Correlates of Stock Market Development and Economic Growth: A Confirmatory Study from Ghana

The study confirms the debate on whether stock market development correlates to economic growth. The dimensions used for the stock market development consisted of market liquidity, size, and capitalization. Economic growth was represented by the real gross domestic product (GDP) growth rate. Based on secondary data obtained from the Ghana Stock Exchange (GSE) and Ghana Statistical Service from 2014 to 2018, a correlational research design was adopted to analyze the data with SPSS 20v by using bivariate and regression. The study found that there is a high positive relationship between market liquidity and economic growth, a moderate negative relationship between market size and economic growth, and a moderate positive relationship between market capitalization and economic growth. Also, the stock market development of market liquidity, size, and capitalization predict 95.7 percent of economic growth. The study summarized that there is a high positive association between stock market development and economic growth as a confirmatory revelation, but all the relationship results were not statistically significant. The result points to the casualty of the relationship between stock market development and economic growth. The study recommends that more firms must be encouraged to be listed on GSE to enhance economic growth in Ghana.

Evaluation of impact of the Covid-19 pandemic on rental housing prices in the city of Brno between 2020 and 2021

The aim of the paper is an application of the basic principles in determining rental housing prices and factors that may affect them. In the experimental part, an analysis of rental housing in the city of Brno is performed for the 2020 – 2021 period affected by the covid-19 pandemic. The analysis is processed for individual city districts and divided according to apartment layout. Finally, all outputs are compared and the real estate market development is determined with a focus on the biggest changes and their occurrence.

FEATURES AND PROSPECTS OF DEVELOPMENT OF HYDROGEN ENERGY SYSTEMS IN THE REGIONS OF UKRAINE

The article deals with modern environmental and technological challenges of the energy market development process. The necessity and key vectors of functioning of the renewed energy system, where an important role is assigned to increasing the energy efficiency of measures for the prevention and adaptation of climatic changes to the global energy trend, have been clarified. As a result, there is an active introduction of innovative measures in the energy sector of Ukraine and regions. This can be traced in the segments of production, processing, transportation, storage and consumption of energy resources. The main document has been processed, which specifies and implements the main stages of the transformation of the energy sector: "Energy strategy of Ukraine for the period up to 2035: safety, energy efficiency, competitiveness." It is noted that the implementation of the strategic changes specified in the document is important and most acceptable, subject to the influence of sectoral, regional, socio- economic factors and the resolution of the escalation of the Ukrainian-Russian conflict. The future development of Ukraine is modeled in the conditions of decarbonization of energy, where the main place will belong to the hydrogen direction. The stages and features of the formation of hydrogen energy, the natural properties of hydrogen are considered, the world practice is considered. The priority and economically justified methods of using hydrogen to produce ammonia and as an alternative resource for oil and gas are noted and proposed. However, several obstacles are highlighted that institutionally prevent Ukraine and the regions from fully using hydrogen technologies.

Impact of Macroeconomic Variables, American Stock Market Index and Covid-19 Pandemic on Indonesia Capital Market Development (Time Series Study 1990-2020)

The purpose of this study is 1.) To analyze the influence of foreign investment on the development of the Indonesian capital market. 2).To analyze the influence of the Exchange Rate on the Development of the Indonesian Capital Market. 3).To analyze the influence of the Interest Rate on the Development of the Indonesian Capital Market. 4).To analyze the influence of the Dow Jones Stock Market Index on the Development of the Indonesian Capital Market. 5).To analyze the influence of the Covid-19 Pandemic (dummy variable) on the Development of the Indonesian Capital Market.6). In this study, secondary data and library research were used as a technique for collecting data, using semi-annual data for the period 1990-2020. The research was processed using the EViews 11 program with the multiple linear regression method. The results of the research are known if 1.) Foreign Direct Investment has a significant and positive effect on Capital Market Development. 2.) Exchange Rates have a significant and positive influence on the Development of the Indonesian Capital Market. 3.) Interest Rates have a significant and negative effect on the Development of the Indonesian Capital Market. 4.) The Dow Jones Stock Market Index has a significant and positive effect on the Development of the Indonesian Capital Market. 5.) The Covid-19 pandemic had a significant and negative effect on the Development of the Indonesian Capital Market in the period 1990 to 2020. The results of this study are expected to contribute to policy holders regarding the role of macroeconomic variables on the development of the capital market, so that in the future it can be one of the references in conducting the policy mix so as to improve the development of the Indonesian capital market.

Improvement of the Adaptive Properties of the National Financial Market to Respond the Globalization Risks

In the era of globalization the issues of ensuring economic and national security are still relevant for discussion. Financial markets, being one of the driving forces for the global economic development, are sensitive to changes in the socio-economic and political situations. In the rapidly changing world, the security of the national financial market can be ensured by increasing its adaptability, which is, in the general case, the market ability to adapt to stressful events, while working in adverse conditions. The article discusses the features of the national financial market in the context of financial globalization. Using the complex adaptive theory, the main ways of the national financial market development to enhance its adaptability are presented. Keywords. Globalization, financial market, financial security, financial market adaptability, institutional environment.

ORGANIC MARKET FORMATION IN UKRAINE

The article examines modern state and prospects of the development of organic market in the context of rationalization of the available natural-resource potential of Ukraine. Basing on the analysis of key organic production indicators it is relevant to conclude that during last year’s there is stable positive dynamics in growing of the area of farmlands that take part in the certified reduced production. Due to the improvement of the organic production recycling the level of organic production consuming and number of certified manufacturers have significantly increased. Consumers of Ukrainian organic production are predominantly the EU countries. Ukraine is interested in the organic market development and there are inevitable resources that can be found in every region of the country. We have characterized the legal principles that enable the organic market and the establishing of relation that are linked to the organic production development which are regulated by the Law of Ukraine and other legislative acts that are related to the issue. Basing on the data of the article and estimation of the organic production consuming level in Ukraine in 2010-2019 there were evaluated forecast indicators of the Ukrainian organic market capacity until 2023.

ФІНАНСОВИЙ РИНОК РЕСПУБЛІКИ БІЛОРУСЬ В УМОВАХ ЄВРАЗІЙСЬКОЇ ЕКОНОМІЧНОЇ ІНТЕГРАЦІЇ: ПРОБЛЕМИ І ПЕРСПЕКТИВИ РОЗВИТКУ

The financial market of the Republic of Belarus is traditionally considered to be quite developed in relation to states with an emerging market. However, the analysis of the main macroeconomic indicators of the national economy development and financial depth indicators indicates that the market potential is not fully realized to ensure the country's economic growth. The purpose of the research is to identify the main directions for improving the financial market of Belarus within the framework of the Eurasian economic integration. The methodological basis of the research was analytical reviews, regulatory legal acts, scientific research on the study of problems and prospects for the development of the financial market of the Republic of Belarus. The study used the methods of dialectics, formal logic and systems analysis, in particular, general logical methods of analysis, analogies, methods of description and comparison, statistical methods to assess the dynamics of the Belarussian financial market development and substantiate proposals for its improvement. The main hypothesis of the research was the assumption that improving the Belarussian financial market development will stimulate the country's economic growth and create conditions for deepening the Eurasian economic integration on the way to creating a common financial market of the Eurasian Economic Union (hereinafter – the EAEU). Presentation of the main material. The financial market of Belarus is currently operating in the conditions of Eurasian economic integration and is involved in the active process of harmonizing the national legislations of the EAEU member states to create a common financial market. The Belarusian financial market development will stimulate the country's economic growth, that’s why it’s important to achieve a sufficient level of financial depth. The paper analyzes the main indicators of the financial depth of the Belarussian financial market in 2011-2020. The main problems of the country's financial market development have been identified and a set of measures to improve it has been proposed. The originality and practical significance is confirmed by the proposed directions for improving the Belarusian financial market within the framework of the Eurasian economic integration. Conclusions and prospects for further research. The financial market of the Republic of Belarus is dynamically developing and quite sustained, however, its potential is not being fully realized. The structural imbalance of the market is manifested in the dominance of the banking sector, in which a significant part of the savings of individuals and legal entities is concentrated. It’s necessary to reduce the active participation of the state in the redistribution financial resources to close the gaps in institutional development. The implementation of the proposed set of measures to improve the Belarusian financial market in the context of the formation of a common financial market of the EAEU member states will create a stable, transparent and liquid national financial market. Further research will focus on the development of a strategy for the development of the financial market of the Republic of Belarus in the course of the formation of a common financial market of the EAEU states.