RATIONALES FOR EFFICIENT AND EFFECTIVE GREEN FINANCING UNDER EMERGENCY RULES

The article is devoted to the current topic of environmental protection through the joint efforts of government and business with the help of innovative schemes for attracting investments in ecological developments. Based on data from international organizations, a thorough study of global trends in the use of green bonds as a financing tool for environmentally important projects has been conducted. The changing climate of our planet requires the adaptation of sustainable development goals to the challenges of our time. And such an effective mechanism is green financing. Green bonds are considered as an impact investing mechanism. The participants in the initiation of the standardization process of green bonds and the parameters for obtaining the status of green securities have been determined. Using a number of literary sources, the authors substantiated the strengths and weaknesses of the green bond market. The regional aspect of green bond issuance is reinforced by the examples of leading issuing countries. The position of the European continent as a leader in issuing green bonds has been argued. The annual value of green bonds and directions for using the proceeds have been analyzed. The development trends and global potential of the green bond market have been substantiated. The authors have indicated the directions of green investment in unstable market conditions and summarized the common features of green financing. The ETF’s place in the chain of attracting investors to the green bond market has been determined. The article illustrates the dynamics of the main green bonds indices with an explanation of their selection criteria. It has been emphasized that modern society purposefully begins to use climate finance markets more effectively for a step-by-step transition to a green economy. Obstacles on the way to the expansion of operations on the green bond market have been specified. The prospects for the further development of the green financing market have been outlined to strengthen the synergy of ecology and finance

From survival to business prosperity: the financial aspect of managing an organization in a crisis

The article is about revealing the content and role of finance capacity and financial and economic results of enterprises activity under the crisis. The article provides an understanding of crisis results at the enterprises activity in conditions of poor management and weak financial strategy. It is analyzed current business situation, including results of the companies due to the coronavirus. It is established that not only the crisis management system (if it exists at the enterprise), but also the financial management system at the enterprise has great importance during a crisis and ensures its stable functioning afterwards. With unstable financial flows and their inept coordination, a crisis for an enterprise can come much earlier (due to internal disruption) than for the whole country or the world economy as a whole. The results are based on theoretical scientific researches and financial and economic data of enterprises activity. Based on system analysis, a number of features have been identified as the building elements for the formation of understanding how to manage an organization in a crisis taking into account the financial aspect. A logical sequence of factors and their interrelationships was established within the entire process of enterprise management during a crisis. Identified elements indicate the directions that need to be implemented at the enterprise for its stable functioning even in times of crisis. According to the analyzed data, most companies used their financial reserves and were able to improve their positions. It is investigated the main common ways to reduce costs in crisis: reducing the production capacity (including the number of purchases, storage), changing the schedule of employees working day (taking into account daylight hours), reduction (closure) of sale points (which, among other things, provokes staff reduction also). It is declined ways of manager’s behavior as decide with speed over precision, adapt boldly, reliably deliver, and engage for impact, which help them to manage company effectively

Integracja ukraińskich rynków zbóż z rynkami zagranicznymi w czasie inwazji Rosji na Ukrainę

Celem artykułu jest ocena wpływu konfliktu rosyjsko-ukraińskiego na siłę i charakter integracji ukraińskich rynków zbożowych z rynkami światowymi. Badania empiryczne odwołują się do teoretycznych podstaw przestrzennej integracji rynków i modelu równowagi przestrzennej. Zgodnie z nimi zmiany w integracji ukraińskich i światowych rynków pszenicy, kukurydzy i jęczmienia są oceniane za pomocą przepływów towarowych, kosztów wymiany handlowej i badania współzmienności cen. W celu oceny implikacji handlowych miesięczne przepływy towarowe, udziały w handlu i miary koncentracji handlu podczas konfliktu porównano z wartościami oczekiwanymi zakładającymi brak wojny. Aby ocenić wpływ konfliktu na koszty wymiany handlowej, przeanalizowano różnice między cenami zbóż w Ukrainie i na świecie. Opierając się na tygodniowych szeregach czasowych, współzmienność cen została oceniona za pomocą modelu ARDL i testu natychmiastowej przyczynowości Grangera. Wyniki pokazują, że siła integracji ukraińskich rynków zbożowych z rynkami światowymi osłabła w wyniku konfliktu. Potwierdza to spadek wolumenu eksportu zbóż z Ukrainy, wzrost różnic cenowych oraz brak istotnej transmisji cen między ukraińskimi i światowymi rynkami zbóż od momentu wybuchu wojny. Dodatkowo zmienił się charakter integracji rynków. Obserwujemy rosnącą rolę krajów Unii Europejskiej (UE) w udziale eksportu zbóż z Ukrainy oraz zmiany w koncentracji eksportu. Takie zachowanie jest zgodne z teoretycznymi podstawami modelu równowagi przestrzennej oraz teorią integracji międzynarodowej.The paper aims to evaluate the implications of the Russian-Ukrainian conflict for the strength and nature of the integration of Ukrainian grain markets with world markets. The empirical research is based on the theoretical foundations of spatial market integration and the spatial market equilibrium model. According to them, changes in the integration of Ukrainian and world wheat, corn, and barley markets are evaluated via fluctuations in trade flow volumes, changes in trade costs and price co-movement. To analyze trade implications, monthly trade flow volumes, trade shares, and trade concentration measures during the conflict were compared with expected values assuming no war. To evaluate the implications of the conflict for trade costs, the authors analyzed differences between Ukrainian and world grain prices. Relying on the weekly price series, the price co-movement was assessed using the autoregressive distributed lag model (ARDL) and Granger instantaneous causality test. The results show that the strength of the integration of Ukrainian grain markets with world markets has deteriorated due to the conflict. It is confirmed by the decrease in the grain export volumes from Ukraine, the increase in price differences, and the lack of significant price transmission between Ukrainian and global grain markets since the war outbreak in February 2022. Moreover, the nature of the market integration has changed. One can observe a growing role of the European Union countries in the Ukrainian grain export share and changes in the Ukrainian grain export concentration. Such behaviour is in line with the theoretical foundation of the spatial market equilibrium model and theory of international integration

Integration of Ukrainian Grain Markets with Foreign Markets During Russia’s Invasion of Ukraine

The paper aims to evaluate the implications of the Russian-Ukrainian conflict for the strength and nature of the integration of Ukrainian grain markets with world markets. The empirical research is based on the theoretical foundations of spatial market integration and the spatial market equilibrium model. According to them, changes in the integration of Ukrainian and world wheat, corn, and barley markets are evaluated via fluctuations in trade flow volumes, changes in trade costs and price co-movement. To analyze trade implications, monthly trade flow volumes, trade shares, and trade concentration measures during the conflict were compared with expected values assuming no war. To evaluate the implications of the conflict for trade costs, the authors analyzed differences between Ukrainian and world grain prices. Relying on the weekly price series, the price co-movement was assessed using the autoregressive distributed lag model (ARDL) and Granger instantaneous causality test. The results show that the strength of the integration of Ukrainian grain markets with world markets has deteriorated due to the conflict. It is confirmed by the decrease in the grain export volumes from Ukraine, the increase in price differences, and the lack of significant price transmission between Ukrainian and global grain markets since the war outbreak in February 2022. Moreover, the nature of the market integration has changed. One can observe a growing role of the European Union countries in the Ukrainian grain export share and changes in the Ukrainian grain export concentration. Such behaviour is in line with the theoretical foundation of the spatial market equilibrium model and theory of international integration

European Green Deal: Threats Assessment for Agri-Food Exporting Countries to the EU

This article is devoted to assessing and substantiating the threats for countries/exporters of agricultural products to the EU under conditions of the European Green Deal. The revealed comparative advantages index (RCA), comparison method, correlation and regression analysis, and taxonomic method have been applied. According to the RCA index the main causes for the relatively significant volume of agri-food exports by some countries to the EU have been identified; using the comparison method it was found that among the leading countries by agricultural products export to the EU, many states do not meet the European Green Deal target criteria for agriculture. Correlation and regression analysis has revealed that among the chosen factors only the volume of fertilisers use per cropland has direct and strong influence on CO2eq emissions; by a taxonomic method the threats value for the leading agri-food exporters to the EU has been calculated. The major agri-food exporters to the EU under conditions of the European Green Deal targets till 2030 have a high threat regarding reduction of their supply to the Member States in the case of a possible Carbon Border Adjustment Mechanism or the introduction of other import restriction mechanisms in future. The results of the study can be used by the government and other executive bodies of the analysed countries to make adequate and rapid decisions to avoid the threats of possible agri-food exports reduction to the EU under the further European Green Deal implementation