Financial Space

Number 3 (19) • 2015

UDK: 336.71

Mykola H. DMYTRENKO

Candidate of Science in Economics, Professor, Cherkasy Institute of the State higher educational institution "Banking University"

Vasyl V. SHL’ONCHAK

Cherkasy Institute of the State higher educational institution "Banking University"

COMPREHENSIVE APPROACH TO ASSESSMENT OF EFFECTIVENESS OF CREDIT INVESTMENT BANKING

Methods of statistical analysis of time series have been used for determining a tendency of changes of credit investment bank portfolios and forecasting their values. An integral assessment of efficiency of the credit investment banking has been calculated. Multifactorial correlation and regression analysis has been conducted for determining the degree of impact of banks' resource base on volumes of their credit investment portfolios.

UDK: 336.17 (075)

Vyacheslav V. ANISIMOV

Candidate of History, Associate Professor, Cherkasy Institute of the State higher educational institution "Banking University"

BANKING THE CRIMEA IN THE CONDITIONS OF INVASION BY THE RUSSIAN FEDERATION

The article gives the chronology and has investigated capturing the Ukrainian banking system on the territory of the Autonomous Republic of the Crimea by the Russian Federation. The activities of the National Bank of Ukraine to block the illegal actions of the occupants have been analysed. The processes that gave impetus to capturing Ukrainian banks have been studied and their initiators and participants have been identified. The conclusions on the impact of occupation on the development of the Ukrainian banking system have been offered.

Full Article in Ukrainian

UDK: 336.77

Olena Oleksandrivna LAPKO

Doctor of Science in Economics, profesor, Banking Institute of Technology and Business SHEI "Banking University"

Svitlana V. ZAPOROZHETS

Candidate of Science in Economics Cherkasy Institute of the State higher educational institution "Banking University"

Ganna T. KARCHEVA

Doctor of Science in Economics, Associate Professor, Institute of Banking Technology and Business of the State higher educational institution "Banking University"

THE ACTUAL METHODS OF THE FOREIGN CURRENCY LOAN RECTRUCTURING

The author researched the active methods of the currency loans’ restructuring. In this paper the motive forces of the implementation of the restructuring methods in the nowadays conditions of the banking market development are characterized; the optimal criterion for the restructuring in accordance with the crediting parties’ interests are grounded.

Full Article in Ukrainian

UDK: 336.713:005.35

Anna LASUKOVA

Candidate of Science in Economics, SHEI "Ukrainian Academy of Banking"

CHANNELS OF CORPORATE SOCIAL RESPONSIBILITY AND VALUE OF BANKING BUSINESS CORRELATION

The article investigates the main aspects of the relationship of corporate social responsibility and the value of banking business through the system of influence channels. Article is devoted to the necessity of taking in account not only traditional marketing effects of the proceedings socially responsible banking, but financial also, which provide increasing in business value.

Full Article in Ukrainian

UDK: 336.773 (477)

Inna LINTUR

Candidate of Science in Economics, associate professor, Mukachevo State University

ECONOMIC STANDARDS OF THE NBU AS A WAY OF REGULATION CREDIT RISK IN BANKING ACTIVITIES

The article is devoted to the characterization of credit risk in the banking business in general, and to find effective ways to reduce credit risk. Determining the most effective and most common ways to analyze credit risk and choosing the right methods of measurement. As well as finding ways to reduce the negative impact of credit risk on the banking activity in general.

Full Article in Ukrainian

UDK: 336.77:656.7:061.5

Volodymyr LOTOTSKYI

National Aviation University

STAGES OF INTERACTION BETWEEN BANKS AND ENTERPRISES AND CRITERIA OF THEIR EVALUATION

In the article the stages of interaction between enterprises and banks, generalized criteria of possible interactions, the method of rating evaluation of the bank when choosing potential participant interaction, the method of evaluating the effectiveness of interaction between the company and the bank.

Full Article in Ukrainian

UDK: 336.771

Volodymyr I. MISHCHENKO

Doctor of Science in Economics, Professor, State higher educational institution "Banking University"

THE IMPACT OF THE BANKING CRISIS ON CHANGES IN BANK LENDING CONDITIONS

Based on the study of the methodological aspects of the development of banking and credit crises it was proposed indicators of early warning, which include: the rate of economic growth, the level of bank liquidity and capital adequacy, the pace of lending to the economy, the share of problem loans, the rate of devaluation and inflation, the rate of withdrawal of deposits, the banks' return on assets and equity and others. The research allowed to conclude that encourage credit activity is a complex process that requires specific approaches and tools, including: decline in the discount rate; priority of the refinancing of banks, credit strategically important state programs; issue long-term government bonds; the increase in the amount of compensation of deposits of individuals and the development of mechanisms for guaranteeing the deposits of legal entities; the use of consortium lending to priority economic projects with the participation of the National Bank of Ukraine.

Full Article in Ukrainian

UDK: 336.71

Nadiya V. ROGOZHNIKOVA

Cherkasy Institute of the State higher educational institution "Banking University"

PRINCIPAL TRENDS OF BANK LENDING IN MODERN CONDITIONS OF FINANCIAL AND ECONOMIC CRISIS

The article highlights the current state and dynamics of bank lending in Ukraine and gives an analysis of changes in the structure of loans. The main directions for improving credit activity of domestic banks have been defined. The problems which arose in the course of crediting have been revealed and their influence on the development of the national banking system and economy in general has been proved.

Full Article in Ukrainian

UDK: 339.7

Sergii TSYGANOV

Doctor of Economic Sciences, Professor, Institute of International Relations of Taras Shevchenko National University of Kyiv

Victoriia APALKOVA

Dnipropetrovsk national university Oles Honchar

DEVELOPMENT OF ELECTRONIC PAYMENT SYSTEMS IN UKRAINE: INTERNATIONAL ASPECT AND INSTITUTIONAL PRINCIPLES

The article analyzes the current stage of development of the electronic payment market in Ukraine. The key trends and factors of influence have been revealed. It was identified the place of Ukraine in the world rankings of digital progress and competitiveness. The obstacles to the intensification of the electronic payment services market in Ukraine have been determined.

Full Article in Ukrainian

Mohsen GHOBADI

PhD in Economic Science, Dehaghan Branch, Islamic Azad University, IRAN

Elhami SHARIFI

Dehaghan Branch, Islamic Azad University, IRAN

RELATIONSHIP BETWEEN OIL PRICES SHOCKS AND STOCK PRICE INDEXES IN IRAN

This research examines the long run and short run dynamics among oil prices, interest rates and stock prices in Iran over the most recent 15-year period 1999-2014. Using Johansen’s Co integration test we find the existence of long run equilibrium relationship between oil market and capital market in Iran. The short-term dynamics between the two markets are analyzed using Auto regression, VAR causality. We find unidirectional causality from capital market to oil market. The domino impact of up-waves in capital market is positive for oil market and remains statistically significant for few weeks, while being of opposite tendency in foreign interest rate. These results have wider implications for market integration, policy makers and analysts at large. Since these markets are integrated rather than segmented, from the perspective of investments, risk reduction cannot be achieved in the long run by holding assets from these markets in the same portfolio. However, diversification opportunities are not ruled out in the short run.

UDK: 336.748.12:338.23:336.74

Yuriy B. GANUSYK

SHLE “Vadym Hetman Kyiv National Economic University”

INTERACTION BETWEEN FINANCIAL AND MONETARY REGULATION AGENCIES BY THE OPTIMIZATION OF INFLATION PARAMETERS

The author’s definitions of the notions of the optimal inflation rate and finance and monetary inflation regulation have been presented. The functions of the financial and monetary regulation agencies in the process of optimization of the inflation parameters have been concretized and the problem of non-coordination of their activities while developing and implementing of the anti-inflationary measurements has been defined. The ways of interaction for the state regulatory agencies in the process of inflation management have been offered.

Full Article in Ukrainian

UDK: 339.74

Dar’ia GORDIEIEVA

Institute of the Banking Technology and Business of State higher educational institution “Banking University”

ANALYSIS OF EXTERNAL ASSETS OF REAL SECTOR OF UKRAINIAN ECONOMY

The article is aimed to analyze foreign assets of the real sector of the economy (enterprises and households). Analysis of the international investment position statistics showed that the main assets of this sector were currency and deposits, most of which is foreign cash outside the banking system, and also trade credits. The flows of cash foreign outside banks were analyzed, as well as such sources as the balance of the purchase-sale of foreign currency by households and private remittances from abroad. The increase in the outflow of foreign cash outside banks is accompanied by an increase in the demand for foreign currency by the real sector, not only in crisis period, but also during the elections. This fact indicates that there is the distrust of the national currency. Also the volume of «capital flight» was analyzed on the basis of the balance of payments statistics.

Full Article in Ukrainian

UDK: 336.762

Olga KAMBUR

Candidate of Science in Economics, Associate professor, Odessa State Academy of Construction and Architecture

Yaroslava KOSTENOK

Candidate of Science in Economics, Associate professor, SHEI "Kyiv National Economic University"

FEATURES OF FUNCTIONING OF DEPOSITORY SYSTEM OF UKRAINE

The article studies the current state of the depository system of Ukraine and its problems and prospects of development of definition in the future. A detailed study of the constraints of the depository system, the basic tendencies of its functioning and noted the inherent features. Recommendations on how to improve the depository system, which will enhance the investment potential of the country’s economy.

Full Article in Ukrainian

UDK: 311:336.012.23

Liudmyla MOMOTIUK

Doctor of Economic Sciences, Professor, The National Academy of statistics, accounting and audit

THEORETICAL APPROACHES TO STATISTICAL EVALUATION OF THE FINANCIAL STABILITY OF THE STATE

The paper summarizes the foreign experience of studying of indicators that are able to signal in advance of the approaching financial crises, and defined the most promising method of signal approach to forecasting of financial instability in Ukraine.

Full Article in Ukrainian

UDK: 336.76

Nataliya V. TKACHENKO

Doctor of Economics, Professor, Cherkasy Institute of the State higher educational institution "Banking University"

THE REFINEMENT OF ECONOMIC DEFINITION OF «THE FINANCIAL INTERMEDIARY»

Critical analysis of the essence of the concept of “financial intermediary” was done and the author’s interpretation of its content offer. On this basis, the number of participants of the financial market relating to financial intermediaries established. Signs that allow to characterize the financial intermediaries as institutional investors, are formulated.

Full Article in Ukrainian

UDK: 368.013

Nataliya V. TKACHENKO

Doctor of Economics, Professor, Cherkasy Institute of the State higher educational institution "Banking University"

Oksana VODOLAZSKA

Dnipropetrovsk national university Oles Honchar

DEBATABLE QUESTIONS OF THE THEORY OF INSURANCE PORTFOLIO

Scientific approaches to the definition of the concept of “portfolio insurance” are considered in the article. A critical analysis of this definition, taking into account multi-vector its interpretation, is done. Namely, analysis in terms of insurance contracts was made from the quantitative position. Taking into account the totality of the insurance risks assumed on insurance and functional purpose, an analysis was made from the quality position. On this basis the author’s interpretation of the concept of “portfolio insurance” is formed. The relationship with the established underwriting policy types of insurance portfolios is justified. Signs of classification of insurance portfolios are refined and supplemented.

Full Article in Ukrainian

UDK: 336.76

Natalia A. TSIKANOVSKA

Candidate of Science in Economics, associate professor, Cherkasy Institute of the State higher educational institution "Banking University"

THE SYSTEMATIZATION OF FINANCIAL INTERMEDIARIES BY TYPES AS THE BASIS OF THEIR SYSTEM'S FORMALIZATION

A critical analysis of approaches to the division of financial intermediaries carried out and on this basis the classification signs of financial intermediaries identified and ordered, the main types of financial intermediaries are presented. The system of financial intermediaries is formalized. This system takes into account the basic properties of open systems, the role of government oversight and self-regulatory organizations in the functioning of financial intermediaries, types of financial intermediaries on the type of active financial transactions, the list of institutions providing support services in the field of financial intermediation.

Full Article in Ukrainian

UDK: 336.77:338.43

Liubov V. CHERNIAVSKA

Cherkasy Institute of the State higher educational institution "Banking University"

FEATURES OF CREDIT OPERATIONS IN THE AGRICULTURAL PRODUCTION SECTOR

Essential features of commercial production in agriculture and the impact of these traits on the characteristics of the credit activities in agriculture are discovered in the article. The author makes a conclusion low levels of competitiveness in agriculture production requires an state stimulating activity for credit operations in agriculture and the creation of mechanisms for preferential crediting agricultural producers as well.

Full Article in Ukrainian

UDK: 336.76:338.5

Oleksandra SHEVCHUK

Candidate of Science in Economics, Associate professor, Lviv educational-scientific Institute of the State higher educational institution “Banking University”

Roman Ruslanovych DROBINKO

Banking Institute of Technology and Business

PRICE BUBBLES ON THE FINANCIAL MARKET: SIGNS OF FORMATION AND ALGORITHM OF DETECTION

The article summarizes the signs (indicators) of price bubbles development, reveals the general conditions that contribute to the formation of price bubbles; conducted empirical studies using historical data to determine the signs of asset prices trend change in the financial market; statistical methods and algorithm of detection of existing price bubbles in stock markets are proposed. Scientific and methodological approaches to the analysis of bubbles suggested in the article make it possible to analyze the current market situation, to determine (with a certain degree of probability) the presence of bubbles in the market for investment decisions.

Full Article in Ukrainian

UDK: 657.6

Mykhailo Y. GEDZ

Doctor of Science in Economics, Associate Professor, Cherkasy Institute of the State higher educational institution "Banking University"

CHALLENGES AND PROSPECTIVES OF AUDIT DEVELOPMENT IN UKRAINE

In the following article a research upon the essence of independent audit and fields of its use in terms of International standards on auditing. This research is very important for adaptation of Ukraine’s legislation to legislation of the European Union, and further development of independent audit in Ukraine. As a result of analysis and comparison a number of contradictions between International demands and several normative-legal acts of Ukraine which regulate conducting of audit were found. In order to improve audit in Ukraine introduction of National audit practice as a system of recommendations by regulatory organ on a national level was offered.

Full Article in Ukrainian

UDK: 657.6

Irina Yuriyivna TYMRIYENKO

PhD in Economic Science, associate professor, Vynnytskyy financial and the Economic University

Vyacheslav LYUBAHIN

Vynnytskyy financial and the Economic University

IMPROVEMENT OF METHOD OF AUDIT OF COMMERCIAL BANKS CREDIT OPERATIONS

In this article the areas of audit of credit operations of commercial banks; based on a synthesis of auditing standards and auditing practices recommendations for improving audit techniques lending operations; content specified stages of the audit; established a list of circumstances associated with credit transactions that affect the auditor’s report.

Full Article in Ukrainian

UDK: 338.24

Olha M. VYSHNEVSKA

Doctor of Science in Economics, Professor, Mykolayiv National Agrarian University

Svitlana DIUMINA

Mykolayiv National Agrarian University

INNOVATIVE FEATURES OF ENTERPRISE TECHNOLOGY RENEWAL IN AGRICULTURAL SECTOR

The article examined and grounded the directions of increase of innovative activity in the agricultural sector of the economy and the competitiveness of enterprises. Presented the peculiarities of innovation activity agricultural enterprises with new innovative solutions. Considered the directions retain of competitive position of enterprises. Determined competitive position and innovative production readiness.

Full Article in Ukrainian

UDK: 332.1:66

Irina Volodymyrivna TYAZHKOROB

PhD in Economic Science, Associate professor, Lviv Institute of Banking of State Higher Educational Institution «University of Banking»

INSTITUTIONAL PROVIDING OF EVALUATION OF EFFICIENCY OF REGIONAL STRATEGIES OF DEVELOPMENT

The results of comparative analysis of the institutional providing of evaluation of efficiency of strategies of development of regions are driven in Canada, countries of ЄС and Ukraine. It is marked that upgrading of strategies of development of home regions bringing in will assist to the process of their evaluation of not only government bodies but also public.

Full Article in Ukrainian

UDK: 332.13

Irina Volodymyrivna LESCHUKH

PhD in Economic Science, State Institution «Institute for Regional Studies of M.I. Doli shnjogo NAS of Ukraine»

MECHANISM OF FORMATION INFRASTRUCTURE SUPPORT SMALL BUSINESS SYSTEM METROPOLIS-PERIPHERY

In the article the features of the modern period of development of infrastructure to support small business in the metropolis-periphery system. Named the priorities and instruments of its activation, providing for the formation of an effective financial-credit and investment component, communications networks, organizational management, information and consulting, resource and personnel support.

Full Article in Ukrainian

UDK: 334.758

Anastasia Olegіvna OKSAK

Taras Shevchenko National University of Kyiv

INSTITUTIONAL APPROACH TO ASSESMENT OF М&А EFFECTIVENESS

The article contains the systematization of approaches to the effectiveness of mergers and acquisitions evaluation and summarizes performance score for each of the approaches. Institutional approach to performance evaluation is developed, which is based on the assessment of the interests of all stakeholders during corporate mergers and acquisitions.

Full Article in Ukrainian

UDK: 331.5.024.54

Kateryna Volodymyrivna BUYAR

State higher educational institution "Banking University"

INNOVATIVE STYLE AND METHODS OF HUMAN RESOURCE MANAGEMENT

This article confirmed a weighty role of personnel policy of the company, which carries out the administrative impact on employees and it is making and realized by employees. Therefore, the article accents the importance of the definition of human resources. Analyzing the components of human potential author concludes that the psychological characteristics of workers are important components of human resources. This proves the need to develop modern psychological methods and management styles.

Full Article in Ukrainian

UDK: 331.108

Oksana Volodymyrivna MAZORENKO

PhD in Economic Science, Associate professor, Simon Kuznets Kharkiv National University of Economics

E-RECRUITMENT AS ALTERNATIVE TO TRADITIONAL HUMAN RESOURCE MANAGEMENT TOOLS

The article is devoted to the modern tool of human resource management, namely, e-recruitment. As a result of research conducted the definition of the term e-recruitment is deepened, advantages and disadvantages of electronic recruitment compare with hiring traditional tools are identified, and main trends of its using by domestic organizations are defined.

Full Article in Ukrainian

UDK: 339.1+364-7

Volodymyr Volodymyrovych HUMENIUK

Kyiv National University of Trade and Economics

LENDING OF ENTERPRISES IN HEALTH-RESORT SPHERE

In the article throws the light upon the problematic aspects of enterprises lending taking into account field specifics of functioning health-resort sphere. The author analyses key factors of slowdown and decline of the scope in bank lending. Current trends, problems and prospects of intensification of non-bank enterprises lending of health-resort industry are outlined

Full Article in Ukrainian

UDK: 657.6:332.3

Olga Viktorivna ILCHAK

National University of Life and Environmental Sciences of Ukraine

METHODOLOGICAL SUPPORT OF ECONOMIC CONTROL FOR AGRICULTURAL LAND

The article deals with the problems of control of land use in agriculture under conditions of integration processes. The modern control methods of land use in agriculture are examined. Opportunities and ways to improve the control and its development in agriculture land use are proposed. Particular attention is paid to disclose international experience and modern methods of its treatments by international standards.

Full Article in Ukrainian

UDK: 338.43 (075.8)

Aleksandra Yurevna TARASOVA

Candidate of Science in Economics, Barnaul Branch of the Moscow Academy of Business chair at the Government of Moscow

DEVELOPMENT OF REGIONAL REINDEER BREEDING BRANCH IN AGRARIAN AND INDUSTRIAL COMPLEX

The existing approaches are added with tools of scenario planning and standard modeling that will allow to solve systemically problems of regional development taking into account their prevention mechanisms of management of regional agrarian sector on the example of Altai Republic and Altai Krai Are offered. The algorithm of the scenario of development of a maralovodstvo, a complex of indicators are developed for creation of the corresponding standard model. Prospects of branch in the region and its value for Altai are shown.

Full Article in Russian

UDK: 338.2

Nataliya Valeriyivna TKALENKO

Doctor of Economic Sciences, Associate professor, Chernihiv National Technological University

Оlena MYHAYLOVSKA

Doctor of Economic Sciences, Associate professor, Chernihivskyy natsionalnyy tekhnolohichnyy universytet

Roman KOVAL

Chernihiv National Technological University

APPLICATION OF THE PRINCIPLES OF LOGISTICS INFORMATION SYSTEM IN ROAD ECONOMY IN CHERNIGIV REGION

The article explored the views of scientists regarding the concept of «principle», described the basic principles of logistics information system and offered his own opinion on the definition of «Logistics Information System». Considered the Features of logistics information system of road construction and principles of compliance information logistics information system. Grounded the expediency of implementation of logistics information system at the subsidiary «Chernihiv Oblavtodor» Public Joint Stock Company «National Joint Stock Company» Roads of Ukraine.

Full Article in Ukrainian

UDK: 330.341.2.533

Оlena MATVIICHUK

PhD in Economic Science, Associate professor, Private Higher Education Establishment Academician Stepan Demianchuk International University of Economics and Humanities