FINANCIAL AND CREDIT SYSTEMS: PROSPECTS FOR DEVELOPMENT

Methodological approaches to cash flow management of banking institutions in the digital economy

Alla Grinko — 2026-03-31

The article examines the specific features of the formation and management of cash flows in banking institutions within the digital economy. The study identifies key trends in the transformation of cash flows during periods of crisis and structural change and emphasizes that effective financial resource management is a critical factor in ensuring bank liquidity and financial stability.

Introduction. The period 2020–2025 is characterized by significant fluctuations in the macroeconomic environment, rising interest rate risks, transformation of operational processes, and accelerated digitalization of financial services. Under these conditions, traditional approaches to analyzing and monitoring cash movements have proven insufficiently systematic and inadequately adapted to banking practice.

Problem Statement. An analysis of Ukrainian banking practice indicates a fragmented approach to monitoring aggregate cash flows, manifested in the absence of an integrated system for tracking cash movements across major types of banking operations. This necessitates the development of a systematic approach to understanding the essence and specific features of bank cash flows, as well as their monitoring and analysis.

Unresolved aspects of the problem. Despite the availability of methods for assessing cash flows, several issues remain unresolved in banking practice: the lack of a unified approach to defining and identifying cash and financial flows (operating, investing, and financing); the expansion of digitalization in the financial sector, which transforms mechanisms of financial resource movement; the imperfection of liquidity monitoring and flow management systems; and the limited application of integrated cash flow models capable of accounting for interrelations among different types of flows and the impact of interest income and expenses on the overall financial position.

Purpose of the Article. The purpose of the article is to develop and substantiate methodological approaches to effective cash flow management in banking institutions within the digital economy.

Presentation of the main material. The dynamics of cash flows in the banking system of Ukraine during 2020–2025 are analyzed, enabling the identification of key trends in cash flow transformation amid crisis conditions, structural changes, and digital economic development. Approaches to interpreting the categories “cash flow” and “financial flow” in banking activities are generalized and systematized, which makes it possible to substantiate their conceptual differentiation considering sectoral specifics and liquidity management requirements. The necessity of implementing a cash flow monitoring system as a tool for integrating analytical, planning, and control functions of management is substantiated.

Conclusions. To maintain financial stability, a banking institution must ensure an optimal cash flow structure and effectively manage available resources. This is essential for strengthening the resilience of the Ukrainian banking system and optimizing financial flow management under complex and unpredictable conditions.

The impact of the monetary policy transmission mechanism on the tax base of the Consolidated Budget of Ukraine

Oksana Hrubliak — 2026-03-31

Abstract. The article examines the impact of the monetary policy transmission mechanism on the formation of the tax base of the Consolidated Budget of Ukraine under conditions of macroeconomic instability and structural transformations of the economy. The object of the study is the relationship between the key monetary instruments of the National Bank of Ukraine (the discount rate and the money aggregate (M3)) and the main sources of tax revenues of the consolidated budget.

Problem statement. Despite the active use of monetary instruments to stabilize the economy, their actual impact on tax revenues and the sustainability of Ukraine’s budgetary system remains insufficiently studied, especially in the context of different types of taxes.

Unresolved issues. Existing academic research lacks a comprehensive comparative analysis of the sensitivity of individual components of the consolidated budget’s tax base to monetary factors, in particular differences in the response of value-added tax, personal income tax, corporate income tax, and customs duty revenues.

Purpose of the article. The purpose of the article is to investigate the strength and directions of the impact of key monetary instruments (the discount rate and the money aggregate) through the transmission channels of monetary policy on the formation and dynamics of direct and indirect tax revenues to the Consolidated Budget of Ukraine.

Main material. The study applies correlation and regression analysis to assess the relationship between the discount rate, money aggregate (M3), and revenues from corporate income tax, personal income tax, value-added tax, and customs duties to the Consolidated Budget of Ukraine. A comparative analysis of the models “discount rate – money supply – corporate income tax / personal income tax / VAT / customs duty” is conducted, which makes it possible to identify different levels of sensitivity of individual tax revenues to domestic demand and external factors.

Conclusions. The results indicate a significant impact of the money supply on revenues from corporate income tax, personal income tax, and VAT, as well as a relatively weak direct impact of the discount rate on tax revenues of the consolidated budget. At the same time, customs duty revenues are characterized by a higher dependence on external economic factors. The practical significance of the obtained results lies in their potential application in the formation of coordinated monetary and fiscal policy aimed at enhancing the sustainability of Ukraine’s budgetary system.

Mechanism for the development of strategic management of financial security in the banking sector: international experience

Maksym Zhytar — 2026-03-31

In the 21st century, the financial security of the banking sector has evolved from a narrow domain of macroeconomic regulation into a core component of national and international security. Increasing globalization, technological innovation, and the expansion of financial interconnections have intensified both systemic vulnerabilities and the need for strategic governance. Digitalization, cyber threats, hybrid attacks, and ESG-related risks redefine the architecture of financial supervision and require a transition from reactive regulation to strategic, risk-oriented management of financial security.

Problem statement. Traditional administrative and regulatory models have proven insufficient to prevent systemic crises and ensure resilience in conditions of global turbulence and wartime shocks. The Ukrainian banking sector, while undergoing reform and alignment with EU standards, still faces fragmentation in its supervisory architecture and a lack of a unified strategic framework for financial security management. There remains a gap between regulatory instruments, institutional capacity, and the integration of self-regulatory mechanisms at the level of individual banks.

Unresolved aspects of the problem. Despite the implementation of Basel III, FSB standards, and the EU DORA regulation, Ukraine’s system of financial oversight continues to experience methodological and institutional weaknesses. The main unresolved issues include: ensuring the independence and analytical capacity of the National Bank of Ukraine (NBU); harmonizing international standards with the national legal framework; embedding macroprudential tools into legislation; and institutionalizing the role of banking associations as effective self-regulatory organizations.

Purpose of the article. The purpose of this study is to substantiate a comprehensive methodological framework for the development of strategic management of financial security in the banking sector, integrating state regulation, self-regulation, and digital supervisory technologies. The goal is to adapt global best practices to the Ukrainian context in order to ensure long-term stability, risk resilience, and the effective functioning of the banking system under crisis and wartime conditions.

Presentation of the main material. The article generalizes classical and modern theoretical approaches-such as the Diamond–Dybvig and Stiglitz–Weiss models, the Allen–Gale concept of financial contagion, and Borio’s macroprudential framework-and systematizes international experience in the UK, EU, USA, Germany, and Canada. The research identifies key elements of the strategic management mechanism: strategic planning and vision, institutional coordination, macroprudential policy, risk-based supervision (SREP), stress testing, digital analytical tools (SupTech, RegTech), and self-regulation. Particular attention is given to the integration of AI-driven supervisory analytics, corporate governance, and public communication mechanisms. The results demonstrate that countries with the highest financial resilience combine macro-level regulatory policies with micro-level ethical and governance standards. For Ukraine, the study proposes the establishment of a Financial Stability Council, the launch of a national SupTech platform, and the institutionalization of a macroprudential unit within the NBU to coordinate risk management and crisis prevention measures.

Conclusions. The synthesis of international experience proves that effective strategic management of financial security in the banking sector functions as a holistic system that unites planning, prevention, regulation, digitalization, and feedback. For Ukraine, adopting such a system will strengthen institutional coordination, improve risk management, enhance investor confidence, and accelerate integration into the European financial space. The synergy between state regulation, self-regulation, and risk-oriented supervision is fundamental to ensuring sustainable development and financial resilience of the banking sector in the face of contemporary global and geopolitical challenges.

Digital risk management tools in ensuring bank financial stability

Roman Piskunov — 2026-03-31

The object of this study is the process of interaction between regulatory requirements and digital technologies within the risk management system of a modern bank. The key characteristics of the object under study include its high level of integration into the international architecture of banking regulation (Basel III standards, IFRS 9) and the active use of innovative technological solutions such as machine learning, Big Data analytics, RegTech tools, and cloud services to ensure operational continuity.

Problem statement. The core research problem lies in the fundamental transformation of the logic of banking risk management under the dual pressure of stringent regulatory constraints and rapid technological progress. In conditions of macroeconomic instability and wartime shocks, risk management ceases to be merely an internal control function and becomes a strategic instrument for ensuring the overall financial stability of a banking institution.

Unresolved issues. Despite the significant body of academic literature, digitalization and regulatory aspects are often examined as isolated processes. In particular, the systemic relationship between specific regulatory standards and the development of digital analytical tools remains insufficiently explored, as does the manner in which these technologies enable banks to stabilize capital adequacy (CAR/H2) and liquidity coverage (LCR) indicators in real time.

Purpose of the article. The purpose of the study is to provide a theoretical substantiation of the role of regulatory standards as an institutional driver of risk management digitalization and to determine the mechanisms through which digital tools influence the financial stability of a bank in a dynamic environment.

Main material. The article analyzes the regulatory framework of the National Bank of Ukraine and international standards (ICAAP, ILAAP) that shape requirements for banks’ analytical infrastructure. Practical cases of leading institutions (PrivatBank, Oschadbank) regarding the implementation of cloud technologies and artificial intelligence are examined. Methods of logical generalization and graphical modeling are applied to develop a four-level framework describing the interaction between regulatory requirements, digital tools, risk parameters, and financial stability indicators.

Conclusions. The study demonstrates the existence of a stable bidirectional relationship between regulatory norms and digitalization: regulatory requirements act as an institutional driver of digital transformation, while digital tools contribute to reducing risk parameters and stabilizing regulatory indicators. The findings have theoretical significance for the development of the concept of bank financial stability and practical relevance for improving risk management systems within a dynamic regulatory environment

Financial flow management: from crisis to sustainable development

Galyna Azarenkova — 2026-03-31

The article examines the management of financial flows at PJSC ArcelorMittal Kryvyi Rih during the prolonged crisis in Ukraine’s steel industry from 2022 to 2024, driven by war-related risks, transformations in logistics chains, and the introduction of the CBAM mechanism. Special attention is devoted to identifying pathways for the company’s transition to a model of sustainable development.

Problem statement. The central problem lies in ensuring liquidity, financial stability, and continuity of operations at a large steel enterprise under conditions of deep crisis, rising debt burden, and negative profitability, combined with the urgent need to adapt to new EU regulatory requirements and structural changes in external markets.

Unresolved aspects. The comprehensive influence of war-related shocks, logistical constraints, and CBAM on the cost of equity and financial resilience of Ukrainian steelmakers remains insufficiently studied. A notable gap concerns holistic assessments for PJSC «ArcelorMittal Kryvyi Rih» that integrate crisis financial management with long-term “green” transformation.

Purpose of the article. The purpose is to analyze financial flow dynamics and the financial condition of PJSC «ArcelorMittal Kryvyi Rih» in 2022–2024 and to formulate financial management priorities enabling the company’s transition from a crisis phase toward a sustainable development trajectory.

Summary of the main matter. The study applies horizontal and vertical financial analysis, key ratio analysis (liquidity, solvency, activity, profitability), factor analysis, and comparative analysis. The cost of equity is assessed using CAPM with a β-coefficient derived from European steelmaking analogues.

Conclusions. It is shown that in 2022-2024, the enterprise went through a phase of deep crisis with a sharp decline in liquidity, increased debt burden, and negative profitability. However, in 2024, signs of cash flow stabilisation and a gradual recovery of production loading were recorded. Priorities for financial management on the path «from crisis to sustainable development» are formulated: restructuring short-term liabilities and replenishing working capital; reducing costs through energy-efficient and logistical solutions; developing a multi-channel sales model; preparing for the full-scale implementation of CBAM; and directing investments toward «green» projects. These findings have practical significance for shaping corporate financial policy under conditions of high uncertainty.

Disclosure of tax risks in financial statements: balancing transparency and confidentiality

Serhii Kucherenko — 2026-03-31

The object of the study is the disclosure of information on tax risks in companies’ financial statements against the backdrop of heightened regulatory oversight and growing stakeholder demand for transparency. Key characteristics of the object include the multidimensional nature of risks (legal, operational, transfer-pricing, reputational), dependence on management judgment, and the need to balance transparency and confidentiality.

Problem statement. Users of financial statements require relevant and comparable information on tax uncertainties; however, the absence of a dedicated standard and divergent interpretations of the rules lead to heterogeneous practice and increase information asymmetry.

Unresolved aspects of the problem. Lack of harmonized materiality criteria for tax risks; a gap between financial and non-financial (ESG) disclosures; insufficient detail on assumptions, estimate sensitivity, and triggers for reassessing provisions; the dilemma of commercial sensitivity.

Purpose of the article. The study aims to analyze contemporary approaches to tax-risk disclosure under IFRS and to develop a practical, governance-aligned framework that balances transparency with confidentiality.

Presentation of the main material. The study applies analysis and synthesis, comparative-legal review of international and national norms, content analysis of companies’ reporting, critical literature review, and expert evaluation. It systematizes typical mechanisms for tax-risk disclosure through: provisions, contingent liabilities, and uncertain tax treatments within current and deferred taxes. Incentives for enhanced transparency are grouped into regulatory, market, and internal drivers. Barriers to implementation are also identified. The article proposes four actionable recommendations: (1) clear, calibrated articulation of risks; (2) legal and professional validation prior to disclosure; (3) balanced note content commensurate with likelihood and impact; and (4) ongoing monitoring and internal control.

Conclusions. IFRS provide a methodological foundation for representing tax risks, yet practice remains fragmented. The proposed framework enhances comparability and decision usefulness, reduces information asymmetry, supports risk management and corporate governance, and helps lower the cost of capital and regulatory disputes. Its practical significance lies in providing tools to formalize disclosure policy and to construct transparent notes that meet the expectations of investors and supervisory authorities.

Impact of digital transformation on business competitiveness

Ievgeniia Misiura — 2026-03-31

The rapid development of digital technologies fundamentally transforms business models, management practices, and competitive mechanisms of enterprises in the digital economy. Digital transformation creates new opportunities for enhancing operational efficiency, innovation capacity, and adaptability of enterprises operating under conditions of market volatility and economic uncertainty. In contemporary economic environments, digital transformation becomes a key driver of sustainable competitiveness and long-term business development.

Problem statement. Despite the widespread adoption of digital technologies, enterprises often face significant challenges in implementing comprehensive digital transformation strategies. Fragmentary use of digital tools, limited resources, resistance to organizational change, and insufficient understanding of how digital technologies influence business models and competitiveness reduce the effectiveness of transformation initiatives.

Unresolved aspects of the problem. Although digital transformation is actively studied in academic literature, there is still a lack of integrated approaches to assessing its impact on enterprise competitiveness. Insufficiently explored remain the interrelations between digital technologies, digital maturity, managerial practices, and sustainable competitive advantages, particularly in the context of emerging and transition economies.

Purpose of the article. The purpose of the study is to substantiate the impact of digital transformation on business competitiveness and to identify key technological and managerial factors that contribute to increasing enterprise efficiency in the digital environment.

Presentation of the main material. The research is based on a comprehensive approach combining the analysis of scientific sources, comparative analysis, and systematic generalization. The article examines the role of digital technologies, digital maturity, business model transformation, and human capital in shaping enterprise competitiveness. The study systematizes key components of digital transformation and identifies their influence on operational performance, innovation activity, and competitive positioning of enterprises.

Conclusions. Digital transformation is confirmed as a complex and multidimensional process that generates competitive advantages through cumulative effects, including improved efficiency, enhanced decision-making quality, increased customer orientation, and accelerated innovation processes. The research results can be used to improve strategic management practices, develop effective digital transformation strategies, and strengthen enterprise competitiveness in dynamic economic conditions.

Digital transformation of marketing: how business analytics is changing promotion strategies in Ukraine

Vitalii Nitsenko — 2026-03-31

Digital transformation of marketing in Ukraine is a strategic factor in business adaptation to post-conflict recovery, economic instability, and shifting consumer behavior. The study focuses on the role of business analytics, artificial intelligence, mobile platforms, and personalized strategies in shaping a new promotional model.

Problem statement. The core issue lies in fragmented implementation of digital tools, unequal access to analytics, and insufficient adaptation of marketing strategies to Ukraine’s cultural and regulatory context. Enterprises face rising customer acquisition costs, demographic decline, and increased price sensitivity.

Unresolved aspects. Key challenges include limited cross-channel data integration, low analytical maturity among SMEs, and difficulties in complying with personal data protection regulations. The impact of government support, mobile commerce, and emotional content on promotional effectiveness requires further analysis.

Purpose of the article. To substantiate the strategic role of business analytics in transforming marketing practices of Ukrainian enterprises and propose an adaptive digital promotion model that accounts for technological, regulatory, and behavioral factors.

Presentation of the main material. The article analyzes campaign performance indicators (conversion, LTV, ROI), sector-specific applications of analytics in e-commerce, pharmaceuticals, and social commerce. It examines the influence of video content, micro-influencers, chatbots, and AI platforms on customer engagement. Special attention is given to regulatory constraints, mobile-first strategies, and unified data systems.

Conclusions. Digital transformation of marketing in Ukraine enhances promotional effectiveness, strengthens business adaptability, and fosters long-term competitiveness. A comprehensive analytics approach enables enterprises to navigate uncertainty and achieve sustainable growth in both domestic and international markets.

Valuation and accounting of digital assets in the EU: methodological challenges of MiCAR implementation

Svitlana Semenova — 2026-03-31

This article examines the impact of the implementation of the Markets in Crypto-Assets Regulation (MiCAR) on the methodological foundations of accounting for digital assets in the Member States of the European Union. Digital assets are characterized by a diversity of legal forms, the absence of an established accounting model, and valuation dependence on volatile market data, which imposes heightened requirements for professional judgment and disclosure.

Problem statement. Harmonization of crypto-asset market regulation at the EU level does not ensure automatic unification of accounting approaches. Discrepancies between the legal classification of tokens under MiCAR and the recognition and measurement criteria under International Financial Reporting Standards, as well as differences in national implementation practices, complicate the application of uniform methodologies. This results in heterogeneous interpretations and creates risks for comparability and reliability of disclosures.

Unresolved aspects of the problem. The impact of specific elements of national MiCAR implementation on the development of accounting policies, the selection of measurement bases, and the structure of disclosures relating to digital assets remains insufficiently explored.

Purpose of the article. The objective is to systematize national practices of MiCAR implementation and to identify their influence on digital asset accounting methodology, as well as to formulate proposals for addressing emerging challenges and enhancing the comparability of financial reporting.

Presentation of the main material. An analysis of MiCAR and guidance issued by EU Member States, combined with a review of financial disclosures and a systematization of findings, enabled the integration of regulatory analysis with an empirical comparison of national approaches to MiCAR application through the lens of their impact on digital asset accounting. It is demonstrated that authorization requirements for crypto-asset service providers (CASPs), the structure and content of white papers, and transitional provisions directly affect classification, the selection of measurement bases, and the scope of disclosures in financial statements, thereby explaining differences in accounting practice across EU jurisdictions. A dependence of accounting decisions on the legal qualification of assets has been established, along with strengthened requirements for standardized disclosures and substantiation of valuation assumptions during the transitional period.

Conclusions. National specificities in MiCAR implementation lead to variability in accounting approaches, reducing comparability and affecting the quality of financial reporting. It has been determined that transitional mechanisms, in particular, intensify divergences in accounting approaches across jurisdictions. Although they temporarily facilitate regulatory compliance, they prolong and expand methodological asymmetry in accounting practices. The practical significance of the study lies in developing a foundation for harmonizing accounting policies in line with MiCAR, enhancing the substantiation of assumptions and valuations, and ensuring consistency between information disclosed in white papers and financial statements. The results may be used by accountants, auditors and regulators to improve digital asset accounting practices.

Financial monitoring of virtual assets: international standards and challenges of implementation in Ukraine

Karina Utenkova — 2026-03-30

The article examines financial monitoring in the field of virtual asset circulation, including cryptocurrencies, tokenized assets, and decentralized financial platforms. The rapid expansion of the virtual asset market creates new economic opportunities while simultaneously generating heightened risks related to money laundering, terrorist financing, and sanctions evasion, which necessitates effective regulatory and supervisory responses.

Problem statement. The core problem lies in the insufficient alignment of national financial monitoring mechanisms for virtual assets with international FATF standards and European regulatory approaches, as well as the fragmented enforcement practices in Ukraine amid the rapid evolution of the crypto market.

Unresolved aspects. Despite ongoing regulatory efforts, significant gaps remain in the effective implementation of FATF Recommendation 15, the operationalization of the Travel Rule, coordination among national supervisory authorities, and oversight of decentralized finance services and cross-border virtual asset transactions.

Purpose of the article. The purpose of the study is to conduct a comprehensive analysis of international financial monitoring standards applicable to virtual assets, assess current money laundering and terrorist financing risks, and substantiate directions for improving Ukraine’s regulatory framework in line with FATF requirements and EU practices.

Main content. The article analyzes the legal nature of virtual assets, FATF requirements for Virtual Asset Service Providers (VASPs), the application of the Travel Rule, and empirical data on illicit crypto transactions based on Chainalysis reports. Particular attention is paid to the European regulatory model established by the Markets in Crypto-Assets Regulation (MiCA), as well as to the comparative analysis of the concepts of VASP and Crypto-Asset Service Provider (CASP). The current state of legal regulation and financial monitoring of virtual assets in Ukraine is also assessed.

Conclusions. The study demonstrates that effective financial monitoring of virtual assets can be achieved only through a comprehensive approach combining FATF international standards, harmonization with EU law, advanced analytical technologies, and strengthened institutional capacity of national regulators. The practical value of the research lies in developing recommendations aimed at enhancing Ukraine’s financial security and reducing money laundering and terrorist financing risks in the virtual asset market.

Systemic-integrative approach to forming a bank's competitive strategy in conditions of market uncertainty

Valeriia Kochorba — 2026-03-31

Amidst global geopolitical turbulence and wartime challenges, the Ukrainian banking sector is facing an unprecedented level of uncertainty that requires fundamental changes to strategic management approaches. This study focuses on the processes involved in forming and implementing a commercial bank's competitive strategy. The key characteristics of this process are the dynamism of the external environment, aggressive competition and the volatility of the resource base.

Problem statement. The main issue examined is the inadequacy of traditional static planning models in the context of ongoing crisis phenomena. Banks require dynamic decision support systems that can adapt management parameters (specifically interest rates) in real time in response to structural market shifts and competitor actions.

Unresolved aspects of the problem. Despite existing research, the issue of creating a comprehensive model that directly integrates the dynamic clustering of the competitive environment with game-theoretic pricing decision optimisation remains unresolved. Existing approaches often ignore nonlinear feedback loops and time lags in customer reactions to rate changes.

Purpose of the article. The paper aims to develop and substantiate a scientific model for a commercial bank's competitive strategy, combining system dynamics, multidimensional statistical analysis and game theory to ensure financial stability and maximise profit.

Presentation of the main material. The article presents a conceptual model architecture that has been implemented in a simulation environment (Vensim/Simulink). This architecture includes blocks for monitoring the external environment, forming base volumes of assets and liabilities, and simulating competitor actions. Dynamic clustering methods are applied to identify the relevant competitor group. A dynamic modification of the Monti-Klein model is developed that takes into account demand inertia (time lags) and liquidity constraints. The guaranteed result principle (min-max saddle point search) is employed to determine optimal interest rates.

Conclusions. The simulation results prove that the proposed approach enables the bank to reach a dynamic equilibrium point, thereby ensuring the maximisation of net interest income, even in the face of aggressive competitor countermeasures. The practical value of this work lies in equipping management with the tools necessary for transitioning from a reactive to a proactive approach to market position management.

Coordination of fiscal and monetary policies in ensuring macroeconomic stability of Ukraine

Artur Zhavoronok — 2026-03-31

In the current conditions of macroeconomic instability, intensified by crisis phenomena, pandemic shocks, and a full-scale war, the issue of coordination between fiscal and monetary policies becomes particularly important. For the Ukrainian economy, which is characterized by a chronic budget deficit, growing public debt, and high inflationary and exchange rate sensitivity, the effectiveness of state economic regulation largely depends on the nature of interaction between these policies.

Problem statement. Despite a substantial body of academic research, in practical economic policymaking fiscal and monetary instruments are often applied in a fragmented manner, without proper coordination. This exacerbates macro-financial imbalances, complicates inflation containment, and increases debt-related risks, especially in the context of rising budgetary needs and limited financial resources.

Unresolved issues. Issues related to the empirical assessment of fiscal-monetary interaction remain insufficiently explored, particularly with regard to the exchange rate channel, the structure of debt financing, and the dependence of budget revenues on import operations. There is also a lack of comprehensive studies that integrate the analysis of budget deficits, money supply, interest rates, inflation, and devaluation within a single analytical framework.

Purpose of the article. The purpose of the article is to provide a comprehensive analysis of the interaction between fiscal and monetary policies in ensuring macroeconomic stability in Ukraine under conditions of structural imbalances, crisis developments, and wartime shocks.

Main material. In the article, the dynamics of the state budget deficit, public debt and its burden, the monetary aggregate M2, inflation, the NBU key policy rate, yields on government securities, exchange rate fluctuations, and tax revenues from imports are analyzed. The mechanisms of transmission of fiscal decisions into the monetary sphere and the impact of monetary instruments on budget deficit financing and debt sustainability are examined.

Conclusions. It is substantiated that macroeconomic stability in Ukraine is largely determined by the nature of interaction between fiscal and monetary policies. It is demonstrated that an increase in the budget deficit and debt burden intensifies pressure on monetary policy, limiting its stabilization potential. The study concludes that strengthening economic policy coordination is a prerequisite for reducing macro-financial risks and ensuring economic resilience in the face of crisis challenges.

Threats to state financial security in the digital age: challenges for dispositional groups

Jan Maciejewski — 2026-03-31

State financial security has become a crucial component of national security in the context of rapid digital transformation, geopolitical instability, and the expansion of hybrid threats. The increasing digitalization of financial systems enhances efficiency but simultaneously generates new systemic vulnerabilities related to cyber risks, algorithmic governance, and financial data centralization.

Problem statement. Modern financial infrastructures are increasingly exposed to hybrid operations, cyberattacks, and systemic shocks that may undermine institutional stability, public trust, and the operational capacity of dispositional groups responsible for maintaining public order and state resilience.

Unresolved aspects of the problem. Existing research predominantly examines financial security from an economic perspective, while the socio-institutional implications for dispositional groups and the relational dimension of financial security remain insufficiently explored, especially under conditions of digital financial governance and prolonged crisis environments.

Purpose of the article. The aim of this study is to identify and conceptualize key threats to state financial security in the digital era and to determine their impact on dispositional groups within a security-studies framework.

Presentation of the main material. The research applies a socio-systemic and interdisciplinary approach combining qualitative analysis of institutional reports (IMF, World Bank, BIS, World Economic Forum), selected statistical sources, and contemporary security-studies literature. The findings demonstrate that financial security in the digital age consists of two interrelated dimensions — financial stability and financial resilience. Digital transformation, CBDCs, cyber threats, and hybrid financial warfare reshape the architecture of state security and influence the functioning, morale, and institutional loyalty of dispositional groups.

Conclusions. The study confirms that financial security has evolved into a strategic pillar of national security. Strengthening state resilience requires integrating financial governance, cybersecurity, and social-institutional factors while ensuring transparency and trust in digital financial systems.

Formation of an effective financial and investment environment in Ukraine during the war and in the post-war period

Yevhenii Redziuk — 2026-03-31

This article provides a comprehensive analysis of the formation and development of an effective financial and investment environment in Ukraine in the context of its strategic commitment to European integration.

Statement of the problem. The main issues examined in this article are the existing challenges caused by both internal transformations and war, as well as external integration requirements for Ukraine's financial and investment environment.

Unresolved aspects. Uncertainty The environment and underdevelopment of the modern financial and investment environment of Ukraine determine this study.

The purpose of the article is to substantiate the conceptual and practical principles for the formation of a competitive financial and investment environment in Ukraine in the context of a long war and the post-war recovery period.

Main material. The author substantiates scientific and practical approaches to modernizing the financial architecture, stimulating investment activity and ensuring macro-financial stability as necessary prerequisites for sustainable economic growth and successful integration into the EU. Public administration and regulation in the context of developing an effective financial and investment environment in Ukraine during the war and in the post-war period should include modern approaches to regulating current challenges: 1) ensuring sustainable macro-financial and macroeconomic stability and increasing the level of economic predictability (based on an appropriate synergistic, comprehensive approach, when the National Bank of Ukraine, the Ministry of Finance of Ukraine, the Ministry of Economy of Ukraine, the National Center for Pension Funds of Ukraine construct a mutually agreed strategically oriented policy and aim it at gradual and high-quality socio-economic growth); 2) a radical strengthening of the institutional capacity of the state, establishment of the rule of law and an effective fight against corruption (completion of judicial reform ensuring real independence and transparency of the judiciary, a high professional level of the judiciary, its integrity and accountability to society; subordination of their activities to the public interest; 3) a comprehensive development of national financial markets and the introduction of modern financial instruments (Ukraine needs to create a modern, transparent and efficient infrastructure, including a central securities depository, a reliable clearing system and modern exchange platforms functioning in accordance with EU standards); 4) a systemic improvement of the investment climate and active stimulation of investment activity; 5) increase investment in human capital.

Conclusions. It is proposed to develop a comprehensive strategy for transforming the financial and investment environment in Ukraine during the war and in the post-war period. This strategy should be supported by appropriate metrics, indicators, and interim results with quantitative and qualitative parameters. With this approach, legislative initiatives and the implementation of functions become more scientifically and practically oriented, meaningful, and clear. Also, for long-term financial and economic stability, it is important to obtain preferential terms for the extension or write-off of Ukraine's excessively large debt to foreign borrowers.

Customs strategy of Ukraine as a tool for achieving sustainable development goals

Viktoriia Rudenko — 2026-03-31

The article examines the customs strategy of Ukraine as a component of state economic policy and a tool for achieving the Sustainable Development Goals. The object of the study is the customs system of Ukraine in the unity of three key elements: customs taxation, customs administration and the system of customs authorities, which are formed and transformed in the context of military challenges, European integration and global economic changes.

Problem statement. The main problem is the insufficient integration of the principles of sustainable development into the customs strategy of Ukraine, which in practice remains predominantly fiscally and institutionally oriented, with limited consideration of environmental, social and regional aspects.

Unresolved aspects. Gaps have been identified regarding the environmental dimension of customs taxation, the implementation of circular economy principles, the assessment of the impact of customs decisions on the achievement of the SDGs, the development of environmental risk management, as well as issues of inclusiveness, gender equality and interdepartmental coordination.

Purpose of the article. The aim is to scientifically substantiate the role of Ukraine's customs strategy in achieving the Sustainable Development Goals and to identify areas for its improvement, taking into account the provisions of the National Revenue Strategy until 2030.

Main material. The article applies institutional, systemic and strategic approaches to the analysis of customs policy, assesses the relationship of customs instruments with the economic, social and environmental Sustainable Development Goals.

Conclusions. It is proven that Ukraine's customs strategy has the potential to transform into a comprehensive mechanism for sustainable development, provided that its conceptual boundaries are expanded. The practical significance of the results lies in the possibility of using the conclusions to improve state customs policy and strategic planning.

Voluntary export restriction: theoretical basis and practical experience of application in international trade

Olha Hlushchenko — 2026-03-31

The article examines the phenomenon of voluntary export restriction as one of the instruments of international trade policy. The object of the study is agreements on voluntary export restriction between exporting and importing countries, which were used in various sectors of the economy, in particular in the metallurgy and textile industries. The key characteristics of the object are the mechanism of establishing quotas, economic incentives for exporters and the impact on the market of importing countries.

Problem statement. The main problem considered in the article is to assess the effectiveness of voluntary export restriction as a trade instrument and determine its impact on market equilibrium, consumer welfare and competitive positions of market participants. The study emphasizes that although voluntary export restraints have been widely used in the past, their economic consequences are still the subject of scholarly debate.

Unresolved aspects of the problem. There is uncertainty about the long-term impact of voluntary export restraints on the structure of international trade, especially in conditions of variable prices and market competition. The practical experience of applying this tool in the context of different regional markets and sectors of the economy has also not been sufficiently studied.

Purpose of the article. The aim is to study the theoretical foundations and practical aspects of the application of voluntary export restraints in international trade, as well as to analyze their economic, political and social consequences for exporting and importing countries.

Presentation of the main material. Literature analysis, historical examples and theoretical models of market competition are used to assess the impact of voluntary export restraints on prices, export volumes and the welfare of market participants. Examples of agreements in the metallurgical and textile sectors are considered separately.

Conclusions. The study shows that voluntary export restrictions can be an effective tool for temporary protection of domestic markets and stabilization of prices, but they lead to losses for consumers and redistribution of market shares. It is substantiated that voluntary export restrictions should be considered not only as a trade policy tool, but also as an element of the transformation of the financial architecture of the international economy. The practical significance of the article lies in the formulation of recommendations for the application of voluntary export restrictions in modern international trade policy and their integration with other trade instruments.

Agricultural credit as a financial support mechanism for environmental transformation and economic growth of agro-industrial enterprises

Svitlana Andros — 2026-03-31

The article explores the role of agricultural credit as a tool that facilitates simultaneous economic growth and environmental transformation of agro-industrial enterprises.

Introduction. Amidst global climate challenges and stricter requirements for sustainable development, credit mechanisms are viewed not merely as a source of working capital replenishment, but as a key lever for the "green" transformation of production processes. The authors substantiate the necessity of integrating environmental criteria into financing processes to ensure the long-term competitiveness of the agricultural sector.

Problem Statement. Despite the necessity of transitioning to sustainable development, agro-industrial enterprises face limited access to "green" financing. Existing credit mechanisms are primarily oriented toward current liquidity rather than long-term environmental modernization. This creates a gap between environmental transformation requirements and the actual financial capabilities of farmers, hindering both their economic growth and the implementation of innovations.

Unresolved Aspects. Issues regarding the assessment of "green" risks in lending and the lack of effective incentives for banks to finance environmental projects in the agro-industrial complex remain insufficiently addressed. Furthermore, there is a lack of clear methodological approaches to determining the effectiveness of credit as a tool specifically for environmental, rather than merely financial, transformation.

The purpose of the article is to scientifically substantiate the role of agricultural credit as a systemic financial lever that ensures the agricultural sector's transition to a sustainable development model and stimulates long-term economic growth through the implementation of environmentally efficient technologies.

Main Body. The object of the study is the process of attracting agricultural credit as a financial lever for the environmental transformation and economic development of agro-industrial enterprises. It is substantiated that accessible long-term financing not only minimizes environmental risks but also contributes to increasing the operational efficiency and competitiveness of agricultural enterprises. The systems of state support, including preferential lending and interest rate subsidies, which act as catalysts for investment activity, are analyzed. The role of credit mechanisms in ensuring the dynamic development of the agricultural sector and their impact on macroeconomic indicators are investigated.

Conclusions. It is proven that agricultural credit is a critical resource for the environmental modernization of the agro-industrial complex. It is established that the transition to "green" lending ensures a synergy between environmental sustainability and enterprise profitability. It is proposed to integrate environmental criteria into the credit policies of banks and to strengthen state support for interest rates to stimulate sustainable innovation.

Innovation in HR practices as a guarantee of success and efficiency of personnel management in a company

Natalіa Іershova — 2026-03-31

The article examines technologies in HR practices to increase labor productivity and long-term sustainability of the company. The object of the study is methods and technologies of human resources management, the set of which is formed depending on the sphere in which the business entity carries out economic activity.

Problem statement. The main problem is identified as the transformation of traditional approaches to personnel management in the conditions of digitalization and changing economic paradigm, which necessitates the search for new methods and technologies capable of ensuring the strategic role of the HR function.

Unresolved aspects of the problem. Despite a significant amount of research in the field of HR management, the issues of comprehensive integration of innovative tools into a single HR ecosystem of the company, adaptation of HR metrics to the specifics of industries and combination of digital technologies with the development of organizational culture remain insufficiently systematized

Purpose of the article. The purpose of the article is to improve methods and technologies to ensure the success and efficiency of personnel management in the conditions of changing economic paradigm

Presentation of the main material. The article provides an assessment of trends believed in the business environment regarding the role and importance of HR based on survey results. Delving into the changing HR landscape, the need to take into account the company's field of activity for the selection of innovative HR practices is substantiated. The peculiarities of the labor market in the IT industry of Ukraine and China are determined; an adapted and structured model of innovative HR management for an IT company is developed, in which the foci are: company goals, size and structure of personnel; work format; key competencies of employees and the level of digital maturity of HR processes

Conclusions. This study emphasizes the need for the interconnection of innovative tools for the effective performance of labor functions by the organization's personnel. It is proven that innovative HR technologies act as a catalyst for managerial changes and increase the efficiency of human capital use. Developed forms of analytics are presented, which in practical use will help HR specialists optimize the company's human capital for maximum productivity and efficiency.

Civic component of university financial, entrepreneurial and innovative education in China: positive experience for adaptation in Ukraine

Svitlana Topalova — 2026-03-31

The civic component of university education, including economic, financial, entrepreneurial and innovative education, in the conditions of the general degradation of the citizenship institution, military challenges and the need for post-war reconstruction of the country as a democratic one and on an innovative basis, acquires special relevance for Ukraine. The object of the study is systemic civic education in Chinese universities and the implementation of the civic component in economic, financial, entrepreneurial and innovative education.

Problem statement. The problem lies in the lack of systematic university civic education in Ukraine. Basic civic education is not compulsory for all specialties. The civic component is not integrated into professional educational disciplines. It leads to a utilitarian approach, as a result, students focus only on the economic benefits of future activities, and not on the public benefit.

Unsolved aspects. In Ukraine, all the main aspects are unresolved today. There is no state strategy for the development of civic education, including university education. Universities do not fulfill the mission of educating civic competences at the elitist level in the potential elite. In many university education programs, the disciplines for basic civic education are absent. The civic component is not actually integrated into professional education.

The purpose of the article is to study the Chinese experience of systemic civic education and the integration of the civic component into economic, financial, entrepreneurial and innovative education; determination of opportunities for adapting the Chinese experience in Ukrainian universities in order to educate a responsible citizen-specialist.

Basic material. The article analyzes the content of scientific works of American and European authors who investigate the causes of the degradation of citizenship institution as a result of the destruction of university civic education. The normative framework of civic education in Chinese universities has been studied. The ways of integrating the civic component into economic, financial, entrepreneurial and innovative education have been analyzed. The economic and social effects of the introduction of the civic component into professional economic, financial, entrepreneurial and innovative education in Chinese universities are shown. The possibilities of adapting the Chinese experience for the implementation of systematic civic education in Ukrainian universities, for the integration of the civic component into professional training in the fields of finance, entrepreneurship and innovation have been determined.

Conclusions. The results of the study show that systematic civic education in universities should be implemented in accordance with the state development strategy and realize the goal of educating a specialist-citizen. In Ukraine, it is essential to develop a state strategy for the development of civic education. A separate component of this strategy should be systematic university civic education aimed at forming elite-level civic competences among the potential elite. In addition, the civic component must be integrated into professional training, in particular into economic, financial, entrepreneurial and innovative training. Special attention should be paid to the training of university teachers in order to form particular knowledge and skills regarding the inclusion of the civic component in professional disciplines.

Cooperation of Ukraine with EU countries in the sphere of tourism in the conditions of pandemic and martial state: analytical mix

Olesia Totska — 2026-03-31

Ukraine’s foreign trade in travel-related services with the EU has undergone a number of negative changes over the past five years. Its performance was affected by both the COVID-19 pandemic and the full-scale invasion of the russian federation in February 2022.

Problem statement. Since Ukraine is a candidate country for EU accession, and foreign trade in services affects the country’s trade balance, the study of its export-import operations in the field of tourism with the EU is relevant and appropriate.

Unresolved aspects. The analysis method was used to study the dynamics of export-import operations in 2019–2024; cluster analysis was used to group EU countries by indicators of export of tourism services from Ukraine and import of similar services to Ukraine in 2019–2021. EU countries were grouped into five clusters.

Purpose of the article. The purpose of this article is to study the foreign economic cooperation of Ukraine and the EU countries in terms of trade in travel-related services.

Main material. During 2019–2024, the balance of foreign trade in tourism services between Ukraine and the EU was negative. In 2019–2021, Ukraine received the largest income from tourists from such EU countries as Cyprus, Germany, Italy, Poland. At the same time, Ukrainians spent the most money on trips to Cyprus and Malta.

Conclusions. To improve the tourist attractiveness of Ukraine after the end of martial law, it is worth working in the following areas: 1) improving the regulatory framework in the field of hospitality; 2) developing tourism infrastructure – accommodation facilities, catering establishments, transport, communications; 3) training highly qualified personnel for the hospitality sector; 4) promoting domestic tourist attractions and Ukraine as a whole; 5) expanding the range of tourist services.