No abstract

The purpose of the study is to assess the relationship between Ukraine's foreign trade and its major macroeconomic indicators in the context of deepening globalization processes and increasing dependence of national economic development on exogenous determinants. In order to achieve this goal, the most important factors of influence of macro level on the scale of foreign trade turnover have been selected, the interval of observations has covered 1999-2018. Authors used the method of economic and mathematical modeling based on the E-Views software. A multifactor regression model has been constructed, tested for autocorrelation and heteroskedasticity; causal effects have been identified between foreign trade and the main macroeconomic indicators of combinatorial nature (both exogenous and endogenous), Ukraine’s foreign trade volumes has been forecasted up to 2023. Methodology. The study is based on the analyzed macroeconomic indicators for the period of 1999-2018, which made it possible to select those that showed up greatest impact on foreign trade. The results of the conducted modeling showed: high level achievement of foreign trade dynamics of Ukraine over the mentioned years, which exceeded similar indicators of dynamics of global trade; strong link between foreign trade, foreign direct investment and employment; revealing of a significant influence upon foreign trade of innovative activity of national business in industry as a dominant segment of the foreign sector of the country. As conclusions, the authors formulated a thesis on the need to strengthen institutional support for innovation and investment activities of national enterprises as a driver for scale-up and improvement of quality of Ukraine's trade relations with the entire world. It is determined that the multiplicative interaction of innovation and investment would diversify and complicate the commodity structure of exports, increase the level of its technological and innovative nature, and thus it is to allow to get rid of the established attitude to Ukraine on the trading map of the world as a supplier of low-tech raw materials. Practical implications. The main theoretical propositions, the authors’ conclusions presented in the article, are supposed to form a methodological basis for expert evaluation in substantiating the priorities of the state policy modernization regarding conditions and factors promoting the export-oriented sectors of the national economy. Value/originality. Prospects for further research in this sphere may be to assumed onto making an assess on risks (threats) and macroeconomic effects of foreign trade deterioration in the context of declining economic activity regarding importing countries of their domestic products, especially in the EU and the PRC, further weakening of external channels of investment and reducing the ability of businesses to innovate in deepening recessionary processes on the global and national levels.

This article is a research study of the role and necessity of digital transformation of Ukrainian economy in the context of digitization of the world economy, which will promote economic growth and increase the international competitiveness of national economy, which in its turn will contribute to the further formation of an attractive investment environment. The modern tendencies of information economy development are disclosed. Changes of the determinants of FDI in the Ukrainian economy in terms of its digital transformation are revealed. It is proved that foreign trade and the globalization index of the country influence on the process of attracting FDI. Much attention in the article is paid to the role of information, development of information sphere, digitization, formation of a new information economy, foreign direct investments, which are necessary for the economic development of the country and affect economic growth in the context of global digitization. The necessity of this study is due to the modern trends of development in the world economy and the digital transformation of the national economy. The role and importance of foreign direct investments in the digital transformation of the national economy has been proved on the basis of a broad analysis of research works of foreign and national specialists, analysis of economic situation in Ukraine and the main macroeconomic indicators identified the role and necessity of transformation processes, macroeconomic indicators of economic development of the country were analyzed, the necessity and requirements for the formation of an attractive investment environment, favorable investment climate and business environment have been identified. Using the econometric model, based on E-Views software, the indicators of GDP, foreign trade, inflation, employment level and the globalization index have been analyzed in the context of their impact on the volume of FDI attraction and their forecasting have been made.

This article reveals the principles of research of investment-innovation development of the country in terms of digitization of the economy, which will lead to economic growth and increase the country’s competitiveness on the world market. The article reveals the global trend of digitization, analyzes approaches to digitization, identifies the place of information and communication and digital technologies at the current stage of economic development, and focuses on the need of digital transformation of Ukraine. The authors focus on the multifaceted processes of digitization and digital transformation of the world’s economies. Current trends of digital transformation of the world’s economies and various processes have necessitated this study. In particular, the authors pay more attention to the digitization of investment-innovation development of Ukrainian economy on the basis of empirical analysis. The role and importance of foreign direct investments and the need of financing innovations in the digital transformation of Ukraine’s economy to accelerate economic growth and increase global competitiveness are proved. Based on the analysis of works of domestic and foreign scientists, author’s research and generalization of world economic development trends and Ukraine’s for the last twenty years, the leading place of foreign direct investments and innovations in transformation processes that promote rapid economic growth have been proved. The econometric model constructed by the authors showed the relationship between macroeconomic factors (GDP, foreign trade, inflation and employment) and their influence on investment-innovation development in terms of digitization of economy.

Метою дослідження є проведення аналізу міжнародного ринку криптовалют щодо визначення його стану, виявлення трендів та здійснення прогнозування в контексті його подальшого розвитку.Основні результати дослідження полягають у приділенні уваги появі цифрових валют, а саме криптовалют; розкритті особливості блокчейн-технологій на основі яких працюють криптовалюти; також проведений аналіз динаміки розвитку використання блокчейн-технологій на основі зростання  кількості блоків у них. Автором акцентована увага на Bitcoin-революції, що відбувається в сучасних умовах диджиталізації. Досліджено регіональні особливості міжнародного ринку криптовалют. Проаналізовано глобальний рівень володіння Bitcoin, визначені тренди зростання активних адрес і ціни Bitcoin, побудований прогноз зростання активних адрес володіння Bitcoin та розраховані сценарії майбутнього розвитку (реалістичний, песимістичний та оптимістичний). Доведено, що розвиток міжнародного ринку криптовалют в умовах диджиталізації має висхідні тренди навіть за умов найбільш песимістичного сценарію розвитку. Досліджені й виявлені фактори, які впливають на міжнародний ринок криптовалют і визначають його тенденції та проблематику. Розглянута особливість українського ринку криптовалют як складової частини міжнародного, показана динаміка адаптації криптовалюти в Україні.Основні висновки полягають у тому, що проведений аналіз ринкової капіталізації криптовалют за останні десять років засвідчує стійку тенденцію до зростання. Суттєве зростання ринкової капіталізації, яке спостерігаємо, і може бути ознакою значної економічної цінності основних технологічних інновацій в умовах диджиталізації світової економіки, і може відображати бульбашку в середовищі прогнозних оцінок.

The present time is characterized by constant economic, social and cultural, political changes that cover the whole world. In the conditions of globalization there are cardinal shifts in the sphere of international relations and international business, characterized by transformational, modernizing changes, and have a direct impact on the development of economies around the world, including Ukraine. Globalization has also contributed to the formation of a new era-the era of information society. By the transition to the information society, the level of social and economic development is related to the access to information resources. A new economic sector is being created, where intellectual, social and investment capital place an increased role. The aim of the study is to assess the relationship between FDI attraction in Ukraine and its main macroeconomic indicators in the context of socioeconomic development of business and globalization. The novelty is the substantiation of the directions of attraction of investments in the economy of Ukraine. The study is based on the analyzed macroeconomic indicators for the period 1998-2018, which made it possible to select those that have the greatest impact on FDI. The method of modeling economic processes is used to identify the effect of global influence on attracting foreign investment as a socioeconomic component of strategic business development in the economy of Ukraine. The results of the simulation showed: achieving a high level of dynamics of FDI attraction in Ukraine in recent years; the existence of a strong link between FDI and foreign trade.

Abstract. The essence of cryptocurrencies is considered and the definition of their legal status is offered. The experience of some jurisdictions regarding the opportunities and threats of using and regulating cryptocurrencies has been studied. The authors analyzed the cryptocurrency market. The factors that led to the widespread use of cryptocurrency, which include financial instability, significant currency fluctuations, limiting capital flows and inflation of the currency in the country. The problem of information protection using blockchain technology, which is solved by a combination of block design and cryptographic protection, is considered. The capitalization of TOP cryptocurrencies for the last three years is analyzed, among which the leading ones are Bitcoin (VTS), Ethereum (ETH), Tether (USDT) and others. Identified issues that need to be addressed in the field of finance and legal regulation. In the process of analyzing the experience of regulating cryptocurrency, we have found similar and distinctive features in some jurisdictions. First, each country, in view of the great potential of the blockchain technology, is trying in one way or another to create a favorable climate for its development. Secondly, the use of cryptocurrency goods is rapidly developing, and their impact on economic processes, both at the international and national levels is increasing, while states are faced with the problem of adapting their tax legislation to the current challenges of the digital economy, since the definition of the status of cryptocurrency does not directly lead to lack of funds to the state budget from operations with these assets. Thirdly, today there are more than 2,000 cryptocurrencies is traded through various trading platforms — stock exchanges and can be used to launder proceeds from crime. Thus, it is necessary to develop common standards for the regulation of cryptocurrency and the requirements for such crypto exchange counterparts, through the licensing of operations with cryptocurrencies. At the same time, the important question is what government bodies should exercise such control. Keywords: technology blockchain, cryptocurrency, virtual currency, legal regulation of cryptocurrencies, state functions, cryptocurrencies taxation. JEL classіfіcatіon F01, F20, K33, K34 Formulas: 0; fig.: 0; tabl.: 1; bibl.: 23.

The purpose of the paper is to determine threats and benefits of exchange rate regimes in terms of the integration of Ukraine into the European community. Emphasizing features of the manifestation of currency exchange rate in Ukrainian practice is a precondition for choosing the optimal exchange rate regime for Ukraine, which, in its turn, will provide an opportunity to reduce inflation and implement effective tools of monetary and fiscal policies to promote further economic growth and competitiveness of the country. The uses of free-floating exchange rate and «currency board» regimes have either positive effects for Ukraine or certain threats. Methodology. This research is based on a synthesis of data on the uses of exchange rate regimes in Ukraine as an independent. It is considered angular regimes, which are by far the most suitable for Ukraine in terms of the European vector of its development. Peculiarities of using these regimes are revealed and their major threats to the domestic economy are pointed out. This article analyzes the dynamics of the trade balance of payments of Ukraine, the dynamics of the commodity structure of Ukraine`s exports and imports and the external debt of Ukraine. Results. Taking into account the experience of countries, which were in crisis situations, they show the necessity of the uses of freefloating exchange rate regime and possibilities of «currency board» regime, despite threats that they may have. World experience testifies the implementation of structural reforms, effective monetary policy, fiscal policy and discipline of the government. Thorough preparation of Ukraine's transition to the «currency board» regime can justify itself in conditions of crisis and provide impetus to Ukrainian economy benefits. The paper defines conditions under which the success of a new model of exchange rate policy will be achieved. Practical implications. The study accents attention on the specifics of the uses of the free-floating exchange rate and «currency board» regimes in the current recessionary economic and political conditions, and the declared Strategy on Sustainable Development «Ukraine-2020» in terms of European integration. Moreover, advantages and threats of the most favorable exchange rate regimes were identified to overcome the economic crisis, and accordingly create conditions for further economic growth and increase competitiveness of the country. This article provides an opportunity to identify the conditions for success of a new model of exchange rate policy to achieve economic stabilization and the beginning of economic growth. Value/originality. Despite the existing studies in the field of exchange regulation at present, there are no comprehensive concepts and a common approach to the uses of an exchange rate regime in Ukraine to stabilize the economy, create conditions for long-term economic growth and increase the competitiveness of the economy. It identifies the need to conduct this study, focuses the attention on the conceptual basis of freefloating exchange rate and «...