The influence of social expenditures and their structure on economic growth in the OECD countries for the years 1980-2015 was estimated. It was established that higher rates of economic growth are observed in the countries with the accumulative principle of financing of social expenditures (on average, for the investigated period 2.94% as compared to 1,87% in countries with distribution systems). It was determined that low level of profitability of investment activity (for the analyzed period-2008-2015) was the main reason for slow development of the system of non-state social insurance in Ukraine. 75.94% of private pension funds had positive midyear nominal income, 26.3% of which had nominal income at the level of 10-20% and only 10.6%-more than 20%. Analysis of the formation of investment portfolios of non-state social insurance institutions in Ukraine was conducted so that to determine the influence of socioeconomic factors on income and risk profile of certain financial assets included in portfolio. The authors calculated the structure of two investment portfolios-in a favorable economic situation with low inflation and during an economic downturn, accompanied by high level of inflation. Calculations were carried out using the Markowitz method of investment portfolio optimization. The algorithm of investment activity management for non-state social insurance on the basis of the Prudent Investor strategy was developed.

The Ukrainian market of insurance services is at the stage of formation and development in the absence of a clearly defined model for further functioning. The purpose of the paper is to analyze the trends in the functioning of the Ukrainian insurance services market in the period of 2010–2021.The results of the study reveal the general trends in the functioning of the Ukrainian insurance services market in terms of transformational features of the market composition (a significant reduction in the number of insurers – by 2.5 times), concluded insurance contracts (a significant increase by 3.5 times), market concentration (moderately concentrated), the level of insurance penetration (the average value was 1.64%).Considerable attention is paid to the interpretation of the main indicators of market activity and their dynamics, in particular, in terms of insurance premiums and payments (the level of insurance payments was 32.2%), assets of insurers (increase by 1.5 times), formed insurance reserves (a noticeable increase by 3 times), digital transformation (in terms of internetization, individualization, digitalization).The study made it possible to form promising vectors for the development of the Ukrainian insurance services market based on the model of social responsibility of participants in the insurance process with clear digitalization outlines and the formation of insurance relations based on innovative approaches. AcknowledgmentThis study was supported by the Ministry of education, science, research and sport of the Slovak Republic [grant VEGA 1/0689/20 Digital economy and changes in the education system to reflect labour market demands].

Introduction. The level of social protection in the country depends on a number of socio-economic factors that affect the formation of its financial sources positively as well as negatively. The shadow economy in the country is one of the key factors. The purpose of the article is to conduct an economic and statistical analysis of the impact of the shadow economy on the financial support of social safety. Results. The level of the shadow economy is one of the most important factors influencing the financial security of the social protection system. The economic and statistical analysis of the empirical data on the OECD countries for the period of 1980-2014 with the use of the correlation and regression analysis and analytical grouping shows a direct correlation between the level of the shadow economy and the level of social spending per capita. The empirical regression equation y = 123777. 7 -331.625x shows that the growth in size of the shadow economy by 1% leads to a decrease in social spending per capita in PPP $ 331.62 (assuming constancy of other factors that influence the effective feature). The results confirm that countries with a higher level of shadow economy have lower social spending per capita. It is connected with the reduction of the sources of social safety funding. The situation of the shadow economy in Ukraine is extremely difficult, and it is such even if compared to not only developed countries. It has been revealed that shadow employment as a form of the shadow economy is one of the greatest reasons for the lack of financial resources in the system of social safety. It is calculated that annual financial losses of the social safety system are about 401.5-1147.2 million UAH. These losses are caused by the spread of informal employment in Ukraine. Conclusions. The analysis proves a need to combat the shadow economy and its manifestations today. However, existing methods of preventing this phenomenon are not effective, which is confirmed by the sustained performance of the shadow economy in Ukraine. From our perspective, it is explained by incomplete understanding of its main factors by the state. These factors influence the formation of the economy and the use of ineffective tools (increased administrative burden on taxpayers, increased fines, etc. The government initiative to reduce the amount of insurance premiums to the payroll has not reached its goal because of various conditions that constrain its positive side. It is advisable to concentrate further studies within the area of research on the ideas, methods and tools for reducing the shadow economy. It can be done with the help of an objective analysis of social and economic factors affecting the level of the shadow economy. Keywords: Financial Security; Social Protection; Financial Resources; Shadow Economy; Informal Employment JEL Classіfіcatіon: E24; G22; G23; H53 DOI: http://dx.doi.org/10.21003/ea.V158-20 Мальований М. І. кандидат економічних наук, доцент, кафедра фінансів і кредиту, Уманський національний університет садівн...

The analysis of the development of nonstate retirement insurance system for the period 2005-2012 is done in the article. Performed computations indicate a significant decrease in the development pace of the NSPF after 2008, which manifests both in absolute and relative indices. It is found that one of the important causes of development pace retardation is reduction of rate of return of NSPF. Close correlation between the net value of pension assets unit (NVU -index that reflects NSPF returns) and their size using an analytical grouping was proved. Correlation and regression analysis of the impact of selected factors on NVU of non-state pension funds (NSPF) of Ukraine was conducted. The author made a comparative analysis of quantitative and qualitative indices of NSPFs included in Top 10 and other market participants, which showed the superiority of NSPFs over all analyzed parameters. The main variation indices of investment activity of NSPF of Ukraine during 2008-2012 are determined. The main problems of further development of non-state retirement insurance system in Ukraine are outlined.

Анотація. Проведення соціальної політики, спрямованої на забезпечення умов життєдіяльності людини, реалізації і розвитку її інтелектуального і професійного потенціалу, є однією з головних функцій держави. Важливе місце при цьому займає розвинена система соціального захисту, фінансове забезпечення якої значною мірою здійснюється за рахунок державних коштів. У статті розглянуто особливості державного фінансового забезпечення соціального захисту населення в Україні за період 2002-2019 рр. Джерелом даних для дослідження були аналітичні дані бюджетного моніторингу Інституту бюджету та соціально-економічних досліджень, статистичні збірники Міністерства фінансів України та Державної служби статистики України, аналітичні записки Інституту демографії та соціальних досліджень імені М. В. Птухи НАН України. При дослідженні використовувалися загальнонаукові та специфічні методи пізнання. У процесі дослідження проаналізовано основні показники, що характеризують бюджетне фінансування соціального захисту населення у розрізі бюджетів України. Розглянуто динаміку зміни фінансування соціальних видатків з Державного бюджету України та їх структуру. Визначено особливості фінансування системи соціального захисту населення з місцевих бюджетів. Здійснено оцінку рівня самофінансування на соціальні потреби. Окреслено основні проблеми функціонування системи соціального захисту населення з огляду на обмеженість фінансових ресурсів у Державному та місцевих бюджетах. Запропоновано основні заходи щодо удосконалення у подальшому державного фінансування соціальних заходів шляхом: удосконалення міжбюджетних відносин через зростання повноважень місцевих громад при розрахунку потреби у фінансових ресурсах для соціального захисту населення; посилення адресності соціальної допомоги та підвищення ефективності її використання; оптимізації існуючої системи соціальних пільг та виплат.