s personnel security, which allows to make a comprehensive analysis at all levels of management in the banking market, in particular, to take into account the overall level of the staff’s competition in the banking market, the level of personnel security of a particular commercial bank and to investigate the personnel management systems’ development level in the area of personnel security on the conditions of external and internal factors of influence and to define scenarios of implementation for changes to be tailored to the subject under consideration, taking into account their particularities, capabilities and competitive advantages

The topic of the present paper is a search for the functional methods of bank management in the period of political and social transformation of society. The objective of the research is substantiation of the necessity for the government to have its own banks in order to exercise its functions and provide guarantees of stability in the state under the unfavorable conditions of a conflict of interests when the state is both the ‘regulator of the financial services market’ and the ‘bank owner’. The analysis conducted in the paper on the benefits and losses due to the state ownership of banks has shown: vulnerability of the Ukrainian banks to political pressure; lobbying for the interests of systemic commercial banks and their obtaining of preferences or special terms; excessive budget expenditures for capitalization of failing systemic banks. The experience of developed economies has been researched with an analysis of shortcomings, mistakes and prospects of state-owned bank management in different countries; banking market regulation methods and tools have been systematized. The paper focuses on the measure of nationalization, which was applied by many advanced countries; the impact of nationalizing important systemic banks is grounded, with an emphasis on the decisive role of nationalization in the transition period. It has been determined that many of the factors leading to bank nationalization are closely related to the problems of government regulation of the banking sector. A conclusion has been made that in many countries the mechanisms for corporate regulation of state- or community-owned property do not even exist or are underdeveloped, and therefore, the governments of these countries, having sufficient information and appropriately trained specialists, should be responsible for all the socio-economic processes in the state. These considerations should be translated into elaboration of a mechanism for corporate governance of strategic public property objects. A corporate governance reform involves creation of competent and independent supervisory boards that would minimize a possible impact of politicians and public officials on the operating activities of banks.

The paper deals with basic approaches to monitoring of the currency risk. The purpose of the paper is to substantiate the theoretical and methodological foundations of the complex application of risk assessment methods to prevent the adoption of its excessive level, as well as instruments for monitoring the profitability of operations in the foreign exchange market, based on the calculation of the consolidated balanced index. It was determined that in the context of the volatility of the national currency the exposure of banks to currency risk increases significantly, it means that is, the magnitude of the consequences of its manifestation for most financial intermediaries increases. The authors of the paper consider the system of currency risk management as a set of goals, principles, functions, methods, tools and specific techniques of purposeful, continuous influence of the management system on the managed one for timely estimation and monitoring of currency risk in order to minimize it and achieve specified parameters of currency yields. In according to current management standards, implemented by leading financial institutions and international regulators, currency risk monitoring mechanisms must not only timely and effectively identify deviations from key risk targets, but also provide for the ability to identify unforeseen situations. It was proved that that the monitoring tools, policies and procedures have to meet a number of criteria, which are taken into account at the achievement of the main goals of the bank and increase its resistance to external shocks on the foreign exchange market. Taking into account the fact that the value of currency risk by the ES metric is included in the calculation of the consolidated balanced index, the change in the regulatory regimes is made on the basis of the projected deviations of the CEI from the target corridor, recorded at the initial stage in determining the level of risk exposure of the bank. Thus, the proposed balanced approach to forecasting involves the use, on the one hand, of statistically reliable quantitative analysis tools and, on the other hand, qualitative environmental change signals that aggregate the benefits of structural methods, while providing the flexibility and timeliness of managerial decision-making. The specification of currency risk management regimes should be tailored to the specific features of a particular bank and have a combinatorial nature that involves the integration of individual impulses by analysis tools, forecasting, time horizons and levels of management, as well as in terms of components of the CEI consolidated balance sheet and risk level of activity in the foreign exchange market. This approach allows for the flexibility of management systems and their adaptability to the external conditions of the bank, and the use of quality monitoring signals increases the speed of decision-making and elimination of deficiencies that can be inherent in econometric assessment tools.

Nowadays, global economic governance is on the edge of economic scientific research. The fastening economic globalization with its drawbacks and unprecedent possible gains alongside with toughening competition on markets of sources and finished products, deepening global problems represent a real challenge for decision-makers across the World. Activities of supranational organizations are complemented and sometimes substituted by actions of other global actors which role is constantly increasing and strengthened. Thus, previous forms of global economic governance do not fit the modern system of governance itself well. Various foreign and Ukrainian scientists attempted to assess, analyze and explain global economic governance phenomena and its modes, amon them are: D. Lukjanenko, D. W. Drezner, M. Filipovich, S. Bancic, M. Kahler and D. A. Lake et al. Despite existing literature, there are no researches which are aimed to the development of model which allows formalizing self-selection of GEG mode. The goal of the paper was to develop the formalized model of self-selection of global economic governance mode and to trace out which factors drive the switches between modes. The paper proceeds with the respective analysis of four mostly widespread modes of GEG: supranational, hierarchic, network and hybrid, and the derivation of specific probit function which explains dependence on GEG mode on a specific set of dummy variables. Thus, the paper is the first attempt to formalize the self-selection of modes of global economic governance. Using methods of economic analysis, it suggests the specific functional form of dependence of four specific GEG modes (supranational, hybrid, network, hierarchic) on the set of dependent variables, among them are: leadership in specific sphere, divergence from the generally agreed policy, absence of effective national institutions and etc. The paper could be developed further by elaborating on the set of indicators which could be used to proxy the suggested dependent variables. This will represent the finished methodology of GEG modes self-selection and could be used further for scientific and practical needs, e.g. in forecasting changes of GEG modes.

The purpose of this paper is to provide insights into achievements of scientific studies in various fields which have been reflected in modern finance, particularly in behavioral finance, as well as to consider some patterns of individual behavior which influence the effectiveness of investments in the financial market. The paper is based on the review of the existing theoretical in different fields of study. The necessity of studying behavioral finance as an important direction of modern financial science is considered. The main theories from different fields of studies which influence the formation of behavioral finance as a scientific direction are highlighted. The empirical evidence of some aspects of the irrational behavior and its influence on the effectiveness of the financial processes. The findings are likely to be useful for practitioners and researchers to gain knowledge about the background of behavioral finance. From a practical point of view, the possibility of synthesizing various approaches to people's behavior allows us to use the obtained results in building more efficient processes in the financial environment. The paper contributes to the discussion about the rational and irrational behavior and its influence on the processes in finance.

Forecasting external public debt under conditions of uncertainty is important as it allows the country to respond adequately to economic and financial challenges, promotes efficient management of financial resources, formation of a stable financial policy and ensures the country's external debt security, which are critical elements for ensuring economic sustainability and sustainable development. The article's main purpose is to critically analyze and apply existing time-series forecasting methodologies to determine the future values of Ukraine's external public debt in conditions of uncertainty caused by the still unresolved consequences of the COVID-19 pandemic and russia's invasion and full-scale war in Ukraine. Using three forecasting methods, namely trendline extrapolation, exponential smoothing, and autoregressive and moving average models, the paper forecasts the volume of external public debt until 2029 and presents a graphical representation of the debt dynamics from 2011 to 2029. The most pessimistic forecast for the growth of external public debt was revealed when applying the method of data extrapolation based on the trendline. A comparative analysis of the forecast values for the three forecasting methods has revealed common trends in the growth of public debt, as well as the key advantages and disadvantages inherent in each model. Importantly, the article emphasizes the common risks identified in forecasting Ukraine's external debt using time series analysis models, including the problem of achieving only short-term forecasting accuracy and insufficient flexibility taking into account complex and unexpected changes that may arise in conditions of uncertainty and economic instability. The results of the study provide valuable information for policymakers and stakeholders trying to navigate the complexities of managing external public debt under uncertainty.

The social protection system of Ukraine functions under the conditions of numerous challenges, namely demographic changes; the impact of globalization; changes in the labor market under the influence of digitalization; climate change; macroeconomic crisis caused by wartime. This creates pressure on the functioning of the specified system and requires a comprehensive assessment of its functioning. This paper aims to identify gaps in the functioning of the social protection system of Ukraine and to create recommendations for its further development under modern challenges. It used such tool as a Social Protection System Review (SPSR), which provides instruments for the assessment of a country's social protection system within five dimensions: needs; coverage; effectiveness; sustainability; and coherence. This assessment became a ground for creating recommendations for the development of the social protection system of Ukraine under modern challenges. The assessment of Ukraine's social protection system within five dimensions led to the finding that the level of social risks in Ukraine is rising as indicated by negative tendencies of economic and social indicators; many social programs exist based on the quite difficult legislative basis what decrease level of effectiveness of social protection; social expenditures exceed social receipts, and this does not support the sustainability of Ukraine's social protection system. To develop the social protection system of Ukraine under modern challenges, it is important to make social protection inclusive through the implementation micro micro-social insurance in cooperation with the private insurance sector; to visualize eligibility criteria for social benefits and other conditions for social programs what will make legislative basis of social protection clearer; to optimize number of social protection programs for increasing the level of benefits per vulnerable person; to make stronger the coherence and coordination between social institutions; to increase the social and financial literacy of population aimed at rising of their awareness of financial mechanisms of social protection.

he digitalization era of public relations is increasingly affecting the means of presenting information about the economic activities of an enterprise, in particular financial, in the context of a global pandemic, which was caused by the global COVID-19. Increasingly, in our environment, there is a transition from paper to electronic information carriers. The financial information generated by business entities both in Ukraine and in the world as a whole is no exception. The purpose of the study is to systematize the existing digital formats for presenting financial information as a basis for analyzing and auditing the business activities of enterprises in Ukraine. The basis of the study is the methodological recommendations on the use of Taxonomy UA XBRL IFRS, instructions for the revision of the Ukrainian IFRS taxonomy, specialized software products, legislative framework of Ukraine. The following methods were used: graphical (to visualize the results of the study), and grouping (to systematize the advantages and disadvantages of software that uses tax services to conduct e-audits). /Digital formats for the presentation of financial information were analyzed. They are the basis for the analysis and audit of the enterprise's activities. The structure and characteristics of the legal framework for the disclosure of financial information in electronic XBRL format in Ukraine were given. Comparative analysis of financial information in digital format XBRL and SAF-T UA were carried out. It has been determined that XBRL can be used as a basis for analyzing financial information in electronic format using special software, for example, to assess the financial condition, calculate indicators of financial stability, liquidity, solvency, business activity, enterprise profitability, etc. It has been proved that the electronic format of financial information SAF-T UA is used when conducting an electronic audit (e-audit) of taxpayers, and can also be used to calculate the tax burden (tax return, tax efficiency ratio) used by the State Tax Service of Ukraine for the purpose of control completeness of calculation and payment of relevant taxes and fees to the state budget.

Non-governmental organizations have a potential to meet social needs and perform important civil tasks. Non-governmental organizations make a significant impact to the social life in Poland. They perform activities that provide social infrastructure development of the regions. The cooperation between governmental and non-governmental sector in Poland have different forms. Some of them could be adapted to Ukrainian decentralization conditions. In this connection, studying Polish experience in order to find financial instruments for social infrastructure development of the region in the conditions of decentralization of Ukraine is prospective. As education is one of the most powerful instruments for social infrastructure development and sustainable economic growth, educational projects have been analyzed in the paper in the context of financial cooperation between authorities and non-governmental sector. The objective of the paper is to compare the basic forms of financial cooperation between local government and non-governmental organizations as the determinants of social infrastructure development in Poznan (Poland) and Chernihiv (Ukraine). The paper contains recommendations needed to increase the role of Ukrainian non-governmental sector in creating public policies and implementing public tasks in the social infrastructure development. The paper includes own studies on the data of open offers contests to support the implementation of Poznan City tasks in the area of science, tertiary education, secondary education and pedagogical work. The results of the research will contribute to the development of financial instruments for social infrastructure development of the region in conditions of decentralization in Ukraine based on Polish experience of cooperation between authorities and non-governmental organizations through the implementation of educational projects on the frameworks of open offers contests approach. The practical value of the research is in the usage of the study`s results in educational and scientific-practical activities in the field of civic budget implementation.

The purpose of the paper is to determine the factors that may lead to the appearance of an economic emergency, to elaborate a scheme for the economic growth of an economic character emergency, and to study more precisely the causes of their occurrence and the consequences to which they may lead. Such methods are used in the paper: dialectics of scientific knowledge, scientific abstraction and generalizations, system approach, comparative analysis, theoretical generalization of causal relationships, content analysis of information messages from news media tapes. An economic character emergency factors that may lead to the emergencies that are identified as a result of the research using the content analysis of information publications. The reliability of the obtained results was checked by calculating the Janis coefficient. The authors’ scheme of economic character emergency growth is also suggested. As it can be seen from the scheme, there are two main reasons for the appearance of an emergency, depending on the source of influence on this event — external or internal to the country. However, the consideration of the reasons for a significant fluctuation of the Ukrainian hryvnia exchange rate in 2017—2018 makes us to determine yet another issue of the economic emergence — the «information» drop. Indeed, one cannot compare the significant UA hryvnia exchange rate fluctuations to the US dollar and euro for the period under review with the chronology of fluctuations in economic indicators of the state’s development (GDP, production index, consumer price index, etc.), and even not with the receipt / non-receipt of macro financial assistance from the IMF, The United States, EU countries, etc. However, one can compare it with declared protest actions of the opposition, the introduction of martial law, the dissemination of inaccurate information in the media of the aggressor country. The scientific novelty of the study is that the methodological approaches are improved to determine the causes of emergencies by means of identifying factors that could lead to the new type of emergency — the economic character one and that it is proposed the scheme of the economic character emergency growth. This allows us to determine the economic causes of emergencies, unlike the existing ones, and more clearly outline the causal relationship between each manifestation of emergencies. In further research, the factors identified and the proposed scheme of economic growth will enable the development of appropriate algorithms to prevent or eliminate the negative effects of these events, to improve approaches to the assessment of economic indicators of the economic emergency.

In the article, international cooperation of territorial communities of Ukraine is defined as a strategic direction to attract financial resources and implement their investment projects. The authors name prerequisites for completing the reform of decentralization in Ukraine. It is stressed that the full-scale russian invasion of Ukraine and declaration of martial law have caused structural transformations in the parameters of performance of the local government bodies. The study is devoted to the theoretical and applied aspects of the organization and development of international cooperation among the territorial communities in Ukraine. The paper describes the methodology developed to study the international cooperation of territorial communities. The authors make an assessment of the conditions of international cooperation of territorial communities bordering the European Union countries and present results of the questionnaire conducted amongst managers of the border territorial communities of Ukraine in order to identify parameters of the international activity development. The analysis was conducted to clarify peculiarities of establishing cooperation of the bodies of local government of Ukraine with foreign partners and to find out restrictions and challenges influencing the communities’ opportunity to implement international initiatives and cooperation in conditions of the russian-Ukrainian war. The researchers have developed a complex of measures necessary to improve the efficiency of the international cooperation between Ukrainian local territorial communities bordering the EU and foreign partners by carrying out a promotional campaign among the representatives of the local government bodies and developing a complex system of advanced training for the staff employed at the local power authorities in the field of international activity. It is also needed to enhance the institutional basis regulating the international activity of the territorial communities of Ukraine, to upgrade the financial and economic basis of the international cooperation implementation, as well as to accelerate the rates of development of the border infrastructure objects.

The theoretical and methodological research presented in the scientific paper aims to identify the potential growth of the revenue level of participants in the telecommunications market, and the identification of potential opportunities and threats to ensure their economic security in order to define effective directions for the communications industry development in the long run. As a result of the research, based on the identification of potential business opportunities, given the availability of potential and competence resources, it has been established that small participants in the communication market (operators) are not able to provide the appropriate level and continuity of service, therefore a significant part of customers switches to using the services of large market participants (providers), where the largest percentage of service provision is for wired Internet services. The research was conducted on the materials of national telecommunications enterprises’ activities results. The methodical basis of the research was general and special methods, namely: system analysis - for comprehensive consideration of strategic landmarks of telecommunications enterprises’ activity; generalization and scientific abstraction - to study the level of readiness of enterprises for changes in management in the direction of innovative development; statistical analysis (method of standard deviation), synthesis and comparison - for the study of the domestic telecommunications market, in diagnosing the current state and trends of innovative development of domestic telecommunications enterprises, identifying priority development directions of innovative decisions in the direction of a revenue level formation of participants in the telecommunications market. The main aspect of the results approved that an important and global task today for the telecommunication market development remains the implementation of start-ups for the reorganization, reconstruction, optimization and improvement of telecommunication networks, as a result of which there should be an innovative transition to the use of modern switching equipment in the direction of ensuring the high level of service for several numbering zones at once and maintaining accessibility to a wide range of services, which will make it possible to achieve a high level of profitability in the near future.

A full-scale russian invasion of Ukraine in 2022 changed socioeconomic sustainability (SES) and boosted the solidarity economy (SE) formation in the country under the ongoing war. In the context of this study, the SES issue is associated with the importance and necessity of understanding the real needs of communities and developing programs to ensure their satisfaction and the need to establish social ties within each community and increase mutual support and solidarity. The research evaluates SES and its factors of influence on the civil population during the war. The paper relies on online focus group interviews conducted from May to June 2022 in the Sumy region, Ukraine. 1,292 randomly selected respondents were interviewed, of which 65.6% were women, and 34.4% were men who were not involved in military service. The survey results were processed by specialists of the Center for Social Research of Sumy State University using the "ОСА" program. The strong point is that 60.7% of respondents confirmed increased social activity in response to the war. The war in Ukraine harmed the employment and incomes of the population in the Sumy region, deepened the financial instability of people, and increased the risk of falling into a vulnerable situation. The policy implications of the study require strengthening the solidarity ties inside the society to promote the socio-economic sustainability of people during the war. Based on these results, the recommendations of the study include measures of investing in social protection programs, supporting the development of local economies and new job creation initiatives, encouraging the participation of civil society organizations and community groups in peacebuilding and conflict resolution efforts, as well as restoration of the social and economic infrastructure of the region.

The validity of published research findings is related to their demand from both investors and issuers and from the side of research scientists. The methods used make it possible to determine the general trend of market movement in the direction of increasing or decreasing its efficiency. For investors, such an assessment of the efficiency of the stock and bond markets creates a basis for optimizing the allocation of assets when building portfolio strategies, and for issuers, it is the basis for building a strategy for emission activity. It is necessary to analyze the factors affecting the efficiency of the Ukrainian market and show that the illiquidity of the Ukrainian bond and stock markets has a negative impact on the overall efficiency of the market, and therefore it is necessary to increase liquidity, which is an important factor for improving the efficiency of the market. The analysis of the efficiency of stock and bond markets is presented as an impact on the markets themselves. For research scientists, the predictability of returns, or the lack of such predictability, is critical to creating models that can accurately describe risks and returns in financial markets. The paper proposes a different approach to the study of stock market efficiency, using a time-varying parameter model that can estimate indicators, efficiency and inefficiency as parameters change.

The corporate governance principles in the cooperative banking play crucial role in complementing institutional supervision and supporting internal controls. This paper discusses the selected issues of corporate governance in the cooperative banking sector in Poland. It outlines the contemporary challenges of corporate governance principles in the Polish cooperative banking sector related to external and internal supervision of banking activity. In addition, this paper aims to answer the question whether and to what extent the Polish cooperative banks have adopted the recommendation of the Polish Financial Supervisory Authority with regard to corporate governance in the banking sector and the extent to which internal rules for the organization of these banks affect the efficiency and effectiveness of the market. As a result, the following hypothesis was put forward: implementation of the corporate governance principles in the Polish cooperative banks has not contributed significantly to the improvement of their efficiency and has not enhanced the institutional supervision and internal controls in the cooperative banks. According to the authors, despite the existence of corporate governance principles in all Polish cooperative banks, there is still problem with the effectiveness of these institutions. Cooperative banks in Poland have experienced the phase of lethargy since 2013 and reported weaker and weaker financial results. Having in mind the fact that in 2015, that is after 14 years of stability in the sector, one of the Polish largest cooperative banks, SK-Bank, got bankruptcy, nobody predicted this event. It concludes that when it comes to the corporate governance principles the management bodies, regulators as well as supervisors require more effectively cooperation. The results in this paper confirmed that the model of credit cooperative movement adopted in Poland requires implementation of a couple of basic changes that are directly related to the utilization of the principles of a good corporate governance. The current corporate governance rules in Polish cooperative banks lead to having standardised governance without any substantial improvements and promoting better governance.

The modern stage of Ukrainian regions’ economy development, on the one hand, shifts the accents towards administrative and financial decentralization with simultaneous transfer of resources, authorities and responsibilities to the local level, and on the other hand – stipulates efficient use of territories’ internal capacity and orientation at «smart specialization», optimization of the system of authorities and prevention of regional asymmetries. In this sense, an efficient system of inter-budgetary relations is the key to balanced sustainable development of the country and its regions, which should minimize the disproportions of regions’ development, provide efficient redistribution of budget resources inside the budget system caused by territorial asymmetries of revenue base and, therefore, serve as the key instrument to maintain sustainable territorial development. The paper aims to reflect on domestic experience of construction of the inter-budgetary relations model in conditions of financial decentralization in order to outline the perspective directions of its improvement. The paper assesses current functioning condition of the system of inter-budgetary relations in Ukraine according to the results of the first stage of financial decentralization. The risks and challenges of its aggravation for regions’ social and economic development are outlined. The following of them are defined as the most essential: unbalanced local budgets; excessive transfer dependence; imperfect mechanism of subvention allocation for forming of CTCs (consolidated territorial communities) infrastructure; legally unregulated and non-transparent mechanism of investment subventions allocation among the regions; insufficient mechanism of allocation of additional subsidy granted for oblast budgets as compensation of revenue loses by local budgets emerging from delegated liabilities regarding funding the educational and healthcare institutions; accumulation of the volumes of temporarily free local governments’ funds on deposit accounts in state banks. The range of practical recommendations is suggested in order to minimize the risks of inter-budgetary relations’ decentralization, in particular improvement of the procedure of allocating the infrastructural subvention to CTCs and subvention for social and economic development of regions; delineation local governments’ functional liabilities.

Today government budget scarcity is a relevant problem both for advanced economies and developing countries. Investigation of problems of budget deficit and public debt has had a long history and nowadays it is covered both in modern Ukrainian and foreign scientific literature. The aim of the paper is to differ causes and factors of genesis of budget deficit, make statistical analysis of fiscal deficits in Ukraine and Hungary and develop recommendations for budget policy. Research methods are dialectical method, historical method, system approach, analysis and synthesis, comparison method, model building, statistical analysis. Detailed analysis of factors and reasons for formation of general government budget deficit has been given in the paper. Direct causes (such as periods of economic crises, fiscal stimulation, increase in public debt) and concomitant negative factors of deepening budget deficit (such as unfavorable structure of public debt, imbalances of regional development, disadvantages of organization of budget system, disproportionate growth of social expenditures, shadow economy) have been differentiated. A retrospective investigation of budget deficit in Ukraine and Hungary has been carried out. The study is based on indices of budget deficit (deficit coefficient, elasticity of deficit, growth rate of fiscal deficit etc.). Conclusions have been drawn about the depth of this problem in Ukraine and Hungary. The possibilities of implementation of Hungarian experience into Ukrainian economy have been substantiated. The concepts of government budget balancing have been revealed. The system of measures for public policy of budget deficit reduction has been developed, namely: use of acceptable concept of budget balancing, ensuring stable economic growth, ensuring relative decrease in government spending, improving its efficiency, easing impact of related negative factors.

Competition intensification in all segments of the consumer market is important feature of modern economic environment. Restaurant business isn’t exception. The issues of efficiency assessment of the current business model of restaurant business enterprise become topical in terms of economic environment volatility. The purpose of the research paper is development of methodological toolkit for management efficiency assessment of the business model of restaurant business enterprise with the aim of determining the main ways of value retention and profitability level improving. Solving the research paper objectives is realized by such general and special methods of investigation as analysis and synthesis, generalization and systematization, the dialectical approach. The model of management efficiency assessment of the business model components is generated by authors and appropriate methodological toolkit is proposed with taking into account the specific for restaurant business enterprise business processes (production, sale and consumption of culinary products and services) and key criteria of business model efficiency (effectiveness, quality and time). It is argued that the restaurant industry is inseparably linked with the creation and retention of value supply. That is why it is grounded the necessity to take into account the value retention coefficient of restaurant business enterprise during determining the level of effectiveness of its current business model. It is proved that the level of efficiency of business processes management and the value retention ability of restaurant business enterprises are information basis for determining the fundamental provisions of its business model quality improving.

The article looks at socio-economic aspects solutions for the problem of ensuring the safety and quality of animal husbandry products that is extremely acute in Ukraine at present. Considerable amounts of animal source foods circulating on the market in the country are falsified according to one or more parameters. Animal source foods contain palm oil, various stabilizers, enzymes, antibiotics, traces of heavy metals, toxic substances, veterinary drugs, etc. The safety control system used in Ukraine right now is based only on testing the final products and is inefficient. It does not promote the competitiveness of the Ukrainian animal husbandry products on the world market. Results. The authors hereof substantiated the need to utilize the current approaches to the animal products quality and safety assurance that are used in the European Union (EU) member countries and have proven their efficiency. The paper sets out the comparative analysis results related to the European and Ukrainian technical regulation system (TRS) in the area of animal products quality and safety. It is established that the last five years have seen the continuing functional approximation of the Ukrainian TRS to the EU and World Trade Organization (WTO) requirements. Still, it mostly concerns the TRS formation as a whole and is unrelated to the animal husbandry industry (sector). Originality. Problems are revealed that reduce the efficiency of sanitary and phytosanitary measures in the area of production and trade of animal products and feeds in Ukraine. The key aspects of using horizontal or process approach to ensuring animal products safety in Ukraine are revealed. The specifics of the current European animal products quality certification systems are determined that may serve as the prototype of the Ukrainian certification system. It is determined that Ukraine still lacks a developed mechanism for the agricultural businesses to be able to implement and support the prerequisite programmes (PRP) related to animal product safety. Yet, it has to precede the implementation of the Hazard Analysis and Critical Control Point (НАССР) principles by such businesses. Practical relevance. The paper indicates the causes of the Ukrainian legislation inefficiency in the area of ensuring animal product quality and safety. The study contains the ways of improving such legislation. We revealed the basic prerequisites for applying risk-based approach in the animal products safety government control in Ukraine. The study shows the results of the analysis of social and economic factors that cause the low quality and lack of safety of the animal products in Ukraine. It is proven that the problem resolution requires a comprehensive approach, which is not limited to the increase of state control efficiency and the successful harmonization of the Ukrainian technical regulation system with the European one.

The article highlights the main characteristics of uncertainty and risk, which need to be taken into account when making management decisions to ensure the controllability of all processes at the enterprise. The significant attention of scientists to risk and uncertainty, and their significance for management decision-making is very high, so the debate about risk and uncertainty identification and their levels still remains open. The article defines the character and types of uncertainty, identifies a number of differences between risk and uncertainty in the process of management decision-making, structures the main characteristics of uncertainty, and determines the impact of levels and types of uncertainty on management decision-making. We conducted an empirical analysis of scientific literature to determine the essence of the concept of "uncertainty" and its differences from the concept of "risk", a structural-genetic analysis of the main characteristics and causes of uncertainty, and a comparative analysis of models for determining levels of uncertainty. We identified the main characteristics of uncertainty which cause its existence and require careful consideration. The paper offers a methodical approach to assessing the level of uncertainty for managerial decision in general and for individual factors ensuring its success, which will allow management to focus on those decisions that have the highest level of uncertainty and may pose a threat to achieving the goals of enterprise development. We proposed an approach according to which the level of uncertainty can be determined both for a management decision in general and for separate factors of its success. A methodical approach to assessing the level of uncertainty is proposed to ensure the success of management decisions which will allow management to focus on those that have the highest level of uncertainty and may pose a threat to achieving goals.

The article examines the problems of knowledge capitalization in the innovation economy paradigm. The modern globalized world is characterized by the commercialization of educational and scientific activities, the formation of educational ecosystems, as well as the capitalization of knowledge as a resource. The paper describes the theoretical basis of knowledge capitalization and defines the stages of the formation of academic capitalism. It is defined that the capitalization of knowledge is an increase, the maximization of the value of own and engaged intellectual assets, as a result of the increase in the influence of higher education institutions and scientific institutions on the scientific-technical and socio-economic development of society, and commercialization is the process of turning knowledge into a commodity. A system of statistical indicators of capitalization of knowledge within the economy has been established (expenditures on education; the number of patents; share of costs for scientific research and development; costs for innovative activities; share of innovative enterprises in the total number of enterprises; share of income from the sale of innovative products to the total volume of products sold ). The methodology for calculating the model of the change in GDP per capita has been developed, taking into account the indicators of knowledge capitalization, and the algorithm of necessary actions regarding its application has been described. The hypothesis about the impact of capitalization of knowledge on the economic development of the state, namely the change in macroeconomic indicators, such as GDP (gross domestic product) per capita, has been confirmed. The author’s formula for determining the coefficient of the economic effect from the capitalization of knowledge is proposed, which reflects the ratio of investments in knowledge-creating (innovative activity) to the income received from the implementation of an innovative product. Investments in knowledge-creating activities are the number of expenses for scientific research and development, so the innovative product is a patent, as a formalized unit of knowledge. The calculation of the coefficient of the economic effect of knowledge capitalization for Ukraine and the Republic of Poland was carried out, which clearly showed the expediency of implementing the knowledge capitalization experience of Poland and the need for a balanced internal policy to stimulate educational, scientific and innovative activities with the attraction of appropriate investments in Ukraine.

The research aims to form a conceptual vision of the "security environment" concept, to determine its structure and the content of concepts derived from it, as well as to establish logical and semantic connections between them. The need for such research occurred because of using security terms arbitrarily in government and business activities. Therefore, their content is interpreted and perceived differently, which, in turn, harms law-making, organization and planning of security measures, etc. The article, based on the theoretical foundations of security science, revealed and substantiated the author's approach to the understanding and interpretation of the "security environment" concept. Besides, the paper proposed the definition of the semantically similar concepts of "safe environment" and, conversely, "dangerous environment". Based on the results of the system approach and content analysis of the main security concepts, some terms derived from the concept of "security environment" were determined and their content was substantiated, as well as the corresponding structural and semantic logic of the connections between them. The article describes that the formation and development of the security environment are carried out by the relevant subjects of security activities, for which they use the forces and means at their disposal and the relevant legal acts, as well as apply their capabilities, demonstrate readiness for such activities and establish a safety culture in society. The research schematically and substantively demonstrated that a security environment is formed as a result of security activity taking into account challenges that have not been dealt with, risks that have been realized, internal and external threats and security situations. A dangerous environment is formed as a result of the dangerous occurrence, i.e. loss of control over the situation or the onset of a crisis state. This scientific intelligence will be helpful for everyone interested in modern security science issues: scientists, practitioners, civil servants, deputies and other subjects of the security environment, especially in the russian-Ukrainian war framework.

In recent years, many European studies have focused on municipal companies’ problems, particularly their efficiency in terms of public importance and quality of services provided and return on capital. These issues are directly related to the current series of topical issues of the expediency of public property and issues of reasonable choice between public property and privatization. In our opinion, one of the criteria for the expediency of a business entity being in public ownership is the efficiency of its activities, in particular financial efficiency. This paper aims to clarify the local authority approach to determining the efficiency of municipal-owned enterprises in the capital of Ukraine. In the research, the dynamic and distribution of budget funds between the municipal-owned enterprises of Kyiv were studied, and the dynamics of their return on assets were analyzed. In the course of the research financial statements data of the 128 municipal enterprises were collected and analyzed. It is established that the largest recipients of budget funds are municipal construction companies, while municipal public transport companies receive insufficient funding to cover their needs. The four-year distribution of return on assets was also studied, and its miserable level was stated. With the hypothesis testing regarding the impact of budget financing on the municipal-owned enterprises' efficiency, it is established that the availability and level of budget financing of investments and the presence of budget funds in the revenues of municipal-owned enterprises do not have a significant impact on their profitability.

The increasing importance of innovation as a factor in the effectiveness and competitiveness of companies makes them pay special attention to the processes of obtaining and using knowledge that require special management. International companies, being innovatively active for expansion, are a special subject of knowledge management (KM). In such companies, KM has significant specific features related to their structure, which includes foreign subsidiaries, and the nature of their activities, covering different national markets. Due to the specifics of such companies, they widely use information technology in management and, in particular, use special information tools for KM. The research is aimed to characterize the specific features of KM in international companies and to provide the rationale behind using new information tools for KM, which can be used to improve the effectiveness of innovation. The main focus of the paper is on the specific features of KM in international companies, taking into account their structure and nature of activities, namely: 1) specific features related to the content of the KM, taking into account the number of subsidiaries, the scale of activities, the complexity of tasks, etc.; comparison of the models of internalization and externalization in obtaining new knowledge by companies; 2) specific features related to the internal environment (involvement of all levels of management, multicultural environment, creation of communities of intensive knowledge); 3) specific features related to the external environment, covering interaction with consumers, partners and authorities of different countries; 4) specific features related to the innovative activity (distribution of powers between the parent company and subsidiaries, coordination of research and development (R&D), organization of innovation processes). The global approach of international companies to the development of innovations is substantiated, which determines the content of KM, as well as the need to create a KM system, part of which is information tools. Their improvement allows for enhancing the quality of KM and the effectiveness of innovation. In terms of KM in an international company, the purpose of such information tools as an R&D management information system, a single innovation management platform, a tool for formalizing knowledge, and a corporate knowledge base, is determined. In the future, it is expected to study the effects of the proposed tools, highlight the problems of their introduction and operation, as well as a set of measures to overcome these problems.