scholarly journals АНАЛІЗ ТА ОЦІНЮВАННЯ ЕКОНОМІЧНИХ РЕЗУЛЬТАТІВ ФІНАНСОВОЇ ПОЛІТИКИ ПІДПРИЄМСТВ АВІАЦІЙНОЇ ПРОМИСЛОВОСТІ

2020 ◽  
Vol 147 (3) ◽  
pp. 32-47
Author(s):  
Ірина Миколаївна Крейдич ◽  
Ваган Робертович Товмасян
Keyword(s):  
Methodological Approach ◽  
Machine Building ◽  
Economic Effects ◽  
Aviation Industry ◽  
Financial Policy ◽  
Financial Assets ◽  
Optimization Strategy ◽  
Financial Policies ◽  
Management Framework ◽  
Current State

The article presents the results of the review and evaluation of the dynamics of economic effects from business financial policies based on the developed scientific methodological approach. A comprehensive assessment of the economic performance dynamics as an outcome of financial policy has been carried out according to the sustainability and turnover criteria for selected enterprises: SE «Antonov», LLC «Kyivaeroproekt», SE «Konotop Aircraft Repair Plant «Aviacon», SE «Lviv State Aircraft Repair Plant», SE «Kharkiv Machine-Building Plant (FED)» and PJSC «Motor Sich». The study employed integrated indicators subject to priorly defined criteria aimed at determining the deviation of the total value of the regulatory and optimizing financial tools efficiency that will enable to assessing the degree of enterprise enhancement. To evaluate the financial policy effectiveness, a methodological approach has been suggested based on the use of a hierarchical model and integrated indicator which includes basic indicators, in particular, the dynamics indicators as to the financial policy objects. The findings have revealed the objects of financial policy that need direct actions to improve the position of aviation enterprises by the criteria of sustainability and turnover. The study has also identified the key objects that urge critical changes and enhancing financial tools to manage stocks, financial assets, receivables, investments, loans, etc. Emphasis is placed on the optimization strategy and the need to build an effective depreciation policy. It is argued that the proposed methodological approach to evaluating the economic effects of the financial policy in the aviation industry will contribute to assessing its current state and adjusting the decision-making policy, as well as to modernizing the management framework and its economic effects on financial processes to boost innovation driven enterprise development.

scholarly journals Financial architectonics in context digital globalization

2021 ◽  
pp. 9-11
Author(s):  
Tetiana NECHYPORENKO ◽  
Olena MUSIATOVSKA
Keyword(s):  
Financial Market ◽  
Financial Institutions ◽  
Financial Policy ◽  
Financial Assets ◽  
Chain Reactions ◽  
Financial Architecture ◽  
Stage Of Development ◽  
Current State ◽  
Financial Infrastructure ◽  
The One

The paper examines financial architecture in the context of digital globalization. The current state of financial architecture as a science of creating financial architecture, the nature, specificity, principles of development of financial systems of different levels, based on unity, general patterns of their development and regulation. The current stage of development of national financial architecture is characterized by significant contradictions. On the one hand, the national-state form of its organization is preserved, on the other hand, the possibilities of national financial policy are limited due to the growing importance of international financial instruments, increasing international capital and strengthening the role of international financial organizations. The nature of relations and interrelations of national financial architecture is changing – its openness and interdependence is increasing, the scale of chain reactions is increasing, according to which negative phenomena spread from one class of financial assets, types of financial institutions, financial market segments to others. It is accepted that financial architecture should achieve a specific goal, and its results should be measured by performance indicators that have certain specifics at different economic levels. The changes characterizing the development of the financial environment are outlined, the necessity of forming a new financial architecture taking into account the existing globalization processes and challenges is revealed. The directions of ensuring successful realization of means of digitalization of financial infrastructure, financial market are offered. We can say that the development of economic systems, technologies, real markets directly depends on the depth of financial architecture of the country's financial architecture, is the ability of a set of banking and non-banking financial institutions to effectively distribute and redistribute the movement of financial capital.

scholarly journals Studying the Current State and Trends in Developing Logistics Activities at Machine-Building Enterprises

2021 ◽  
Vol 2 (48) ◽  
pp. 149-158
Author(s):  
O. I. Maslak ◽  
◽  
V. G. Nikitiuk ◽  
Keyword(s):  
Raw Materials ◽  
Methodological Approach ◽  
Machine Building ◽  
Global Market ◽  
Necessary Condition ◽  
Building Industry ◽  
Production Cycle ◽  
Financial Flows ◽  
Current State ◽  
Building Enterprises

The current state and trends in developing logistics activities at machine-building enterprises is studied through evaluating the efficiency of financial flows. It is noted that studying the current state and trends in the logistics activities at machine-building enterprises is a necessary condition for the revival of mechanic engineering in our country. It is noted that the machine-building industry has specific features in management, which are associated with high costs for raw materials, energy, transportation, and labor resources. Mostly, products of machine-building enterprises have a fairly long usage (consumption) cycle, and are quite large, so their sale causes problems during periods of economic crisis, in contrast to, for example, food products. It is established that for the industry to undergo sustainable development, it needs to attract capital investments. The general problem with the level of financing, including the machine-building industry, negatively affects the prospects for reorganizing the production cycle, involving innovative technologies, introducing resource- and energy-saving processes in production, complying with environmental management. It is this set of conditions that is the key to making products of Ukraine’s machine-building industry attractive for global market consumers, and therefore, to increasing financial flows. As a result of the study, a methodological approach to evaluating the logistics activities at machine-building enterprises by selected indices of financial logistics is suggested, where the indices can be calculated on the basis of the annual financial statements of enterprises as for their balance (statement of financial position) and financial results (statement of comprehensive income), making it possible to identify both factors influencing the results of the economic activity of machine-building enterprises, and the degree of this influence. The calculated values of the relative efficiency ratios of financial logistics in managing accounts receivable and payable related to product flows can serve as input data to build a mathematical model for forecasting the efficiency of logistics activities at machine-building enterprises in Ukraine

Assessment and analysis of efficiency system management by innovative factors for sustainable development of national economy from the position satisfaction of vital interests population in Ukraine

2019 ◽  
pp. 6-16
Author(s):  
Оксана Василівна Бондар-Підгурська ◽  
Алла Олександрівна Глєбова
Keyword(s):  
Sustainable Development ◽  
Human Development ◽  
National Economy ◽  
Public Debt ◽  
Methodological Approach ◽  
State Regulation ◽  
Point Of View ◽  
Financial Policy ◽  
System Management ◽  
Stage Of Development

The scientific and methodological approach to the evaluation and analysis of the efficiency of system management by innovation factors for sustainable development of national economy from the point of view satisfaction vital interest’s population is developed. This is the calculation of the modernized index human development based on the adjective model based on 26 indicators (social, economic and environmental subsystems), as well as using the methods of the main components and the slip matrix. The resultant value is the modernized Human Development Index (MHDІ) of Ukraine. The architectonics MHDІ of Ukraine in 2007–2017 from the position of sub-indices of the ecological, social and economic subsystems is analyzed. Consequently, the scientific and methodological approach based on the MHDI change allows us to draw conclusions regarding the effectiveness of the work and public administration bodies in the context of making managerial decisions regarding the satisfaction of the vital interest’s population. MHDI considers the main regulated parameter of the system management in the innovation factors of sustainable development in socially oriented economy. The tendency of steady decline MHDI of Ukraine in 2007–2017 on 53.45 % was confirmed, which confirms inefficient state regulation of crisis situations in Ukraine. In order to increase the efficiency management of innovative factors by sustainable development of the national economy, from the standpoint of satisfaction vital interest’s population, it is proposed to intensify the use of public debt and savings bonds, market and non-market methods of relief and debt load. This is due to the fact that at the current stage of development in the national economy, public external debt is one of the most significant indicators of the state economy. It is at the same time a criterion for the effectiveness of public financial policy, as well as a threat and opportunity for the Ukrainian economy. In order to optimize its size, various methods, approaches, tools are used. Based on the analysis of world experience, it has been established that the securities market, in particular debt securities, plays a strategic role in regulating this issue. Therefore, it makes sense to recommend government debt bonds and government savings bonds to optimize the amount of external public debt.

Prospects for the development of the machine-building industry in the context of neo-industrial development of the Russian economy

2020 ◽  
pp. 49-55
Author(s):  
М.К. Измайлов
Keyword(s):  
Industrial Development ◽  
Statistical Data ◽  
Machine Building ◽  
Engineering Industry ◽  
Building Industry ◽  
Industrial Economy ◽  
Basic Industry ◽  
Russian Economy ◽  
Current State ◽  
Promising Development

Статья посвящена исследованию проблем развития машиностроительной отрасли в условиях развития неоиндустриальной экономики России. Обоснована актуальность и важность развития машиностроительной отрасли как базовой отрасли развития всей экономики России. Проведено исследование статистических данных, отражающих современное состояние развития машиностроительной отрасли. Разработана концептуальная модель перспективного развития машиностроительной отрасли в условиях неиндустриального развития экономики России. The article is devoted to the study of the problems of the development of the engineering industry in the conditions of the development of the neo-industrial economy of Russia. The relevance and importance of the development of the engineering industry as the basic industry for the development of the entire Russian economy is justified. A study of statistical data reflecting the current state of development of the engineering industry has been carried out. A conceptual model of the promising development of the machine-building industry in the conditions of the neo-industrial development of the Russian economy has been developed.

scholarly journals Water Retention in Nature-Based Solutions—Assessment of Potential Economic Effects for Local Social Groups

Water ◽  
2020 ◽  
Vol 12 (12) ◽  
pp. 3347
Author(s):  
Zwoździak Jerzy ◽  
Szałata Łukasz ◽  
Zwoździak Anna ◽  
Kwiecińska Kornelia ◽  
Byelyayev Maksym
Keyword(s):  
Climate Change ◽  
Water Retention ◽  
Economic Effect ◽  
Social Groups ◽  
Economic Effects ◽  
Operating Costs ◽  
Current State ◽  
The Impact

The upcoming trends related to climate change are increasing the level of interest of social groups in solutions for the implementation and the realization of activities that will ensure the change of these trends and can reduce the impact on the environment, including the health of the community exposed to these impacts. The implementation of solutions aimed at improving the quality of the environment requires taking into account not only the environmental aspects but also the economic aspect. Taking into account the analysis of solutions changing the current state of climate change, the article focuses on the analysis of the potential economic effect caused by the implementation of nature-based solutions (NBSs) in terms of reducing the operating costs related to water retention for local social groups. The analysis is based on a case study, one of the research projects studying nature-based solutions, created as part of the Grow Green project (H2020) in Wrocław in 2017–2022. The results of the analysis are an observed potential positive change in economic effects, i.e., approximately 85.90% of the operating costs related to water retention have been reduced for local social groups by NBSs.

LEGAL REGULATION OF PUBLIC FINANCIAL POLICY IN UKRAINE: CHALLENGES, IMPACT OF RISKS, LANDMARKS

2021 ◽  
pp. 104-121
Author(s):  
Larysa Trofimova ◽  
Keyword(s):  
Public Policy ◽  
Financial Crises ◽  
Legal Regulation ◽  
Economic Life ◽  
State Sovereignty ◽  
Financial Policy ◽  
Financial Policies ◽  
Economic Transformations ◽  
State Affect ◽  
The Impact

The diverse geopolitical and economic life of society during the pandemic requires awareness of the analysis of the states’ effectiveness in implementing careful public financial policies and requires proper changes in the legal regulation of relations based on understanding of social, spiritual and legal values in the context of moral and physical health of humankind. The content and nature of legal regulation of public policy, financial crises, the development of democratic institutions, awareness of the impact of risks in balancing different interests in the formation and distribution of public finances and the nature of financial activities of the state affect the dynamics of reforms and socio-economic transformations in society that change the possibilities of mankind development and create the basis for the protection of state sovereignty.

scholarly journals Do Cryptocurrency Prices Camouflage Latent Economic Effects? A Bayesian Hidden Markov Approach

2020 ◽  
Vol 12 (3) ◽  
pp. 59
Author(s):  
Constandina Koki ◽  
Stefanos Leonardos ◽  
Georgios Piliouras
Keyword(s):  
Logistic Model ◽  
Transition Probabilities ◽  
Hidden Markov ◽  
Economic Effects ◽  
Financial Assets ◽  
Policy Makers ◽  
Price Series ◽  
Financial Perspective ◽  
Layer Analysis ◽  
Extreme Variability

We study the Bitcoin and Ether price series under a financial perspective. Specifically, we use two econometric models to perform a two-layer analysis to study the correlation and prediction of Bitcoin and Ether price series with traditional assets. In the first part of this study, we model the probability of positive returns via a Bayesian logistic model. Even though the fitting performance of the logistic model is poor, we find that traditional assets can explain some of the variability of the price returns. Along with the fact that standard models fail to capture the statistic and econometric attributes—such as extreme variability and heteroskedasticity—of cryptocurrencies, this motivates us to apply a novel Non-Homogeneous Hidden Markov model to these series. In particular, we model Bitcoin and Ether prices via the non-homogeneous Pólya-Gamma Hidden Markov (NHPG) model, since it has been shown that it outperforms its counterparts in conventional financial data. The transition probabilities of the underlying hidden process are modeled via a logistic link whereas the observed series follow a mixture of normal regressions conditionally on the hidden process. Our results show that the NHPG algorithm has good in-sample performance and captures the heteroskedasticity of both series. It identifies frequent changes between the two states of the underlying Markov process. In what constitutes the most important implication of our study, we show that there exist linear correlations between the covariates and the ETH and BTC series. However, only the ETH series are affected non-linearly by a subset of the accounted covariates. Finally, we conclude that the large number of significant predictors along with the weak degree of predictability performance of the algorithm back up earlier findings that cryptocurrencies are unlike any other financial assets and predicting the cryptocurrency price series is still a challenging task. These findings can be useful to investors, policy makers, traders for portfolio allocation, risk management and trading strategies.

scholarly journals A Study on Green Economy Indicators and Modeling: Russian Context

2019 ◽  
Vol 11 (17) ◽  
pp. 4629 ◽  
Author(s):  
Natalia Vukovic ◽  
Vladimir Pobedinsky ◽  
Sergey Mityagin ◽  
Andrei Drozhzhin ◽  
Zhanna Mingaleva
Keyword(s):  
Financial Management ◽  
Transition Period ◽  
Methodological Approach ◽  
Research Process ◽  
Regional Level ◽  
Green Economy ◽  
Data Uncertainty ◽  
Current State ◽  
Scientific Analysis ◽  
Theory Of Fuzzy Sets

This article aims to assess and forecast the dynamics of a regional green economy. The research relevance is determined by the need to develop theoretical and methodological basis of the green economy for the transition period and to identify criteria basis for assessing the state and regional level of it. The authors applied the modern methods, which allowed to model criteria considering data uncertainty and both static and dynamic criteria. The research process involved the methods of scientific analysis, comparison and synthesis, the theory of fuzzy sets, and fuzzy modeling. The main principles and methodology of the criteria evaluation for a regional green economy are proposed. The principal methodological approach in this research combines the current state and dynamics of the green economy in evaluating and forecasting the conditions of data uncertainty. The research results form a theoretical, methodological, and practical basis for assessing the current state and level of a regional green economy development, determining the effectiveness of environmental and economic programs, optimizing financial management, conducting environmental monitoring, and developing state plans.

scholarly journals A deep Q-learning portfolio management framework for the cryptocurrency market

2020 ◽  
Vol 32 (23) ◽  
pp. 17229-17244
Author(s):  
Giorgio Lucarelli ◽  
Matteo Borrotti
Keyword(s):  
Portfolio Optimization ◽  
Portfolio Management ◽  
Dynamic Decision Making ◽  
Financial Assets ◽  
Management Framework ◽  
Q Learning ◽  
Reward Function ◽  
Dynamic Portfolio ◽  
Definition Of ◽  
Dynamic Portfolio Optimization

AbstractDeep reinforcement learning is gaining popularity in many different fields. An interesting sector is related to the definition of dynamic decision-making systems. A possible example is dynamic portfolio optimization, where an agent has to continuously reallocate an amount of fund into a number of different financial assets with the final goal of maximizing return and minimizing risk. In this work, a novel deep Q-learning portfolio management framework is proposed. The framework is composed by two elements: a set of local agents that learn assets behaviours and a global agent that describes the global reward function. The framework is tested on a crypto portfolio composed by four cryptocurrencies. Based on our results, the deep reinforcement portfolio management framework has proven to be a promising approach for dynamic portfolio optimization.

scholarly journals Energy Effectiveness of Jet Fuel Utilization in Brazilian Air Transport

2019 ◽  
Vol 12 (1) ◽  
pp. 303 ◽  
Author(s):  
Manoela Cabo ◽  
Elton Fernandes ◽  
Paulo Alonso ◽  
Ricardo Rodrigues Pacheco ◽  
Felipe Fagundes
Keyword(s):  
World War I ◽  
Panel Data Analysis ◽  
Fuel Efficiency ◽  
Jet Fuel ◽  
Economic Effects ◽  
Growth Potential ◽  
Air Transport ◽  
Aviation Industry ◽  
The European Union ◽  
The World

Since World War I, the commercial aviation industry has seen many improvements that now allow people and goods to reach the other side of the world in a few hours, consuming much less fuel than in recent decades. Improvements in cargo capacity and energy efficiency were significant, and in this scenario, commercial airlines were able to thrive and bring great benefits to the world economy. However, this sector is facing environmental challenges due to the intensive use of jet fuel. Brazil is one of the largest domestic air passenger markets in the world and still has great growth potential, considering its economic potential and territorial dimensions, which are roughly the same size as the US and twice the size of the European Union. This paper discusses the partial productivity of jet fuel in Brazilian domestic aviation and proposes an econometric method to support public regulators and airline decisions. The proposed model uses variables, such as aircraft size, route characteristics, and idle flight capacity, in a panel data analysis. The results show that reducing idle capacity is one of the best ways to achieve better short-term fuel efficiency, and therefore will reduce the environmental impacts and have positive economic effects on commercial air transport activities. This paper brings a new approach to the discussion of airline performance, focusing on the use of jet fuel, with economic and environmental consequences.

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