DSpace Collection: Випуск 3 2015 рік
http://dspace.wunu.edu.ua/handle/316497/2657
Випуск 3 2015 рік2024-03-29T14:57:42ZГенезис, причини та наслідки світових економічних криз
http://dspace.wunu.edu.ua/handle/316497/2769
Title: Генезис, причини та наслідки світових економічних криз
Authors: Безгубенко-Гнатишин, Вікторія; Bezgubenko-Gnatychyn, Victoria
Abstract: Розглянуто й узагальнено сутність та основні теоретичні концепти світових економічних криз. Охарактеризовано причинно-наслідкові зв’язки світових економічних та
фінансових криз. Узагальнено еволюцію світових фінансових криз та розглянуто основні їхні наслідки для світової економіки. Здійснено періодизацію економічних та фінансових криз з урахуванням їхніх причинно-наслідкових зв’язків. Наведено часові межі та “зони покриття” фінансових криз. Introduction. Crises accompanied mankind throughout history development. There are allegations that the global financial crisis first emerged in the first century BC. At the beginning of
a crisis characterized by its local impact, but it was limited outside of one or more countries, and
already in the XXI century, thanks to the development of globalization, became international,
global. For centuries, the crisis began to include not just economic or financial sector, as manifested in the political, environmental, social, military threats and conflicts.
The scope, course and consequences of each subsequent crisis economies is increasingly devastating and long lasting. Because historically, humanity seeks not only to carry out effective policies
to overcome the crisis, but also to be able to anticipate and react to background of another crisis.
Purpose. The article is a synthesis of theoretical approaches to defining the essence of
crisis, their root causes, and the review and analysis of the history of crises and their causal relationships. Results. Multivariate and many factors of interpretation of economic crisis (including fi nancial) is the intertwining of their various components and originality in different countries and in
different historical times under the influence by external and internal factors. The economic crisis
of the twentieth century were characterized by the spread of the crisis only in the range of one
to a few countries, but with time and the spread of globalization, including financial, crisis began
to acquire an international character.
Throughout history there has been a considerable variety of crises. During the years 1975-1997 the International Monetary Fund recorded more than 54 150 foreign currency and debt
crises in more than 50 countries.
The historical aspect of the general crisis most notable are: during the First World War – the
19 countries with the decline in consumption of 24%; The Great Depression – has captured 18
countries, the fall in consumption was 19%; during World War II – 22 of the 35 countries failed
with an average drop in consumption by 35%.
Conclusion. Summing up the above should summarize that: crisis accompany mankind
throughout the history of its development; in economic and financial sciences generally still not
established understanding of the nature, causes and likely consequences of the crisis for the
economies of the world; general feature of modern crises is their unpredictability and global;
the lack of effective mechanisms for crisis prevention, poor functioning of international financial
institutions, the presence of massive fi nancial speculation and virtualization of world economy
create favorable conditions for distributing and generating crises in the world.2015-01-01T00:00:00ZПрагматика теоретичних досліджень у сфері корпоративних фінансів
http://dspace.wunu.edu.ua/handle/316497/2768
Title: Прагматика теоретичних досліджень у сфері корпоративних фінансів
Authors: Стецько, Микола; Stetsko, Mykola
Abstract: Проаналізовано вектори впливу сучасних концепцій у сфері корпоративних фінансів
на рівень виконання їх традиційних і новітніх функцій. Визначено критерії оцінювання
прикладного значення теоретичних розробок і рівня їхнього внеску у генерування доданої вартості окремими компаніями та корпоративним сектором загалом. Запропоновано розглядати наукові розробки як продукт, що має споживчу цінність. Обґрунтовано,
що внесок відповідних теорій у генерування доданої вартості можна оцінити на основі порівняння гіпотетичних наслідків прийняття рішень щодо використання методів і
технологій, що розроблені на їх основі та без них. Introduction. The practical value of scientific research related to the substantiation of definition and functions of finance is insignificant because of minimal ability to transform relevant
achievements in added value, which generate business entities. On the contrary, the meaning
of highly-specialized applied research of methods and technologies of decision making in corporate fi nance is relatively high. Purpose. The aim of the study is to assess the ability of key theoretical concepts in corporate fi nance to generate added value and ascertain their impact on the decision on financial
support and investment of corporate enterprises.
Results. It was analyzed how the most famous theoretical achievements affect the level of
performance of traditional (formation of fi nancial resources, their distribution, control over the
effi cient formation and allocation of resources) and new functions (transformation, infl uence on
the behavior of the participants of financial relations, value-forming function and information
transmission). Considering the importance of the category “net worth”, it was proved that value
of any theoretical concept is defi ned by its contribution to the development of technologies to
optimize decisions on the development and usage of net worth.
Conclusion. The criterion of the applied theoretical achievements is the level of its con-
tribution to the generation of individual companies and the corporate sector as a whole added
value. It is necessary to consider scientific achievements as those having customer value. It
was proved that the contribution of relevant theories in generating the added value can be
estimated on the basis of comparison of hypothetical consequences of the decision making for
the use of methods and technologies developed on their basis and without them. The most adequate fi nancial and investment solutions can be available using the methods and technologies
resulting from the synthesis of elements of different theoretical directions: classical, neoclassical, institutional and behavioral.2015-01-01T00:00:00ZНова парадигма ризик-менеджменту в контексті зростання вартості корпорації
http://dspace.wunu.edu.ua/handle/316497/2763
Title: Нова парадигма ризик-менеджменту в контексті зростання вартості корпорації
Authors: Островська, Галина; Ostrovska, Halyna
Abstract: Аргументовано важливість ризик-менеджменту як невід’ємної компоненти в стратегії управління і збільшення акціонерної вартості компанії. Узагальнено наукові підходи до ризик-менеджменту. Обґрунтовано можливість інтеграції збалансованої системи
показників у систему ризик-менеджменту й запропоновано комплексний підхід до стратегічного управління компанією з метою досягнення конкурентних переваг і забезпечення стійкого розвитку в умовах глобальної нестабільності. Introduction. In modern conditions of managing the effectiveness of the economic system
functioning in general and the actions of its subjects can't be entirely a priori defined and calculated, i.e. the activity of each company is always associated with risks and possible losses. In
this case there is a problem for a mechanism, that allows consider the risk and minimize losses
in the most rational way. Such a mechanism is the risk-management (the management of risk).
Рurpose. Based on the above in the article, we set the aim to develop approaches to risk-management organizing through the integration of the balanced performance indicators system
and ways to implementation domestic enterprises with the purpose of increasing of their activities management effi ciency.
Results. Consideration of proposals for creating an integrated model enables financial
managers to make strategic and operational management decisions, as balanced scorecard system is complemented by information about risks impeding the implementation of the strategy, and risk-management system is included into the ongoing process of strategic management.
Conclusion. Using the concept of risk-management and BSC integrated models, organization management has the ability to create an effective balanced management model, that
integrates the functions of information implementation, planning and monitoring of key data of
the company effectiveness and the related risks.2015-01-01T00:00:00ZБюджетна децентралізація й економічний ріст регіонів України: аналіз та оцінка
http://dspace.wunu.edu.ua/handle/316497/2748
Title: Бюджетна децентралізація й економічний ріст регіонів України: аналіз та оцінка
Authors: Возняк, Галина; Voznjak, Halyna
Abstract: Проведено огляд існуючих підходів до оцінки впливу бюджетної децентралізації на
економічний ріст регіонів. Проаналізовано можливі напрями вибору ключових чинників, які визначають ступінь децентралізації як в окремих країнах, так і в межах однієї
країни в розрізі її адміністративних одиниць. Виокремлено проблеми оцінювання рівня
бюджетної децентралізації. На основі запропонованого підходу в роботі проведено
просторово-динамічну оцінку впливу бюджетної децентралізації на економічний ріст регіонів України. Introduction. The issues of budgetary decentralization in recent years are at the epicenter
of attention of economics due to the fact that it allows to increase the efficiency of usage of
budget funds to improve the quality of social services and to approach them to the needs of
community, although there is a lot of risk of strengthening budgetary decentralization. Considering the fact that this phenomenon has many aspects, actualization of the issue becomes
especially important: qualitative and quantitative methods of its measurement and evaluation; impact on social and economic processes and establishing of closeness of the interconnection
of factors that determine them.
Purpose. The purpose of the article is analysis, spatial and dynamic assessment of the
impact of budgetary decentralization on economic growth of the regions of Ukraine.
Results. The conducted analysis of existing approaches to quantitative estimation of the
impact of budgetary decentralization on economic growth of the regions shows a dominance of
approaches to assessment of budgetary decentralization with the usage of time series (or panel
data) for a sample of countries or regions, while using typical methods - standard regression,
least squares method, as well as fixed and random effects. On the basis of theoretical achieve-
ments, analytical assessment and the proposed methodological approach, in the work there
was conducted empirical analysis and assessment of budgetary decentralization in Ukraine,
with the usage of panel data (there were surveyed 27 regions of Ukraine for 9 years). The
assessment of the level of decentralisation was carried out by four directions: a formation of
revenues of the local budgets; a financing of expeditures ; an implementation of interbudgetary
relations and the level of tax burden.
Conclusions. As a result of the conducted study, the author proved the ambiguous nature of budgetary decentralization and identified significant factors of influence. It is shown that
regional budgetary decentralization by level of tax burden is negatively and significantly associated with economic growth of the regions; a dependence of the regional development on interbudgetary transfers is positively associated with growth, while budgetary decentralization, by
expenditures, negatively affects the growth of GRP, which indicates that, on the one hand, the
expeditures are excessively centralized and they are not agreed with the revenues, on the other
hand , about the lack of incentives of local authorities to effective spending of budgetary funds.2015-01-01T00:00:00Z