DIRECTIONS FOR STRENGTHENING THE FINANCIAL AND ECONOMIC SECURITY OF UKRAINE IN THE CONTEXT OF THE COVID-19 PANDEMIC

doi:10.26565/2524-2547-2021-61-10

Yurii Dziurakh Lviv Polytechnic National University, 12, Stepan Bandera Str., Lviv, 79013, Ukraine https://orcid.org/0000-0001-7131-7468
Ihor Kulyniak Lviv Polytechnic National University, 12, Stepan Bandera Str., Lviv, 79013, Ukraine https://orcid.org/0000-0002-8135-4614
Oleksandr Veselov Lviv Polytechnic National University, 12, Stepan Bandera Str., Lviv, 79013, Ukraine https://orcid.org/0000-0002-1171-6026

DOI: https://doi.org/10.26565/2524-2547-2021-61-10

Keywords: COVID-19 Pandemic, Financial and Economic Security, Stock Market, Unemployment Rate, GDP, Monetary Policy, Fiscal Policy, Digitalization of the Economy

Abstract

The financial and economic system of Ukraine is at the stage of formation and transformation into a relatively effective market-oriented model of economic development. However, given the financial and socio-economic crises of recent years, political instability and military conflicts in the east of the country, the level of financial and economic security of Ukraine is declining. Another factor influencing the level of financial and economic security of Ukraine is the spread of the global pandemic COVID-19. The urgency of the issue confirms the goal set in the article to improve the theoretical, scientific, methodological, and applied provisions for strengthening the financial and economic security of Ukraine in the context of the global pandemic COVID-19. To achieve this goal, the authors of the study considered the impact of the COVID-19 pandemic on global financial and economic development, in particular, analyzed key financial and economic indicators in the world, which revealed the volatility of stock indices and interest rates. The main negative changes in the level of unemployment in the world and real GDP under the influence of the COVID-19 pandemic was also analyzed and identified. The authors studied the world experience in combating the spread of the COVID-19 pandemic and developed a set of measures to improve the financial and economic security of Ukraine in the context of the COVID-19 pandemic. The priority is to preserve economic potential, social capital and create on their basis the preconditions for further economic growth. As the COVID-19 pandemic is one of the main problems of financial and economic security management in Ukraine, the authors identify a set of urgent crisis measures that can be implemented in the field of NBU policy, monetary policy, government structural policy, and public fiscal policy to support the economic growth of the country. It is emphasized that public authorities need to implement certain measures to accelerate innovation in the financial sector. Characterizing the prospects of strengthening the financial and economic security of Ukraine in the context of the COVID-19 pandemic, the main emphasis is on innovative areas of digitalization of the economy.

Downloads

Download data is not yet available.

Author Biographies

Yurii Dziurakh, Lviv Polytechnic National University, 12, Stepan Bandera Str., Lviv, 79013, Ukraine

PhD (Public Administration)

Ihor Kulyniak, Lviv Polytechnic National University, 12, Stepan Bandera Str., Lviv, 79013, Ukraine

PhD (Economics), Associate Professor

Oleksandr Veselov, Lviv Polytechnic National University, 12, Stepan Bandera Str., Lviv, 79013, Ukraine

Student

References

Laborda, R., & Olmo, J. (2021). Volatility spillover between economic sectors in financial crisis prediction: Evidence spanning the great financial crisis and covid-19 pandemic. Research in International Business and Finance, 57. doi: https://doi.org/10.1016/j.ribaf.2021.101402.

Lutsenko, A. S. (2002). Forecasting the effectiveness of financial policy in the context of exacerbation of the crisis in the economy due to the pandemic COVID-19. Economics and management, 2, 99-112. doi: https://doi.org/10.36919/2312-7812.2.2020.91. (іn Ukrainian)

Vudvud, V. V. (2020). The essence and role of financial security of the state in modern conditions. Bulletin of the Chernivtsi Trade and Economic Institute. Economic sciences, 1-2, 30-40. (іn Ukrainian)

Petruk, O. M., & Kostyshyn, Yu. S. (2020). Identification and assessment of threats to the financial security of the state in the field of customs control. Problems of theory and methodology of accounting, control and analysis, 2, 40-51. doi: https://doi.org/10.26642/pbo-2020-2(46)-40-51. (іn Ukrainian)

Tymoshenko, Yu. O. (2014). Financial risks and indicators of financial security of Ukraine. Bulletin of KhNAU. Series: Economic Sciences, 7, 293-303. (іn Ukrainian)

Malovanyi, B. Yu. (2019). Conceptual provisions of financial security of regions in the conditions of decentralization. Bulletin of KhNAU. Series: Economic Sciences, 1, 421-432. doi: https://doi.org/10.31359/2312-3427-2019-1-421. (іn Ukrainian)

Hudzovata, O. O. (2017). Characteristics of the development of money circulation in Ukraine as a prerequisite for financial security of the state. Scientific Bulletin of Uzhhorod National University. Series: International Economic Relations and the World Economy, 12(1), 87-91. (іn Ukrainian)

Onyshchenko, S. V. (2017). Financial globalization as a factor influencing the budget security of the state. Scientific Bulletin of Uzhhorod National University. Series: International Economic Relations and the World Economy, 12(2), 50-55. (іn Ukrainian)

Tokarskyi, T. B. (2020). The relationship of social threats and economic and financial security of the state. Bulletin of Khmelnytsky National University. Economic sciences, 5, 272-281. doi: https://doi.org/10.31891/2307-5740-2020-286-5-49. (іn Ukrainian)

Myronchuk, V. M., & Panochyshyn, Yu. M. (2017). Assessment of the level of financial security in Ukraine. Scientific Bulletin of Uzhhorod National University. Series: International Economic Relations and the World Economy, 13(2), 31-34. (іn Ukrainian)

Shamileva, L. L., & Khandii, O. O. (2020). Assessment of the impact of the financial and economic crisis and the COVID-19 pandemic on the national labor market. Economic Bulletin of Donbass, 3, 177–182. doi: https://doi.org/10.12958/1817-3772-2020-3(61)-177-182. (іn Ukrainian)

Kuzmenko, O., Lieonov, S., & Kashcha, M. (2020). Financial, economic, environmental and social determinants for Ukrainian regions differentiation by the vulnerability level to COVID-19. Financial and credit activities: problems of theory and practice, 3, 270-282.

Bartik, A. W., Bertrand, M., Cullen, Z., Glaeser, E. L., Luca, M., & Stanton, C. (2020). The impact of COVID-19 on small business outcomes and expectations. Proceedings of the National Academy of Sciences of the United States of America, 117(30), 17656-17666. doi: https://doi.org/10.1073/pnas.2006991117.

Hitka, M., Štarchoň, P., Caha, Z., Lorincová, S., & Sedliačiková, M. (2021). The global health pandemic and its impact on the motivation of employees in micro and small enterprises: A case study in the Slovak Republic. Economic Research-Ekonomska Istrazivanja. doi: https://doi.org/10.1080/1331677X.2021.1902365.

Leshchuk, H. V., & Ivasiuk, N. B. (2020). The tax system of Ukraine in a pandemic COVID-19: current realities and forecasts. Scientific Bulletin of Uzhhorod National University. Series: International Economic Relations and the World Economy, 33(1), 87-92. doi: https://doi.org/10.32782/2413-9971/2020-33-16. (іn Ukrainian)

Suprun, A. A., & Bessinna, O. S. (2020). Activities of the insurance industry in a pandemic COVID-19: problems and opportunities. Economic space, 161, 124-129. doi: https://doi.org/10.32782/2224-6282/161-23. (іn Ukrainian)

Dovbeniuk, D. A. (2020). Provision of partial unemployment assistance during the quarantine period during the COVID-19 coronavirus pandemic as an effective tool for regulating the labor market of the regions. Scientific Bulletin of the International Humanities University. Series: Economics and Management, 46, 65-75. doi: https://doi.org/10.32841/2413-2675/2020-46-8. (іn Ukrainian)

Brada, J. C., Gajewski, P., & Kutan, A. M. (2021). Economic resiliency and recovery, lessons from the financial crisis for the COVID-19 pandemic: A regional perspective from central and eastern Europe. International Review of Financial Analysis, 74. doi: https://doi.org/10.1016/j.irfa.2021.101658.

Bazyliuk, Ya. B. (2020). Economic security of Ukraine in the face of COVID-19. Black Sea Economic Studies, 54, 34-38. doi: https://doi.org/10.32843/bses.54-5. (іn Ukrainian)

Li, S.-K., & Liang, X. (2021). Determinants of the fiscal support of governments in response to the COVID-19 pandemic. Frontiers in Public Health, 8. doi: https://doi.org/10.3389/fpubh.2020.637557.

Zhang, X., Zhang, Y., & Zhu, Y. (2021). Covid‐19 pandemic, sustainability of macroeconomy, and choice of monetary policy targets: A nk‐dsge analysis based on China. Sustainability (Switzerland), 13(6). doi: https://doi.org/10.3390/su13063362.

Abdoul-Azize, H. T., & El Gamil, R. (2021). Social protection as a key tool in crisis management: Learnt lessons from the COVID-19 pandemic. Global Social Welfare, 8(1), 107-116. doi: https://doi.org/10.1007/s40609-020-00190-4.

Ashraf, B. N. (2020). Economic impact of government interventions during the COVID-19 pandemic: International evidence from financial markets. Journal of Behavioral and Experimental Finance, 27. doi: https://doi.org/10.1016/j.jbef.2020.100371.

Estrada, M. A. R., Koutronas, E., & Lee, M. (2021). Stagpression: The economic and financial impact of the covid-19 pandemic. Contemporary Economics, 15(1), 19-33. doi: https://doi.org/10.5709/ce.1897-9254.433.

Obrenovic, B., Du, J., Godinic, D., Tsoy, D., Khan, M. A. S., & Jakhongirov, I. (2020). Sustaining enterprise operations and productivity during the COVID-19 pandemic: "enterprise effectiveness and sustainability model". Sustainability (Switzerland), 12(15). doi: https://doi.org/10.3390/su12155981.

Kniazieva, O. (2021). Digital Development of economy and society under influence of COVID-19. Science and Innovation, 17(1), 42-53. doi: https://doi.org/10.15407/scine17.01.042.

Leventsov, V., Gluhov, V., & Leventcov, A. (2020). Investment attractiveness of the telecommunications economic sector during the coronavirus pandemic. In: Galinina O., Andreev S., Balandin S., Koucheryavy Y. (eds). Internet of Things, Smart Spaces, and Next Generation Networks and Systems. NEW2AN 2020, ruSMART 2020. Lecture Notes in Computer Science, 12526, 585-596. doi: https://doi.org/10.1007/978-3-030-65729-1_24.