Maksym Dubyna

The development of Ukraine’s credit market occurs under periodic economic crises. Available destructive processes inhibit the development of credit relations, negatively affecting the lending of economic entities and restraining the development of the national economy. This study aims to highlight the basic transformations in the development of the credit market of Ukraine, which are formed in macroeconomic instability. The economic development trends in Ukraine were assessed using classical statistical methods. The correlation regression analysis was used to analyze the influence of macroeconomic parameters (exchange rate, average salary, and cost of loans) on the volume of bank lending. The results show that the national economy of Ukraine during 2005–2021 developed in the conditions of periodic macroeconomic instability, and the pre-crisis (an indicator of 2013) parameters of bank lending volumes have not restored within the credit market. The paper stresses the significant impact of the COVID-19 pandemic: in 2020, the volume of bank lending decreased by 10.38 billion USD. Moreover, the econometric analysis of the influence of specific macroeconomic parameters (exchange rate, average salary, and cost of loans) on the development of bank lending in Ukraine demonstrated that the stability of the national currency exerts the greatest influence on the lending processes of economic entities in Ukraine. Its provision in the long term allows the creation of favorable conditions for the credit market functioning after the shock periods.

Acknowledgment
This study is conducted within the framework of the scientific project “Transformation of the households’ behavior in the financial services market in the context of digitalization” with the support of the Ministry of Education and Science of Ukraine.

Modern higher education institutions in developed countries are becoming active agents of permanent societal changes. The aim of the study is to map the scientific landscape on the topic of higher education for sustainable development in the context of digitalization. In the research process, bibliometric analysis, an in-built Scopus instrument, and VOSviewer were used. The findings proved that the severe restrictions faced by universities during the COVID-19 pandemic became a powerful impulse to intensify the attention of scientists to the mentioned topic. Visualization maps of keywords and scientific publications showed the existing interdisciplinary nature and the main thematic directions of research on higher education for sustainable development in the digital era. They demonstrated a direct connection between the basic principles of the sustainable development concept, sustainable development goals, higher education, universities, digitization, and digital technologies. The largest number of works on the specified subject belong to scientists from China, Spain, the Czech Republic, Germany, and Ukraine. The study concluded that future publications in the analyzed field would cover the effectiveness of digital technologies in higher education, the development of competencies for the digital economy, inclusiveness, cybersecurity, as well as ethical aspects of the use of technologies to achieve the global sustainable development goals.

Acknowledgment
This analysis is carried out within the framework of the scientific project “Model of the Post-War Recovery of Border Universities of Ukraine in the Digitalization Era Under the Sustainable Development Concept” with the support of the Ministry of Education and Science of Ukraine (Order No 1190 dated 30.12.2022).

Type of the article: Research Article

Abstract
Financial globalization promotes investment inflows, financial market development, and deeper integration into the international economic system, yet its impact on economic growth remains ambiguous. The study aims to identify and quantify the influence of key financial globalization factors – direct and portfolio investments, external debt, and international reserves – on the economic growth of selected countries, with a focus on Ukraine’s integration into the global financial space. Statistical analysis was employed to summarize financial globalization indicators, correlation analysis to assess the strength and direction of relationships between these factors and GDP growth, regression modeling to estimate the impact of each factor on economic performance, and comparative analysis to contrast Ukraine’s trends with those of European countries. The results revealed that in developed economies (Germany, the UK), high FDI levels (5-8% of GDP) and stable reserves (over 25% of imports) support sustainable growth. In transition economies (Poland, Romania), financial globalization contributes to modernization but increases volatility due to reliance on external investors. For Ukraine, the impact remains limited: FDI averaged 3-4% of GDP, external debt exceeded 80% of GDP, and international reserves fluctuated around USD 25-30 billion, insufficient for long-term macroeconomic stability. Correlation between FDI and GDP (r = 0.62) indicates a moderate positive link, while portfolio investment showed a weak and unstable connection (r = 0.28). Overall, financial globalization offers opportunities for capital inflows and technological transfer, but its benefits for Ukraine depend on strengthening institutional capacity, financial resilience, and a predictable regulatory environment to ensure it serves as a driver of sustainable development rather than a source of risk.

Acknowledgment
This research is carried out within the framework of the scientific project “Model of the post-war development of credit institutions based on artificial intelligence: customization of financial services and prudent supervision” with the support of the Ministry of Education and Science of Ukraine, State registration No. 0124u000810 (Order No. 1569 dated December 27, 2023).