Currency Risks in Foreign Trade as Challenges for Enterprises Management System in Poland and Ukraine

Purpose: The aim of the paper is to study the impact of currency risks on the activities of Ukrainian business entities as well as the necessity of the introduction of certain elements of the currency risk management system.Design/methodology/approach: Scientific methods used in the study are: systematic analysis of economic phenomena and com-parison (for assessment of foreign trade in Poland and Ukraine), systematization and generalization (for dividing the exchange risks into categories), sample survey and grouping (for research of companies’ reporting), analysis and synthesis (for identifying areas of cooperation of the Polish and Ukrainian business).Findings: Identified types of currency risks enabled to outline the zone of high currency risk in transactions of foreign trade, which requires the use of risk management techniques. Based on research of the companies’ reports the absence of mechanisms of currency risk management use in practice of Ukrainian business entities has been found as well as advisability of transferring experience of Polish companies has been proved.Research and practical limitations/implications: The practical significance of scientific results is substantiation of approach to currency risk management in companies and providing recommen-dations for the improvement of Ukrainian enterprises’ activities in terms of application of currency risk management. The coopera-tion of Polish and Ukrainian business is one of the areas of sharing experience.Originality/value: The estimation of the current status of foreign trade of Ukraine and Poland is given, on the basis of which the influence of exchange rate changes on the activity of enterprises has been substantiated. The experience of Poland in the field of currency risk management is considered to be reasonable for implementation in Ukrainian enterprises in order to develop per-formance indicators that will be comparable. On the basis of this, the directions of development of Polish and Ukrainian cooperation have been identified in regard to the development of business consortiums and formation of joint Polish-Ukrainian business incubators.Paper type: original research

The System of Public-Private Partnership in the Sphere of State Policy Implementation of Circular Economy

Purpose: The aim of research is to study the system of interaction between the state and the private sector and provide improvement recommendations in order to ensure implementation of the state policy about the circular economy.Design/methodology/approach: The research uses scientific methods of analysis and synthesis to form a system of projects of the circular economy on the basis of public-private partnership, as well as methods of generalization and grouping to improve the components of the public administration mechanisms. Findings: The article substantiates the necessity of developing publicprivate partnership in the direction of projects for the modernization and development of the real economy sector, in the particular implementation of circular economy projects. A system of public-private partnership to ensure the implementation of the state policy of the circular economy has been built. Research and practical implications: The practical significance of scientific results lies in substantiatin g the approach to improving publicprivate partnership in general, and creating a system of public-private partnership in the circular economy in particular, which is a prerequisite for motivating businesses to implement projects, as it allows the latter to gain competitive advantage in a market economy. Originality/value: The system of realization of circular economy projects on the basis of public-private partnership is formed, including: definition of the concept of “public-private partnership in the circular economy”, the ways and forms of its realization, and the mechanisms of state management of circular economy projects on the basis of publicprivate partnership. Paper type: original research

Research of functional changes in foreign exchange rate EUR/ UAH under conditions of economic transformation in Ukraine

The article substantiates the need to conduct research into the factors changing the exchange rate between the euro and the Ukrainian hryvnia (EUR/UAH) due to the fact that, in the last few years, the devaluation of the Ukrainian hryvnia has destabilised the economic environment for entrepreneurship. Thus, this work analyses the determinants of the exchange rate in Ukraine; the investigated correlation between the EUR/UAH exchange rate and a set of factors confirmed that changes in money supply and government debt correlated tightly with rises and falls in the EUR/UAH exchange rate. By contrast, other factors (GDP, budget deficit, export operations, the positive balance of payments, inflation, public debt) have statistically insignificant correlations with the exchange rate and are not included in the regression model. It is suggested to harmonise monetary policy with fiscal policy, which has the greatest influence on the exchange rate, as well as to analyse the connection between these policies and the country’s foreign trade policy, which will allow the exchange rate to be stabilised and ensure suitable conditions for the economic growth of foreign economic entities

Rachunkowość instrumentów finansowych w procesie zarządzania ryzykiem walutowym – praktyka polskich i ukraińskich przedsiębiorstw

Na podstawie studiów literaturowych wskazano znaczenie instrumentów finansowych w procesie zarządzania ryzykiem walutowym oraz sformułowano tezę opracowania, zgodnie z którą zastosowanie instrumentów finansowych w celu zabezpieczania się przed ryzykiem walutowym wpływa na wyniki działalności gospodarczej przedsiębiorstw, eliminując i zmniejszając negatywny wpływ zmian kursów walutowych. Celem artykułu jest zaprezentowanie możliwych do praktycznego zastosowania metod zarządzania ryzykiem walutowym oraz omówienie doświadczeń polskich i ukraińskich przedsiębiorstw handlu zagranicznego w tym zakresie. Podjęto również próbę ukazania wpływu zastosowania kontraktu forward na wyniki przedsiębiorstwa ukraińskiego i spółki polskiej. Wnioski wynikające z przeprowadzonego badania dowodzą zasadności stosowania instrumentów finansowych jako efektywnego sposobu zabezpieczania się przedsiębiorstw przed ryzykiem walutowym. Przede wszystkim w przypadku dużych zmian kursu walutowego zdecydowanie opłaca się skorzystać z zabezpieczających instrumentów pochodnych

Research Of Functional Changes In Foreign Exchange Rate EUR/UAH Under Conditions Of Economic Transformation In Ukraine

The article substantiates the need to carry out a research of the factors affecting the change in the exchange rate of EUR/UAH due to the fact that the devaluation of the Ukrainian hryvnia in the last few years destabilizes the economic environment of entrepreneurship development. Thus, this work analyzes the determinants of the exchange rate in Ukraine, and the investigated correlation between the dependence of the EUR / UAH exchange rate on a set of factors confirmed the tight correlation between the change in money supply and government debt and the rise / fall in the EUR / UAH national currency. Instead, other factors (GDP, budget deficit, export operations, the positive balance of payments, inflation, public debt) have statistically insignificant correlation to the studied indicator and are not included in the regression model. It is suggested to harmonize monetary policy that has the greatest influence on the formation of the exchange rate, as well as to analyze the connection this policy with the foreign trade policy of the country, which will enable to stabilize the exchange rate as well as to ensure the formation of suitable conditions for the economic development of foreign economic entities

The Use of Innovations and the Functioning of the System of Management of Foreign Trade Enterprises’ Activity

Transformation processes in the Ukrainian economy set new tasks for business entities. One of these is the introduction of innovative products and processes into the economic activity, which is declared in the Export Strategy as the main task for the coming years. According to the analyzed statistical data, the current status of innovation activity and its share in the export operations of Ukrainian enterprises is characterized by low indicators. The reasons of the low level of innovative activity of enterprises have been disclosed and a substantiation of necessity of their innovation development is presented. The relationship between the enterprise management system and the introduction of innovation activities has been defined. The article characterizes features of the implementation of each phase of innovation activity in the context of decision-making in the sphere of economic activities. This will contribute to meeting the needs of both external and internal groups of interested users in terms of formation of reliable information support in the enterprise management system, and will also provide the basis for forming new prospects in the sphere of strategic development of enterprise

Nowa era geologiczna “antropocen” jako wynik ludzkiej działalności gospodarczej

The impact of human economic activity on the environment and its irreversible changes. An interdisciplinary approach to the development of the economic system has been used in this paper due to the fact that the subject of the study goes beyond the functional economic sciences, and economics in general. The study is aimed at investigating the interaction of man, as an economic agent, and the environment. It has led to the study of research papers devoted to natural science, in particular, to changes in geological epochs, sustainable development and economic processes from the position of their influence on the environment. This allowed us to synthesize new economic knowledge about the importance of economic activity in the formation of the new geological epoch, “Anthropocene”. Based on the results of the study, the influence of human economic activity on the environment in the light of the geological, technocratic and economic development of society has been proved. The scientific results which were obtained can be used in reforming national economic systems by adapting them to leading world concepts on sustainable development.Uzasadnienie wpływu ludzkiej działalności gospodarczej na środowisko i jej nieodwracalną transformację. W pracy wykorzystano interdyscyplinarne podejście do rozwoju systemu gospodarczego. Wynika to z faktu, że przedmiot badań wykracza poza funkcjonalne nauki ekonomiczne i ekonomię jako całość. Celem badania jest zbadanie interakcji człowieka jako czynnika gospodarczego z otoczeniem, które określiło badanie prac o tematyce przyrodniczej, w szczególności zmiany epok geologicznych, zrównoważonego rozwoju i procesów gospodarczych z punktu widzenia wpływu na środowisko. To pozwoliło zsyntetyzować nową ekonomiczną wiedzę o znaczeniu działalności gospodarczej w tworzeniu nowej ery geologicznej, antropocenu. Zgodnie z wynikami badań wpływ działalności gospodarczej człowieka na środowisko jest uzasadniony przez pryzmat rozwoju społeczeństwa geologicznego, technokratycznego i gospodarczego. Uzyskane wyniki naukowe mogą być wykorzystane w reformie krajowego systemu gospodarczego, jego adaptacji do wiodących na świecie koncepcji zrównoważonego rozwoju