Empirical targeting by lowering inflation to the marginal level that causes monetary deflation and transition to depression is shown to increase the growth of the real GDP, while increasing inflation from the marginal level reduces the growth of the real GDP. The inflation is determined according to the theory of reproduction of the national economy by the mathematical function of the amount of money in circulation, foreign currency cash, interest rate, the cost of the utilized in production capital, the production input-output coefficient, and the unemployment rate. A model for regulating the economy by inflation targeting is developed, which allows the Central Bank of Ukraine to determine the target indicators for the period under consideration based on the statistical indicators of the previous period and through the nomogram of the inflation function of its arguments. The growth of the Ukrainian economy was modeled with an inflation target of four percent in 2021-2023 after the recession in 2020 caused by the coronavirus pandemic.
Досліджено проблеми фінансового управління зростанням стійкості національної економіки. Обґрунтовано пропозиції щодо вдосконалення координації регуляторних податково-бюджетних і грошово-кредитних інститутів, фінансових підойм впливу на економічну нерівність, старіння населення, міграцію, що нараз і обтяжуються коронакризою. Запропоновано впровадження в Україні з метою уникнення інформаційної асиметрії найкращої світової практики стандартів звітування.Ключові слова: фіскальна та монетарна складові фінансового управління; сталий розвиток; криза; невизначеність; державне регулювання.
Introduction. One of the key contradictions in the modern market relations is associated with the phenomena of deglobalization. It is the practice of the European Union with respect to supranational influence on fiscal relations of economic agents and the “trumponomics” that have confirmed the need to further increase the effectiveness of international tax and budget regulatory institutions. Problem Statement. The modern fiscal policy in market economies aims at regulating the distribution of resources between the private and public sectors with minimal impact of inflationary or deflationary fluctuations on the producer price index. Government actions that mobilize market potential shall include elements of fiscal reform related to a set of targeted measures to reduce the growth rate of the monetary aggregates. Purpose. To identify the main directions of a systemic strengthening of fiscal functions of governments, primarily, in countering the threats of destabilization in the presence of dynamic phenomena of globalization and their further multiplication. Мaterials and Мethods. The methods of position-time situational analysis and synthesis have been used; the dynamics of statistical macroeconomic indicators (GDP) within the framework of various systematic model assessments of the tax reform impact have been compared. Results. Both the positive and the negative experience of implementing programs for international financial institutions and governments of different countries aim at achieving the goals of full employment and sustainable development with the help of revenue and budgetary means of demand management and established monetary leverages have been considered. Recommendations for improvement of regulatory fiscal effects on Ukraine’s socio-economic system (SES) stability growth have been justified in the light of current trends of change management. Conclusions. Rational tax policy shall provide for the improvement of legislative mechanisms in combination with the formation and use of costs, stimulating the saving of resources with a view to their best practical use. In the context of globalization and increasing threats of information asymmetry with the existence of various technological paradigms in the SES, regulations shall be based on establishing transparent “game rules”. Mandatory payments shall come from sources of business income rather than from capital, because the use of the latter for paying taxes is contrary to the interests of investors and the goals of sustainable growth.
Introduction. The appropriate database on the effectiveness of the institutional sectors of the Ukrainian economy, including Nonfinancial and Financial corporations and the General Government sector, plays a vital role in decision-making at the state level and the level of institutional investors.Problem Statement. According to the World Bank forecasts, the wartime in Ukraine and a significant reduction in GDP necessitate the attraction of additional finances aiming at economic recovery. These need accurate information, both at the stage of requests for additional funding from international financial institutions and at the accountability and effectiveness assessment stage.Purpose. Developing and substantiating the suggestions to increase the transparency of information on financial and property state and the efficiency of institutional sectors of the economy. Management decisions based on such information can be made at the meso and macro levels during wartime and post-war recovery of the economy.Materials and Methods. The study is based on the following information sources: documents issued by international financial and professional organisations to develop accounting and analytical support for decisionmaking. Research methods used: bibliographic, analysis, synthesis, generalisation and systematisation.Results. The following critical issues of IPSAS implementation for justifying strategic financial decisions during both wartime and the post-war period are identified. It is proved that there may be other areas, related to the further development of the entities’ nonfinancial reporting in Ukraine.Conclusions. The results of the study have allowed formulating the suggestions for further improvement of the transparency and accountability of institutional sectors and developing a potentially informational solid and analytical database for strategic decision-making.
Introduction. The most important task of the sovereign state of Ukraine nowadays is the victory in the war with the Russian aggressor, as well as ensuring sustainable innovation development in close cooperation with the international community. Problem Statement. In countries with economies in transition in the preparation of non-financial reporting we can notice the following : lack of institutional levers of impact and motivation for the disclosure of environmental, social and other indicators; lack of standard approaches to the content of non-financial reporting and procedures for its administration, etc Purpose. The aim of the study is: to substantiate the improvement to Ukraine’s public policy in Ukraine on non-financial reporting on sustainable development; to study contradictions of the new reality and directions to overcome them for the countries with transition economies while preparing non-financial reporting and applying indicators of sustainable development; to develop proposals on the content of such reporting in emergency situations, in particular during hostilities, as well as post-war reconstruction. Materials and methods. The following methods: institutional, systemic, empirical, structural and functional and others have been applied while using UNCTAD guidelines and factual data., Results. The authors suggest ways to overcome these obstacles and to supplement the “Guidance on core indicators for entity reporting on contribution to the implementation of SDGs” (GCI) with a block of indicators on crisis management trends in conditions of uncertainty and post-war overcoming of the effects of destabilization. Conclusions. The martial law in the country, the consequences of hostilities have a profound impact on the activities of companies and should be shown in the reports. On the basis of regulatory initiatives of the European Union on non-financial reporting in the electronic format in Ukraine it is necessary: to regulate the Taxonomy of non-financial reporting (EU Regulation 2020/852); to show in the management report the disclosure of basic performance indicators of enterprises in various fields (economic, environmental, social, institutional); to implement the concept of sustainable development in the national non-financial reporting infrastructure.
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