The paper examines the relationship between economic growth and banking sector indicators in Ukraine. The constructed empirical model revealed a positive impact of bank deposits on real GDP growth. The causal relationships between economic growth in Ukraine and the performance of the banking sector are analyzed using the Granger Causality Test. It is established that banking deposits Granger-cause GDP, while banking credits do not, but GDP has an effect on banking credits. It is noted that the banking sector of Ukraine does not play a significant role in the redistribution of capital in the intersectoral and spatial dimensions. It is defined limiting factors of lending to the private sector and ways to increase the deposit base of banks.
In the article it is noted that the trigger for the emergence of financial instability is the accumulation of financial imbalances the spread of which leads to increasing vulnerabilities in the financial system, violation of its stability and reduce the level of financial security. The interrelations between financial imbalances, financial stability, financial instability, financial vulnerability, financial security, financial crisis are outlined. The article is aimed at determining key indicators in assessing the level of existing financial imbalances and developing a set of measures to resolve disequilibrium in the domestic financial system, taking into account European practice. The domestic practice of financial imbalances disclosure was summarized which gave the opportunity to justify the conclusions on ineffectiveness of the methods used in Ukraine, that allow only identify already existing threats in the financial system. The experience of European countries is examined, where the practice of identification of potential signals of financial imbalances is widely used, in particular, to identify imbalances in the economies of the EU the macroeconomic imbalances procedure was approved. The main indicators in assessing the level of existing financial imbalances are determined. Some contradictory aspects of applying macroeconomic imbalances procedures within the EU are identified. It is noted that the necessity of providing financial stability is a priority task of the economic policy of each state, because a stable financial system has the ability to restrict and eliminate disparities through self-regulation mechanisms before they lead to a crisis. Priority directions of development of the state system of financial imbalances regulation in Ukraine are proposed: legislative provision of comprehensive and systematic monitoring of financial imbalances; preparing the necessary array of statistical information; delegating the authority of evaluating financial imbalances and developing measures for their regulation by a unit of the government institution.
The article examines the financial architecture in the context of systemic and functional approaches that together constitute the synergetic approach. The functional approach is based on the concept of function for each component of the financial architecture towards the system in general, i.e., a major contribution made by each component in its development. It is proven that specific properties regarding the unity of general, universal nature and functional importance are implemented for each of the elements or corresponding subsystems of a particular system. The process approach allows analyzing systemic identification, management of existing processes and especially systems for managing the interaction of the given processes. The use of the approaches introduced in the article comprehensively and in close relationship with defined hypotheses allowed us to develop the concept of regulating the development of the financial architecture of national economy. Following the research results, we can conclude: one has developed and substantiated a complex of hypotheses, allowing making assumptions for each hypothesis, appropriate provisions for their proof and consequences of using hypotheses. Such an idea of hypotheses allows correctly defining the concept of conducted research and determining the key points of proving. One has stipulated a set of principles and grounded conceptual approaches, allowing identifying the particularities of implementing the principles using various approaches that represent a methodological basis for the development of the efficient concept of regulating the evolution of the financial architecture of national economy. It is substantiated that, in the context of the financial crisis and globalization of national economy, concepts should be practice-oriented because the financial market requires tougher regulation. One concludes that the developed concept of financial architecture regulation has a range of advantages: the concept is based on two hypotheses, the proof of which allows defining its practical basis consisting of the set of mechanisms for financial architecture regulation; it is based on relevant scientific and methodological approaches to research, namely the synergetic one allowing representing the self-organizing component of the financial architecture and its elements; the offered concept allows conducting the efficient regulation of financial architecture segments of national economy and their interaction in the context of financial globalization. Concept implementation tools include complex mechanisms: adaptation of the financial architecture and its components to environmental changes; internal regulation (of individual components of the financial architecture and its interaction areas).
In crisis conditions of economic development, it is the state’s assistance to economic entities that can improve the economic situation both in the regions and in the country as a whole. The taxation system of business entities should simultaneously stimulate business development and further fill the state and local budgets at the expense of tax revenues. Tax incentives are one of the leading elements of tax policy, which in turn pursue social and economic goals. The research aims to analyze the impact of tax incentives on business entities’ functioning and develop options that improve their efficiency and competitiveness. A detailed and comprehensive analysis of the best foreign practices allowed the authors to propose a mechanism for tax incentives in the system of state financial support for business entities. The authors also provided more detailed recommendations regarding individual instruments of state tax incentives and highlighted the most important practical aspects. The proposed recommendations can contribute to the development of business and the growth of innovative activity of economic entities, which will improve the economic situation in the regions and social progress in general through filling the state and local budgets with tax revenues.
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