Financial Methods of Influence on Innovative Modernization of Economy in the Context of the World Experience

Abstract

These article is about the objective preconditions and regularities of conducting transformational changes in the economy of different countries of the world on innovative basis. It is substantiated, that the development of innovative modernization of the economy should be one of the main means system of state regulation itself. The experience of developed countries of the world had analyzed with regard to the use of financial methods and tools for activating innovation and conducting R & D. It substantiated, that the necessity of implementation of this experience in Ukraine in order to ensure modernization of the economy through introduction of various tax privileges, accelerated depreciation of fixed capital, cheap loans, etc.. It had proved, that the development and implementation of financial regulation methods in the mechanism of innovation modernization of the economy should take into account the features and structure of the domestic economy, the depth of globalization transformations and the degree of development of financial institutions. The focus of financial regulatory methods for modernizing the economy involves the concentration, distribution and redistribution of financial and economic resources, reorientation of the economy towards an innovative model of development. The priority directions had determined and recommendations had developed on improving the institutional foundations of financial policy in the context of innovative modernization of the Ukrainian economy. Among the most important areas are the following: the search for new sources and increase of financing of innovative development, improvement of the effectiveness of the influence of financial instruments on the rate of economic growth, the growth of the share of high-tech component of the economy, etc.

Innovative Aspects of the Economic Development of Smes: Experience of the Eu and Ukraine

“…According to the authors, given the current situation, the most relevant areas for the development of domestic innovations today and in the near future will be the defence sector, healthcare, construction, IT industry, inclusive development and education. However, such a development is unlikely to be possible without the formation of national research institutions, which, as rightly noted by (Belyalov, 2022), can be centres of specialised in-depth knowledge and generate adequate responses to new challenges in the context of national priorities.…”

“…According to the State Statistics Service, almost 60% of large and medium-sized enterprises in Ukraine were able to achieve positive financial results in the first nine months of 2022 (Belyalov, 2022). However, it is unlikely that similar trends will be seen in the performance of small and microenterprises.…”

“…In the current situation, the issue of innovationin the post-war economic recovery of Ukraine should be researched and developed in the following areas: the role of innovation in creating new jobs, increasing labour productivity and competitiveness of enterprises, increasing exports and improving the living standards of the entire population (Belyalov, 2022).…”