VUZF Review <p><strong>Focus and Scope:</strong>&nbsp;finance, financial markets, banking, marketing, insurance, accounting and control, business, entrepreneurship, application of mathematics and ICT in economics.</p> VUZF University en-US VUZF Review 2534-9228 <p>The authors agree with the following conditions:</p> <p>1. Authors retain copyright and grant the journal right of first publication (<a href=""><strong>Download agreement</strong></a>) with the work simultaneously licensed under a&nbsp;<a href="" target="_new">Creative Commons Attribution License</a>&nbsp;that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.</p> <p>2. Authors have the right to complete individual additional agreements for the non-exclusive spreading of the journal’s published version of the work (for example, to post work in the electronic repository of the institution or to publish it as part of a monograph), with the reference to the first publication of the work in this journal.</p> <p>3. Journal’s politics allows and encourages the placement on the Internet (for example, in the repositories of institutions, personal websites,&nbsp;<a href="" target="_blank" rel="noopener">SSRN</a>,&nbsp;<a href="" target="_blank" rel="noopener">ResearchGate</a>,&nbsp;<a href="" target="_blank" rel="noopener">MPRA</a>,&nbsp;<a href="" target="_blank" rel="noopener">SSOAR</a>, etc.) manuscript of the work by the authors, before and during the process of viewing it by this journal, because it can lead to a productive research discussion and positively affect the efficiency and dynamics of citing the published work (see&nbsp;<a href="" target="_blank" rel="noopener">The Effect of Open Access</a>).</p> Functioning of the financial system of Ukraine in extreme conditions of martial law <p>The study highlights the current features of the financial system of Ukraine. Description and justification of extreme conditions of martial law in the country is a general context for the presentation of the material. It is determined that currently the financial system of Ukraine operates in conditions of non-cyclical stress caused by the war. Smoothing its features and fluctuations requires significant volumes and rapid external financing.</p> <p>The consolidated actions of international financial organizations and countries in financing the defense and humanitarian budget needs of Ukraine are shown. It is emphasized that the Ukrainian financial system restart in wartime has become one of the main tasks of fiscal and monetary policy of the state to ensure financial and price stability.</p> <p>Priority tasks for the country's financial system during the war have been identified. They are: attracting the necessary additional resources for macro-financial stabilization, maintaining the purchasing power of the national currency “hryvnia”, curbing inflation, strengthening regulated money circulation. The agreed joint action of the Government and the National Bank of Ukraine in resolving these problems is emphasized.</p> <p>The changes in the financial sector of the economy functioning are shown in the analysis of activity of the Government of Ukraine, the Ministry of Finance and the National Bank of Ukraine in the context of: a) financing the army and defense needs; b) features of managing the public debt.</p> <p>The growing role of the state in the periods of cataclysms and war is raised. It is emphasized that the financial authority of the state is the authority of the state budget. It is proved that the current consolidation of public financial management bodies is combined with the consolidation of society and government as a whole.</p> <p>Post-war restructure of political and economic system of states is expected. Life safety and prudent financing the relevant costs will require reformatting previously familiar standards and institutions. Ukraine's role in the new format of international relations can be seen in the political, economic and military aspects.</p> Volodymyr Korneev Copyright (c) 2022 Volodymyr Korneev 2022-06-27 2022-06-27 7 2 6 16 10.38188/2534-9228.22.2.01 Features of the monetary policy of central banks to combat high inflation <p>The article describes the measures taken by the central banks of the world's largest economies to combat high inflation. The authors give a definition of what exactly is considered high inflation, analyze the timeliness and effectiveness of taking anti-inflationary measures, and also answer the question of the need for the monetary authorities to react to inflation, which does not have an obvious monetary nature.</p> <p>In the article the particular attention is paid to the difference between the anti-inflationary policy of central banks in developed and emerging markets, as well as to the issues of coordination between the actions of the central bank and the government in the field of anti-inflationary policy. The authors point out the importance of increasing the efficiency of the transmission mechanism through the development of various segments of the financial market, including the derivatives market.</p> <p>As a result of the study, a hypothesis is put forward that there is a direct relationship between the development of the financial market, especially the capital market, and the costs of fighting inflation. Countries with less developed capital markets and smaller gold and foreign exchange reserves are forced to use the key rate of central banks to fight inflation, paying with their economic growth potential for the opportunity to have low inflation.</p> <p>The article also makes a fundamental conclusion that the risk of inflation has acquired global features, however has not yet affected all countries, bypassing those markets that traditionally struggled with the deflation factor, and their central banks had negative rates. As well, the article pays attention to the dependence of the foreign exchange rate on the difference between the levels of interest rates, and makes assumptions about the possibility of manipulating the foreign exchange rate through delaying anti-inflationary measures in order to stimulate exports.</p> Vitaliy Shapran Igor Britchenko Copyright (c) 2022 Vitaliy Shapran, Igor Britchenko 2022-06-27 2022-06-27 7 2 17 24 10.38188/2534-9228.22.2.02 Practice of the Implementation Cyber Security and Financial Inclusion at the Micro-, Macro- and Global Levels of the Economy <p><span lang="EN-US">Authors presented main aspects of cybersecurity in the current context of global challenges in terms of password protection Wi-Fi network, hacking detection, external cyber threats, complex mechanisms of hacking IT systems, cyberattacks that are complex and widespread. The opinion is expressed that one of the tendencies of development of cybersecurity of Ukraine is creation of the concept and introduction of technologies of Smart Information Systems. Main results achieved should be the ability to monitor, controllable, intelligent control of the decision-making system of digital asset management, which provides high reliability and high economic performance. Authors expressed the opinion that Enabling Financial and Digital Inclusion takes place through the implementation of the following chain type: “Financial identity – Secure electronic account – Ability to save, borrow, insure – Access to global economy”. In general, the future of finance in digital world, which involves the emergence of new qualities of financial literacy, is possible through the following vectors of development, namely: The finance factory, The role of Finance, Finance cycles, Self-service, Operating model, Finance applications and micro-services, Workforce and workplace. Main threats to national security are named, including the inconsistency of infrastructure and modern requirements; Insufficient efficiency and level of coordination of the security and defense sector of Ukraine. Pursuing the goal of successful implementation of the Cyber Security Strategy of Ukraine, it is proposed to move on to the following steps, namely: to follow the path of creating a national cybersecurity system; increasing the effectiveness of combating threats in the military sphere; cyber protection of state electronic information resources, as well as information infrastructure; protection of the interests of the citizen, society and the state in cyberspace. Authors presented a practical example of licensing DigitalLab by businesses to enhance cybersecurity through the use of DigitalLab-Light, DigitalLab-Express, DigitalLab-Standart, DigitelLab-PRO.</span></p> Kateryna Kraus Nataliia Kraus Olena Shtepa Copyright (c) 2022-06-27 2022-06-27 7 2 25 40 10.38188/2534-9228.22.2.03 Digitalization and ITS relationship with innovative development of the economy <p>The study is based on a systematic approach to the conditions for the formation and evaluation of the innovative development of the economy. A methodological approach to the innovative development of the economy was developed based on the construction of forecast models that reflect the share of shipped innovative products (foodstuffs), the export of agricultural products and food products, which contribute to the maximum profit of innovatively active organizations and the gross domestic product (GDP) of the agro-food sector. The modern mechanism for increasing the competitiveness of industrial enterprises in the European market is based on an innovative digital model of economic development, the activation of innovative and investment activities, the constant adaptation of enterprises to the conditions of the internal and external environment, taking into account risks and new conditions of digital transformation. It allows you to conduct a comprehensive trend analysis using the selected estimated indicators and taking into account various factors, which allows you to identify reserves for activating the innovative development of the national industrial complex in the context of the formation of the digital economy, in conjunction with the expansion of the use of information and communication services, to justify the areas for the development of innovative activities under conditions of digital transformation of production. The distinction lies in the development of the theoretical and methodological basis of the relationship between the digital transformation of the economy and the innovative development of industry, including the agri-food sector, and in the development of predictive trends.</p> Bartosz Mickiewicz Katsiaryna Volkava Copyright (c) 2022 Bartosz Mickiewicz, Katsiaryna Volkava 2022-06-27 2022-06-27 7 2 41 52 10.38188/2534-9228.22.2.04 Social consequences of the Covid-19 pandemic for Poles <p>The impact of the coronavirus pandemic on various areas of life is currently a key issue to which many scientific studies are devoted. This paper deals with social consequences of the COVID-19 pandemic for Poles. The purpose of this study is to analyze the effects in this respect. The materials used in the paper are mainly taken from the national literature. In the opinion of the authors of this article, this topic is extremely important, and at the same time, is an actual issue, because the COVID-19 pandemic is far from over, and the whole world is struggling with its consequences. As it appeared, the possibility of the second and third waves was indicated from the very beginning of the pandemic. Taking into account the events of the last few months, it can be assumed that an avalanche pandemic increase may be expected at any time. Thus, the implementation of the nationwide surveys may contribute to, the so-called, preparation for the following waves of the coronavirus. The consequences of the epidemic caused by the SARS-CoV-2 virus will be significant and it seems that it may affect all spheres of our lives. Polish society negatively assesses the very balance of the pandemic. The vast majority of them perceive the emergence of the economic crisis and notice the increase in inequality. It should be noted, that a small part of Poles sees some positive outcomes associated with the COVID-19 pandemic. It should be emphasized that the COVID-19 pandemic is not only a serious threat to society in the field of public health, but has also dramatic consequences for other social issues, such as economic security, democracy and gender equality.</p> Iwona Dudzik Irena Brukwicka Copyright (c) 2022 Iwona Dudzik, Irena Brukwicka 2022-06-27 2022-06-27 7 2 53 60 10.38188/2534-9228.22.2.05 Inflation targeting in Singapore. Lessons for Ukraine <p>Russian aggression in Ukraine posed a difficult task for Ukrainian monetary authorities. In order to keep stability of national currency exchange rate the National Bank of Ukraine (NBU) fixed the U.S. dollar exchange rate immediately after the start of the conflict. However, NBU acknowledged that it considers fixed exchange rate as an impediment to inflation targeting, which NBU has chosen as its policy for money and credit since 2014. The main aim of this article is to show that inflation targeting is possible under fixed exchange rate regime. Thus, the problem of policy choice for NBU is not so dramatic. Price stability is compatible with management of exchange rate in both practical and theoretical perspectives. In order to prove this thesis, we will look into Singapore’s experience of targeting inflation with fixed exchange rate.</p> <p>Singaporean experience of managing its exchange rate proves that greater flexibility is possible in the context of monetary policy choice. Depending on a situation Singaporean central bank is able to “lean against the wind” and shift swiftly between the corners of “Impossible Trinity” allowing greater control over exchange rate and interest rate in a short-term time horizon. Furthermore, management of exchange rate is compatible with inflation targeting paradigm which is strongly advised for a small-open economy by international financial organizations such as IMF. Singaporean experience also proves that the reaction function of MAS is compatible with the Taylor rule. Eventually, Singaporean economy maintains price stability without committing its monetary policy to interest rate targeting exclusively.</p> Artem Gergun Copyright (c) 2022 Artem Gergun 2022-06-27 2022-06-27 7 2 61 68 10.38188/2534-9228.22.2.06 Financial security during a pandemic SARS-CoV-2 Coronovirus pandemic in Poland <p>The year 2020 was sure dominated by the pandemic caused by the new SARS-CoV-2 coronavirus. Many effects of the COVID-19 pandemic appeared in the Polish economic reality, including those related to financial security. In connection with these changes, many important questions have arisen, among others: will the financial systems of Poland be stable during the evolving crisis situations, intensively changing social and economic conditions, and will the people participating in these systems be safe from a macro-and microeconomic perspective? In the face of the situation, are the safety net institutions prepared to fight the economic crisis? The aim of the article is to analyse and evaluate the Polish financial system during the pandemic. Efforts were made to indicate the impact of the negative consequences of the COVID-19 pandemic on the country's financial security.</p> <p>The pandemic affects the country’s economy in two ways, it has stalled many manufacturing industries and there has been a gap in the supply of products to the domestic market. All sectors of the economy experience disruptions leading to a shortage of good and the resulting higher prices thereof. Limited economic activity also generates lower tax revenues. Because it is precisely when the government increases spending, it results in larger fiscal deficits and greater public debt.</p> <p>The article focuses on discussing the potential effects of the COVID-19 pandemic on the stability of the financial system in Poland.</p> Jolanta Puacz-Olszewska Copyright (c) 2022 Jolanta Puacz-Olszewska 2022-06-27 2022-06-27 7 2 69 77 10.38188/2534-9228.22.2.07 Current trends, assessment and directions of digital economy development <p>The objective is to measure the level of the digital economy development in various countries, including the Republic of Belarus, the degree of their digital transformation and development of upcoming trends to improve efficiency of sector organizations activity information and communication technologies. At the present stage, the digital transformation of various countries is a global trend which enters all spheres of society. Digital technologies develop actively in the USA, China, South Korea, Japan and European countries. Each country develops and implements strategies and policies in the field of mobile communications and artificial intelligence in order to obtain competitive strategic advantages. Under these conditions, it is especially relevant and in demand to assess and create conditions for accelerating the pace of digitalization of national economies of various countries. The ICT sector of the Republic of Belarus plays a significant role in the introduction of modern technologies such as cloud computing, big data, the Internet of Things, digital manufacturing, mobility, and cybersecurity. In the long view, the sustainable development of the domestic ICT sector is one of the main factors affecting the economic growth of the country as a whole. It allows to conduct a comprehensive trend analysis on the selected estimated indicators, taking into account external and internal factors, which expands the possibilities of monitoring, evaluating and forecasting the development of the digital economy of various countries in a competitive environment. The originality lies in elaborating methodological foundations for the formation and assessment of the digital economy of various countries and in establishing upcoming trends for its development in modern conditions.</p> Bartosz Mickiewicz Katsiaryna Volkava Copyright (c) 2022 Bartosz Mickiewicz, Katsiaryna Volkava 2022-06-28 2022-06-28 7 2 78 87 10.38188/2534-9228.22.2.08 Assessment of the financial stability of the region <p>The article determines the need to assess the financial sustainability of the regional economy on the example of Donetsk region. The study is based on the development of methods and assessment criteria, which allow to determine the level of financial sustainability of the regional economy. The method of complex assessment, which allows most reliably assess the financial sustainability of the region on the basis of statistical data borrowed from official sources of statistics, has been chosen as an effective assessment tool. Characterization of the region allowed to analyze the processes taking place in the economy of the region. The assessment methodology presented by the author on the basis of financial and economic indicators made it possible to identify the state of the financial system of the regional economy. The application of the methodology of the complex assessment allowed determining the value of the integral index and classifying the level of financial sustainability of the economy of Donetsk region. According to the results of a comprehensive assessment of the financial sustainability of the economy on the example of Donetsk region has identified a number of problems affecting the stability of the financial system. As a solution, the author proposes a set of necessary measures to ensure the sustainable development of the financial system in the region's economy. The practical significance of the research lies in the possibility of applying the methods of assessment of the state and regional authorities and research results for further monitoring and adjustment of the regional policy, which will prevent crisis situations and improve the financial position of the regional economy.</p> Tetyana Korytko Copyright (c) 2022 Tetyana Korytko 2022-06-28 2022-06-28 7 2 88 96 10.38188/2534-9228.22.2.09 Dynamics of development of cash flows and trends in the market of telecommunications services in Ukraine <p>The article presents the results of an economic research of the dynamics of the development of telecommunications services markets in Ukraine in 2017-2021. The research was conducted by analyzing the dynamics of annual revenues from the provision of basic telecommunications services. Scientific works in the field of telecommunications, including the works of the author, were chosen as the methodological basis. The results of the research showed that, despite the difficult conditions in 2017-2021, the dynamics of telecommunications development was positive.</p> <p>The article uses forecasting and regression methods to determine the dynamics of the trend of financial cash flows in the telecommunications services market in Ukraine. It is chosen the linear function of forecasting and building the trend of financial cash flows in the telecommunications services market in Ukraine. The obtained forecasting results allowed us to conclude that financial cash flows in the telecommunications services market in Ukraine will continue to grow. It is determined that the development of the telecommunications services market in Ukraine is not strongly influenced by economic factors.</p> <p>The originality and scientific novelty of the work consists was detailed research of the dynamics of the development of telecommunications in the context of the introduction of new technologies, in difficult economic conditions. The practical value of the research lies in proving the fact that the dynamics of telecommunications development in the most difficult conditions is positive.</p> Lyubov Striy Оlena Chukurna Ekaterina Tanashchuk Copyright (c) 2022 Lyubov Striy, Оlena Chukurna, Ekaterina Tanashchuk 2022-06-28 2022-06-28 7 2 97 106 10.38188/2534-9228.22.2.10 Formation features and economic forecast of the production potential growth of the agro-food organizations <p>The article considers the main approaches to the composition, structural elements, features and assessment of the production potential of organizations in the agro-food sector. The application of an integrated approach to assessing the production potential of organizations in the agro-food sector according to the scheme: resources-maximum opportunities-result-evaluation-forecast has been substantiated. Based on these positions, fixed and working capital, labor resources can be combined into the concept of "production potential of organizations in the agro-food sector". If there are sufficient resources, their rational structure, the organization of the agro-food sector has the necessary conditions for production and commercial activities, the achievement of planned goals and development parameters, and the generation of economic benefits. The assessment of the level of the production potential of the agro-food sector is based on the use of the following approaches: dialectical, which allows us to consider the production potential as a complex, multilateral, contradictory phenomenon, taking into account its development and constant movement; systemic, which allows to explore the production potential as an integral complex of interrelated elements, to establish the method, nature of the relationship between them, as well as the internal relationship of categories; synergistic, considering the production potential as a self-developing system, which makes it possible to justify its growth as a result of combining individual elements into a single system, that is, by obtaining a systemic effect.</p> Katsiaryna Volkava Copyright (c) 2022 Katsiaryna Volkava 2022-06-28 2022-06-28 7 2 107 115 10.38188/2534-9228.22.2.11 Economic analysis of passenger transport at polish airports before and during the Covid-19 pandemic <p>The subject of the article is the economic analysis of passenger transport at polish airports before and during the COVID-19 pandemic. Air transport is considered as an integral part of polish transport system, which significantly increased the dynamism of service development, after joining the European Union by Poland. Along with the globalization of production and international economic exchange, the demand for efficient communication between airports is increasing. During the initial phase of the pandemic, the passenger transport had stopped altogether and afterwards was significantly weaker compared to the times prior to the pandemic. It was caused by the closure of borders and partial suspension of transport connections. One of the key tasks for airports is the provision of passenger service at the appropriate level. The level of passenger service can be considered satisfying his needs in terms of quality, punctuality, comfort and reliability. Important issues in ensuring the appropriate quality of service is the possibility for the passenger to choose more than one airport, as well as the profit from non-aviation activities. One of the most important factors influencing the passenger service process is the activity of air carriers, staff and management of the airport, as well as services located within the airport. As a consequence of spreading the coronavirus (COVID-19) worldwide and the actions taken by the authorities, the demand for international traveling at polish airports ceased to exist at the time. The article presents an economical analysis of passenger transport before and during the pandemic.</p> Marek Magniszewski Copyright (c) 2022 Marek Magniszewski 2022-06-28 2022-06-28 7 2 116 126 10.38188/2534-9228.22.2.12 Checking econometric models in times of market and consumer change <p>The aim of the article is to present the checking of econometric models in times of market and consumer changes. The development of the SFP balance, the budget deficit against real GDP in the years 2010-2019 and the debt forecast for the years 2021-2024 are presented here. It can be noted that different factors in different countries shape the budget balance. In 2009, the Baltic States were in the most difficult situation. The budget deficit and real GDP in Poland mean that a large part of the deficits in the economic situation is subordinated here. This shows that it is not cyclical factors that are behind it, but factors related to fiscal policy. The biggest problem was the problem in which the global financial crisis began and our deficits began to increase rapidly. The source of coverage had to be found. An additional problem was the pension reform related to OFE when we did not see it in the deficit, but we still had to incur a debt for funds transferred to OFE about PLN 20 billion per year. There was an idea to take some of these funds out of the sector. The pandemic has cast a shadow over our finances. The strategy prepared before the pandemic assumed that public debt would increase in nominal terms, but there would also be a significant decrease in relative terms to GDP. The flexibility that took place in 2015 caused that there was an expenditure expansion in Poland, and this consequently led to the appearance of the "gluttony effect". In Poland, there was a high increase in GDP, but Poles spent more, which made Poles "overeat" this increase. In addition, we are glad that we have a high GDP, and in fact it is falsified by inflation.</p> Marcelina Słaba – Wiącek Copyright (c) 2022 Marcelina Słaba – Wiącek 2022-06-28 2022-06-28 7 2 127 134 10.38188/2534-9228.22.2.13 Trends and economic forecast of sustainable development of world production of meat and meat products <p>The article presents an analysis of the world production of meat and meat products in general, by type and by region, and a forecast for production of poultry meat is calculated. In general, the world market of meat and meat products is characterized by positive trends in increasing production and processing volumes, expanding the range, which is reflected in the level of consumption by the population. In most countries, production of meat and meat products is focused on the domestic market. An assessment of the dynamics of exports and imports of meat and meat products is given, a forecast for world exports of poultry meat is made. The dynamics was studied and a forecast of sustainable production and export of chicken meat in Poland was given. The results of the analysis carried out are necessary to assess the level of food security and its determinants, as well as to develop a strategy that takes into account current trends in the global agriculture food market. Promising directions for sustainable development of the global meat and meat products market have been developed: development and effective use of innovative resource-saving technologies, improving quality and competitiveness of products, taking into account consumer preferences and food personalizing, strengthening national positions and increasing export supplies to the international food market.</p> Bartosz Mickiewicz Copyright (c) 2022 Bartosz Mickiewicz 2022-06-28 2022-06-28 7 2 135 142 10.38188/2534-9228.22.2.14 Marketing means of communication of the independent commercial enterprises with consumers (using innovative technologies) <p>The article presents a critical analysis of the bank’s marketing means of communication with consumers in the conditions of economic and classical war. In particular, the tools of interactive marketing, marketing tasks to increase loyalty to the brand and its products, raising audience awareness, the use of innovative Internet acquiring systems are analyzed. The differences between the uses of marketing tools by financial institutions from purely economic ones are given. The challenges of the war for the financial sector of Ukraine as a whole are assessed. The marketing activity of the leading Ukrainian bank of Ukraine – PrivatBank are analyzed. The practical activity of this bank proves the need for continuous improvement of marketing communications with customers. In order to improve communications between a commercial bank and consumers of its services, a PEST analysis and SNW analysis were conducted. Marketing communications, brand, image and development of the researched enterprise need significant improvement. The results of our study will be useful to all who study the problematic issues of effective use of marketing tools and communications of independent commercial enterprises in working with consumers, users and customers in difficult socio-economic conditions. The results of our study will be useful to all who study the problematic issues of effective use of marketing tools and communications of independent commercial enterprises in working with consumers, users and customers in difficult socio-economic conditions.</p> Tetiana Dronova Yuliia Horiashchenko Copyright (c) 2022 Tetiana Dronova, Yuliia Horiashchenko 2022-06-28 2022-06-28 7 2 143 151 10.38188/2534-9228.22.2.15 Family firms in Poland. The impact of the Covid-19 pandemic on the economic and financial situation of selected family firms <p>Every business in Poland was affected by the crisis caused by the Covid-19 pandemic. The negative impact on industries varied, this was due to the specifics of each industry, such as providing direct-to-consumer services. Pandemic restrictions caused such companies to not function and often declare bankruptcy and close down in the market. In the study, the author focused on family businesses, which have their own characteristics and 99% are micro and small businesses. What because of their low level of savings, they operate in monthly accounts, using the principle of "from 1 to 30 each month". The reason for this is the low level of savings and profit generation. As a result, this type of companies is not immune to the negative factors that determine the functioning of family businesses. The purpose of the author's study was to obtain information on what are the effects of the pandemic in companies that are among some of the most affected industries in the economy. For this purpose, the researcher conducted a study using the interview method. With the information obtained in the qualitative research, the research objective was achieved. The result of this work was the recommendations placed at the end of the publication.</p> Izabella Kęsy Copyright (c) 2022 Izabella Kęsy 2022-06-28 2022-06-28 7 2 152 162 10.38188/2534-9228.22.2.16 The instruments of the ratio analysis in the assessment of economic and financial situation of the bank <p>The activity of every bank is regularly submitted control and assessment. One of the method’s serving the measurement of financial condition and the effectiveness of the activity of the bank is the ratio analysis. It is the calculation of the rates on the basis of the data included in the financial reports and their comparative assessment in time. The rates are constructed on the basis of mathematical rule of comparison of the two quantities which is the designating of their ratio.</p> <p>In the article there were characterized the six groups of the rates. There are the following ones:</p> <ol> <li>the rate of capital adequacy;</li> <li>the measures characterising the accounting liquidity;</li> </ol> <ul> <li>the values of the assets and liabilities;</li> </ul> <ol> <li>the artes of profitability;</li> <li>the rate of the effectiveness of the usage of the resources (the productivity index);</li> <li>the rates of stock market.</li> </ol> <p>Ratio analysis is the commonly used financial instrument for the assessment of economic and financial condition of the bank. The method requires the appropriate selection of the taxonometric tools. They must meet the needs and simultaneously give the complex picture of the situation. While making the interpretation of the obtained results, it is essential to make the analysis of their reason to show the changes and to make the assessment of the results of them. The designated values of the rates and their assessment are the subject of interest especially of the owners of the bank and the people who manage, these are: the banking supervision, investors, clients and the individuals and legal persons cooperating with the bank.</p> Anna Małgorzata Jatczak Copyright (c) 2022 Anna Małgorzata Jatczak 2022-06-28 2022-06-28 7 2 163 169 10.38188/2534-9228.22.2.17 Competencies of top management, and the needs of 21st century enterprises in a VUCA world <p>Modern management styles are a response to the changing environment, chaos, turmoil and reality, including generational changes and the resulting different requirements and approaches to reality. Therefore, it is obvious that more and more is expected from leaders. In the countries of the European Union the necessity of changes is being noticed not only in the environment, but also in all areas of economic life, management, social relations and political conditions. More and more often we hear about the "new normal", about a chaotic and uncertain reality in which the old, known and liked solutions cannot be used. All this has to do with the new challenges and modern approaches emerging in organizations, which are forced by, among other things: the new space of state devices, diversity of generations, digitalization, globalization and technological acceleration. Every day we witness the appearance of a huge amount of new information and it is increasingly difficult to select those most important for the organization. Permanent change makes marketing strategies and the whole strategic planning process shaky. Practically, in the world of managers, the statement "the world has gone mad" or "the world is standing on its head" is no longer used, more often we hear "VUCA World".</p> Marek Wolanin Copyright (c) 2022 Marek Wolanin 2022-06-28 2022-06-28 7 2 170 182 10.38188/2534-9228.22.2.18 Global consumer trends for sustainable milk and dairy production <p>World production of milk and dairy products is characterized by stable growth dynamics. It has been established that the quality of incoming raw materials, the specialization and organization of the technological process, as well as the peculiarities of the functioning of the food market have a great influence on the creation of sustainable production of milk and dairy products.&nbsp; Herewith, the development of the market for milk and dairy products is influenced by global consumer trends, such as the growing attention to health care, passion for sports, an active lifestyle and healthy eating. This led to the formation of a market demand for new product formats designed to meet the specific needs of individual consumer groups. The article gives an assessment of the dynamics of world milk production by types, regions, exports and imports of milk and dairy products, and provided forecast of world production and exports of dairy products. The results of the performed analysis are necessary to assess the state and development of the dairy industry in the context of global trends, promising areas for sustainable production and its effective functioning, as well as potential opportunities for cooperation between countries. The most important areas of sustainable production should be further expansion of the market capacity of dairy products by increasing its range, expanding economic and physical accessibility, implementing targeted programs to ensure healthy nutrition of the population, as well as increasing export and logistics potential through effective integration into the global market space.</p> Bartosz Mickiewicz Katsiaryna Volkava Copyright (c) 2022 Bartosz Mickiewicz, Katsiaryna Volkava 2022-06-28 2022-06-28 7 2 183 192 10.38188/2534-9228.22.2.19 Financial losses of Ukraine’s agricultural exports and ensuring food security during martial law <p>This article is devoted to study of Ukraine’s agricultural exports and financial losses in agriculture due to russian military aggression. The dynamics and structure of Ukraine’s agricultural exports in 2021 and during martial war are analyzed. The main problems faced by agricultural enterprises during martial law have been identified. It has been established that the suspension of Ukraine's agricultural exports is connected with blockade of the Black and Azov Seas by the russian military. The material assets and agricultural lands of enterprises were also significantly damaged, and thefts, exportation of grain crops, fuel and mineral fertilizers were observed in the occupied territories in Ukraine. Indirect financial losses of Ukraine’s agricultural exports and agriculture of Ukraine during martial law were determined. The directions of support of Ukraine’s agricultural exports by the Government of Ukraine, world leaders and international organizations during martial law are studied. The directions of optimization economic activity of agrarian enterprises of Ukraine during martial law are substantiated. Ways to diversify logistics routes for Ukraine’s agricultural exports and food security in the world during martial law are proposed. The need to unblock Ukraine’s agricultural exports in order to prevent food starvation in African countries and ensuring food security in the world is pointed out.</p> Maksym Bezpartochnyi Igor Britchenko Olesia Bezpartochna Copyright (c) 2022 Maksym Bezpartochnyi, Igor Britchenko , Olesia Bezpartochna 2022-06-28 2022-06-28 7 2 193 204 10.38188/2534-9228.22.2.20 Current state and prospects for the development of Digital financial literacy in Ukraine <p>The digitalization of financial services of banks and financial institutions has become important in the digital economy and has spread significantly during the pandemic. Digital financial literacy has become urgency. For its part, this has led to a new cycle in the development of digital financial literacy. The purpose of this article is to study the development of digital financial literacy in CEE countries and to develop recommendations for the implementation of national strategies for digital financial literacy, including for Ukraine. Identify factors and potential problems that may arise on a result of developing and implementing national digital strategies of financial literacy and identify the main components and indicators for evaluating the implementation of these strategies.</p> <p>Determined that, Ukraine has everything necessary for the successful implementation of initiatives in the field of financial technologies, namely: growing penetration of mobile communications and the Internet, innovative banking institutions, the availability of world-class talent.The creation of a separate unit on digital financial literacy in the National Bank of Ukraine, responsible for implementing the national strategy of digital financial literacy will ensure the unity of scientific and economic policy and integration of NDFIS development goals into digital modernization projects based on powerful feedback mechanisms. The main tasks of such a unit will be to develop appropriate methodological support for selecting and tracking the results of the implementation of the national strategy, assisting staff employed in the implementation of NDFIS and even reviewing the existing structure and powers of executive bodies at national and local levels.</p> Olena Sobolieva-Tereshchenko Valeriia Zharnikova Copyright (c) 2022 Olena Sobolieva-Tereshchenko, Valeriia Zharnikova 2022-06-28 2022-06-28 7 2 205 215 10.38188/2534-9228.22.2.21 Successful territorial brand formation (on the example of Singapore) <p>Main directions of improving the strategy of Ukraine's external debt management based on the results of the assessment of the main indicators of external state debt in relation to the criteria of economic security and the impact of external debt on key macroeconomic indicators are substantiated in the article. According to the results of the regression analysis of the relationship between main macroeconomic indicators and indicators of external debt, it was concluded that the external debt has an ambiguous impact on the economy of Ukraine. The hypothesis about the negative consequences of increasing the external state debt for the economy of Ukraine has not been fully confirmed. Based on the analysis of the data for 2008-2020, the direct impact of changes in external debt on GDP in actual prices, as well as the direct impact of gross external debt on changes in GDP per capita was identified. This confirms a positive role of external borrowing in ensuring Ukraine's economic growth. At the same time, the inverse dependence of Ukraine's GDP on changes in external debt per capita and the ratio of total payments to service external debt to state budget revenues was revealed. The dependence of GDP per capita on the ratio of total external debt service payments to state budget revenues is also inverse. &nbsp;The results of the study suggest an ambiguous impact of external debt on the national economy, which necessitates effective management of the external debt. The Long-Term Strategy for Ukraine's External Debt Management until 2030 should become an important institutional tool for reducing threats to the country's economic security arising from the growing debt burden. &nbsp;The purpose of the proposed Strategy is to minimize the cost of servicing external debt in the long run and reduce the level of relevant risks.</p> <p>&nbsp;</p> Iryna Babets Іvan Mytsenko Copyright (c) 2022 Iryna Babets, Іvan Mytsenko 2022-06-28 2022-06-28 7 2 216 228 10.38188/2534-9228.22.2.22 Competitiveness of the European Union Member States according to the Institute of Management Development index (IMD) <p>The competitiveness index of the Swiss Institute for Management Development (IMD International for Management Development), based in Lausanne, is calculated and published in the World Competitiveness Yearbook - the leading annual report published annually since 1989. Until 1995, the report was developed jointly by the IMD and the Index of Economic Freedom (IEF). IMD publishes the World Digital Competitiveness Ranking, which measures the ability of 64 economies to adapt to digital technologies and the readiness to search for new applications of digital technologies as a key factor of economic transformation in industry, the public sector and broadly understood social relations. The IMD index provides a general overview of the factors that determine the level of competitiveness. Currently, these factors are analyzed in four categories defining the competitiveness of the economy, i.e.: economic situation, government efficiency, efficiency of the public and economic sector, infrastructure.</p> <p>To assess the competitiveness of EU Member States, taking into account the IMD index, rankings for 2010 and 2020 published by the World Digital Competitiveness Ranking were used. Research results indicate that the countries that achieved the best results in the IMD ranking are also leaders in the competitiveness ranking based on GDP per capita published by the European Commission.</p> Alina Walenia Copyright (c) 2022 Alina Walenia 2022-06-28 2022-06-28 7 2 229 235 10.38188/2534-9228.22.2.23