Svitlana Kachula
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Ukraine-EU cooperation for realization of innovative projects and programs aimed at public financial management modernization
Liubov Lysiak , Svitlana Kachula , Veronika Kulichenko doi: http://dx.doi.org/10.21511/ppm.15(2-1).2017.05Problems and Perspectives in Management Volume 15, 2017 Issue #2 (cont. 1) pp. 212-221
Views: 1112 Downloads: 237 TO CITE АНОТАЦІЯAt the present stage of economic development Ukrainian public sector is faced with multiple new and complex challenges. In order to implement strategic reforms in the public financial management, the public authorities were given the opportunity to use external sources of finance for the implementation of relevant innovative projects and programs. Accordingly, Ukraine assumes certain international obligations towards the organizational and institutional aspects, as well as transparent and effective targeted use of financial resources. This study examined the main issues of projects and programs at each stage of the project cycle management. The main purpose of this paper is to find the best basic areas for further cooperation between Ukraine and the EU on the implementation of project management in the context of the need to modernize the budget management system.
Methodological and theoretical basis of the research consists of the works of foreign and Ukrainian scholars that allowed realizing conceptual integrity of the study. Methods of generalization and comparison allowed to assess the existing projects of modernization of public financial management financed by international organizations. The authors defined the possible forms of financing of government innovative projects and programs in Ukraine. For this purpose, methods of analysis and synthesis were used.
As a result, it is recommended to follow the directions of further cooperation between Ukraine and the EU on the development of project management along with performance-based budgeting. -
Financial and investment indicators for accelerating innovation development: Comparison of GII leaders and Ukraine
Olena Dobrovolska , Ralph Sonntag , Svitlana Kachula , Olha Hubaryk , Tetіana Savanchuk doi: http://dx.doi.org/10.21511/imfi.20(4).2023.35Investment Management and Financial Innovations Volume 20, 2023 Issue #4 pp. 452-466
Views: 73 Downloads: 30 TO CITE АНОТАЦІЯThe purpose of the paper is to determine the causal relationship between financial and investment indicators and the level of innovation development in GII leading countries and Ukraine. For a sample of 10 leaders in GII-2022 and Ukraine for 2011–2020, a correlation analysis was conducted based on the following indicators: the value of GII, foreign direct investment (net inflows), domestic credit to the private sector, ease of getting credit, protecting minority investors, and real interest rate. A positive relationship (with moderate/high strength) between innovation development and foreign direct investment has been proven in 7 out of 11 countries with a time lag of 0-2 years; domestic credit to the private sector – in 6 countries (lag of 0-3 years); and protecting minority investors – in 9 countries (lag of 0-2 years). For other indicators, the relationship is negative. Through VAR-modelling and Granger test, it is proven that the change in the value of foreign direct investment causes the change in the value of GII in 6 countries (bidirectional causality exists only in Ukraine); domestic credit to the private sector – in 6 countries, protecting minority investors and real interest rate – in 2 countries, and ease of getting credit – only in Switzerland. The results show that foreign direct investment and domestic credit to the private sector are the reasons for increasing the level of innovation development and have potentially the highest influence. In Ukraine, compared to GII leaders, only the factor of foreign direct investment is identified as a cause of innovation development.
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Assessment of financial sustainability of the local budgets: case of Ukraine
Liubov Lysiak , Svitlana Kachula , Oksana Hrabchuk , Milena Filipova , Anna Kushnir doi: http://dx.doi.org/10.21511/pmf.09(1).2020.05Public and Municipal Finance Volume 9, 2020 Issue #1 pp. 48-59
Views: 892 Downloads: 413 TO CITE АНОТАЦІЯWith the deepening of global financial and economic instability, the search for ways to increase fiscal sustainability becomes relevant in the crisis regulation system. This problem is compounded by the emergence of new global challenges, including the COVID pandemic. Timely and complex analysis of the local budget financial sustainability allows one to comprehensively assess financial and economic risks, identify social and other problems, consider planning deficiencies and, on this basis, form a sound and effective regional budget policy. The purpose of the study is to summarize theoretical and practical principles of assessing the financial sustainability of local budgets and to outline the directions for its improvement in Ukraine considering international practices.
The study revealed the lack of a unified system for assessing the financial sustainability of local budgets in Ukraine. On the basis of generalization of theoretical and methodological approaches, a system of indicators for estimating the financial sustainability of local budgets has been identified. The indicators were grouped and calculated. Based on the study of practical experience, measures have been specified that would contribute to a systematic approach to assessing the financial sustainability of local budgets in Ukraine.
It was concluded that a systematic assessment of the financial sustainability of local budgets is a prerequisite for making informed management decisions about necessary adjustments to the budget, improving the quality of budget planning and the effectiveness of budget policy.
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