Fedir Zhuravka

In many countries International Financial Reporting Standards (IFRS) have become part of the domestic law or common practice. Ukraine has also taken the first steps to the use of IFRS taking into account its national peculiarities. However, problems occur in the adaptation of international standards, which need to be solved. The proposed article is devoted to the research of specific problems arising during the implementation of IFRS in Ukraine. The author substantiates the expediency of implementing International Financial Reporting Standards in Ukraine, studies the prospects of using international standards in the national accounting practices and defines the principle of transformation as a priority. It determines the stages of IFRS implementation in Ukraine and the problems that arise on each of these stages. As a result, the study highlights the shortcomings of the national accounting system’s reform and ways of optimizing the process of IFRS implementation in Ukraine.

The problems of mixed life insurance and insurance in the case of death are considered in the article. The actuarial present value of life insurance is found by solving a system of differential equations. The cases of both constant effective interest rates and variables, depending on the time interval, are examined. The authors used the Pontryagin maximum principle method as the most efficient one, in order to solve the problem of optimal control of the mixed life insurance value. The variable effective interest rate is considered as the control parameter. Some numerical results were given.

The article analyzes concepts to determining the essence of the economic security management at an enterprise. The main features of identifying the effectiveness of economic security management at the enterprise are stipulated. The theoretical and methodological approach to determining the effectiveness of economic security management of the enterprise is proposed, which allows to identify the threats and predict their consequences, to provide internal balance in the enterprise activity and the compliance of its mission and strategic direction of the activity with its key interests. Moreover, it is proposed to use the matrix of comparing the level of the enterprise economic security (EES) and the total impact on the EES level in one of the scenarios (pessimistic, optimistic, and most probable), which allows to assess the effectiveness of the economic security management of the enterprises and provide recommendations to increase the latter, minimizing destructive effects of dominant threats in the context of certain functional components of the economic security.

The implementation of international standards for the bank risk assessment and market risk, in particular, in Ukrainian banking practice is aimed at achieving common standards for regulating banking activities in different countries. This should help to increase the banking sector stability in Ukraine and, accordingly, increase the interest of foreign investors.
The article deals with the methodological approaches to assessing the bank market risk (in particular, SA, IMA and R-SbM approaches) recommended by the Basel Committee on Banking Supervision in terms of standardization and unification of the normative framework of capital requirements for Ukrainian banks. Considering the analysis results, it was determined that the choice and implementation of an optimal approach in the context of Ukrainian banking practice can be carried out in one of two alternative scenarios: 1) a simplified version of a sensitivity based method (R-SbM); and 2) a recalibrated version of the Basel II standardized approach. In this case, the Basel II recalibrated version is more acceptable for use by banks, since it is most relevant to volume and complexity of transactions carried out by Ukrainian banks.
The obtained results are aimed at improving the existing methodology for calculating the adequacy ratio of banks' regulatory capital (N2), which currently considers only the needs for credit risk coverage, and at refining the methodology in terms of considering banks' market-risk coverage needs.

Nowadays one of the relevant problems of economic development of Ukraine is the excessive increasing of the public debt that has a number of negative consequences for the financial system of the country. The article is devoted to the research of state’s debt sustainability concept. Special attention is paid to the development of an effective system of debt sustainability management. The aim of the article is to study the theoretical bases of the state’s debt sustainability, investigate scientific and methodological approaches to its management, analyze the public debt and debt sustainability of Ukraine. In order to achieve that goal, the following scientific methods were used: analysis and generalization, decomposition analysis, comparison and compilation. The authors analyzed the structure of the debt sustainability management system: objects, subjects, key principles, objectives, methods, instruments, etc. The list of key indicators of debt sustainability was substantiated and the authors compared their normative values in Ukraine and in world practice. Besides, the state and structure of public debt and the ratio of government debt to GDP were scrutinized. The obtained results proved the debt crisis deepening in Ukraine.

During the post-Great Recession period, macroeconomic stability had more often been threatened by socioeconomic shocks due to the rising of public discontent with the high unemployment rate and poverty, the activation of radical parties and movements, and the aggravation of the geopolitical confrontation in the world. Depending on the type and depth of such shocks, they become politically generated shocks and, in particular, affect the monetary sphere. The article investigates three types of politically generated shocks and their impact on the monetary sphere. It has been found out that the shocks generated by political populism are characterized by fiscal domination in the economy, the use of monetary measures in the budget deficit financing. Shocks arising after the use of international sanctions against certain countries have an external origin and primarily cause the increase in national exchange markets volatility. On the whole, macroeconomic and, especially, monetary instability is the result of the great shocks for the economy, the depth and duration of which are determined by the nature of the crisis, particularly, when country participates in the military conflict. The aforementioned types of politically generated shocks are analyzed based on the experience of countries such as Argentina, Turkey, and Ukraine, which at one time introduced the regime of inflation targeting in monetary policy, but were forced to modify it influenced by political and economic instability.

The paper explores theoretical and practical aspects of forecasting the government debt in Ukraine. A visual analysis of changes in the amount of government debt was conducted, which has made it possible to conclude about the deepening of the debt crisis in the country. The autoregressive integrated moving average (ARIMA) is considered as the basic forecasting model; besides, the model work and its diagnostics are estimated. The EViews software package illustrates the procedure for forecasting the Ukrainian government debt for the ARIMA model: the series for stationarity was tested, the time series of monthly government debt was converted into stationary by making a number of transformations and determining model parameters; as a result, the most optimal specification for the ARIMA model was chosen.
Based on the simulated time series, it is concluded that ARIMA tools can be used to predict the government debt values.

Hostilities in eastern Ukraine have highlighted the need for accelerated transformation of Ukrainian armed forces and strengthening country’s defense capabilities. Ukraine is an active consumer and exporter of weapons, so it needs to improve constantly its position in the international arms market, which, by the way, unlike most markets suffering from the COVID-19 pandemic, is constantly growing. The study aims to assess the prospects of Ukraine’s integration into the world arms market to secure its armed forces and achieve the highest possible level of arms exports. Methods of comparative analysis and integrated approach were used in the study. The obtained results demonstrated that Ukrainian arms export has fallen dramatically in recent years (from 1501 million USD in 2012 to 115 million USD in 2020); the largest importers were China (36% of Ukraine’s total arms exports), Russia (20%), and Thailand (17%). The main explanation for this is the necessity of transition to more technological weapons. Concerning weapon imports, Turkey, the USA, Great Britain, Poland, and Bulgaria became the main suppliers. It is about ammunition, electronics, including electronic warfare stations, means of communication, sniper rifles, grenade launchers, etc. The study substantiated that Ukraine should implement joint projects with other countries to fully develop its high-tech weapons in accordance with the latest military technologies.

The issues of recognizing the rights of the LGBTQ+ community around the world and developing appropriate anti-discrimination policies and laws are one of the main topics for discussion in the global agenda. This is due to the commitment of the world community to protect human rights and meet the needs of society. The paper aims to assess the relationship between socio-economic development indicators of some European countries and the Rainbow Europe Index. To find out how discrimination against the LGBTQ+ community affects various social and economic development indicators of some European countries, a data matrix was developed and the Spearman rank correlation coefficient was calculated. The obtained results confirmed a positive relationship between the Rainbow Europe Index and GDP per capita, the Human Development Index, the Corruption Index, and the Index of Happiness. Calculations have shown that the Rainbow Europe Index had a significant impact on these indicators. The study proved the dependence of indicators and demonstrated the need to provide freedoms and rights for LGBTQ+ affiliated members in Ukraine and other European countries.

Acknowledgment
This paper is published as a 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).

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.

In the conditions of insufficient budgetary financing of the health care system and low quality of medical care in the state medical establishments of Ukraine, the importance of extra-budgetary sources of financing becomes increasingly relevant. One such source is voluntary health insurance. The aim of the paper is to compare the state and structure of medical financing in developed countries and in Ukraine, to study the global experience in the functioning of the voluntary health insurance market, and to calculate the potential capacity of the voluntary health insurance sector in Ukraine. For mathematical calculations, 20 absolute indicators of the state of the voluntary health insurance sector, as well as macroeconomic indicators, were used. The annual values of absolute indicators for the period 2010–2019 were used in forming the array of input data. Based on the experience of foreign countries, the paper substantiates the development of the voluntary health insurance in Ukraine as an extra-budgetary source of health care funding. The capacity of the voluntary health insurance sector was defined by the authors as the maximum possible amount of insurance premiums that insurers can receive in the process of selling voluntary health insurance products. The calculations made it possible to conclude that the voluntary health insurance market in Ukraine has the potential for development, as evidenced by the predominance of the potential capacity of the voluntary health insurance segment over its real indicator.

An integrated approach to the enterprise value-based management (VBM) provides a precise assessment of all accounting entities. The implementation of such an approach allows determining the value of objects that do not have a material form (intangible assets), but have a significant impact on the enterprise value. The growing role of accounting data in enterprise value formation and management determines the necessity of the research. Thus, the article aims to investigate the effect of integrated reporting implementation on the VBM at the Ukrainian enterprises. Based on recent scientific researches, the study substantiates that the VBM approach should be based on an integrated reporting concept and proves the necessity of transition from the traditional accounting model to sustainability accounting in Ukraine. The findings reveal the approach of integrated reporting incorporation into the enterprise VBM system. The authors offer the concept of creating an integrated reporting model in Ukraine that considers economic and legal criteria, basic and qualitative principles, and production, human, financial, social, natural, and intellectual capital.

Financial security of a country is an integral part of its economic security and the basis of national security. The paper aims to assess and forecast the level of Ukraine’s financial security using two methodological approaches (the existing one and the authors’ elaboration) to choose the best alternative. The first one is based on the Methodology of the Ministry of Economy of Ukraine. The alternative one has been developed as a multiplicative model of non-linear convolution of relevant direct and indirect impact indicators, considering the opportunity and risk, which is based on a combination of a power function and the Harrington method. A database of input indicators was formed with further differentiation according to their impact on Ukraine’s financial security. The research results demonstrated that during 2013–2019 Ukraine’s financial security integrated index was cyclical and constantly changing. A comparison of the existing methodology and the developed model demonstrated a certain discrepancy between the obtained results. It was substantiated that the proposed multiplicative non-linear convolution model for assessing and forecasting the state’s financial security is more relevant, includes current indicators sorted by their direct and indirect impact, and adjusts them according to the risk of impact on overall security in the country.

The Crimea annexation and the military aggression of the Russian Federation, which first began in some territories of the Donetsk and Luhansk regions in 2014 and escalated into a full-scale war on February 24, 2022, resulted in heavy losses of life and a humanitarian crisis, exacerbating economic, political and social instability. To restore Ukraine’s economy, all businesses, including hospitality (hotel and restaurant business) sector, should continue functioning, though it is a challenging but crucial task. The paper aims to analyze the state of the hospitality market in the current war conditions in Ukraine and assess the possibilities of its restoration and development. An online survey was conducted among 282 representatives of the hospitality business in Kyiv, Sumy, Chernihiv, Dnipropetrovsk, Kharkiv, Poltava, Ivano-Frankivsk, Lviv, Ternopil, and Zakarpattia regions. Based on the results, in 2022, almost 23% of hospitality industry representatives suspended their activities, and 54% functioned only partially. Many surveyed hotels and restaurants (36%) have gradually changed and adapted their business strategies. For more than half of the hospitality representatives, expenses increased by 20-50%, and profits dropped by more than 20%. The critical consequences of the full-scale war for the Ukrainian hospitality market are as follows: disruption of supply chains, reduction in consumers’ purchasing power, changes in consumer demand, shortage of certain types of products, shortage of personnel, and business unprofitability.

Public debt plays a crucial role in the economic development of many countries, the effective management and servicing of the external public debt have become a priority in the financial and economic policy of the state, ensuring the stability of its development. The article aims to develop Ukraine’s external public debt management system during the wartime. As a result of the analysis, the key negative consequences of the impact of external debt growth on Ukraine`s economic security were determined, i.e. economic growth slowdown, increased dependence on creditors, increased costs of the public debt servicing, significant reduction in domestic consumption, etc. The developed external public debt management system in the framework of state economic and financial security includes relevant subsystems, principles, functions, objects and subjects, methods. It was substantiated that the appropriate external public debt management system during wartime in Ukraine requires the following additional subsystems: subsystem of crisis planning and response, subsystem of external debt settlement and subsystem for ensuring international cooperation.

One of the tools of economic policy of any country is efficient public debt management, which influences and determines the dynamics of key macroeconomic indicators. The study aims to assess how public debt management affects Ukraine’s macroeconomic development. The analyzed period includes data of 2015–2021. Econometric modeling is used to establish the existence of causal relationships between the dynamics of public debt and changes in key macroeconomic indicators using the Granger causality test and VAR (Vector Autoregression) model. The obtained results demonstrate that during the study period, the strongest links existed between the public debt and GDP, debt servicing and Ukraine’s total state budget expenditures, public debt and consumer price index, real effective exchange rate index of the hryvnia to the US dollar, and political stability index. At the same time, the calculations proved that public debt does not have a significant impact on foreign direct investment and the level of imports of goods and services. The proposed model allows for forecasts for future periods and can be used in developing public debt management policy.

Russia’s open aggression against Ukraine has resulted in significant changes across all sectors of the Ukrainian economy and its financial sphere, including financial security. The paper aims to identify the impact of the primary macroeconomic determinants, i.e., military defense spending, non-performing bank loans, exchange rate, foreign debt, and state (total) reserves, on the financial security of Ukraine under martial law. The canonical correlation analysis is employed to assess the strength of the relationship between the above macroeconomic indicators and the level of the state’s financial security. It was found that the reduction of the state’s financial security level in 2022 was 63.9%, explained exactly by the changes in the above macroeconomic determinants after the start of a full-scale invasion. The study determined the degree of influence of each indicator on Ukraine’s financial security level. An increase in the level of military defense spending, non-performing bank loans, hryvnia’s devaluation, and external debt growth had a direct negative impact on Ukraine’s financial security. At the same time, an upsurge in total reserves had an indirect negative impact (through the external debt growth). The research findings confirm the necessity for effective monitoring and management of the macroeconomic indicators to maintain both Ukraine’s financial security and macro-financial stability in order to ensure its’ sustainable economic development during the postwar recovery period.

Acknowledgment
This research is financially supported by the NATO SPS Program “Security of territorial communities: evidence from the Eastern European countries”.

One of the pressing problems in the modern development of the world financial system is an excessive increase in state debt, which has many negative consequences for the financial system of any country. At the same time, special attention should be paid to developing an effective state debt management system based on its forecast values. The paper is aimed at determining the level of persistence and forecasting future values of state debt in the short term using time series analysis, i.e., an ARIMA model. The study covers the time series of Ukraine’s state debt data for the period from December 2004 to November 2020. A visual analysis of the dynamics of state debt led to the conclusion about the unstable debt situation in Ukraine and a significant increase in debt over the past six years. Using the Hurst exponent, the paper provides the calculated value of the level of persistence in time series data. Based on the obtained indicator, a conclusion was made on the confirmation of expediency to use autoregressive models for predicting future dynamics of Ukraine’s state debt. Using the EViews software, the procedure for forecasting Ukraine’s state debt by utilizing the ARIMA model was illustrated, i.e., the series was tested for stationarity, the time series of monthly state debt data were converted to stationary, the model parameters were determined and, as a result, the most optimal specification of the ARIMA model was selected.

Recently, there has been a sharp increase in the number of foreign tourists and revenues from international tourism in Georgia. At the same time, it was noted that the country’s tourism potential is not being used effectively enough, and the main reason for this is the insufficient development of the infrastructure of the tourism industry. The main problems that hamper the development of international tourism in the country are identified. In order to enhance the competitiveness of the tourism industry in Georgia and to achieve its significant improvement, the relevant strategic objectives have been developed.

This paper contributes to clarifying the scientific debate on the impact of entrepreneurship development and wages increases on Nigeria’s macroeconomic development. The main purpose of this research is to estimate the impacts, problems, and consequences between wages growth and the growth of a long-term relationship between wages and investment. The article deals with the current state of Nigeria’s macroeconomic indicators. The methodological tools for the research are the ARDL and DOLS methods, which were used to study the relationships between the macroeconomic indicators. The research period is 1987–2019. The research empirically confirms and theoretically proves that the country operates under unstable and uncertain conditions, so it is difficult to achieve macroeconomic stability. Also, the article presents the results of the analysis, which has shown a positive and statistically significant effect of raising the minimum wages on economic growth both in the long and short term. The study results can be useful for state authorities, private sector, as well as for the researchers.

Acknowledgements
This research was prepared as a part of the Scientific Project “Modeling the Transfer of Eco-Innovations in the Enterprise-Region-State System: Impact on Ukraine’s Economic Growth and Security” (No. 0119U100364), that is financed by the state budget of Ukraine.