THE INFLUENCE OF THE SHADOW ECONOMY ON THE SOCIO-ECONOMIC DEVELOPMENT OF UKRAINE

The article considers the approaches to the interpretation of the category "shadow economy", which causes a variety of approaches to assessing the impact of the shadow economy on the socio-economic development of Ukraine. The spread of the pandemic and the complication of economic conditions, formed as a result of the introduction of forced restrictive measures, have led to the growth of the shadow economy in Ukraine. The index of shadowing of the economic sphere in relation to the inflation index and the level of the state budget deficit has been studied. The factors that led to the shadowing of the economy and caused the growth of the share of the shadow sector in the economy of Ukraine are highlighted. The main components of shadow employment are identified. Business entities operating in the shadow sector have significantly more competitive advantages and much higher efficiency than legally operating businesses. As a result, such enterprises are an obstacle to the flow of funds to the budgets of all levels of the country, and as a consequence, have a negative impact on socio-economic development in general. In recent years, state budget expenditures have been growing too slowly, which indicates a high level of shadowing of the economy in conditions of high inflation and, consequently, negatively affects the socio-economic security of society. Budget expenditures are closely linked to public policy, which allows the state to curb the level of economic shadowing through measures to reform relevant areas. It is investigated that the State budget expenditures grow too slowly, which indicates a high level of shadowing of the economy in conditions of high inflation. The paper substantiates the reasons for the growth of the shadow economy and identifies the main measures to reduce shadow employment, the manifestations of which are the deformation of social and economic institutions of the state. The de-shadowing of the economy provides citizens with the right to social protection, in the form of social guarantees in case of unemployment, temporary incapacity for work, accidents or occupational diseases during official work, pensions, etc.

MULTI-FACTOR MODELS FOR INVESTMENT PREMIUMS VALUATION: DISCOURSE ANALYSIS AND ITS PLACE IN THE PARADIGM OF INTERNATIONAL PORTFOLIO INVESTING

The paper dwells on multi-factor models of individual securities and investment portfolios expected returns and investment premiums valuation. Main stages of these models appearance and development are discovered. Theory and practice realized that single-index models were not relevant in terms of estimating expected returns, since at least several basic factors affected premiums substantially. Notwithstanding the basic principle of compensating risk beared by respective return remained unchanged two new models – intertemporal CAPM and international CAPM were underlying dynamic development of multi-factor models. The latter along with market risk factor considered other premium components like those resulting from exchange rate risks for different currencies. Components of scientific discourse in this field are identified, position of models under question in contemporary theory of international portfolio investing is defined. Multi-factor models expanded and enhanced portfolio paradigm of international investing, particularly its specific concept of expected returns valuation. Unlike some other paradigm components this concept is proved to be positive theoretically and well applicable in practice. Factors of international models of investment premiums valuation origin are specified. More precise emphasize is made on international multi-factor CAPM and APT models. More cross functional nature of arbitrage pricing model compared to CAPM is justified. Gnoseological status of Fama and French multi-factor model is specified. Its affiliation with both existing paradigms of international investing – value investing and portfolio paradigm is argued. This in turn determines its unique position in existing knowledge in the field. Technically and methodologically it was developed on the ground of traditional CAPM model – it implies existing risk factor, specific sensitivity ratio to the existing risk factor and respective investment premium. This justifies the model affiliation with traditional and dominating portfolio paradigm of international investing. On the other hand, in its current version the model completely corresponds with value paradigm principles. Intrinsic, internal value of securities is defined, the valuation is subjective, traditional fundamental analysis ratios like book-to-market value index are used. The model thus establishes particular connection between two paradigms of international portfolio investing.

ANALYSIS OF MARKETING PRICE STRATEGIES OF ENTERPRISES

Pricing strategy acts as an intermediary between the consumer and the producer. Therefore, its formation is of great importance and belongs to the key section of marketing. Businesses do not always have a broad enough theoretical knowledge to comprehensively formulate their pricing strategy, but there is already a great variety of them. There is a need to group pricing strategies by key features for easy formation of the company's own pricing strategy based on the analysis of these features. The choice of pricing strategy depends on many factors. Pricing strategy should be an effective tool of competition, so it must be optimally combined with other strategies. It is proposed to analyze the most optimal pricing strategy, using their grouping into four groups: commodity, behavioral, target and price. Forming a pricing strategy for a particular company, it is advisable to select tools based on a step-by-step analysis of each of the proposed four groups: product analysis; goal analysis; analysis of the behavior of the business entity; analysis of price characteristics. At the first stage it is necessary to study in detail the product itself (new, modernized, traditional) and its quality (high, medium, low). Some recommendations for the choice of tools are offered, taking into account the possible consequences. In the second stage, it is advisable to compare their own strategic development goals with the existing and desired level of demand. The management of the entity should conduct a comprehensive market research. The third stage involves the analysis of the behavior of the entity: both existing and desired (market positioning). The fourth stage involves the analysis of the price by type, volume, dynamics, cost recovery. Some tools in this group of strategies are relatively unfair to the consumer. Before the final implementation of the formed pricing strategy it is necessary to consider the influence of environmental factors. The directions of optimization of the price strategy are outlined: interaction of pricing with other strategies, constant adjustment of the strategy under the influence of competition and demand, modeling, focus on foreign practice and the correct choice of methods of price regulation.

STATISTICAL ANALYSIS OF CURRENT TRENDS IN THE TOURISM DEVELOPMENT OF THE VISEGRAD GROUP

The paper presents the research results of tourism state and patterns development in the Visegrad Group. The regional grouping of Central and Eastern Europe, the Visegrad Group, has become a separate subsystem of the European Union, which has received economic, logistical, cultural and political content. These processes are important for Ukraine. The experience of the Visegrad Group, the ability to quickly solve current issues and face the challenges, understanding the real hierarchy of priorities while preserving the national identity of the Visegrad Group (VG) are significant for Ukraine. Tourism is an area that can positively influence both the development of the integrated structure as a whole and the socio-economic development of its member countries. The article carries out a comparative analysis of tourism development trends in the Visegrad Group countries, Europe and the world, as well as develops recommendations for assessing the cooperation prospects between Ukraine and the VG using econometric methods. To achieve the goal of the study, a comparative analysis of global, European and Visegrad trends in tourism was developed, arrivals of international tourists on the amount of income from international tourism by conducting a correlation-regression analysis, substantiated and developed applied aspects for forecasting the potential mutual benefit from cooperation between Ukraine and the VG. According to the World Trade Organization, the forecast of the number of international tourists in the world for 2020-2021 was made. Based on the impact assessment of the number of international tourist arrivals on the amount of income from international tourism, a linear regression model was built, the adequacy and reliability of the regression coefficient was confirmed by Fisher's and Student's estimates. During the analysis (from a priori analysis, proving the quantitative and qualitative homogeneity of the two sets, to the construction, evaluation and analysis of the obtained model) a regression model was built, which can be recommended to be used in the impact analysis of tourist arrivals on international tourism. A comparative analysis of the dynamics of international tourist arrivals and revenues from international tourism in Poland and Ukraine was done. As a result of Poland's experience research, a model of revenues from international tourism is recommended, the factors of which are gross investment (% of GDP) and the number of tourist arrivals.

SYSTEM OF ANALYTICAL PROCESSING OF INTERNATIONAL INFORMATION

In the current context of globalization, the problem of ensuring the effectiveness of information and analytical activities in international relations is becoming increasingly important. The solution of this problem requires systematic approach, which will be able to form the scientific basis for making strategic decisions to manage the efficiency of analytical processing of international information. In order to solve this problem, it has been proposed to determine the dominant factors of influence on the effectiveness of international relations, to establish trends in the development and formation of a strategy aimed at increasing the effectiveness of international relations in the long term. The article is devoted to solving the problem of forming a system of analytical processing of international information. Research about the scientific approaches and the comprehension of the conceptual apparatus related to the terms «system» and «system approach» by modern scientists has been conducted. The structure of the system of analytical processing of international information has been offered. The proposed system consists of subsystem for the formation of organizational and analytical framework, subsystem for determining relationships, subsystem for modeling and subsystem for strategic decision-making. The formation of analytical information is based on the proposed system of indicators. The subsystem of determining the relationships combines a set of multifactor mathematical models which are formed as a result of determining dominant factors, influencing the international relationships. The subsystem of modeling the efficiency of the international relationships is based on the developed conceptual model and involves the use of the proposed system of indicators and methodology of fuzzy modeling. The subsystem of decision making is based on the formation of decisions to increase the international economic relationships. The use of the proposed system allows forming the analytical basis for substantiation of management decisions to improve the international economic relationships.