Strategic and tactical benchmarks for restructuring the financial system of Ukraine
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Author(s)Serhiy FrolovLink to ORCID Index: https://orcid.org/0000-0001-9374-7274
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Volodymyr OrlovLink to ORCID Index: https://orcid.org/0000-0002-2052-6654
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Olha LozynskaLink to ORCID Index: https://orcid.org/0000-0003-2882-3546
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Fathi ShukairiLink to ORCID Index: https://orcid.org/0000-0003-0381-4707
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DOIhttp://dx.doi.org/10.21511/ed.20(1).2021.02
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Article InfoVolume 20 2021, Issue #1, pp. 11-22
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General trends of the current stage of development of the world and domestic economies confirm the most important trends of financial systems of the leading countries, including Ukraine. Among them, it is advisable to highlight the following: financial inclusion, formation of an unassailable reputation by financial institutions, reducing the volume of shadow banking, increasing the level of the population’s financial literacy, developing financial technologies, and deepening the financial system. All of this involves increasing the size of financial assets in relation to the size of the economy based on the GDP indicator. Based on the results of generalizing the approaches of scientists to the list of determining factors affecting the development of the country’s financial system, the key role of the level of financial literacy of the population was established. The article presents the total index of financial literacy of the population of individual countries of Europe and the world based on the index components. The development of the financial system in all these areas creates conditions for a gradual transition to the development of a new quality financial ecosystem. The article proposes a definition of the financial ecosystem in the context of established hybrid of real and digital space based on the integration of financial institutions as key players with technology companies, public service providers and other participants. To ensure development, the advantages and disadvantages are specified based on the results of the SWOT analysis, which allowed to systematize the strengths and weaknesses, as well as the opportunities and threats of the financial ecosystem development. Based on the results of the analysis, four basic strategies for restructuring the financial system were developed, which are the basis for proposals for the development of the financial ecosystem and changing the business models of functioning of its subjects in Ukraine.
- Keywords
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JEL Classification (Paper profile tab)G30, G38, G39
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References18
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Tables1
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Figures3
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- Figure 1. Індекс фінансової грамотності населення (станом на початок 2019 року)
- Figure 2. Надання послуг через єдину цифрову платформу як передумова формування фінансової екосистеми
- Figure 3. Стратегії розвитку фінансової системи України за результатами проведеного SWOT аналізу
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- Table 1. Результати SWOT-аналізу формування фінансової екосистеми
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United territorial communities in Ukraine in the context of fiscal decentralization
Alina Korbutiak ,
Zhanna Lysenko ,
Nataliya Sokrovolska ,
Artur Oleksyn ,
Eduard Yurii
doi: http://dx.doi.org/10.21511/ppm.17(2).2019.16
Problems and Perspectives in Management Volume 17, 2019 Issue #2 pp. 217-227 Views: 2215 Downloads: 206 TO CITE АНОТАЦІЯSince the beginning of the administrative and territorial reform in Ukraine, the financial decentralization process has been intensified. It aims at optimizing the budgetary resource redistribution in order to make communities financially independent. This significantly increases the financial capacity for self-organization and self-development of a united territorial community, which determines the need to apply valuation methods to increase the territory’s investment attractiveness.
The article outlines the peculiarities of the united territorial communities (UTCs) management under fiscal decentralization, taking into account the need to apply current methods of value-oriented management. At the same time, the use of SWOT analysis as one of the methods of value-oriented management made it possible to evaluate the efficiency and attractiveness of UTCs under decentralization. The financial activity of 665 UTCs was analyzed and the model for managing the united territorial community was created. It is emphasized that the modern understanding of financial support for united territorial communities remains unresolved today, and the expediency to introduce changes in the UTC, which envisage using the subsidiarity principles, is not justified.
The key directions for managing the UTCs are identified. This refers to communities that began their activities and already faced the first challenges: management of available resources, provision of needs and sustainable development of the community, changes in the ratio of their income and expenditure components, increase in the budget income per capita.
It is recommended to focus on tools of value-oriented management in the united territorial communities in order to attract investors and increase the financial capacity of local authorities. -
Measuring the inclusiveness of international financing to tourism in Latin America and the Caribbean
Isabel Carrillo-Hidalgo ,
Juan Ignacio Pulido-Fernández
doi: http://dx.doi.org/10.21511/imfi.15(3).2018.02
Investment Management and Financial Innovations Volume 15, 2018 Issue #3 pp. 15-34 Views: 2198 Downloads: 214 TO CITE АНОТАЦІЯGlobally, tourism has been identified as a means of poverty reduction and development, and as a means of encouragement of females, minorities and small businesses to better engage in the mainstream of economic life. This paper examines whether the international and governmental financial support, grated by international financial institutions, is effectively achieving these aims in Latin America and the Caribbean. A series of indices are established in the paper that assess the extent to which such funding includes non-corporate enterprise while also considering the volume and nature of such funding. It is concluded that the goals of inclusiveness are not being met.
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The role of financial inclusion in financial stability: lesson from Jordan
Mohammad O. Al-Smadi
doi: http://dx.doi.org/10.21511/bbs.13(4).2018.03
Banks and Bank Systems Volume 13, 2018 Issue #4 pp. 31-39 Views: 2072 Downloads: 353 TO CITE АНОТАЦІЯThis study aims to examine the relationship between financial inclusion and financial stability in Jordan by using Fully Modified Least Squares (FMOLS) technique. The analysis is based on time series from 2006 to 2017. Jordanian financial inclusion index is developed to assess the level of financial inclusion, whereas financial stability was measured by Jordanian financial stability index proposed by Central Bank of Jordan. The results show a weak significant and positive impact of financial inclusion on the financial stability in Jordan. Additionally, five control variables are used in the study. The results show a negative impact of domestic credit to private sector, income inequality, financial integration, and global financial crisis on financial stability. In contrast, real GDP per capita has a significant and positive impact. It is expected that the findings of the study can be used by policy makers and supervising authorities to realize the objectives of the national strategy of financial inclusion in Jordan.
