Jozef Antoni HABER

PhD, Professor, Poznan School of Business, Faculty in Chorzow, Poland.

FINANCIAL CRISIS: TOWARDS A NEW POWERSHIFT

The Authors reviews financial crisis and its impact on the process of building new power shift geometry in the world. Is analyzing consequences for the future international economic relations especially for Europe, Poland and Ukraine.

UDK: 336

Nicholay N. TRENEV

Doctor of Economic Sciences, Institute of Control Sciences

MECHANISMS OF ELLIOTT WAVE PATTERNS IN FINANCIAL MARKETS

The stock market is subject to ups and downs that occur regularly. Prices in the stock market are both strongly conservative, and highly exaggerated. Economically grounded prices are in those moments when the market is like a pendulum, penetrate them from the bottom up or top down. Studying the mechanisms of occurrence and development of this turn of events and is dedicated to the proposed study.

UDK: 346:368

Victoria P. DARAGAN

Candidate of Law, Associate Professor, Cherkasy Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

PROBLEMS OF THE STATE REGULATION OF THE RISKS ARISING AT FINANCIAL SERVICE MARKETS

The modern stage of insurance development all over the world is characterized by a new high-quality page of society development on the informative basis. Ukraine as the state which is on the way of integration in the world society can not be aside from these processes. These changes touch all spheres of economic life, including the markets of financial services. There are new types of financial services, new insurance factors linked with covering of risks. A transition from monistic state insurance to the insurance which is based on the equality of the ownership forms, puts other tasks before the state regulation authorities. Foremost, the main task of insurance lies in defense of citizens and businessmen interests.

UDK: 368

Nelya G. NAGAICHYK

Candidate of Economics, Associate Professor, Cherkasy Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

PROBLEMS AND PROSPECTS OF INSURANCE BUSINESS IN THE WORLD AND UKRAINE: COMMON AND DIFFERENT

Status of Ukrainian and world insurance markets analyzed in the article. Their common and different problems of the crisis and post-crisis periods identified. Prospects for further development are outlined. Trends that are characteristic of insurance markets in developed countries studied. The level of state intervention and the degree of regulation of insurance business revealed. The possibility of adaptation and implementation of international experience in the conditions of Ukraine is determined.

UDK: 336.761

Sergey O. KRINITSA

Candidate of Economics, Associate Professor, Cherkasy Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

Tatyana A. EROFEEVA

National University "Kievo-Mogilanska Academia"

PERSPECTIVES OF DEVELOPMENT OF JOINT INVESTING INSTITUTIONS

The tendencies of functioning of the joint investing institutes in Ukraine are investigated, basic problems and perspectives of development of joint investing institutes are outlined, measures for increasing efficiency of their activity are recommended.

UDK: 657 (075.8)

Mykola М. SVICHYNSKY

Candidate of Economics, Associate Professor, Cherkasy Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

Maria Y. DMYTRENKO

Candidate of Philosophy, Associate Professor, Cherkasy Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

Olena O. LAVROVA

Cherkasy Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

ORGANIZATIONAL AND LEGAL BASES OF UKRAINIAN INSURANCE MARKET MANAGEMENT IN THE POST CRISIS PERIOD

In this article the market of insurance companies in Ukraine within the bounds of organizational and legal bases is investigated and analyzed, the perspectives of its structure development are outlined. The choice of the legal organizational forms of insurers’ activities is proved. The ways of support of dynamic development of insurance companies under the current economic conditions are suggested.

UDK: 339.172(477)

Katerina S. KALYNETS

Lviv Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

MECHANISM OF STOCK EXCHANGE MANAGEMENT IN UKRAINE

In this article the system of stock exchange management is investigated on the basis of definition of four groups of the state run public authorities. The complex of measures for improvement of organizational structure of the basic state run public authorities of stocks exchange in Ukraine is suggested – the State Commission on Securities and Funds Market.

UDK: 330.36

Robert F. PUSTOVIYT

Doctor of Economics, Professor, Cherkasy Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

Mykola P. OVCHARUK

Candidate of Economics, Associate Professor, Cherkasy Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

THEORETICAL ANALYSIS AND PECULIARITIES OF DOMESTIC TRANSMISSION MECHANISM OF MONETARY POLICY

The concept of the transmission mechanism considered in this article. Influence the transmission mechanism of monetary policy transformation economy revealed. Stages of analysis the transmission mechanism described. Strategy of central banks in the money market in the transmission channels are outlined. Effective mechanisms of monetary policy transmission mechanism in transformation economies offered.

UDK: 338

Sergey M. KHURSEVICH

Candidate of Economics, Financial University, Moscow

DISCOUNT UNDER ASSOCIATED CALCULATIONS

The concept of discount and related calculations are analyzed in this paper. consequence of the existence of discounts for a variety of budgets described. effects of exposure to discounts budgets of different levels are identified.

Karl William VIEHE

Doctor of Law, Professor, George Washington University (USA)

AN ANALYSIS OF THE POLITICAL AND ECONOMIC DYNAMICS OF THE COMMON CURRENCY - WILL THE EURO SURVIVE AS A COMMON CURRENCY WITHIN AND/OR WITHOUT THE EUROZONE

Over the weekend of 7 October 2011 the governments of France and Belgium agreed to nationalize Dexia, Belgium’s largest bank, a top – 20 Eurozone bank by assets with debt exceeding $700 billion, an amount more than twice the size of Greece’s GDP and a multiple of Greek national debt. This is an action that should have every company of any size looking very closely at its direct and indirect exposure to the Euro crisis. The question is whether this closing is an alarm to an uptick of an on-coming crisis much as the closing of Bear Stearns was in March of 2008.

UDK: 336.02

Olga I. PECHONYK

Candidate of Economics, Associate Professor, Kurgan Affiliate of the Economics Institute of the Ural Branch of the Russian Academy of Sciences

PRECONDITIONS AND CHANGE OF METHODOLOGY OF FINANCIAL SYSTEM MANAGEMENT

In this article, the author concludes that within the bounds of orthodox monetary conception it is impossible to solve the problem of effective development of the financial system and to prevent the financial crisis. In this connection it was suggested to transfer to a systemic and flexible monetary policy, focused on the growth of manufacture, investments and wellbeing of the population, normalization of monetary circulation and overcoming of accumulated in monetary system disparities. The special attention is given to the necessity of strengthening of national currency, increasing of the level of trust to financial and credit relations and tools as well as the reorientation of monetary policy and its equipping with the tools connecting the monetary offer with growth of manufacture and investments.

UDK: 338.264

Victoria G. BARYTSKA

University of Banking of the National Bank of Ukraine (Kyiv), Finance Department of the National Bank of Ukraine (Kyiv)

PROBLEMS OF REFORMING THE SYSTEM OF FORECASTING AND PLANNING OF SOCIAL AND ECONOMIC DEVELOPMENT OF THE STATE

The perspectives of introduction of the strategic planning and forecasting system as well as social and economic development of the country are investigated.

UDK: 65.26

Alexander N. TSURKOV

Candidate of Economics, Finance Department of Finance University under the Government of the Russian Federation

FINANCING OF SMALL BUSINESS

The experience of the Russian Federation in the crediting of small business is investigated. Conditions, advantages and disadvantages of small business lending are considered in this article. Methods for optimizing the conditions for lending to small business in the Russian Federation are proposed by.

UDK: 330.101.541:502

Galina Y. STEBLIY

Candidate of Economics, Doctor of Philosophy, Associate Professor, Lviv Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

ECOLOGICAL AND ECONOMIC BASES OF METROPOLIS AREA

The ecological and economic principles of metropolis existence and its environment are proved. The closed bioeconomic system which sets the task of the production of the economic wealth and recreation of natural environment as well as setting of ecological and economic balance are suggested for consideration.

UDK: 336.71

Nataliya S. YAREMENKO

Sumy Ukrainian Academy of Banking

BANKING SYSTEM AS A SYNERGETIC SYSTEM

The theoretical aspects of viewing the banking system as a synergistic system are investigated. The nature of positive synergy for the banking system is defined.

UDK: 338.32

Sergey L. MYKHAILUTA

Candidate of Technical Science, Associate Professor, Cherkasy Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

Valentin I. BYKOV

Doctor of Technical Sciences, Professor, Cherkasy State Technological University, Cherkasy

Gennady S. MYKHAILUTA

National Technical University of Ukraine «KPI», Kyiv

INVESTMENT AND INNOVATION PROJECTS WITH WORKING EQUIPMENT PRODUCTION COMPANY MODERN CONVERTING TECHNICS

The short analysis of idea is conducted investment – innovative project for the equipment of works production enterprises by a modern converting technique, regulable electrodriver in particular, and also financial projection of results of realization of project in the Cherkassy region.

UDK: 651.6

Alla О. SAYUN

Candidate of Economics, Associate Professor, Cherkasy Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

PROBLEMS OF LEGISLATIVE REGULATION OF AUDITING ACTIVITY

Changes in legislative regulation of auditing activity which have been suggested to approve as a bill # 5375 «About Auditing Activity» of November, 25, 2009 and a new project of the Law of Ukraine «About Auditing Activity» worked out by Auditing Chamber of Ukraine are investigated in this article. The results which will be caused by the indicated changes in case of approving this bill were analysed and a more correct formulation of its separate articles was suggested.

UDK: 657.1

Ganna M. BILOKIN

Candidate of Economics, Associate Professor, Cherkasy Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

INTERNAL AUDITING OF BANKING CREDIT TRANSACTIONS

The importance of analytical procedures and prospective analysis of the quality of credit institution loan portfolio are stressed in the article.

UDK: 336.67:657.1

Anna М. LYUTOVA

Candidate of Economics, Associate Professor, Cherkasy Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

Ekaterina V. LOMOVATSKA

Cherkasy Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

PROBLEMS OF REFLECTION OF CHARGES ARE IN ACCOUNTING OF CREDIT UNIONS

The article shows to display in the accounts record of expenditures and credit unions made proposals for improvement, the method of generalized cost in the financial statements and special credit unions. Highlights the problems associated with this process.

UDK: 338.24:330.341.1

Natalia V. TUVAKOVA

Candidate of Economics, Associate Professor, Lviv Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

REGIONAL APPROACH TO INNOVATION PROCESSES UNDER THE TERMS OF GLOBALIZATION

The article deals with the impact of regional approach on activization of innovation processes. The world experience of regional supporting of innovations, in particular, the creation of technical park structures was analyzed and its successful functioning factors were investigated. The considerable attention was paid to the valuation of the country’s modern scientific and technical potential and to the state of innovation market and its principal problems.

UDK: 332

Oksana V. KLYUVAK

University of Banking of the National Bank of Ukraine

Andriy V. KLYUVAK

Lviv Polytechnic National University

Oleksiy Y. YAROV

Lviv Polytechnic National University

INVESTIGATION OF CLOSENESS OF CORRELATION BETWEEN VALUES OF ENTERPRISE FINANCIAL INDICES IN THE REGION OF VOLYN

Some aspects of creation of statistical models of probable bankruptcy forecasting are investigated in this article. The closeness of correlation between values of enterprise financial indices in the region of Volyn was analyzed as well as the basis for creation of bankruptcy forecasting model was suggested.

UDK: 338

Lyudmila M. RYABININA

Candidate of Economics, Associate Professor, dessa State Economic University

SOCIAL ASPECT OF MODERN MONEY VALUE

The article analyzes the concept of value for money in different ways. The main attention is paid to the problem of social usefulness and impact of money on public relations. A number of measures to create conditions for the best performance of their social role of money offered in this article.

UDK: 1.101.17.330.36

Svitlana V. MAYSTRENKO

Candidate of Philosophy, Associate Professor, Cherkasy Institute of Banking of the University of Banking of the National Bank of Ukraine (Kyiv)

PHILOSOPHY OF ECONOMY IN THE SYSTEM OF MUTUAL RELATIONS «NATURE – MAN – NATURE»

The place and the role of personality in economic mutual relations are analyzed in this article. The sense of economic activity through understanding of mutual relations between the man and the nature, possibilities of the scientific development and technical progress and its influence on the environment, special role of ethic prohibitions and ecological imperatives are signified.