Hanna Strokovych

The aim of the study is to investigate substantial bases and mechanisms for institutional changes that facilitate the adjustment of an economic system to abrupt changes. To achieve this objective, comparative analysis is carried out in order to disclose different approaches to crisis management and resolution regimes following the financial imbalances in Denmark, Sweden, and the USA that represent three different models of institutional adaptation. Thus, the paper reflects on the multifaceted phenomenon of institutional change, evaluating the theoretical background, which is further adjusted to the concept of institutional adaptation. In turn, the concept of institutional adaptation is developed from crisis management and post-crisis financial policies’ perspective. Built on various resolution procedures, the main mechanisms behind institutional adaptation are highlighted: extension (extended authorities of traditional institutions that have been empowered with additional functions); limited creation (newly-created institutions with restricted opportunity to exercise their discretion); redeployment (utilized and redeployed traditional effective institutions in order to implement new resolution schemes); modified formation (newly-formed institutions that have been modified and adjusted); grafting (grafting the new appropriate elements onto statutory institutional frameworks); transfer (transfer of practices from other domains and markets), and rebuilding (rebuilding functional competences). It is proved that even though policy-makers draw on institutions and logic of actions originally established and developed before the need to respond to new circumstances, they adjust and redesign them to fit and produce a renewed action plan.

Investment and innovative development of industrial enterprises is driven by the influence on the sensitive indicators of their activity, which characterize technological singularity. Therefore, it is expedient to define them using adequate economic and mathematical methods that will identify the development and growth points that are characterized by the accumulation of information and are a manifestation of singularity. The purpose of the article is to determine the main sensitive indicators of the investment and innovative development of industrial enterprises, which are the points of technological singularity. The article proposes conceptual provisions for evaluating the investment-innovation activity of enterprises as a basis for their development. These provisions consider the activity of economic entities according to three states (functioning, growth, and development); evaluation of investment and innovation activities, both individually and in conjunction with the official statistical reporting of enterprises using a well-founded minimum sufficient system of partial indicators defined through the multidimensional factor analysis and combined into integral and summarizing indicators; determination of technological singularity points as a result of prediction of partial and summarizing indicators’ values via the neural networks method. A methodological approach is developed to substantiate the technological singularity points, the managerial influence on which is provided by the development of enterprises. The methodological approach is based on considering the investment-innovation activity nonlinearity, both explicit and latent tendencies of development, situationality and variability of its goals, strategic orientation and possible technological singularity of an enterprise. The proposals submitted were implemented based on statistical reports of the machine-building enterprises for 2014–2018.

Type of the article: Research Article

Abstract
Digital financial infrastructure serves as a key structural correlate of small and medium enterprise (SME) credit availability and systemic financial development across post-Soviet transition economies. This study evaluates the empirical associations between technological connectivity, institutional policy readiness – specifically Digital ID and ISO 20022 standardization – and SME credit access (CreditLine) as the primary outcome of interest, alongside auxiliary supporting analyses of population-level financial inclusion (Ic_Y_norm) and macroeconomic output (lnGDPperCapita). Utilizing a panel dataset for 14 post-Soviet countries from 2011 to 2023 (N = 182) sourced from the World Bank WDI, Global Findex, and official central bank reports, the empirical framework relies on One-Way Country Fixed Effects (FE) specifications with Driscoll–Kraay robust standard errors to account for spatial and temporal dependence, supplemented by a Two-Way Fixed Effects (TWFE) sensitivity analysis. Mobile connectivity demonstrates a positive baseline association with SME credit availability, while internet penetration is identified as a primary empirical correlate of population-level financial inclusion across specifications. The protection of legal rights correlates with enhanced SME credit access, whereas strict AML/CFT compliance shows a strong negative association. Institutional messaging standardization via ISO 20022 exhibits heterogeneous structural differential associations: while positively correlating with SME credit access, it reflects a statistically significant negative association with broader population inclusion. Robustness estimations indicate that exogenous regional shocks (COVID-19, geopolitical conflicts, and energy crises) and macroeconomic slack (inflation, unemployment) correspond to systemic contractions in credit availability.