scholarly journals Current State and Trends of Openness of the Ukrainian Economy

2021 ◽  
Vol 8 (3) ◽  
pp. 68-75
Author(s):  
Iryna Ankhelko ◽  
Iryna Lekh
Keyword(s):  
Economic Development ◽  
Foreign Trade ◽  
Open Economy ◽  
General Structure ◽  
Fats And Oils ◽  
Base Metals ◽  
Economic Openness ◽  
Goods And Services ◽  
Transport Services ◽  
Current State

The essence of openness of the economy as an object of theoretical study based on the analysis of publications and research of domestic and foreign scientists is explored in the article. On that basis, the authors give their interpretation of the concept. It is noted that the consistent expansion of economic openness is an important factor in modern economic development. Four groups of the division of national economies by the criterion of openness, namely by the share of exports in the country's GDP, are considered. The main conditions of an open economy are highlighted and the main tools (economic and political) with which it is possible to achieve the expansion of economic openness are given. An assessment of the current state and trends of openness of the national economy, based on the analysis of the main indicators of exports and imports of goods and services, as well as the geographical structure of Ukraine's foreign trade by recipient countries and donor countries of goods and services, has been made. It was found that in the current conditions of socio-economic instability, the openness of Ukraine’s economy remains at a fairly high level, which causes its close dependence on changes in external conditions. It is analyzed that the lion's share in the overall structure of Ukraine's foreign trade belongs to goods. The principal recipient countries of Ukrainian goods and services and donor countries in 2020 have been identified. The most common goods and services in the structure of exports and imports of Ukraine are also highlighted. In particular, it is noted that the most common goods for export were products of plant origin, base metals and articles base metals, fats and oils of animal or vegetable origin, and among services - transport services. At the same time, it was determined that the highest volume of imports in the general structure of Ukraine's foreign trade was achieved via machinery, equipment and machinery, electrical equipment and transport services import. It is generalized that the openness of Ukraine's economy is essential for its socio-economic development. Importantly to maximise the use of openness advantages that leads to productivity increasing and adaptation of production to growing competition that in turn is an important factor in improving the overall efficiency of the economy. It is recommended for ensuring the economic development of Ukraine, along with the foreign trade component of economic openness, it is also necessary to develop financial (including investment, technological, communicational) and political components.

scholarly journals Ukraine and Great Britain Trade Cooperation: The Current State and Prospects

2020 ◽  
Vol 12 (515) ◽  
pp. 65-71
Author(s):  
K. O. Makarchuk ◽  
◽  
M. V. Shuba ◽  
Keyword(s):  
United Kingdom ◽  
Great Britain ◽  
Foreign Trade ◽  
Fats And Oils ◽  
Added Value ◽  
Strategic Partnership ◽  
Goods And Services ◽  
The United Kingdom ◽  
Current State ◽  
Negative Balance

The article is aimed at determining the current state and prospects for the development of trade cooperation between Ukraine and Great Britain. For Ukraine, cooperation with the the United Kingdom as one of the world’s trade leaders can be a promising direction. The dynamics of foreign trade in goods and services of Ukraine with Great Britain are provided. The increase in Ukrainian exports of goods may continue after the Great Britain leaves the EU, as, unlike other EU countries, Great Britain pursues a less protectionist policy on agricultural products. The commodity structure of exports and imports, as well as changes in the structure of foreign trade in the services of Ukraine and Great Britain over the past 5 years are analyzed. The main commodities exported by Ukraine are ferrous metals, grain crops, fats and oils of both animal and vegetable origin. The structure of British imports of goods is dominated by goods with high added value. Great Britain is one of Ukraine’s main foreign trade partners in the trade in services. A positive process for Ukraine is the increase in the share of services exports in the sphere of telecommunications, computer and information services. It is determined that trade cooperation between Ukraine and Great Britain during the researched period is characterized, in general, by positive dynamics. Positive changes include a gradual reduction in the negative balance of Ukrainian trade with great Britain due to faster growth of Ukrainian exports. At the same time, the unresolved problem remains low-diversified exports of Ukraine with low added value. Prospects for further trade cooperation between Ukraine and Great Britain in the context of signing the Agreement on Political Cooperation, Free Trade and Strategic Partnership between Ukraine and the United Kingdom of Great Britain and Northern Ireland are examined.

scholarly journals “Fettered” and “unfettered” capitalism in J.A. Schumpeter’s concept of Tax State and economic development – issues in banking perspective

2016 ◽  
Vol 7 (1) ◽  
pp. 23
Author(s):  
Karol Śledzik
Keyword(s):  
Economic Development ◽  
Theoretical Concept ◽  
Factors Affecting ◽  
Scientific Discussion ◽  
Goods And Services ◽  
Current State ◽  
Modern Economy ◽  
Tax State ◽  
Economic Reality ◽  
Transformation Processes

Economic development and transformation processes have become much more intense in economic reality in the last years than they have ever been before. At this time a lot of questions were raised about the causes of the actual Global Crisis, future crises, the factors affecting the modern economy, about the essence of contemporary capitalism, demographic problems and overgrown bureaucracy. The most spectacular threat to capitalism, (based on private entrepreneurship) according to Schumpeter, stems from the high, growing and progressive taxation. Schumpeter saw clearly that the financing of public goods and services (requiring taxes, maybe even relatively high) is something other than a clerical control of the economic system that violates the natural economic mechanism. Moreover, Schumpeter says explicitly that an entrepreneur does not have to be one person, he even states that the country (state) itself, or its agenda, can act as an entrepreneur. Therefore, it can be concluded that we may have to deal with “Tax State”, which is typical for “fettered capitalism”, and with “entrepreneurial state”, which is typical for “unfettered capitalism”. The main goal of this paper is to present two different approaches to the economic development concept: Schumpeter’s “fettered” and “unfettered” capitalism in the context of “Tax State” and interventionism. The Author analyzes presented concept in contemporary issues from the banking perspective. In the paper, the Author used critical analysis as a research method. This allowed to identify gaps in the current state of knowledge and the scientific discussion focused on J.A. Schumpeter’s theoretical concept. Analysis was performed in 2015.

scholarly journals Digitalization of Trade as a Factor of Development of Export Potential of the Republic of Belarus

2020 ◽  
pp. 5-13
Author(s):  
N. V. Yurova
Keyword(s):  
Economic Development ◽  
Foreign Trade ◽  
Digital Transformation ◽  
National Strategy ◽  
Digital Platforms ◽  
Goods And Services ◽  
Geographical Structure ◽  
Theoretical Approaches ◽  
Socio Economic Development ◽  
The Republic

The purpose of the article is to show how the digitalization of trade can lead to the development of the export potential of the Republic of Belarus. The article discloses theoretical approaches to digitalization of trade as a combination of traditional and new digital models of interaction between buyer and seller. The author presents the volume, commodity and geographical structure of foreign trade of the Republic of Belarus, lists the priorities and identifies the main prospects for the development of exports using modern digital platforms and the emergence of new digital goods and services. The advantages of paperless trade and the need to implement the main provisions of National Strategy for Sustainable Socio-Economic Development of the Republic of Belarus are indicated. The author proposes the ways of development of the export potential of the Republic of Belarus witch based on an analysis of the processes of digital transformation of Belarusian trade.

scholarly journals Short-Term Forecast of Ukrainian Economy Including Shadow Sector Using Causal Simulation Model

Ekonomika ◽  
2020 ◽  
Vol 99 (1) ◽  
pp. 131-145
Author(s):  
Yuriy Vasylenko
Keyword(s):  
Economic Development ◽  
Simulation Model ◽  
Foreign Trade ◽  
Foreign Currency ◽  
Supply And Demand ◽  
Economic Activities ◽  
Short Term ◽  
Goods And Services ◽  
National Bank ◽  
Negative Balance

A new causal simulation model of economic development was created, which comprehensively in detail and fully reflects various types of legal and shadow economic activities and their interrelations.The model is used to forecast the whole (legal and shadow) country’s economy up to 2022.The dynamics of shadow and legal indicators are different.The biggest and most important difference is about exports and imports. Official statistics give a negative balance of the Ukrainian foreign trade of Ukraine in 2019-22. However, total export, determined by the model, considerably exceeds imports, so actually we expect a surplus.This is very important for the National Bank: its policy based on the official (legal) negative balance of Ukraine foreign trade should be one (throw foreign currency reserves into the market or to devalue the hryvnia), but with the actual balance that includes shadow flows and is positive, - contrary one (to buy currency on the market or to revalue the national currency).Our model calculates how the production volumes of all types of goods and services should change to ensure that supply and demand are balanced. These numbers can serve a reference for manufacturers.We suggested that the relevant Ukrainian authorities take an active position in the implementation of the developed forecast for the economic development of Ukraine: measuring actual rates of changes in the production of these types of goods during the year, they provide recommendations to producers to increase or decrease their production.

scholarly journals Application of Index Models in Assessing the Foreign Economic Activity of Ukraine

2019 ◽  
Vol 84 (1) ◽  
pp. 24-34
Author(s):  
H. V. Holubova
Keyword(s):  
Foreign Trade ◽  
Fats And Oils ◽  
Export Quota ◽  
Import Quota ◽  
Economic Activities ◽  
Main Partner ◽  
Debt Burden ◽  
Transport Services ◽  
Percentage Points ◽  
The Impact

The importance of statistical assessment of foreign economic activities in Ukraine, considering the structure and geographical re-orientation of the Ukrainian foreign trade and new challenges of the globalized and highly competitive market of goods and services, gives rise to the modeling of patterns underlying future tendencies in the development of the Ukrainian foreign trade. The article contains a description of approaches to the analysis of foreign economic activities in Ukraine by use of index models. Several index models are constructed and used for assessing the debt burden of Ukraine, the impact of selected sub-factors on it are determined, and the dynamics of the export quota in 2016–2017 are highlighted By use of the chain substitutions method it is found that the debt burden of Ukraine decreased in 2017, compared to 2016, by 21.0% due to the reduced import dependence of Ukraine, by 12.0% due to the partial debt burden, but increased by 4.1% due to the export losses. The results show that the strongest impact on the dynamics of debt burden of Ukraine came from the import dependence (56.6%), which means that the strict import quota remains the main factor of the increasing foreign debt of Ukraine, which caused 5.9% loss of export earnings in 2016, and 2.3% in 2017. The analysis of the export quota dynamics based on the index model showed that the impact of the international intraspecific specialization of the country on it was 43.2%, and the impact of the exports’ share in the foreign trade balance made 44.7%. That is, the main factors of change are the commodity and geographical specialization of Ukraine, as well as the imbalance in the foreign trade. Results of the analysis of the indices of averages show that due to the growth in export quotas of products of vegetable origin, fats and oils by 12.7%, and under the influence of the commodity structure of exports (–8.4%), the export quota increased by 3.2% in 2017 compared to 2012. The import quota of goods decreased by 17%, including by 7.6% due to the reduced import dependence of the country, and by 10.1% due to the changed structure of imports. Results of the analysis indicate significant change in the trend of export and import quotas of Ukraine on account of geographical reorientation: due to changes in the geographical structure of exports and imports of Ukraine, the export and import quotas decreased by 41.5%, and 32.2%, respectively. The analysis of the commodity structure of the Ukrainian foreign trade in 2012–2017 shows that the largest export positions were non-precious metals (ferrous metals and products made thereof), grain crops, fats and oils, electric machinery; in the exports of services, the largest share was accounted for by transport services, telecommunication services, computer and information services, processing of material resources, and business services. In the commodity structure of imports, mineral products had the largest share, which, however, decreased by 7.36 percentage points in 2017 compared to 2012. Imports of services are dominated by transport services and government services. The Russian Federation remains to be main partner in export-import operations of Ukraine: 9.1% of the Ukraine’s exports of goods in 2017, which is 16.53 percentage points less than in 2012; and 14.5% of the imports of goods in 2017, which is 17.86 percentage points less than in 2012. The main partner of Ukraine in the imports of services is the U.S., with 11.78% of the total imports of services in 2017, which is 6.7 percentage points more than in 2012.

scholarly journals Globalization and Foreign Trade: Selected Topics in Central European Countries

2020 ◽  
Vol 74 ◽  
pp. 06014
Author(s):  
Jaroslav Kovárník ◽  
Eva Hamplová
Keyword(s):  
Czech Republic ◽  
Comparative Analysis ◽  
Foreign Trade ◽  
Open Economy ◽  
Surprising Result ◽  
Business Partner ◽  
The Czech Republic ◽  
Central European ◽  
Goods And Services ◽  
Globalized World

Foreign trade plays important role in the economy of every country, especially in modern globalized world. This article deals with selected aspects of foreign trade in countries from central Europe, namely in the Czech Republic, Slovakia, Poland, Hungary, Germany, and Austria. Method of comparative analysis has been used in this article. Firstly, the article analyses the development of GDP (foreign trade is part of GDP formula in every open economy), where the most powerful economies are Germany and Austria. Secondly, overall development of trade with goods and services in all selected countries has been analysed. Surprisingly, the only country with deficit in case of services is Germany. Thirdly, the article focuses on development in two countries, namely of the Czech Republic and Slovakia. The openness of these two countries is compared, but most of all, the export and import of these two countries in relation with other analysed countries. Relatively surprising result is that for both countries is the most important business partner Germany, but there are some differences. Detail results are described in the article.

scholarly journals FOREIGN TRADE STRENGTH OF COUNTRIES UNDER THE COVID-19 PANDEMIC

2020 ◽  
pp. 45-56
Author(s):  
O. А. Chugaiev
Keyword(s):  
Foreign Trade ◽  
Global Economy ◽  
Supply And Demand ◽  
Pharmaceutical Products ◽  
Small Island ◽  
Economic Resilience ◽  
Closed Economies ◽  
Export Structure ◽  
Goods And Services ◽  
Transport Services

In 2020 the COVID-19 pandemic became the major event affecting the global economy. Both supply- and demand-driven recession and changes in consumption and investment behaviour became a new reality. The purpose of the paper is to estimate foreign trade strength and vulnerability of countries under the shrinking global demand for specific groups of goods and services as a result of the COVID-19 pandemic and the measures to contain it. The proposed foreign trade strength index under pandemic is based on exports of pharmaceutical products, medical equipment, food, IT and audiovisual goods and services etc. (+); tourism and transport services, oil, ores and metals, transport vehicles and most other types of machinery etc. (-); and imports of medical and related products (-) in comparison to a country’s GDP. The ranking is provided for the largest 100 economies. 90% of the countries have absolute trade vulnerability under the pandemic. There are 3 types of economies with relatively better trade soundness: exporters of medical products and ICT services (Ireland and Switzerland), food exporters and closed economies. The most vulnerable economies include small island countries which depend on tourism services exports, oil exporting countries and exporters of machines and equipment. Ukraine ranks 38th and has a standardized value of the index +0.4 mainly because of its food exports which help offsets the weakness due to the metal exports. Vulnerability of large economies is caused by their merchandise export structure, while vulnerability of small economies is due to their services export structure. Key words: foreign trade, economic resilience, demand for goods and services, dependence on global markets, pandemic, quarantine measures.

scholarly journals The dynamics and the current state of trade and economic ties between Ukraine and CIS countries has been analysed

2012 ◽  
Vol 1 (40) ◽  
pp. 156-168
Author(s):  
N. Gasuliak
Keyword(s):  
Foreign Trade ◽  
Trade Balance ◽  
Structural Features ◽  
Trade In Services ◽  
Economic Relations ◽  
Trade Relations ◽  
Goods And Services ◽  
Current State ◽  
Cis Countries ◽  
Economic Ties

The main parameters, structural features, geographical areas of foreign trade relations of Ukraine with the CIS countries has been reviewd, as well as the main problems in the framework of cooperation between Ukraine and these countries has been highlighted. Ke ywords: CIS countries, trade and economic relations, trade in goods, trade in services, volume of exports, imports, trade, balance of foreign trade in goods and services, investments.

scholarly journals Developing the Foreign Economic Activity of Enterprises of the Kherson Region: The Economic and Statistical Analysis

2021 ◽  
Vol 10 (525) ◽  
pp. 152-158
Author(s):  
A. V. Chmut ◽  
Keyword(s):  
Statistical Analysis ◽  
Foreign Trade ◽  
Economic Activity ◽  
Food Industry ◽  
Fats And Oils ◽  
Wood Products ◽  
Goods And Services ◽  
The World ◽  
Total Structure ◽  
Seeds And Fruits

The article is aimed at analyzing the main indicators of foreign economic activity of the Kherson region. Considering that in the context of globalization the development of the economy of any country is firmly related to the development of its foreign economic activity, the article contains an analysis of the main indicators of international trade in goods and services of the Kherson region. Based on the carried out analysis, it is found that in 2020, in the total structure of Ukraine’s exports and imports, the share of the Kherson region amounted to 0.6%. Active participants in foreign trade in goods and services were more than 300 enterprises of the region, and the partners - 120 countries over the world. The analysis of the dynamics of indicators (exports, imports, balances) showed that in trade in goods there are positive tendencies to increase export volumes in recent years, as well as an increase in the number of participants and the expansion of the geography of foreign trade. The article analyzes the commodity and geographical structure, as a result it is identified that the main importers of products of the Kherson region are the Netherlands, Turkey and Poland. Export of services in the Kherson region was implemented by 123 enterprises into 75 world countries. The largest partners remain Turkey, Belize, as well as Germany, Poland, Switzerland. It is identified that in the structure of exports of commodity products, the largest share in 2020 was made up of the following commodity groups: cereals, seeds and fruits of oilseeds, fats and oils of animal or vegetable origin, residues and wastes of the food industry, wood and wood products, vessels, etc. The analysis of sales volumes of certain types of products in natural and cost-based indicators is carried out. The indicators of the region’s imports are analyzed according to the same method. The article contains findings of the analysis of the export and import indicators in the regional districts structure.

scholarly journals Use of Letter of Credit Form of Settlements in Ukraine

2020 ◽  
Vol 24 (1) ◽  
pp. 39-44
Author(s):  
A. Burkovskaya ◽  
◽  
V. Pavlenko ◽  
Keyword(s):  
Foreign Trade ◽  
Technological Progress ◽  
Trade Agreements ◽  
Credit System ◽  
Letter Of Credit ◽  
Goods And Services ◽  
Current State ◽  
National Bank ◽  
Letters Of Credit ◽  
The Impact

Annotation. Introduction. The current state of Ukraine’s development provides broad conditions for enterprises in world trade, so the question arises how to minimize the risks of trade operations. The presence of risks and an unstable external environment can lead to non-fulfillment of obligations by the parties to the contracts. Therefore, the study of the letter of credit system for services is relevant because it will be able to ensure minimal cost risk. Purpose. The purpose of this article is to study the letter of credit as one of the reliable mechanisms for payment of foreign trade operations, and its use in Ukraine. Results. The article examines and investigates the system of letter of credit and its use in Ukraine. The main regulations on the regulation of letter of credit calculations are considered. The main advantages of the letters of credit are defined. The main stages of letter of credit conclusion are systematized. The impact of scientific and technological progress on the simplification of letters of credit is considered. Systematized main types of letters of credit and their classification. Conclusions. Using a letter of credit as a method of payment for goods and services will minimize the risks of both the seller and the buyer. In turn, the reform of the National Bank of Ukraine will allow the letter of credit to gain popularity and possibly become the main means of payment for foreign trade agreements. Keywords: letter of credit; form of calculations; obligation of the parties; types of letters of credit; basic regulations.

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