Том 3, випуск 1

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Customer Centric Marketing Strategy for Universities
(2018) Voropai, Olga
The purpose of the paper is to analyze the ways of using a customer centric approach to develop a marketing strategy for universities. Customer centricity is defined as the university marketing strategy that implies unique intra-disciplinary and interdisciplinary studies, bringing into line individual students’ experiences and capabilities with changing the market place and job opportunities. The main forces that urge higher education institutions to change the core of their marketing strategy are characterized; namely, MOOC development and eliminated geographical barriers that stimulate students’ mobility. Further, four important directions of customer centricity are described, depending on the role the students and other university target audiences play in the process: the customers being the source of sustainable competitive advantage; customers as the source of information for the company; customers as the source of information for other representatives of the target audience; customers as employees and value co-creators. Universities need to revise their marketing mix, implementing consumer-oriented elements and reducing students’ risks and expenses. Students should also be an essential part of the university’s integrated marketing communications as the source of relevant information for target audiences. In addition, the role of students in value co-creation needs significant expansion. Customer-centricity in this case will no longer be limited to the use of individual elements without significant positive effects, but it will ensure obtaining a long-term competitive advantage in the education market. In a world of life-long learners it will not only assist in completing singular transactions with first-year students but also ensure repeated “purchases” among alumni.
Empirical Estimation of Monetary Policy Ifluence on Stock Exchange Indicators
(2018) Lukianenko, Iryna; Sova, Y.
The purpose of the current research is to conduct the empirical analysis and develop adequate econometric instruments for estimation of the relationship between monetary indicators and stock exchange indices in order to determine the effective instruments for stock exchange market development in the short and long runs. During the research the following methods have been used: general scientific methods of system analysis and synthesis; generalization, systematization and grouping of data; modern economic and mathematical instruments, in particular, methods of vector autoregression. Study results. The conducted statistical analysis and the realization of developed econometric VAR/ VECM models using the real data allowed us to estimate the potential capability of state regulators to influence the development of stock exchanges in different groups of countries as well as to develop the most effective monetary instruments of stock exchange stimulation while taking into account internal and external risks in the short and long runs. The results of this research paper can be used when making management decisions by state regulators on the ways of stimulation of stock exchanges development in different groups of countries, in particular Ukraine. Conclusions. Based on the conducted research using the system of developed VAR/VECM models, it was empirically proven that the central bank and other regulators can actually influence stock exchange indices using monetary instruments, but this influence is only significant on the markets of developed countries (e.g., the USA). However, in developing countries the stock exchange index does not depend on short-term changes of monetary indicators, which decreases the power of regulators to affect the stock exchange indices. At the same time, stock exchange indices are significant factors that influence monetary indicators not only in developed countries (the USA) but also in developing ones (Ukraine, Poland). Taking into consideration the results of the current research, it can be deduced that the economy of Ukraine is still in the transition phase and is characterized by significant political and economic risks, while the monetary policy of the regulator is rather an ineffective instrument to control and regulate the capital markets. In addition, the development of stock exchange markets has a positive impact on macroeconomic indicators of the developing economy. That is why the development of the effective and liquid stock market is a highly important element of Ukrainian state economic policy, which can become one of the main factors of its economic growth in mid- and long runs.
Fiscal Mechanism of Unshadowing of the Economy of Ukraine
(2018) Bazilinska, Olena; Panchenko, N.
Under current circumstances, the imperfect conditions of economic activity, which are formed in the country, have a significant influence on the macroeconomic situation. As a result, the economically unreasonable tax legislation, aimed at instantaneous replenishment of the budget, leads to an excessive tax burden on the real sector of the economy and the formation of its shadow segment. The use of shadow transactions to conceal the tax revenue is a manifestation of deeper processes of redistribution of the gross domestic product in favour of the shadow economy and requires active measures aimed at improving the tax system. The main objective of the article is to consider a way to improve the existing fiscal mechanism by identifying the main reasons for the implementation of shadow operations and the transmission features, as well as to determine the directions of increasing the influence of the fiscal mechanism on reducing the shadow sector of the economy. The article reveals the influence of the fiscal mechanism on the unshadowing of the economy through the formation of a fiscal transmission in the Ukrainian economy as a process of successive transfer of impulses of the fiscal policy of the state, reflecting the relationship between tax instruments and business activity in the real sector. The main channels of fiscal transmission are five types of taxes that are defined by the Tax Code of Ukraine: corporate profit tax, income tax, value added tax, excise tax and duty. Each tax becomes a transmission channel of the fiscal impulse in the process of determining its main components and due to their transmission; a positive effect of unshadowing in the short run is achieved. However, to do this, support for the fiscal impulse should be ensured through changes in related areas of activity and the efficient management of taxation, which includes monitoring of the indicators of the taxpayers activities, performance by the fiscal authorities explanatory work of the tax legislation and introducing an effective tax administration system.
Government Debt of Ukraine: Tendencies and Consequences
(2018) Slaviuk, N.
Government debt is an ordinary phenomenon in the world economy. Government debt can be a source of investment and can influence the economic development. However, at the same time it can be a burden for the economy. It is proved that in case of financial instability, countries are forced to borrow on the internal and external financial markets, which can influence the economic stability. What is the case for Ukraine? This paper considers the current tendencies of the government debt of Ukraine. It examines the indicators of government indebtedness and their impact on the economy. The state and structure of the government debt of Ukraine have been analyzed. The results show the existence of a range of risks that can influence the economic development in Ukraine. The risks of high amounts of external government borrowings, the increase of state-guaranteed debt, ineffective usage of borrowed resources, and lack of control have been analyzed. The article presents propositions for the debt management improvement in Ukraine. The importance of government debt of Ukraine decrease has been proved. The propositions to cut the official level of government indebtedness has been expressed. Government borrowings can be an effective instrument for the development of the economy and the infrastructure development, but only on condition of effective usage and maintenance of a limited amount of government indebtedness.
Tax Evasion In Ukraine: Corporate and Personal Liability
(2018) Bui, Tetiana
The paper aims to clarify and determine the definition of liability for tax evasion (financial, administrative. and criminal); to identify the main legal and financial problems of different types of liability in Ukraine; to define possible ways of solving these problems based on the law and economics theory and foreign legal experience of the countries that have already implemented corporate liability for tax evasion (the USA, the UK). The study investigates the gaps in legislation that enable tax violations and do not motivate corporations and managers to deter crime, including the uncertainty of legislation on types of liability and its non-compliance with international practice; a low level of fines for tax violations and a low level of criminal liability qualification; absence of corporate liability for tax evasion, which is essential to deter crimes; the lack of reporting and whistleblowing due to the low security level. It is grounded that the range measures has to be taken to reduce the number of tax offences and increase the effectiveness of tax penalties in Ukraine. It is necessary to create preconditions for financial and administrative liability application instead of criminal liability. There is a need for introducing a strict corporate administrative and criminal liability for tax evasion. The government has to increase the limits of criminal liability since they are too low compared to international practice. The strong legislative system of whistleblowers’ protection is needed to ensure the reporting of wrongdoings.
Ukrainian Undeclared Work Survey: First Findings
(2018) Nezhyvenko, Oksana; Shumska, S.
This paper presents the first findings of the Ukrainian Undeclared Work Survey (UUDWS) that was conducted in the end of 2017. UUDWS is a direct method that aims to estimate the size and the nature of the undeclared work in Ukraine. This is the first survey of its kind in Ukraine and it takes into account both the demand and the supply side of the undeclared work in Ukraine. Our findings reveal that about 7 % of the respondents admitted having worked undeclared in the past 12 months, whereas about 46 % know someone who works undeclared, and every third respondent estimated that at least 50 % of the population of Ukraine work undeclared. The majority of the undeclared workers are between 35 to 54 years old, live in urban areas, and consider themselves asunemployed, employees, and self-employed. The main undeclared activities provided include home maintenance or home improvement services, selling farm produced food, gardening, car repairs, and selling goods/services associated with their hobbies. Among the main reasons for working undeclared are difficulties to find a regular job, seasonal nature of the work, common practice to work undeclared, the fact that the State does not do anything for people, and mutual benefit from undeclared work. The results contend that Ukrainian employees have low protection in terms of their salary, as a significant part is paid in the “envelope”. Finally, informal work generates on average a lower income than the formal one. In our research in progress, we address the perceptions and acceptance of undeclared work in Ukraine, as well as assess its main determinants.
Unleashing Ukraine's Economic Potential: Macroeconomic Multipliers from a Feedback Perspective
(2018) Tokarchuk, Taras; Bartelet, Henry
The purpose of the research is the empirical analysis andelaboration of the system dynamics approach to define and estimate the key drivers of the future macroeconomic stabilization and economic potential of the Ukrainian economy. The study used thegeneralization, systematization and grouping of data, methods of system analysis and synthesis as well as the system dyna mics methods and models. Research results. The analysis of the development of the Ukrainian economy in comparison to the Polish economic situation has been completed. We confirmed the hypothesis that many of the initial economic problems in Ukraine - such as a low aggregate demand and export competitiveness - have been the cause of the exchange rate regime. Elaborated system dynamics models not only allow to analyze the feedback structure of a national economy but can also be used to verify the effectiveness of the different implications for the economic policymaking in Ukraine in the coming years. The results of this paper are mostly exploratory and need further, deeper research before conclusions can be used for policymakers in order to elaborate the economic strategy which leads to improvement of the economic potential of Ukraine in the short and long run. Conclusions. Based on the empirical analysis conducted on the realization of the two types of the system dynamic models with the focus on explaining the interrelationships between domestic consumption, aggregate demand, inflation, export competitiveness, and exchange rate fluctuations, it was shown that although the currency peg has had a positive impacts on Ukraine’s energy imports, many of the other economic problems in Ukraine, such as a low aggregate demand and export competitiveness, have had place. It was also confirmed that the passage to flexible exchange rate regime is one of the important drivers of the economic potential and the competitiveness reinforcing as well as achievement of macroeconomic stabilization, especially in the long run.
Vector Error Correction Estimation of the Ukrainian Shadow Economy Share Using Currency Demand Approach
(2018) Shkurykhin, Andriy
In order to avoid the limitations of the available empirical informal sector estimation methods and the problem with availability and coherence in input data, Currency demand approach to shadow economy estimation is extended by evaluating a Vector Error Correction model for the Ukrainian economy, using monthly monetary statistics data. The possible critique of the choice of exogenous factors determining the shadow economy and influencing the currency demand is avoided by modelling only the endogenous relationship between the cointegrating time series, namely the logarithm of currency in circulation and the deposit interest rate. The model is proven to be dynamically stable with theoretically justified values of the estimated coefficient and suitable for further analysis. Through historical decomposition, the upper-bound estimates of the size of Ukrainian shadow economy are obtained under the assumptions that all the currency demand unaffected by interest rate shocks is generated by informal economic activity; and that money velocity in the observed economy serves as an upper limit for the corresponding parameter of the informal sector in each time period. These estimates are found to be consistent with contemporary published studies of Ukrainian shadow economy. The proposed approach is considered useful for rapid informal sector estimations and provision of initial and boundary conditions for Multiple Causes - Multiple Indicators and Computable General Equilibrium models.

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