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- ItemFinancial integration and macroeconomic sustainability: a sector approach to access to finance and the pre-crisis growth model(2016) Atanasijevic, Jasna; Najman, BorisWe analyze the determinants of financial constraints in 18 transition countries in Europe on a dataset from the enterprise level survey provided by EBRD in four turns from 2002 to 2008. All these countries had in common the fact that prior to the crisis they had based their growth model on financial integration (EBRD, 2009). Examining in depth the financing obstacle to business may bring some genuine answers on financial development and its effects on the growth of the real sector. The main result of the empirical estimation using the probit methodology is that a higher probability of financial constraint exists for a manufacturing enterprises in contrast to other industries. Besides an increased probability of facing access to finance as a very severe business obstacle, the estimation also reveals that manufacturing firms have more need for loans. In addition, the firms not using bank loans are more prone to state high interest rates and non-favorable non-price loan terms as reasons for not using external financing. This finding inspired us to formulate a more general hypothesis on the role of the financial sector in the macroeconomic effects of the applied development model in transition economies during the period before the crisis. Namely, two decades of uneven access to finance by manufacturing businesses (producing tradable goods) resulted in structural imbalances in the real sector that reflected in trade deficit, i.e. the underdeveloped tradable sector and the overdeveloped non-tradable.
- ItemАналіз чутливості економічного зростання в Україні до цінової кон'юнктури на світових аграрних ринках(2016) Баженова, ОленаУ статті здійснено емпіричну перевірку чутливості темпу зростання реального ВВП України та сальдо рахунку поточних операцій платіжного балансу до світових цін на аграрну продукцію на основі застосування векторних моделей авторегресії, яка засвідчила суттєву залежність вітчизняної економіки від цінової кон’юнктури на світових аграрних ринках. Аналіз статистичної інформації щодо експорту аграрної продукції підтвердив поглиблення його сировинної спрямованості та засвідчив, що основними ринками збуту аграрної продукції України є ринки країн з економіками, що розвиваються та формуються, зокрема країни Азії й Північної Африки, та деякі країни Європи. Показано, що вітчизняний аграрний експорт не є диверсифікованим, оскільки значні частки експорту тієї чи тієї продукції припадають на одну-дві країни.
- ItemOrganizational and Economic Fundamentals of Coverage of Railway(2016) Bazilinska, Olena; Panchenko, OlenaDuring the reformation of the railway and creation of its economic security, it is critical to study the organizational and economic fundamentals of the coverage of railway enterprises and define characteristic of formation of insurance relations between the railway enterprises and insurance companies. Improving the quality of insurance of the rail transport requires defining a legal framework regulating the coverage of railway enterprises, as well as presence of supervisory and control organisations that manage the implementation. Such organisations require a comprehensive application of financial, economic and organizational methods of regulation of relations in the relationship “railway company – insurer”. This study aims to disclose the organizational and economic fundamentals of the formation of the system of insurance protection of railway enterprises and to identify the areas for improvement in the process of activation of the reformation of the railway transport. In order to achieve this goal, we outlined the characteristics of the formation of insurance relations between the railway and insurance companies and define the fundamental rules to be followed in the process of cooperation. To ensure the implementation of the proposed railway insurance framework, we suggest to create an office for securing the rail transport, which, by using alternative methods, forms and presents a package of requirements for governing related services to a potential insurance company. We propose the main criterion for the selection of the foundation of the office to be the readiness to satisfy the needs of a transport operator and consider the implementation of an individual approach for providing insurance services.
- ItemValue Co-creation Management: Aspects of Students' Involvement at Ukrainian Universities(2016) Voropai, OlgaValue co-creation is a modern marketing and management approach that implies customer involvement in the process of generating values. The purpose of the paper is to identify the main directions of such cooperation in Ukrainian higher education. Value co-creation is defined as the holistic process of collaboration between the university management team, teachers and students, aimed at generating value for all stakeholders. Pros and cons of different co-creation activities are discussed, namely mass-customization, coproduction, co-marketing, UGC, student government, and co-management. Being a complex issue, value co-creation management is facing additional challenges in higher education. Low qualification of student participants, top-down initiative, systematic crisis of university education, and conflict of interests are all adding to the uncertainty of the effectiveness of this approach in the Ukrainian realities. The author discusses the perspective of further implementation of value co-creation management to increase university competitiveness and to gain a strategic advantage.
- ItemМонетарні стратегії: загрози реалізації в українській економіці(2016) Глущенко, СвітланаУ статті виділено та охарактеризовано фактори та умови економічного розвитку України, що нівелюють очікувані позитивні ефекти монетарних стратегій, зокрема вплив валютного та цінового каналів на українську економіку.