Mykhailo Kuzheliev
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Discretionary budget expenditure in the system of state regulation of the country’s socioeconomic development
Mykhailo Kuzheliev , Ihor Rekunenko , Alina Nechyporenko , Guram Nemsadze doi: http://dx.doi.org/10.21511/pmf.07(4).2018.02Public and Municipal Finance Volume 7, 2018 issue #4 pp. 8-18
Views: 2661 Downloads: 271 TO CITE АНОТАЦІЯThe paper investigates discretionary budget expenditure and determines its role in the system of regulation of country’s socio-economic development. In a very difficult political and socio-economic situation, Ukraine faces an urgent need to finda balance between the amount of functions performed by the state and the level of their financial support. The analysis of the State Budget of Ukraine expenditure according to the functional classification in 2014–2017 has been carried out. In particular, the discretionary budget expenditures (on state functions, economic activity, defense budget expenditures, budget expenditure on public order, security and judiciary; environmental protection, housing and utilities) are carefully analyzed. The purpose of the article is to study trends in financing discretionary budget expenditure and determine their impact on the socio-economic development of a country. Discretionary budget expenditures are the study object. It is determined that socio-economic development of a country requires government to apply progressive forms, methods and principles of expenditure management between the budget system levels. This need is due to the objective necessity to achieve sustainable development of economy and population welfare. The main problems that reduce budget discretionary expenditure effectiveness in the current conditions are investigated and the main directions to improve their financing are offered. The obtained results indicate the need to revise the funding of discretionary budget expenditures depending on the state policy priorities.
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Modeling of structural and temporal characteristics in the corporate securities market of Ukraine
Mykhailo Kuzheliev , Ihor Rekunenko , Antonina Boldova , Maksym Zhytar , Serhij Stabias doi: http://dx.doi.org/10.21511/imfi.16(2).2019.22Investment Management and Financial Innovations Volume 16, 2019 Issue #2 pp. 260-269
Views: 933 Downloads: 192 TO CITE АНОТАЦІЯThe development of the corporate securities market and the effective use of tools for its regulation cannot be achieved without models and methods of economic and mathematical modeling. The aim is to analyze and systematize the structural and temporal characteristics of the corporate securities market in Ukraine by applying economic and mathematical modeling methods. In the paper, linear interpolation is used to assess the temporal characteristics of corporate securities under market uncertainty. Descriptive and simulation modeling methods are also applied to carry out a formal description of the process of evaluating the structural characteristics of securities. The result of the study involves developing a descriptive model to analyze the structural and temporal characteristics of the Ukrainian corporate securities market. The approbation of the proposed model makes it possible to draw the following conclusions. First, Perspektiva Stock Exchange, Ukrainian Exchange and PFTS – the First Stock Trading System, are the most important trading platforms. They are determined by the monthly bidding dynamics and can belong to the same group – active players in the corporate securities market of Ukraine. Second, in terms of endogenous priorities, the development of the corporate securities market is mostly influenced by inflation rates (consumer price index), economic development indicators (key branches production index) and interest rates on alternative financial instruments (new deposit interest rates of deposit-taking corporations). Third, the rate of corporate securities issue and the native currency rate do not significantly affect the corporate securities market development, in particular, the former is characterized by a slight negative impact, and the latter – by a slight positive impact on the price dynamics.
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Distance learning as a tool for enhancing university academic management processes during the war
Mykhailo Kuzheliev , Dmytro Zherlitsyn , Alina Nechyporenko , Svitlana Lutkovska , Hennadii Mazur doi: http://dx.doi.org/10.21511/ppm.21(2-si).2023.04Problems and Perspectives in Management Volume 21, 2023 Issue #2 (spec. issue) pp. 23-30
Views: 849 Downloads: 491 TO CITE АНОТАЦІЯThe ongoing war in Ukraine has posed unprecedented challenges to traditional education systems, disrupting learning and affecting education quality. As universities adapt to these challenges, the growing reliance on distance learning strategies becomes crucial for maintaining academic management processes. This paper investigates the role of distance learning tools in addressing wartime challenges and enhancing university academic management.
Utilizing a mixed-methods approach, the study combines quantitative data analysis of student performance with qualitative insights from educators and students affected by the war. The results prove the effectiveness of distance learning tools in maintaining education quality during the war while also addressing the unique challenges faced by universities in conflict areas.
The findings reveal that distance learning tools serve as a valuable resource for universities to mitigate the negative impact of the war on education quality as part of academic management processes. However, specific challenges such as developing digital competencies, ensuring access to technology, and designing effective distance learning materials must be addressed in war-related disruptions.
The quantitative analysis of student performance data highlights the potential of innovative distance learning tools in maintaining education quality during crises and wars. However, the efficiency of their use during the large-scale war in Ukraine has shown a decline and thus necessitates further research. Nevertheless, these insights provide valuable guidance for educators and academician managers to support students and educators during challenging times. -
The impact of inflation targeting on macroeconomic indicators in Ukraine
Mykhailo Kuzheliev , Dmytro Zherlitsyn , Ihor Rekunenko , Alina Nechyporenko , Guram Nemsadze doi: http://dx.doi.org/10.21511/bbs.15(2).2020.09Banks and Bank Systems Volume 15, 2020 Issue #2 pp. 94-104
Views: 1150 Downloads: 326 TO CITE АНОТАЦІЯThe correlation between macroeconomic dynamics and the inflation rate is the subject of many economic studies. The principles of monetary policy are developed in classical economics studies, which are based on the theories of Keynes, Phillips, Campbell, etc. However, classic approaches require practical validation, especially with regard to modern economic trends in times of crisis and emerging economies. Therefore, the purpose of the paper is to investigate and summarize the impact of inflation targeting and other key monetary policy instruments on fundamental economic indicators in Ukraine during periods of stability and crises. An empirical analysis is based on official statistics from Ukraine for 2011–2019. This study uses econometric methods (multivariate regression and simultaneous equation model), which are applied for the general and transmission impact of inflation on the estimation of economic growth. The results prove that inflation does not affect (less than 0.46 linear correlation) fundamental economic indicators during periods of real GDP growth and a quarterly CPI level of less than 2%. On the other hand, there are significant simultaneous regressions (more than 0.8 coefficients of determination) between unemployed, spending on real final consumption, hryvnia exchange rate and monetary policy instruments (discount rate, international reserves, amount of government bonds, M3 monetary aggregate) for periods when the quarterly CPI (consumer price index) is more than 2%. Therefore, the traditional monetary policy implications are discussed for emerging economies.
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The assessment of corporate social responsibility at Ukrainian banks
Valeriia Shcherbak , Оlena Nifatova , Mykhailo Kuzheliev , Olena Erkes , Olha Mylashko doi: http://dx.doi.org/10.21511/bbs.14(3).2019.12Banks and Bank Systems Volume 14, 2019 Issue #3 pp. 140-151
Views: 1272 Downloads: 263 TO CITE АНОТАЦІЯCorporate social responsibility issues are becoming increasingly important in the banking sector. It refers to the responsibility of banks for their business activities subject to conceivable implications for society and the environment. Currently, the modern banking system in Ukraine is in the process of shaping its own model and integrating corporate social responsibility into all business processes. Thus, it is argued that objective comprehensive assessment of corporate social responsibility of Ukrainian banks is an essential prerequisite to enhance their performance, along with building a good rapport with clients and encouraging trust in society. From the above perspective, this article suggests an approach to assess corporate social responsibility at banks which entails implementing consistent stages in evaluating the development degree of the three corporate social responsibility components: social, environmental and economic. The assessment framework substantiates a set of indicators for measuring the degree of corporate social responsibility at banks by estimating the ratio of the GRI related aspects in the financial statements of banks, and identifying the possibility to implement the main provisions of the Social Accountability International 8,000 standard and the GRI G4 (Global Reporting Initiative). The proposed approach to measuring corporate social responsibility in banking through the instruments of a three-dimensional matrix and to positioning the banks by the areas of their corporate social responsibility has been tested by processing an array of 82 non-financial reports of 31 banks over the 2016–2018 period.
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- budget
- budgetary policy
- descriptive model
- digital competency
- discretionary expenditure
- economic and mathematical modeling
- education quality
- emerging economy
- financial market
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