The functioning of the country’s banking system is the basis for ensuring its economic development and stability. The state of the banking system often causes financial crises; therefore, ensuring its stable work is one of the main tasks of monetary policy. Meanwhile, it is important to find approaches to a comprehensive assessment and forecasting of the stability of the banking system that would allow obtaining adequate results.Based on a sample of data generated for the period from 2008 to the 1st quarter of 2020 with a quarterly breakdown, an integrated stability index of Ukraine’s banking system was estimated. The analysis was based on 23 variables that characterize certain aspects of the functioning of the Ukrainian banking system.Using the principal component analysis, five factors have been identified that have the greatest impact on ensuring the stability of the banking system. They were used to form an integrated index based on the application of the Mamdani fuzzy logic method. The results obtained adequately reflected the state of stability of the banking system for the analyzed period, which coincided in time with the crisis phenomena occurring in the Ukrainian banking system. The obtained value of the integrated index characterizes the stability of Ukraine’s banking system at the average level, since it depends not only on the internal state of the system, but also on the influence of external factors, both national and international.
Theoretical provisions and practical recommendations for identifying the determinants of woodworking industry development in Ukraine in the postwar period make up the subject of the study. The existing research papers indexed by scientometric databases Scopus and Web of Science on maintaining the competitiveness of the woodworking industry in Ukraine have been systematized and generalized. The research results in deepening the theoretical basis for identifying the basic meaningful determinants of competitiveness of the woodworking industry in various countries grounded on using bibliometric analysis tools (by means of VOSviewer v.1.6.10). Four contextual research clusters on the competitiveness of the woodworking industry, which include the largest number of publications, are identified. An integrated assessment is made of competitiveness shown by certain types of economic activity carried out by the woodworking industry in Ukraine and the world. The main measures of state support aimed at maintaining the work of Ukraine’s industrial sector during the war are presented. The following problems in organizing the activity of the woodworking enterprises in wartime are defined: lack of qualified personnel; loss of logistics infrastructure, supply chains, and sales in the regions where active hostilities took place; limited access to raw materials for enterprises located in less forested regions of Ukraine; loss of customer base; limited supply of fuels and lubricants, spare parts, equipment of enterprises in the Central, Eastern and Southern regions of Ukraine; reduction of business activity in some regions of Ukraine, etc. Drivers of maintaining the competitiveness of Ukraine’s woodworking industry in the postwar period have been formed.
The article researches the impact of financial innovation on the yield of government bonds based on the models of ARCH family, it is proved that the introduction of financial innovations affects government bonds. It is determined that the dynamics of volatility of many financial variables is subordinated to stable regularities. The traditional pricing model for capital assets and its dynamic modification indicate a proportional relationship between the expected over-delivery of the market portfolio and its conditional standard deviation. The ARCH model is a natural instrument for studying this problem in a dynamic context where the conditional dispersion changes over time. The results confirm the influence of the exogenous factor of diffusion of financial innovations on the yield of government bonds of market participants in all cases. So, for the government bond yield curves, there is a significant possibility of forecasting. This is a very important issue in terms of active bond trading and taking into account the risk management of the loan portfolio. The influence of information flows and messages to financial markets regarding the behavior of the rates of two main foreign currencies, namely: the Euro and the US dollar, is researched. It is determined that there is a significant influence with the introduction of financial innovation along with information of market participants on exchange rates, which is expressed by the diffusion coefficient during the period of time chosen by diffusion. It is proved that the diffusion coefficient has a significant impact on market participants in terms of average profitability and historical volatility, it is also researched that the introduction of financial innovations reduces the displacement of model coefficients and volatility. The methodology presented in this publication can be used to compare different classes of assets, indices, and financial innovations.
The definition of the concept of innovations is specified, their classification is carried out according to various criteria, structured on product and process, and on the scale, both radical and orderly. The influence of innovations on quantitative and qualitative changes of systems is investigated. The main direction of innovation research far concerns new technological solutions such as embodied innovations. At the same time, the importance of non-embodied innovations is growing at the world's leading companies in terms of technical and organizational level. The distribution of innovations makes sense mainly in microeconomic analysis. On a macroeconomic scale, most innovations relate to product innovation. Product innovations may be impossible to implement without changing existing production methods, and on the other hand, technological innovations may force to change the product range. The most important difference between product and process innovations is that the former is certainly more sensitive to market factors than the latter. Innovations can also be divided by their scale. There are radical and orderly innovations. Individual radical innovations generally have a much greater effect than optimization innovations. Therefore, the former is able to cause drastic changes, including technical production parameters, the latter are a source of less improvement. The study found that the key element was not only the knowledge that the company has, but also the knowledge that can be obtained from the environment. Thus, the sixth generation of the innovative model, called the self-learning system, was discovered. In the model of self-learning, the internal innovation potential of the enterprise is created by such elements as systems, skills, employees, styles and strategy, which determine the effectiveness of obtaining new knowledge and information from the market environment. In the sixth-generation model, all elements of the innovation process interact symmetrically. Individual innovation models were used by enterprises in different economic periods. Each of the models contains some important key elements related to the process of creating and implementing innovations. Keywords: innovations, model, system, generation, enterprise, knowledge, company, discipline.
The successful functioning of the national monetary system determines the efficiency of the country’s money circulation, the effectiveness of monetary regulation measures taken by the country’s central bank, and the ability to meet the needs of consumers for various financial services, as well as the effectiveness of measures to rebuild our economy in the post-war period and the ability to function normally under martial law. The purpose of the article is to analyze the trends in the development of the monetary system of Ukraine, to identify the stages of its formation along with the main problems in the current period. The publication examines the formation and stages of development of the monetary system in Ukraine, namely, identifying the following key stages: since 1991 – the beginning of the institutional formation of the monetary system; since 1996 – introduction of the national currency; since 1999 – overcoming the global financial crisis of 1998 and further development of the national monetary system; since 2009 – overcoming the consequences of the global financial crisis of 2008; since 2015 – overcoming the consequences of the russian-Ukrainian war of 2014; since 2020 – overcoming the consequences of the global financial crisis of 2019, accelerated by the coronavirus pandemic; since 2022 – stabilization and overcoming the consequences of the active phase of russia’s aggression against Ukraine. Some key indicators characterizing the country’s monetary system are analyzed, namely: the dynamics of the country’s monetary base, changes in the discount rate, annual growth in the consumer price index, dynamics of the number of operating banks and their assets, dynamics and structure of loans granted by banking institutions, changes in the return on assets and capital of banking institutions. The main risks and causes of their occurrence in the monetary system of Ukraine during the wartime are analyzed. The main current problems of the monetary system of Ukraine in the wartime period are identified, and some directions for overcoming them are proposed. It is proposed that in order to sanitize the banking sector, it is necessary to withdraw insolvent banks from the market; to ensure inflationary stability, it is necessary to ensure a return to the implementation of inflation targeting policy; to restore the economy, in particular the real sector, it is necessary to ease the requirements for regulating loaning activity, to introduce instruments for targeted stimulation of loaning activity of banking institutions.
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