The purpose of the article is to assess the main aspects of the crisis caused by COVID-19 and the onset of a pandemic in the real sector of the economy in the context of ensuring economic security. The research methodology consisted of the application of methods of the hierarchical ordering of the impacts of the most significant aspects of the crisis caused by COVID-19 and methods of analysis and synthesis for evaluating statistical data. As a result, using the hierarchical ordering method, we identified the key and most influential factors and aspects of the crisis caused by COVID-19 and the onset of the pandemic in the real sector of the economy in the context of ensuring economic security. The study has limitations, which are that the analysis was based on data on Ukraine and its economic activity on the international market. Proposed a methodological approach to streamlining the negative impact of the crisis factors caused by COVID-19 can be used in the relevant government agencies. The novelty, which is presented in the article, has an original value, which consists in the systematization and analysis of data on the real sector of the economy for the period of the pandemic and the corresponding negative factors are highlighted. Also, their orderings were presented through the proposed model.

Since 2013–2015, financial inclusion has been considered a determinant of economic and social inclusion. Meanwhile, the impact of financial inclusion on economic development directly depends on financial stability. This paper focuses on the development peculiarities of financial inclusion in relation to ensuring financial stability and provides recommendations to Ukraine. The inclusive development theory and gap theory form the theoretical research base, while generalization, statistical methods, coefficient and graphical analysis, comparison and ranking represent its methodological basis. Financial institution development, financial literacy, income level, cashless economy, and public confidence have been justified as the content-forming factors and impact channels of financial inclusion on financial stability. The development peculiarities of financial inclusion are studied by cross-country analysis considering different financial system models and economic development levels. The weak points of financial inclusion in Ukraine are a sevenfold gap between the banks’ assets and non-bank financial institutions and 37% of the unbanked adult population. Moreover, there is a significant gap between the levels of human capital readiness and information security of banks’ digitalization compared to EU banks – by 2.5 and 1.3 times, respectively, and a critically high level of distrust in banks (70%) with a reasonably high share of payment applications users (58%).Further developing of financial inclusion and ensuring financial stability in Ukraine requires improving credit cooperation by transforming its structure from multi-institutional to mono-institutional and introducing the developed indicative tools for monitoring potential financial stability threats caused by technological innovations. AcknowledgmentThe study has been conducted within the framework of Applied Research “Ensuring financial stability of the financial sector of Ukraine’s economy on the basis of sustainable development and in the face of the latest epidemiological challenges” with the financial support of the Ministry of Education and Science of Ukraine (state registration number 0121U113271). The authors are also thankful to the editors and anonymous reviewers for their useful suggestions and comments to improve the quality of this paper.

The purpose of the paper is to identify promising areas of business architecture of the banking sector of Ukraine’s economy based on public-private partnerships. Business architecture integrates risks due to the predominance in a certain period of development of the banking sector of different business models. Its development should involve the subordination of private interests of the banking business to national and public needs to achieve economic growth. Such a public-private partnership should become an institutional tool for the formation and functioning of a business architecture, based on socially responsible banking.Development directions of business architecture of the Ukrainian banking sector based on public-private partnership are determined by the results of correlation and regression assessment of the impact of business architecture on economic growth in 2015–2020.The generalization of the effects on gross investment and gross consumption allows identifying the following areas for targeted changes in business architecture of the banking sector in Ukraine’s economy: 1) reducing the lending activity of banks with retail, corporate, and universal business models; 2) incitement the lending activity of banks with a corporate business model with retail financing and a business model of limited credit intermediation.The paper substantiates the feasibility of transition to mesoprudential banking regulation and supervision. The main priority of this approach is to reduce systemic risks, which is determined by the propensity for similar risks within groups of financial institutions with the same business models.

The present article generalizes the arguments and counterarguments within the scholarly discussion of creating the value of enterprise through the intensification of efforts of the innovative development of enterprises and searching for the better organizational forms of the innovative politics realization both on the national and on the regional levels. Special focus is on the possibility of adapting the international experience of the innovations-active countries. Main objective of the research is the grounding of the new formation of the innovation center within the cluster formation of enterprises for the purpose of creating their value. Systematization of the literature sources and approaches to the solution of the problem of creating the value of enterprises through the use of the innovation centers in the cluster formations proved that such a suggestion is reasonable, since the existence of clusters in Ukraine is already traditional and has certain economic effects, but their direction towards the realization of the innovative priorities of the development will stipulate the growth of their value both at the national and on the international markets. The topicality of the solution of present scholarly issue is constituted by the fact that the realization of the innovative development strategy in Ukraine is impossible without searching for the better form of the enterprise innovative activity realization, studying the foreign experience of the countries which have successfully overcome the crisis and realize the innovative development programs both on the macro and micro-levels. The issue of the enterprises value creation through the realization of the innovation centers in the cluster formations was studied in the article in the following logical order: The forms, functions and results of the international models of the innovative development management are analyzed with the allocation of the standards of the United States of America, some EU states (Great Britain, Switzerland and Poland) and the East Asian standards in the context of the experience of Japan, Singapore and South Korea) for the purpose of finding the best forms of the innovative development management for the possible adaptation at the international enterprises; the positions of the world community countries are studied according to the Global innovation index, business facility rating and index of the information and communication technologies, the rating of the countries is analyzed according to the innovative activity level.

This article is devoted to building of the equilibrium model between demand and supply on foreign currency at the Ukrainian Interbank Foreign Exchange Market (non-cash share). The authors discussed that appeared trade-offs are a product of established current foreign arrangement, administrative measures provided by the National Bank of Ukraine and range of fundamental variables, which are traditionally significant for Ukrainian economy. By means of FAVAR modeling model of demand and supply equlibrium on non-cash foreign currency was built on empirical data of Ukrainian Interbank Foreign Exchange Market, splitted into the periods, proposed by the authors. Next, it was discussed disconnection properties in the model and shown log-linearized specification of the one. The efficiency of fulfillment hypothesis on decointegrating of the fundamental variables' time series has been provided in form of critical statistics values. Also, instrument of GAP analysis of deviation from equilibrium state was proposed and the further analysis of a regulation style of monetary authority was provided. In conclusion, it was summarized that increased share of the cash out of the banks has significantly jeopardized the price stability in Ukraine and the NBU interventions would become more effective if the flexible foreign exchange rate will be accompanied with flexible regime of inflation targeting.