Financial well-being of territorial communities and the economic growth of the regions of Ukraine: assessment and modeling of interrelation

Voznyak, Halyna; Mulska, Olha; Bil, Mariana; Patytska, Khrystyna; Lysiak, Liubov

doi:10.51599/10.51599/are.2022.08.02.08

Cited by 3 publications

(1 citation statement)

References 18 publications

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“…In addition to the financial component, the center-periphery relations that display themselves through social, economic, and managerial effects have an essential impact on territorial communities' socio-economic development (Storonyanska et al, 2020). It is impossible to achieve high living standards failing to secure an appropriate level of wellbeing (Voznyak et al, 2022a). Based on the construction of empirical time series, the relationship between the financial well-being of territorial communities as a set of determinants of the effectiveness of realizing the economic potential of the territory and the rates of economic growth of the regions was revealed.…”

Section: Introduction and Review Of Literature The Russian Invasion O...mentioning

confidence: 99%

Evaluation of self-sufficiency of territorial communities as the basis for ensuring their sustainable development

Voznyak

Стасишин

Коваль

2022

Agric. resour. econ.

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Purpose. The article aims to evaluate the level of financial self-sufficiency of territorial communities in terms of ensuring their sustainable development. Methodology / approach. An approach that involves the consequent implementation of compositional, empirical, and taxonomic stages based on the calculation of empirical parameters (based on the structural-spatial approach using the linear weighting) of structural levels (revenue and expenditure components) of financial self-sufficiency for the city, town, and village communities was developed to achieve the set objective. The general level of financial self-sufficiency is calculated based on the integral approach. The communities are ranged by the criterion of the efficiency maximization in the management of financial resources to achieve economic development. Results. The results of the evaluation for 73 communities showed that city territorial communities in Lvivska oblast had high (Lvivska) and moderate (Stryiska, Pustomytivska, Horodotska, Sudovovyshnyanska, Chervonohradska, Sambirska, and Kamyanko-Buzka) levels of financial self-sufficiency in 2021, so they were able to secure sustainable economic growth. The article reveals that 75 % of town communities had low levels of financial self-sufficiency (from 0.218 to 0.372), which is the consequence of weak fiscal capacity and, thus, low financial independence and high budget subsidiarity. Sokilnytska (0.788) and Solonkivska (0.637) village communities showed positively high results and 33 % had a moderate level of revenue component of financial self-sufficiency (from 0.414 to 0.553). The situation is triggered by their close location to the oblast center and sufficient fiscal independence. The ranking of communities by the criterion of the efficiency maximization in the management of financial resources revealed four groups. The group with a moderate level (45 communities) is the largest. Originality / scientific novelty. The article develops a scientific and practical approach to the evaluation of self-sufficiency of territorial communities. Unlike others, it provides the combined (integral) evaluation of the significance of the components of territorial communities’ financial self-sufficiency and allows the detection of the complementary impact of financial self-sufficiency on ensuring sustainable economic development of the territory. Practical value / implications. The article offers a set of tools to evaluate financial self-sufficiency of territorial communities. Their application by local governments will serve as the informational-analytical basis for the elaboration of measures to strengthen the capacity and self-sufficiency of territorial communities with modernizing the existing strategies or developing the territorial economic growth (or recovery) programs. The application of the methodological approach makes it possible to identify budget planning deficiencies timely and improve the efficiency of the use of financial resources of local self-government bodies.

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Section: Introduction and Review Of Literature The Russian Invasion O...mentioning

confidence: 99%

Evaluation of self-sufficiency of territorial communities as the basis for ensuring their sustainable development

Voznyak

Стасишин

Коваль

2022

Agric. resour. econ.

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International Remittances, Human Resources Outflow & Economic Growth: Dynamic Regression Models

Mulska,

Vasyltsiv,

Voznyak

et al. 2024

Financial Engineering

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The article presents an econometric analysis of the impact and elasticity of human resources outflow and remittance with economic growth in Ukraine. It is proved that remittance (1) has a direct relationship with economic activity rate, (2) a cyclical and multiplicative relationship with the inflationary process, and (3) an indirect effect on capital investment. It has been established that migration favorably affects the financial well-being of households and is an effective measure for accumulating investment capital and savings. The trigger for economic growth in the vector of ‘migration – remittance’ is the development of the migration capital market by increasing the investment capacity of remittance’, ensuring the target remittance orientation to the small and medium-sized business sector, guaranteeing market stability (security of remittance) and developing financial inclusion.

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Research of Dynamics and Forecasting the Budget Incomes From Excise Taxation: The Ukraine Experience

et al. 2022

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The purpose of the article is to determine the priority methods of forecasting the number of tax revenues from excise taxation as a source of formation of budgetary resources, taking into account the patterns of their dynamics. A methodical approach of determining the general patterns of the dynamics of the number of tax revenues from the collection of excise taxes to the budget of Ukraine has been developed. On the basis of this approach, it was established that the formalized description of the patterns of dynamics of tax revenues from the collection of excise taxes to the budget of Ukraine has significant differences depending on the scale of measurements. The usage of time series to forecast the number of tax revenues from the collection of excise taxes is also not appropriate due to their anti-persistence and fractal similarity. The study of the uncertainty of the dynamics of tax revenues from the collection of excise taxes makes it possible to predict the onset of periods of crisis reduction, with high convergence of results, regardless of the scale of measurement.Parametric forecasting of the number of tax revenues from the excise tax to the budget of Ukraine is carried out by taking into account the inertia of the dynamics of factors of influence, confirmation of causality between factors of influence, factors of influence and forecast indicators, determination of lag of causality, research of persistence of dynamics of the factors of influence. Due to the anti-persistence of the dynamics of some of the factors of influence, the forecasting of the number of tax revenues from the collection of excise tax was carried out using a set of parametric and scenario models. The results of forecasting the number of tax revenues from the excise tax on goods produced in Ukraine were lower than the official forecast by 10-12%. The results of forecasting the number of tax revenues from the collection of excise tax on goods imported to the territory of Ukraine coincided with the official forecast.

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Financial well-being of territorial communities and the economic growth of the regions of Ukraine: assessment and modeling of interrelation

Cited by 3 publications

References 18 publications

Evaluation of self-sufficiency of territorial communities as the basis for ensuring their sustainable development

Evaluation of self-sufficiency of territorial communities as the basis for ensuring their sustainable development

International Remittances, Human Resources Outflow & Economic Growth: Dynamic Regression Models

Research of Dynamics and Forecasting the Budget Incomes From Excise Taxation: The Ukraine Experience

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