Maxim Korneyev

The article is dedicated to the development of services and conditions of cooperation directed to insurance in the premium circle of clients under globalization. The circle of premium customers in addition to their requirements was described. Extended types of insurance are disposed in the article in order to develop the relationship between customer and insurer for most efficient partnership. The main reasons which caused the low level of insurance market development in Ukraine were proposed both with theoretical variety of their decisions. Proposals about methodical necessity of separating life and non-life insurance companies in the domestic market are disposed due to recommendations of the strategical development of insurance company. Methodological approach to the customer attraction procedure is represented for insurance sales management improvement.

This study identifies global factors conditioning the global problematics of the direction of social development. Global threats were evaluated and defined as dangerous processes, phenomena, and situations that cause harm to health, safety, well-being, and the lives of all humanity, and require removal. The essence of global risks was defined. These risks were defined as events or conditions that may cause a significant negative effect for several countries or spheres within a strategic period if they occur. Global problems were conceptualized. These problems were defined as phenomena, matters, and situations that are not completely understandable, interesting, actual, require solving and regulation, and in addition do not have unified solutions. Current global challenges were analyzed, defined as strategic guidelines that cause transformational changes and are receiving attention from humanity. Global trends were defined as courses of social development. The composition and role of global actors were described, and defined as international organizations, leading states, regional organizations, powerful corporations, institutional investors, large cities, and well-known personalities. The directions of positive courses of social development were developed by means of using the authors’ mechanism of solving the global problematics.

The timeliness of the research is conditioned by the need to analyze the development of small business as an indicator of the development of the middle class, which characterizes the socio-economic level of the country in general and contributes to strengthening its financial situation. The article contains the analysis of the small business development and its influence on the formation of local budget revenues in Ukraine. Based on the correlation and regression analysis, the statistical series of the sales volume of small business was aligned, taking into account changes in the legislation for the criteria for the small business definition in 2008 and in 2012. The correlation between the sales volume of the small business and the local budget revenues of Ukraine is analyzed. In order to evaluate the certainty of the small business development trends and its impact on local budget revenues, the same analysis was done on the basis of the indicators calculated in the currency equivalent.

Current local and national demographic trends have deepened the existing and formed new global demographic processes that have received a new historical reasoning that requires deep scientific research taking into account the influence of the multifactorial global dimension of the modern society development.
The purpose of the article is to study the development of global demographic processes and to define the causes of their occurrence, manifestations, implications and prospects for implementation in the first half of the 21st century.
The authors have identified and characterized four global demographic processes, namely population growth, migration, increase of tourism, and change in population structure. It is projected that in the 30’s of the 21st century, the number and growth rates of the world population will reach the objective growth and these dynamics over the next two decades will begin to change in the direction of reducing the growth rates, which will lead to gradual stabilization, and eventually reduce the size of the world population. By the middle of the 21st century, one can observe the preservation of the growth rates of international and domestic migration, the growth of international migration flows from the South to the North and from the East to the West, the strengthening of new economically developed centers of gravity (Canada, Australia and New Zealand), the increase in migration of rural population to cities, as well as urbanization and activation of the metropolises development. The share of international tourists in comparison with the world population will be constantly increasing, and the annual growth rate of the number of international tourists will significantly depend on the world economy and may vary at the several percent level. Permanent change will occur in the age, religious-cultural and socio-economic structure of the population.

Modern economy is characterized by rapid qualitative and quantitative changes that significantly affect the nature of economic, socio-economic and social relations. Innovative processes and trends are very specific manifestations, which are reflected in the economic and marketing theory. A greater place in science and practice is occupied by the concepts of new economy, knowledge economy, knowledge society. Therefore, the study of knowledge economy marketing becomes more and more relevant.
The paper is aimed to develop a technique for selection of the key parameters for building the model of national knowledge economy marketing.
For this purpose, it is proposed to conduct a cluster analysis based on aggregated data. Classification of differences between clusters is given. As a result of classification, the authors have identified a group of indicators, which make all clusters distinctive and, first and foremost, determine positions of countries in the global landscape. These indicators are interpreted as key factors of the knowledge economy.
Based on the suggested mathematical functions, the authors assessed the value of every key factor within the selected group. It became the second step in selecting the parameters to build a multifactor model of knowledge economy marketing at the national level. The paper also justifies that it is reasonable to use cognitive approach to address challenges in the sphere under consideration. This approach is able to become a sound basis for building the model of national knowledge economy marketing in the form of cognitive map.

Strengthening financial and economic stability in certain countries of the world requires the modification of tools for assessing the imbalances in the flow of financial resources that arise and spread as a result of the economy financialization and their consequences for the functioning of markets, especially investment ones. The purpose of the study is to develop a methodological approach to identifying the dependencies between financial resources imbalances resulting from financialization and investment flows. The following research methods were used: science-based abstraction, analysis and synthesis, economic and mathematical methods (to identify the dependencies between the imbalances in the movement of financial resources and investment flows in the economy); comparison and analogy (to study the world experience in identifying the links between financialization and investment flows in the economy). The aspects of the influence of imbalances in financial resources movement as a result of the economy financialization on investment flows are systematized. Various consequences of these imbalances for the functioning of the investment market are determined. The algorithm of identification of special aspects of investment flows influenced by financial resources imbalances was modified. The hypothesis of the strong correlation between the dynamics of foreign direct investment in the Eastern European countries and the level of imbalances in the flow of financial resources has been confirmed. The hypothesis of the significant influence of financialization processes on investment activity in the real sector of the economy, including infrastructure investments, has been refuted. It has been established that imbalances in the flow of financial resources as a result of financialization do not contribute to the development of investment markets of Eastern European countries, and only intensify disparities by directing foreign direct investment in the financial sectors of these countries and increasing the volatility of their market conditions.
It has been determined that the approach to identifying the dependencies between financial resources imbalances as a result of financialization and investment flows in Eastern European economies has allowed to substantiate the impact of such imbalances on investment amounts and on the capital formation dynamics.

To carry out a comparative analysis of the EU countries’ national innovation systems (NIS), a feature vector has been compiled, covering three modules, namely, science, education, and innovation. The feature vector is a valid multidimensional data set of sixteen official statistics indices and two sub-indices of the Global Innovation Index. The development of a cognitive model for managing the NIS parameters required a preliminary three-stage empirical study to determine its elements. In the first stage, cluster analysis was performed (the k-means, metric – Euclidean distance algorithm was used). As a result, the EU countries were divided into four clusters (following multidimensional scaling estimates). In the second stage, a classification analysis (using decision trees) was carried out, which allowed determining three parameters that distinguish clusters (or classes) optimally. These parameters are recognized as important ones in terms of positioning the countries in the general ranking; that is, they can be considered as a priority for the NIS development and improving the countries’ positions in international comparisons. In the third stage, based on the authors’ approach, the significance (information content) of each key parameter is estimated. As a result, a cognitive model was compiled, taking into account the parameter significance. The model can be used in managing the NIS parameters, seeking to increase the system performance and improve the international position of a specific country. The model can also be used by partner countries, for example, Ukraine, as it demonstrates the landscape of EU innovative development and outlines the directions for priority development of NIS towards the European progress.

The increased final consumption exacerbates the problem of the scarcity of natural resources and leads to environmental pollution. The concept of circular economy, which implies the formation of closed-loop chains of production and consumption with maximum regeneration and recycling of materials, is considered as an alternative to the firmly established “linear economy” (take-make-dispose). As a part of sustainable development strategy, the European Union adopted a general policy on the transition to a circular economy. However, for objective reasons, such transition is quite uneven at the level of member countries, which adversely affects the total progress. Therefore, the need arises to assess the positions of individual countries and identify major reasons for the uneven transition to support the countries that are lagging.
The goal of the study is to identify the factors of uneven progress of the EU countries towards a circular economy. For that reason, a set of empirical data (20 indicators) has been compiled; cluster, classification, and parametric analyses have been conducted. As a result, three clusters of the EU countries have been obtained and six indicators, included into combinations that make all clusters different, have been identified. These indicators can be interpreted as the key factors contributing to the uneven progress of the EU countries towards a circular economy. The difference in harmonic means by clusters allowed quantitatively estimating a “circular gap”. It is of practical value for the EU policy aimed at bridging the gaps between member countries during the transition to a circular economy.

An excessive increase in public debt characterizes the contemporary development of the global economic and financial system. The paper aims to examine the short- and long-run impact of state debt on economic growth in Nigeria. The model was estimated using an autoregressive distributed lag (ARDL) bounds testing method to co-integration for the long-run investigation. At the same time, the contemporaneous dynamics were explored using an unrestricted error correction model. The data were collected from the Central Bank of Nigeria’s statistical bulletins and annual reports, and it spanned the years from 1990 to 2020. The study uncovers evidence of a long-term link between the study variables. In addition, the study finds that all the explanatory is statistically significant. Specifically, economic growth is significant and negatively responsive to changes in external debt by 0.19% and debt servicing by 0.07%, contrary to its positive response to changes in domestic debt and exchange rate by 0.27% and 0.18%, respectively. The paper, therefore, recommends that government may consider more domestic borrowings to foreign borrowings that should only be resorted to when it is indispensable. Moreover, the government should also strive to balance loan servicing and the economic sustainability.

External public debt is not only a means of raising funds to finance public needs, but also an effective tool for stabilizing a country`s economic development, the assessment and analysis of which allows making effective management decisions at the state level and developing effective measures to improve the economic and debt situation. The paper aims to assess the impact of external public debt on Ukraine’s economic development indicators (GDP, foreign direct investment, foreign exchange reserves). In order to achieve the stated goal distributed lag models are used, which allow modeling a country’s economic development (according to key indicators) within certain forecast scenarios. The study covers the period from 2009 to 2021. An analysis of the dynamics of external public debt in Ukraine led to the conclusion about the unstable debt situation in Ukraine and a significant increase in external debt in recent years. Econometric models with a distributed lag of three years are built and the results of the influence of external public debt in different time periods are analyzed. The average lag in the built models is about one and a half years (for GDP) and two and a half years (for foreign direct investment). This value indicates that the average change (increase/decrease) in external public debt will change economic development over time. A positive conclusion is made on the possibility of not only assessing the time lag between the indicators, but also on the prospects for forecasting both the public debt and key indicators of Ukraine`s economic development.

Acknowledgment
The article was published as part of research projects “Convergence of economic and educational transformations in the digital society: modeling the impact on regional and national security” (No. 0121U109553) and “Reforming the lifelong learning system in Ukraine for the prevention of the labor emigration: a coopetition model of institutional partnership” (No. 0120U102001).

The disruptive technologies and cyber-physical production systems are important factors that bring transformations to socio-economic formations. The paper aims to formulate the content, key directions, positive and negative effects of additive economy (AE) in the current transition phase to Industry 4.0. The research method is based on the analysis of structural links in socio-economic systems, where the additive economy potential is realized. The additive economy is treated as a new approach to production technological aspect based on the additive principle of manufacturing and aimed at minimizing the use of primary natural resources for dematerialization of social production. AE is the antithesis of the subtractive economy, which dominates today and uses only a tiny proportion of extracted natural resources. Among the positive effects of AE, there are the reduction in energy intensity of products, dematerialization of production, solidarity of society, economic systems sustainability, and intellectualization of technologies and materials. Among the negative expectations of AE, there are increased information vulnerability of production, risk of losing control over cyber-physical systems, expanding the unification of individuals, and increasing psychological stress. The additive economy is more sustainable than the subtractive economy since it does not require extra components to the production spheres, reduces the resource scarcity, and could satisfy more economic agents’ needs. Therefore, improved production efficiency due to AE promises economic growth acceleration, environmental burden and social risk reduction.

Acknowledgment
The publication was prepared in the framework of the research projects “Sustainable development and resource security: from disruptive technologies to digital transformation of Ukrainian economy” (№ 0121U100470); Fundamental bases of the phase transition to an additive economy: from disruptive technologies to institutional sociologization of decisions (No. 0121U109557).

Globalization processes define the modern trends in world economic development, including both international financial markets and the banking systems of different countries. The study aims to evaluate the efficiency of the banking systems of Ukraine and 17 European countries in order to choose the appropriate measures, concerning its increasing. The Data Envelopment Analysis (DEA) was chosen as a tool for evaluating the efficiency of the banking systems; the calculations were made using the Banxia Frontier Analyst software. Also, the BBC and CCR models of linear programming were used to define the existing relationship between the studied indicators. As a result of the study, the groups of efficient and inefficient banking systems were identified, which allowed determining the existing reserves, possible managerial tools and decisions for improving the inefficient banking systems’ performance. Besides, graphical interpretation of the current position (rank) of certain country bank system in relation to other countries’ banking systems was presented. The developed approach is aimed at improving bank management at the macro level and enhancing the efficiency of banking systems.

Higher education institutions train professional and scientific personnel. Therefore, the quality of higher education and its funding are vital for training highly qualified specialists. This study analyzes the annual volume of expenses (investments) per student in groups of countries, divided according to their socio-economic development, and competitiveness of higher education. The division of countries into groups is based on simultaneous compliance with the criteria for the quality of higher education and the level of social and economic development. The Ward’s clustering method was applied. The analysis was conducted based on data from 32 OECD countries and partner countries. The paper found a significant direct correlation between the level of competitiveness of higher education and the amount of its funding per student (R = 0.895). At the same time, a significant direct correlation was revealed between the level of competitiveness of higher education and the human development index (R = 0.787) and the global competitiveness index (R = 0.888). Finally, a significant direct correlation between the amount of expenditures and the level of competitiveness of higher education was found only in the cluster with the highest indicators of socio-economic development (Rs = 0.707). In other clusters, the correlation is weak or weakly inverse.

The war in Ukraine dealt a crushing blow to the country’s economy. The relevance of the topic is due to the marketing ability to be an effective tool for restoring and developing business in Ukraine. The paper aims to define the state and prospects for developing business and its marketing component during the war in Ukraine. The research analysis demonstrates that the share of business representatives who completely or partially ceased their activities during the first three months of the war decreased from 75.3% in March to 49.0% in May (compared to February 24, 2022), which is indicative of the gradual resumption of business in Ukraine. At the same time, it was found that in May 2022, the food retail, non-food retail, household appliances, and electronics sectors partially resumed their work. The best renewal rates are observed in the jewelry sector, and the worst – in the entertainment sector. A study of marketing activities in Ukraine shows that the most positive changes regarding gradual renewal are observed in digital marketing. The paper highlights the key consequences of hostilities for Ukrainian business and its marketing activities: supply chain disruption, reduced purchasing power, changes in consumer demand, stockpiling, and a state of uncertainty among business representatives. In addition, the study offers general approaches to adapting marketing and SMM during the war to preserve, restore, and further develop business in Ukraine.

Considering the processes of the tourism services market development, the study aims to determine the patterns of development of internal tourism and hospitality industry in Ukraine based on the use of a cluster approach. This approach provides an opportunity to implement an effective public policy regarding the development of individual tourism clusters and tourism market in general. It is proved that in the process of cluster management of tourism market, it is important to determine means and methods of targeted state influence, including levers of influence of local authorities, to effectively develop the cluster system of tourism destinations in Ukraine. It is noted that cluster management of tourism market and its hospitality sector is a system of relations between authorities and businesses to increase the competitiveness of the national tourism product through the formation and development of tourism and hospitality clusters. Also, the development of internal tourism and hospitality in Ukraine were modeled. According to the results of the study, the principles of development of internal tourism and hospitality in Ukraine based on cluster management are established.

Several specific features and circumstances can characterize Ukraine’s policy of external public debt management, and the results are not always unambiguous. The study aims to assess the effect of external public debt on Ukraine’s economy from 2014 to 2022, a period that includes the Crimea annexation, the onset of the COVID-19 pandemic, and the beginning of the open Russian military aggression. To analyze the contemporary state of public debt and assess the degree of external debt burden’s impact on the country’s economy, a factor analysis technique known as the principal components method was used. Via the STATISTICA.12 software, it was substantiated that the debt situation worsens with the growth of debt burden and solvency indicators as their values approach the thresholds. The application of the Kaiser criterion allowed the selection of the most influential indicators (principal components) for assessing the external debt burden. The eigenvalue of the first component (inflation rate) is 4.48, and it explains 50% of the variance; the second component (production of export-oriented goods) has an eigenvalue of 2.43, explaining 27% of the variance; the third component (government spending on military purposes) has an eigenvalue of 1.24, and it explains 14% of the variance.

The effects of the economic recession and the COVID-19 crisis call for more active support for the tourism industry. To pursue a supranational tourism policy and create a favorable marketing environment at the national level, it is necessary to consider the objective differences between member states and their characteristics in the field of tourism. This study aims to highlight the main factors that characterize the asymmetry of the tourism industry in the EU countries, which allows ensuring the competitiveness of national tourism companies through the formation of an appropriate marketing strategy. The research methodology includes calculation of the asymmetry coefficient and cluster and classification analysis based on Eurostat data.
At the first stage, 27 indicators were selected that characterize the structural proportions of the tourism industry and the intensity of tourism in the EU countries. Based on the calculation of the asymmetry coefficient, a high level of heterogeneity of the tourism industry parameters in the EU countries for each of the indicators was demonstrated. At the second stage, clustering (algorithm – k-means, metric – Euclidean distance) of the EU countries was carried out according to the selected indicators. As a result, eight clusters were obtained, which showed asymmetry in developing national tourism sectors in the EU. At the third stage, as a result of classification (method – decision trees), seven combinations of indicators were identified, which completely distinguish the resulting clusters of the EU countries. The parameters included in these combinations are, in fact, the main factors of the asymmetry in the development of the EU tourism industry.
Based on the analysis of the asymmetric development of the tourism industry by country, it is possible to determine its growth points and competitiveness drivers in the EU internal market and identify marketing strategies.

The article deals with the impact of financialization on economic growth in countries of Central and Eastern Europe. It determinesthe impact of imbalances in the movement of financial resources caused by financialization on economic growth of these countries. It proves that the implementation of measures aimed at increasing the openness of the economy and maintaining solvent demand have a positive impact on economic growth of the surveyed countries in the long run. It also proves the importance of developing a set of measures of strategic nature regulating imbalances in the movement of financial resources caused by financialization.

In the context of globalization of the educational services market, competition between universities is becoming more intense. This manifests itself, among other things, in the struggle for positions in international university rankings. Given that universities are evaluated according to many criteria in such rankings, it becomes necessary to identify the most significant factors in determining their positions.
This study aims to identify the key factors determining the world’s leading universities’ leadership in international university rankings. The numerical values of the criteria for compiling the QS World University Rankings (QS) and Times Higher Education (THE) rankings were an empirical basis for the study. The analysis covered the Top 50 universities (according to the QS ranking) and was conducted based on reports for 2020 and 2021.
At first, clustering was carried out (method – k-means); the data set was the combination of numerical values of QS and THE criteria (six and five criteria, respectively). The universities were divided into three clusters in 2020 (23, 19, 8 universities) and 2021 (23, 17, 10 universities). This showed the universities’ leadership relative to each other for each year.
At the second stage, classification processing was performed (method – decision trees). As a result, criteria combinations that give an absolute separation of all clusters (2020 – five combinations; 2021 – eight combinations) were identified. The obtained combinations largely determine universities’ affiliation to clusters; their criteria are recognized as key factors of their leadership in the rankings. This study’s results can serve as guidelines for improving universities’ positions in the rankings.

Innovation plays a crucial role in ensuring economic growth and competitiveness of national economies, creating conditions for their sustainable development. By focusing on supporting innovation, the EU is particularly helping to accelerate the development of those member states that lag far behind the EU average. This requires the selection of the indicators reflecting the development of innovation that determine the differences between member countries to the greatest extent. Therefore, the aim of the study is to identify the key factors of the innovation gap (FIG) between EU countries based on a comparison of indicators characterizing the national innovation systems (NIS).
For this purpose, 22 relative indicators were selected from the indicators included in the Global Innovation Index to form an array of empirical data. At the first stage, the EU countries were divided into four clusters using the k-means method. At the second stage, using the decision tree method, a group of indicators was identified that together distinguish the obtained clusters to the greatest extent and, accordingly, determine the differences between EU countries and can be considered as FIG, namely: “Researchers”, “GERD financed by business”, “Joint venture/strategic alliance deals”, “Software spending”, and “High-tech manufacturing”. This allows individual member states to prioritize the development of those indicators (i.e. FIG) that most determine their position in the EU and therefore improve their NIS. At the EU level, this will contribute to the complementarity of the NIS, overcome differences between member states and increase the overall level of convergence in innovation.

The widespread use of information and communication technologies and subsequent transformations have led to the formation of a digital economy (DE). The European Union, as an international organization, has become the subject of building such an economy, striving to bring member countries closer in the field of digitalization.
The aim of this paper is to compare the DE development parameters of the EU countries based on cluster analysis and determine the most significant of them to solve the problems of bridging the digital divide between countries. For clustering, a feature DE vector of 20 indicators was created and the k-means algorithm and the Euclidean distance metric were used. For classification, the decision tree method was applied.
Three clusters of EU countries were identified by the level of DE development (leaders, followers and outsiders), which allowed assessing their positions relative to each other. Key parameters that determine countries’ positions in the general rating are identified. A parameter chart is generated to control the establishment of DE in the EU countries, which, in addition to key parameters, includes maximum, minimum and harmonic mean values of these parameters by cluster. This characterizes the landscape of DE development in the EU countries, assesses the digital divide and is the basis for decision-making in the area of bridging this divide.

Escalating competition, technological changes and the struggle for innovation present companies with a knowledge management (KM) challenge. To implement it at the modern level, it is necessary to develop a knowledge management system (KMS). Significant opportunities for this are created by information technologies (IT), qualitatively changing approaches to knowledge management. Therefore, the study aims to clarify the theoretical foundations of shaping the company’s KMS and conceptualize information tools for its formation. Within the theoretical foundations of KM, its essence (as a systematic management activity and a set of measures to ensure the business processes of obtaining, storing, disseminating and using knowledge in the company), the subject (the aforementioned processes and various types of knowledge), and links with other types of management (innovation, information, personnel management, etc.) are specified. Given the main goals, principles and tasks of KM, its main approaches, key processes and control elements are summarized. The conceptual foundations of KMS development are formulated and its subsystems (methodological, planning, information, and functional subsystems for ensuring business processes for obtaining, distributing and using knowledge) are highlighted. Given the importance of IT, the following concepts have been formulated: a portal for R&D management, innovation management platforms, and a tool for formalizing knowledge and corporate knowledge base. Their purpose, functionality, and the role of ensuring work with knowledge and KM implementation are described. The problem of their implementation, operation and improvement is emphasized. The research results allow creating a new technological basis for the introduction of knowledge management.

Innovations have become pivotal for the growth and competitiveness of national economies. Generating innovations necessitates a comprehensive ecosystem as a set of conducive conditions. With competition intensifying and focusing on innovation, countries increasingly prioritize the enhancement of their innovation ecosystems. The foundation for this lies in international comparisons, particularly among countries that are global leaders, as it aids in identifying their specific characteristics and advantages. The aim of the study is to differentiate the innovation ecosystems of world-leading countries by highlighting the indicators in which they differ the most.
The paper covered the top 15 countries according to the Global Innovation Index, each characterized by 23 indicators in their innovation ecosystems. In the first stage, using mathematical processing (the k-means method), the countries were divided into six clusters. Then, to find the parameters that differentiate the obtained clusters, a classification analysis was conducted (the “decision tree” method), resulting in 11 indicators that, in various pairwise combinations, most differentiate the analyzed countries. These indicators reflect the features and most important advantages (or weaknesses) of each innovation ecosystem and are also priorities for increasing the parameters of these ecosystems to improve the position of countries. It is advisable to use these indicators to form state innovation policy.