Assessing the Current State of Public Debt of Ukraine

The article is concerned with assessing the current state of public debt and the State-guaranteed debt of Ukraine, their essence is considered and the dynamics for the period 2017-2021 are analyzed. It is noted that public debt is the result of the movement of borrowed capital, which has a significant impact on the state of public finances, the investment climate, money circulation, and the development of international cooperation. It is determined that a significant amount of public debt, which was formed during the period of Ukrainian independence, negatively affects the economic situation in the country, and debt servicing creates a burden on the State budget. At the moment, the debt policy needs to find improved ways to attract credit funds and identify effective ways to use them to better the financial situation and strengthen Ukraine’s economy. The article defines the structure of the State debt of Ukraine in terms of foreign currencies. It is proved that the debt mostly consists of borrowings denominated in foreign currencies. An analysis of both the public and the State-guaranteed debt by type of interest rates during the analyzed period was carried out and it was noted that borrowings include a significant share of debt instruments with a fixed rate. The structure of the public debt by type of creditor during 2017-2021 is presented. It is proved that issued securities in the domestic and foreign markets occupy the largest share in the structure of the debt. The economic essence of domestic and foreign government bonds is defined. Domestic government bonds (OVDPs), which are in circulation at nominal depreciation value during 2017-2021, are considered in terms of foreign currencies and owners. Based on the carried out analysis, the main reasons that led to the growth of the volume of both the public and the State-guaranteed debt in Ukraine and the directions of their optimization in public debt management are identified

Peculiarities of Bank Lending and Means of Stabilizing Business Financial Support in Ukraine During the War

The article emphasizes the urgency of forming and implementing a public policy for the development of bank lending, as well as improving the financial support of domestic business in wartime conditions. The purpose of the study is to conduct an analysis of the state of bank lending and determine the directions and means of stabilizing the financial support of business in Ukraine in wartime conditions. It is shown that the full-scale war caused significant negative consequences for Ukrainian business, destabilizing both the production and consumption of goods and services, exposing the resource needs of business, significantly worsening the financial and economic condition of business entities; in more than 80% of them the volume of activity decreased in 2022; a third of business representatives saw their business reduced to 20%; in more than half – by 21% or more. The article analyzes the data of the National Bank of Ukraine (for 2019–2023) on the volume and structure of bank lending in Ukraine, the structural ratios of the volume of bank lending to legal entities and individuals in Ukraine, indicators of bank lending to the national economy of Ukraine, levels of securing bank loans with reserves in Ukraine, indicators of corporate loan portfolio in Ukraine by types of economic activity in 2023. It was concluded that the implementation of the financial policy of domestic enterprises in wartime conditions, aimed at their stable and balanced development, involves the connection of such basic aspects as sources of funds formation, vision of prospects for further progress, as well as directions for realization of financial potential. For this, enterprises should form complex subsystems for the formation of financial resources of the enterprise, consisting of attracting funds from own (own capital and investments in the business, financial result from increasing the efficiency of management) and involved sources, as well as applying for the financial capabilities of the institutional and project integration of the enterprise

Competitiveness of regional labor markets as a determinant of international migration: A nexus empirical study

A large-scale migration from Ukraine caused by russian military aggression has triggered new security challenges to the national and regional economies. The paper aims to assess the competitiveness of regional labor markets and examine its nexus with international out-migration (on the example of the Carpathian region of Ukraine). The research methods include a composite approach (assessment of labor market competitiveness), the theory of sensitivity (identification of degree of sensitivity of composite and partial indices to changes in indicators), nonlinear regression (determination of dependence of the international out-migration on labor market competitiveness), and econometric nonlinear optimization (calculation of critical values of migration). The information and analytical basis comprises indicators reflecting the development of labor markets and international migrations in the oblasts of the Carpathian region in 2008–2021. The study reveals that the level of labor market competitiveness in the region mainly remained below the national average. Two groups of indicators dominated the structure of composite indices of labor market competitiveness in the region’s oblasts: institutional capacity (indicators measuring the ability of regulatory institutions and labor market entities to provide adequate support to the unemployed and promote employment) and labor motivation (wage and income indicators). Only Lviv oblast demonstrated resilience and growth of competitiveness, which was reflected in moderate out-migration. Meanwhile, the intensity of international out-migration in Zakarpattia and Chernivtsi oblasts (with worse labor market parameters) exceeded the estimated critical values. The paper confirms that low competitiveness of the labor market is a factor increasing migration losses. AcknowledgmentThis study has been conducted with the support of the Virtual Ukraine Institute for Advanced Study (VUIAS) Fellowship Programme, 2023/2024