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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.

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.

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 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.

The research paper aims at carrying out a systematic analysis of the complementarity of foreign trade in agricultural products and to substantiate on this basis the priorities for the expansion and balancing of Ukrainian agricultural exports at the micro, macro, and mezzo-levels. The concept of complementarity of foreign trade is defined as the level at which the economic systems of different countries are balanced on the basis of mutual complementarity of the commodity structure of export and import and effective participation in the international division of labour. The methodological approaches to the study of complementarity of foreign trade are systematized. The article uses a complex approach to the analysis of foreign trade relations in the agrarian sphere and the extent to which it is balanced. The main trends and features of the development of Ukrainian foreign trade in agricultural products are determined. It was found that the imbalance of the foreign economic sphere in the agricultural sector is manifested in the dominance of export activities of large agricultural holdings, the monocultural nature of agricultural production and export, and ineffective institutional support of small farmers and agrarians. An empirical assessment of the complementarity of Ukrainian foreign trade in agricultural products has been carried out using complementarity indices, indices of revealed comparative advantage, and applying the method of cluster analysis. The conducted calculations proved that the Ukrainian agricultural sector has a significant unused potential for the development of exports on the basis of complementarity. A set of priorities of balancing foreign trade in agricultural products based on complementarity are substantiated, in particular, the following: forming a system for monitoring the complementarity of Ukrainian foreign trade in agricultural products; concluding and comprehensively supporting the implementation of interstate agreements on the development of mutually beneficial trade in complementary products, including on a barter basis; providing support for export development of small and medium-sized enterprises, and for small-scale production; enhancing diversification of the assortment of agricultural exports of Ukraine, especially in the niches of craft and organic products; supporting complementary foreign trade relations at the level of individual regions of Ukraine; providing a strong and efficient consulting support for exporters, giving assistance in the process of finding foreign partners and entering foreign markets.

Due to a number of external uncontrolled factors of negative influence, Ukrainian business entities functioning in the hospitality and tourism business have seen the most severe crisis and depression over the past three years. In order to survive in such conditions and develop the business intensively, Ukrainian business entities must clearly define internal problematic aspects to correct them promptly, as well as the potential opportunities towards which the maximum effort should be directed. The article offers and justifies an approach to assessing the financial and economic security of hospitality and tourism business entities in the complex modern conditions under which the Ukrainian economy is developing. In order to achieve the research goal, the methods of systematization, grouping, and logical generalization were applied. The article systematizes the key aspects of ensuring the financial and economic security for the company's activities that should be followed by its management, describes the structure of an enterprise's financial and economic security, and formulates the concept of financial and economic security for business entities in hospitality and tourism. The paper also specifies the sequence of stages, which would be advisable to follow when managing the financial and economic security of hospitality and tourism enterprises. The authors have summarized the approaches to assessing an enterprise's financial and economic security in modern literature and have grouped the indicators of financial and economic security for hospitality and tourism business enterprises. The study analyzes the dynamics of financial indicators which comprehensively characterize the functioning of temporary accommodation and catering enterprises, as well as economic operators of tourist activity in Ukraine and offers an approach to assessing the financial and economic security of hospitality and tourism business enterprises which base their activities on the innovation potential. The results of the study prove that differentiating and operating the components of hospitality and tourism business operators' innovation potential is expedient and improves their financial and economic security. The practical significance of the obtained results lies in increasing the financial and economic security and innovativeness of hospitality and tourism business enterprises in Ukraine by applying the proposed approach to evaluation as a monitoring tool.

The purpose of the study: theoretical and analytical substantiation of factors affecting the level of quality management of services of railway transport enterprises in Ukraine. The article analyzes the main scientific works of domestic and foreign scientists regarding the determination of the factors affecting the level of service quality management of enterprises, including railway transport enterprises. This is especially acute during the period of hostilities taking place on the territory of Ukraine. Thus, during the period of hostilities, the number of transportation services increased, especially due to the evacuation of the population and free travel. That is why the development of the potential of transport enterprises, including railway ones, is of crucial importance. The dynamics of changes in the transportation of passengers and cargo by modes of transport are presented in the paper with railway transport as a priority. The category of concepts " product quality" and "quality of services" has been analyzed. The internal (production, socio-psychological, human, organizational) and external (political, economic, social, technological, ecological, cultural, medical-biological) factors that affect the quality of services have been singled out, as well as the factor that affects the level of service quality management of railway transport enterprises, which, according to the authors, includes: reliability, safety, sensitivity, competence, accessibility, sociability, understanding, materiality, as physical parameters of the service, trust, courtesy. An integral indicator of the quality management level of railway transport enterprises is proposed. It has been found that in the future the construction of an integral indicator of the level of service quality management of railway transport enterprises and the determination of its forecast values may form the basis of the development of the state regional development strategy and separately be important for the development plans of railway transport enterprises.

The paper studies the place and degree of the monetary component's influence on the level of financial security of the state in the conditions of political and socio-economic imbalances in the development of Ukraine. The aim of the research is to investigate the effectiveness of monetary policy instruments, to determine the level of the monetary component's impact on the financial security of the state, as well as to form perspectives for balancing the symbiosis of "monetary policy and national financial security". Based on the conducted research, it is established that in recent years the role of the financial security system formation at all levels has significantly increased, whether it is macroeconomic security, the security of economical subjects, or the financial security of a household. At the same time, the monetary component plays a significant role in ensuring the financial security of the state, namely, it affects macroeconomic processes in the country. Therefore, in order to ensure macroeconomic stability and economic growth in the context of ensuring the financial security of Ukraine under martial law, it is necessary to improve the mechanisms of monetary policy. The article analyzes the latest threats that lead to the negative impact of the monetary component on the financial security of the state. These include: the consequences of russian military aggression on the economic development of Ukraine, continued COVID-19 outbreaks, the introduction of administrative restrictions on the use of monetary policy instruments by the National bank of Ukraine, violations of the economic security of financial institutions, an insufficient level of financial inclusion, and the contradictory nature of the coordination of monetary and fiscal policies. In the context of establishing the decisive role of the monetary component in ensuring the financial security of the state, the adopted development strategies at the level of national security of Ukraine and at the level of the monetary sector of Ukraine are considered and systematized. The block diagram of the implementation of monetary policy in the context of ensuring the financial security of the state is proposed. It is proved that the mechanism of such interrelationship is implemented through the instruments and methods of monetary policy in combination with key macroeconomic indicators. To confirm the proposed hypothesis, the econometric model of the influence of monetary instruments on the level of financial security of the state is developed. As a proxy indicator of the financial security of Ukraine, the Financial Stress Index is used, which reflects the current state of the financial sector (without considering future risks) and consists of sub-indices for the banking sector, households, government and corporate securities, and foreign exchange market. Estimated and re-estimated models made it possible to determine the most influential indicators of the monetary component of the Financial Stress Index, namely: consumer price index; producer price index; GDP to monetary aggregate M2 ratio; cash to GDP ratio; share of foreign currency in monetary aggregate M3; NBU key policy rate (annual average); share of non-performing loans (NPL). The proposed model can be used to forecast the influence of the parameters of the monetary component on the level of financial security of the state. Based on the results of the study, it is proved that, despite the difficult political and economic situation in Ukraine, it is necessary to focus on improving the coordination of monetary and fiscal policies, considering the further implementation of the main provisions of international documents adopted by International Monetary Fund on this issue.

The full-scale war ignited by the Russian Federation caused a huge wave of migrants from Ukraine to EU countries. It drastically changed the situation in political and socio-economic areas in Ukraine and the host countries. The current situation with migration is unpredictable and it is reaching a catastrophic scale. It makes a threat to the national security of Ukraine. Preventing the collapse of the country's economy is impossible without a balanced government policy in this area. The purpose of this paper is to study the new wave of migration from Ukraine to European countries after the beginning of the full-scale aggression of the Russian Federation on February 24, 2022, update data on the scale of forced migration of Ukrainians to European countries, analyze the influence of factors affecting the size of migration flows of forced migrants from Ukraine to European countries, and the consequences inflicted by this wave. In our research we systematized data on the number of Ukrainian forced migrants in various European countries, analyzed statistical data on the amounts of financial support received by Ukrainian forced migrants in various European countries and examined data on the number of job vacancies in European countries. Based on these data, we ran a correlation analysis of the relationship between the number of Ukrainian forced migrants and the amount of monthly financial support, and the number of job vacancies. The factors influencing the allocation of Ukrainian forced migrants among European countries were identified and systematized. We demonstrated the importance of considering these factors for solving the problem of the return of Ukrainian forced migrants to Ukraine. We conclude that the amount of financial support is not closely related to the number of Ukrainian migrants in a certain country. More significant is the influence of the factor of the opportunity to get a job and adapt to living conditions in new countries. This indicates the intentions of Ukrainian forced migrants to stay in these countries for a long time, and possibly stay in these countries in the future. To facilitate the return of forced migrants to Ukraine and reduce migration losses in the country, it is proposed to develop a government program for the return of Ukrainian forced migrants, which would cover institutional, organizational and economic dimensions, and would apply the practice of European countries.

The study aimed to determine Ukraine's food security level, and develop the main directions for its increase. To realize the research purpose several tasks were conducted. Firstly, to calculate Ukraine's Food Security Index and compare it with the average World and average European Food Security Index. Secondly, make a forecast of Ukraine's Food Security Index for the next 5 years, and assess its trends. Thirdly, to establish the main factors that have an impact on Ukraine's Food Security Index. Fourthly, to identify the main bottlenecks and, on the basis of these data, propose the main directions for increasing the level of Ukraine's food security. The global environmental crisis has significantly increased the risk of food insecurity in the world and the likelihood of famine in certain regions. Besides, Russia's war against Ukraine, which destroyed the supply chain infrastructure and exacerbated the problems of providing food to the population, updated the researched issues. Accordingly, the research aimed at identifying the "bottlenecks" of Ukraine's Food Security and developing directions for increasing its level. Based on the results of theoretical and empirical research, the main "bottlenecks" of the process of ensuring food security have been identified and directions for increasing its level have been established. The study carried out the calculation and forecasting of Ukraine's Food Security Index. Moreover, the paper proposed a method of determining the main "bottlenecks" of Ukraine's Food Security Index by assessing the influence of various factors. Based on the analysis, the study developed the main directions for increasing Ukraine's food security level.

The present paper substantiates the government transparency issue's importance as a fundamental principle of management and exercise of power on the local level. It must become a dominant one for Ukrainian urban territorial communities’ socio-economic development regulation under the condition of further steps implementation aimed at strengthening administrative and financial decentralization processes. We elucidate specific characteristics of government transparency measuring global practice, in particular, by applying a methodological approach to the city transparency index calculation, which has been conducted since the end of the 20th century by the NGO "Transparency International". We formulated and tested hypotheses about the relationship presence between government transparency level, income from the payment of personal income tax and local tax by the population, as well as the number of people who voted for public budget projects. We chose Ukrainian cities with different ranking positions by the government transparency level to conduct a measurement. The study proved that the local government transparency level is an important factor in Ukraine’s urban territorial communities’ socio and economic development. We defined that cities’ industrial specialization and their economic diversification level do not influence significantly the correlation density between government transparency level and local budgets' revenues. Additionally, most cities, regardless of their size, are characterized by a high correlation between indicators of transparency and the public activity of residents. Also, we observed a tendency for citizens’ activity to rise in the most investigated communities. The obtained results demonstrated the need to choose a longer time lag to test the proposed hypotheses. Nevertheless, the proven hypotheses made it possible to identify problems in ensuring the transparency of territorial communities’ authorities and to formulate proposals for improving public administration efficiency.

The aim of this paper was to analyze the determinant factors of the ability of shrimp farmers to repay loans on time and the decisive factors of the on-time loan repayment amount. Based on the primary data of 210 shrimp farming households in Ca Mau province, the study applied a two-step regression model of Heckman to test the proposed hypotheses. The research results showed that the number of dependent members, loan amount and number of farming crops negatively impact the ability to repay the loan in a timely manner, while total assets, shrimp farming experience and loan purpose positively influence the ability to repay the loan on time of shrimp households. In addition, the regression results also showed that number of loan maturity and size of shrimp farming land negatively affect the amount of on-time loan repayment, whereas the education level of the household head and total assets positively influence the on-time loan repayment amount. Based on the empirical findings, the authors proposed several recommendations for improving the loan repayment capacity of the households in the study area.

Modern trends in the economy's development are characterized by a significant influence of digital information technologies. Research of the digital economy as a separate industry, the determination of mutual influence with corporations, which are active participants and engines of the development of the digital economy, is becoming increasingly important. The spread of the concept of «digitalization» in society causes some confusion due to insufficient understanding of the essence of this concept and its difference with digital transformation, as well as their role in the digital economy. Digital transformation of corporate governance has its own specific features and characteristics associated with a large number of stakeholders and national characteristics of corporate governance. The article analyzes the functions of corporate governance at the enterprise. We determine the mechanism and the persons involved in the corporate governance process, focus on the peculiarities of corporate governance in the context of digital transformation of business, and outline the advantages and disadvantages of corporate governance digitalization. The stages for the implementation of digital technologies into the company’s corporate governance system are highlighted. The paper examines the features of corporate audit, assessment of systems, and the effectiveness of their interaction. The dilemma of using digital corporate governance complexes is considered: to buy a ready-to-use one or create own? Legal regulation of the functioning of electronic systems of corporate governance in the world’s leading companies is especially emphasized. The authors consider in detail the protection of corporate governance in the digital age and conclude about the possibility of corporate blackmail using digital technologies.

The paper is aimed to develop and test a comprehensive methodology for risk assessment based on a combination of expert assessment techniques and analysis of the sensitivity of profit to individual risk factors. This approach allows for determining the priority of measures to minimize the most significant risks in conditions of limited financial resources of the enterprise. To form an objective view of the effectiveness of risk management researchers proposed to use a comprehensive methodology for assessing the risks of business activity. As a result, the study formed an optimal configuration of information and analytical support for assessing the level of business risks. This technique is based on a combination of expert assessment techniques and analysis of the sensitivity of profit to individual risk factors and makes it possible, in conditions of limited financial resources, to identify risks that require priority management, and on this basis to form a security strategy for enterprise management. The results of the approbation of the complex methodology of risk assessment in the activities of domestic industrial enterprises indicate some advantages compared to other methodological approaches in this field of research. Firstly, risk ranking based on a combination of expert assessment and analysis of the sensitivity of profit to risk factors makes it possible to avoid subjectivity when determining the degree of risk impact on the company's performance indicators. Secondly, it becomes possible to objectively substantiate the priority of protective measures, which significantly strengthens the effectiveness of risk management and reduces the conflict of interests in the distribution of limited financial resources.

This paper studies the issue of financing the Space Industry at the State Level in the Postwar period as part of the country’s recovery plan, as one of the foremost critical zones of technological development and to ensure space security and defence. The European Space Agency (ESA) is, identified as the main player in the European space sector. It is determined that the current structure of ESA – Space 4.0 – provides for the success of European space activities in close coordination with the needs of European societies and economies. Despite all the prospects, offered by the Space Industry, a number of barriers can hinder full participation in the space economy. These ‘barriers’ include the requirement of large capital investments, technological risk and longer development times. Public-private partnerships have been, identified, as an effective way to overcome these barriers, so the government should play an important role in promoting innovation through the space sector. The war in Ukraine, which began on February 24, 2022, once again, reminds us of the unique value, and critical use of outer space for security and defence purposes. From intelligence gathering and monitoring to the availability of communications. It is determined that the war already has serious consequences for the European space sector. The Space Industry of Ukraine is a critical component of the national economy of Ukraine because it is the motor of numerous imaginative changes in other segments of the economy and contributes to the improvement of social, political, financial and natural circles of society. In Ukraine, there's an incessant disappointment in the State to fulfil its commitments to the ventures in the Space Industry. In the conditions of full-scale, ‘war’ the Space Industry is a key element of national security and defence of Ukraine. The financing of the Space Industry at the State level in the post-war period is crucial as part of the country’s recovery plan.

The shadow economy, along with macroeconomic imbalances and limited resources, will become a key global risk for the next decade. Withdrawing cash flows from the shadow sector and directing them to the legal economy solves numerous political, social, and economic problems of a country. That's why assessing the level of the shadow economy and solving problems of legalizing cashflows in any country has theoretical and practical significance. The purpose of this study is to assess the level of the shadow economy in Ukraine and to identify the problems, which give rise to it in the context of new challenges of the crisis phenomena both in Ukraine and around the world. The paper presents a comprehensive study of the shadow economy phenomenon, examines the root causes of its occurrence. The specificity of the study consists in assessing the level of the shadow economy in Ukraine according to the existing methods, namely: the unprofitableness of enterprises “household expenses – retail sales and services”, electrical and monetary. According to the review of scientific works, it is necessary to use a comprehensive indicator of the shadow economy assessment. Thus, considerable attention is paid to deepening the methodological aspects of assessing the shadow economy based on multi-criteria methods. The result of the study is the calculation of the shadow economy's level, considering the shadow currency turnover, based on the fact that Ukraine is a dollar-dependent country. A large proportion of the capital withdrawal into the shadow circulation is associated precisely with currency fraud. The obtained results confirm that the legalization of currency cash turnover should be mandatory in the process of foreign exchange regulation's transformation in Ukraine. Achieving this goal is associated with the deregulation of the foreign exchange market and the banking sector on the basis of moderate liberalization, warning the country's economy against the deployment of credit booms, improving the institutional provision of financial intermediation, developing a full-fledged market for derivatives, harmonizing national legislation with the best world experience and international standards of regulation, supervision and reporting, continuous monitoring of public opinion on the actions of monetary authorities and the consequences of these actions for the welfare and economic stability of corporate business and households.

The paper deals with the analysis of the banking system of Ukraine. It is shown that for Ukraine the frequency and depth of crisis phenomena in the banking sector are exacerbated by the raw material orientation of the economy, underdeveloped domestic market and the circulation of foreign currency (dollarization of the economy). It should be noted that in the pre-crisis during 2006-2007, excessive mortgage lending created a "bubble" in the real estate market, which, comparing its devastating effects, corresponded to this phenomenon in the real estate market in the United States. Although the crisis of 2008-2009 demonstrated the vulnerability of the Ukrainian banking system to numerous economic and political upheavals, no significant changes in banking supervision took place to minimize systemic risks. Restoration of the banking system of Ukraine in 2015-2016 is generally in line with post-crisis trends to streamline the banking system and increase its efficiency in the world. At the same time, the weakness of the institutional environment makes it impossible to use both administrative tools and state development banks to increase productive lending in Ukraine. On the other hand, commercial banks will use refinancing loans instead of private-sector savings to lend. In this case, the probability of the need for financial support from banks increases, which will lead to a significant increase in public debt. Moreover, a system of vector autoregression models has been developed to research the impact of crisis periods on the performance of commercial banks in Ukraine. The simulation results (mainly the analysis of impulse response functions) allow concluding that interbank lending in post-crisis conditions recovers relatively rapidly (with a lag of two years). Lending to non-financial corporations and non-residents showed a decline and recovery only within four years after the crisis. Lending to the general government sector is growing every year, but at the same time loans to other resident sectors are declining. In addition, during the year after the crisis, the volume of deposits in the banking system is demonstrating a decrease. Other variables do not show any response to the crisis.

The concept of financial flows management of enterprise corporate security system is developed and justified in the article. The approaches to the assessment and analysis of the financial flow are analyzed. It is determined that the financial flow of enterprises' corporate security system should be understood as financial resources purposeful movement, which is a dynamic set in time and space within the logistics of processes at enterprises. The paper proves that the time factor is an important criterion for the industrial enterprise resource security management effectiveness because the duration of the time of any task depends on many interdependent cycles and parameters. It is emphasized that the vector of strategic goals in the multi-purpose model of integrated logistics processes at enterprises in a particular time period is complexly determined on the basis of various coefficients which are formed by the internal and external institutional environment analysis. It is confirmed that modeling of financial resources of integrated logistics processes makes it possible not only to form the optimal vector of strategic goals of the multi-purpose model of integrated logistics processes but also to identify the interconnection between the composition and volume of incoming and outgoing financial flows of all enterprise integrated processes. Material flow management optimization as a key aspect of logistics activities is considered, which is achieved by attracting and allocating financial resources and realized in the financial flows of integrated logistics processes at enterprises. The urgency of the requirements of coherence of material, financial, informational, and other types of resource flows of integrated logistics processes at enterprises is determined. It is proved the topicality and relevance of algorithms implementation for finding and analyzing performance indicators and decision-making criteria, which form the basis of the decision-making system for effective management of industrial enterprises’ resource potential, including financial, in conditions of factors instability and significant changes in the micro and macroeconomic environment.

The snowballing economic growth has reached the level where the energy industry has a crucial impact on the future pace of development. National energy security influences the adequate performance of all economic spheres and stable government processes. Systematization of the relevant scientific treatises showed that comprehensive national energy security assessment involves institutional, ecological, and behavioral determinants as crucial pillars of national energy security. Besides, the financial conditions play a pivotal role in ensuring national energy security since the undisturbed operations in the energy industry require investing in equipment modernization, implementing modern technologies and innovations, research and development, etc. Under the above mentioned, the scholars worldwide consider the financial determinants under elaborating on the improvements of national energy security. This study aims to interpret and visualize the bibliometric data of the scientific background related to exploring the role of financial determinants in national energy security. The bibliometric data for analysis were retrieved from the Scopus, and Web of Science interdisciplinary bibliographic databases. The collected data cover 770 publications indexed by the keywords: 'energy', 'security, and 'finance' in the titles, keywords, and abstracts of publications. The publication period covers 2000-2021. The VOSviewer software, Scopus and Web of Science toolkits for search results analysis were applied. The procedures of bibliographic analysis employed evaluative and relational techniques. The obtained results revealed publication activity's annual and relative growth rates, the main research directions by term co-occurrence, co-authorship, citation network, the most productive authors, journals, affiliations, and the geographical distribution of analyzed papers. The findings of this study give the theoretical contributions to the further development of the comprehensive assessment model of national energy security toward the carbon-free economy.

The importance of the study of the united territorial communities functioning and the identification of the main problems of organizational support of local budget management are substantiated. It has been studied that the issues related to the development of organizational support of local budget management are insufficiently researched in the domestic scientific literature. The paper clarifies that the decentralization of government should ensure the democratization of society, combine administrative, political, fiscal decentralization and involves the transformation of the interaction between governmental agencies and citizens, NGOs and businesses. The regulatory framework for the reform process is provided. Problems of united territorial communities development are identified. One of the first of them is the problem of proper implementation of the territorial community functions, which is intertwined with the filling of the UTC budget, the formation of financial resources sufficient to adequately finance the urgent social needs of communities based on the principle of subsidiarity, implementation of their economic and technological development. Conditions for the formation of able-bodied territorial communities are provided. The own and delegated powers of the united territorial communities in Ukraine are studied. The factors and subjects of ensuring the financial capacity of territorial communities are singled out and generalized. As a result, the well-established interaction of the subjects of financial relations under the influence of both external and internal factors will help meet the legitimate needs and interests of local communities. The basic legislative bases of the mechanism of voluntary association of territorial communities are generalized. It is determined that the current state of local budgets does not seem to be the best, which hinders the complex tasks assigned to local authorities: scarcity of their own sources of income, almost complete dependence on the state budget, lack of transparency of budgetary relations in providing financial assistance from the center, additional assistance revenues and economic expenditure of budget funds. According to the analysis conducted by the authors, a set of problems of organizational support of local budgets is proposed.

The paper examines the processes of managing innovation and investment activity of enterprises with the complex use of marketing management tools. It is clarified that modern competitive challenges force enterprises to strengthen innovation and investment activity, which is no longer considered as one of the possible goals, but as a critical and vital condition for the enterprise operation. Theoretical provisions and conceptual-and-categorical apparatus of the research of marketing management tools for the marketing management of innovation and investment activity of enterprises are generalized. It is established that innovation and investment activity of the enterprise can be defined as the processes of directing and regulating relations aimed to create and implement innovations and investments into the objects of business and other types of activities in order to make a profit or get some other effects. The necessity of reorientation of traditional management of innovation and investment activity as management built on the principles of marketing and comprehensive application of its tools is substantiated. It is proposed to divide the tools of marketing management of innovation and investment activity into two groups, in particular tools of marketing management and tools used for its implementation. Marketing tools for managing the innovation and investment activity of enterprises include marketing research and marketing information system, while marketing tools for the implementation of management include marketing product, price, distribution and communication policies of the enterprise. Possible levels of marketing management of innovation and investment activity of enterprises based on marketing approaches and the use of marketing management tools are identified due to the application of Harrington’s desirability function. It is substantiated that the priorities in the management of innovation and investment activity of the enterprise should involve interpretation of consumer demands, direct response and feedback of innovations and related investments with the opportunities, needs and values of consumers, demand development, diffusion of innovations and long-term orientation through the use of appropriate marketing management tools.

A part of research results concerning the state of the effectiveness of marketing activities of local authorities of Ukraine, in which authors took part and prepared the analyst report, and also their own researches are presented in the paper. The study found that marketing communication activities for forming the image of urban transport service providers in the studied regions were carried out mainly in the form of information campaigns and weren’t aimed at target audiences. The study discovered that in 2017—2020 in Ukraine (except for the temporarily occupied territories) there were some measures to increase awareness of the responsibility and important role of urban transport service providers. It is established that citizens of Ukraine are informed about the problems of urban public transport at three levels. First, at the national level, the most popular were information and educational activities, image social advertising in national media, Internet portals, information and educational programs and publications, reproduction and distribution of printed materials (booklets, leaflets, posters, academic literature). Secondly, at the regional level (oblast level) were popular publications and videos on the Internet, manuals, radio and television programs, social advertising on regional state television and radio, outdoor advertising (billboards, city lights, posters), conference organization were disseminated and seminars, flash mobs and social events. Third, lectures, classes, role-playing games, business games, workshops, booklets, leaflets and conference materials were organized at the local level. At the same time, the system in conducting marketing communication activities for forming the image of urban transport service providers during the study could not be found. The study identified shortcomings in the communication process of public services with target social groups. An analysis of marketing communication activities implemented and planned for implementation by local authorities. On the basis of research results and conclusions some recommendations are offered in the article.

The relevance of the topic consists in the fact that due to limited start-up capital, high risk and uncertainty about profitability, lack of experience and, consequently, a positive credit history, venture capital is recognized as the main source of financing the development of many companies in the early stages. The purpose of the paper is to prove the hypothesis of the determining influence of fiscal factors of stimulation of research and development and a set of stable economic and political preconditions for expanding the presence of venture capital in the country. Based on the data of twenty European countries for 2007-2019 (260 observation points), a regression dependence of the amount of invested venture capital on tax preferences in research and development, research and development costs and country risk was constructed. The assessment of the parameters of the created regression model made it possible to prove that it can be used for forecasting volumes of investment of venture capital at the change of the factors of fiscal policy and reduction of macroeconomic risks. The directions of activation of venture financing for the countries are formed: for the development of high technologies and the implementation of innovative ideas, the state should apply tax benefits and preferences for research activities of small and medium enterprises; expansion is necessary for state support for innovation through the consolidation of state and local budgets on research programs, the creation of research and production clusters, technology incubators, support for individuals in their innovation initiatives; the high risk of the country not only leads to a decrease in the inflow of foreign venture capital: domestic investors will withdraw their venture capital and direct it to countries where the political and economic situation is more stable, which further deepens the economic shocks of the national economy and leads to political ones. The implementation of these measures will promote the development of high-tech enterprises, job creation in the country by overcoming the problem of limited financial resources through investment of venture capital. Key words: venture capital, factor, fiscal policy, risk, model. JEL Classification: Formulas: 0; Fig.: 0, Tables: 4, Ref.: 15.

Abstract. Given the complexity of the global epidemiological situation, the struggle for the competitiveness of national economies is exacerbated. For Ukraine, whose economy has now taken the form of deindustrialization, the intensification of innovation is a necessary, extremely important condition for its further development. It was previously thought that the socio-economic development and growth of countries depended mainly on their capital and labor resources, while other lesstangible resources, such as information, training, infrastructure development were treated as external factors influencing market behavior only indirectly. However, overtime, the idea that knowledge management is a determining factor in productivity in both modern and traditional economies is becoming increasingly entrenched. The paper proposes results of the research of Ukraine’s positioning in the global innovation space. It also determines the necessity of priority development of the innovative sphere of the country against the backdrop of crisis phenomena and assesses the position of Ukraine in the Indices characterizing the level of development of the innovative component of the competitiveness of the country’s economy. It underlines the insufficient level of innovation infrastructure development in the country. The authors consider that the basis of Ukrainian innovative competitiveness is the development of institutions, infrastructure and business. These areas need special state support, as their effective implementation is the main competitive advantage of Ukraine. The research was conducted according to the Global Innovation Index sub-indices on the horizon of 2013—2021. Econometric methods are used to generalize the positioning of Ukraine in the global innovation space and the DEA method to study the relative individual effectiveness of the innovation environment and innovation activities in Europe. Keywords: innovation, innovation potential, digitalization, digital transformation, competitiveness, Global Innovation Index. JEL Classification O32, D24, F63 Formulas: 1; fig.: 4; tabl.: 2; bibl.: 20.