Ekonomìčna teorìâ最新文献

{"title":"Decentralized issues in bitcoin blockchain and Nakamoto monetary rule","authors":"Unkovska Tetiana","doi":"10.15407/etet2021.03.091","DOIUrl":"https://doi.org/10.15407/etet2021.03.091","url":null,"abstract":"The paper is devoted to studying the bitcoin blockchain as a new global phenomenon in monetary economics, which requires comprehending from the economic theory view - a self-regulating system of decentralized emission without participation of a central monetary authority. Mathematical modelling is the instrument of this studying. The author has analyzed the Bitcoin system parameters that determine dynamics of a self-regulating emission mechanism. This mechanism operates in a peer-to-peer computer network and provides a smooth increasing of the \"money supply\" with a gradually decreasing rate of growth. The limit of this growth is determined by maximal volume 21 million BTC. Self-regulation is implemented through negative feedback between changes of control parameters (the target interval for the hash function values and the Bitcoin Difficulty level) and the speed of mining process. Control parameters depend on the real speed deviations from the target value. This mechanism provides a stable mining speed and determines annual rate of emission. The author suggests a spline-function for describing the annual rate of the cryptocurrency emission in accordance with the Proof-of-Work protocol in the Bitcoin blockchain algorithm. This spline-function gives possibility to find a monetary rule for annual rate of emission. The author in the paper proposes to call this monetary rule by the name of the Bitcoin system inventor - Nakamoto Monetary Rule. The Nakamoto Monetary Rule could be seen as the first example of a programmable monetary rule of the decentralized emission algorithm on the basis of blockchain technology. Central banks could use a similar approach, with the necessary modifications, to develop their programmable monetary rules for Central Bank Digital Currencies (CBDCs) emission based on DLT or blockchain technology","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128875204","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The system of objective economic laws in the realities of systematic-subjective economic lawlessness","authors":"Mandybura Victor","doi":"10.15407/etet2021.03.029","DOIUrl":"https://doi.org/10.15407/etet2021.03.029","url":null,"abstract":"The article reveals the differences of systemic action of the laws of the social form of material world from the action of the laws determining the motion of the four natural forms of matter. The author shows the difference between the consequences of violating natural and social laws. The meaningful understanding of the category \"economic law\" is deepened and the general list of the system of objective economic laws is specified. The author structurizes the main classification groups of laws, which are united based on the most typical features. According to the criteria of system weight, as well as essential content and spatio-temporal coordinates of the regulatory action, four block-type groups of laws are distinguished. The author singles out differentiated subgroups of laws, which are united by six system-specific features. The article shows the destructive nature of \"scientific\" dogmas of financial-and-debt \"liberal-monetarism\". Revealed the encouraging motivation that determines the dominant behavior of the current global monopoly capital, which is aimed at destroying the systemic action of the mechanisms of the laws of market economy. In particular, the author shows the ways of destruction of the mechanism of action of the law of value and laws of money circulation which provide the equivalent character of commodity production and exchange. Displayed specific manifestations of systemic and subjective lawlessness prevailing in the system of monetary and financial-debt relations at the global and national-state levels. The author assesses the consequences of financial and credit expansion for countries with different development levels in the capitalist mode of production leading to suffocation of national economies by the international monopolies by forming an unbearable burden of servicing foreign borrowings and withdrawal of invaluable land and other natural resources into private ownership of global corporate-monopolistic creditors.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115371091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The correlation of globalization and localization of economic processes in the context of growing global risks","authors":"S. Volodymyr","doi":"10.15407/etet2021.03.072","DOIUrl":"https://doi.org/10.15407/etet2021.03.072","url":null,"abstract":"The article analyses changes in the correlation between globalization and localization of economic processes in the context of increasing global instability, growing geopolitical rivalry and the emergence and spread of new global risks of technological, ecological and biological origin. The study proves that the growth of global risks leads to a modification of Maslow's hierarchy of needs towards a relative accentuation of security needs - with diverse consequences in terms of the territorial organization of economic activity and mobility. It substantiates that the expansion of global processes can lead to excessive levels of concentration and homogenization of economic processes, suppression of forms of self-organization at the local level, and creating risks of disrupting the stability of local socio-economic structures. An important consequence is the transformation of the globalization process due to a significant intensification of regional and local factors. This trend determines the formation of glocalization as a two-dimensional process in which globalization and localization trends are combined. The author postulates that the balance between the processes of globalization and localization can shift in favor of the latter due to: the exacerbation of the global competition for resources and markets in the context of cardinal technological and structural shifts in the world economy; increasing international instability amid geopolitical confrontation between old and new centers of global power; insufficient effectiveness of global responses to climate change and pandemics; risks of the digital virtual environment leading to increased national and regional regulation and fragmentation of the global digital environment; and the impact of technologies of the Fourth Industrial Revolution in the direction of strengthening localization trends in relation to global value chains.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114006190","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impact of institutional environment on financial development: a literary review","authors":"Kerimov Pavlo","doi":"10.15407/etet2021.03.057","DOIUrl":"https://doi.org/10.15407/etet2021.03.057","url":null,"abstract":"This literary review is focused on outlining approaches to institutional environment and financial development nexus, described in modern Western literature. Its existence is necessitated by the insufficient use of such sources in domestic studies on the subject, which results in inconsistencies in categorical apparatus, methodic approaches and of acquired results. The review is limited to practical Western studies with sufficient statistical apparatus and is concentrated on their choice of representative variables, expected and factual interrelations between said variables and on plausibility of their results. Based on the reviewed literature, it was possible to come up with a number of conclusions, such as: lack of general theoretical model of institutional-financial development nexus behind reviewed regression models; insufficiency of narrowly defined financial depth index to represent financial development as a whole, and need to compliment it with financial institutions’ operational effectiveness indicators, as well as other financial system components’ resource potential indicators, and recipients’ access to financial resources indicators; limitation of currently available institutional development indicators to two sets, both of which are expert-defined aggregated indicators; existence of substantial difference in factors of institutional development influencing financial system in developed and underdeveloped countries. Also, some of the further research perspectives are outlined, such as examining institutional-financial development nexus using PCA-aggregated extended financial development indicators, and researching institutional-financial development nexus using data envelopment analysis based on the statistical data on developed countries.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134080642","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sharing economy: dialectic development of reciprocal exchange in the conditions of virtual reality and digital transformation","authors":"V. Osetskyi, N. Kraus, K. Kraus","doi":"10.15407/etet2021.02.005","DOIUrl":"https://doi.org/10.15407/etet2021.02.005","url":null,"abstract":"Theoretical and practical aspects of the formation and development of common economy in the world and Ukraine are considered and the economic nature of the line economy is substantiated and its socio-economic content is deepened through the prism of digital transformation that takes place in virtual reality. Purpose of the article is to substantiate the peculiarities of sharing economy in the global communication space in virtual reality, due to the development of digital technology platforms, highlighting and analyzing the benefits and risks of building business models of shared economy in Ukraine and abroad. A set of methods of empirical and theoretical research is used: methods of analysis, synthesis and generalization, which at the dialectical level of research allow to scientifically substantiate the most popular types of solutions of sharing economy, presented by structure: solutions, examples of foreign and Ukrainian digital platforms. The article used theoretical and methodological principles of an interdisciplinary approach, which includes in the analysis of socio-cultural, behavioral and institutional prerequisites for the formation of a shared economy. Based on the available data of companies that aggregate BigData, as well as consulting companies, the behavior of consumers through sharing economy in the period of digital transformation is described. Special methods of economic sciences, namely: economic-statistical, comparative and functional-structural analysis have revealed the emergence of new business models of sharing, which combine the “world of goods” and “world of services”. A historical and economic analysis of the formation of the theory of sharing, as well as the spread of row platforms. Based on the generalization of theoretical approaches to the definition of economic categories, author’s interpretation of the concepts “line economy”, “virtual reality”, “augmented reality”, “augmented reality”, “augmented reality”, “augmented reality”, “mixed reality” is formed. As a result of the research, author’s concept of sharing economy in the conditions of virtual reality is offered. It is established that the most important factor in the transition to sharing economy is the transformation of customer service. It is the customer, who differs from the consumer by active involvement in the process of forming its value proposition, today is a key player in the market. It is proved that today digital economy is fundamentally changing the ways of building and managing sharing organizations, the problems that arise can be associated primarily with changes in the object and subject of management and the development of organizations in digital environment. The advantages of sharing models in terms of the use of innovative resources in terms of stages of business project implementation are indicated. The review of the internal development of national economy of sharing type allowed to present its restraining and stimulating factors and pote","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131591986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Correction of monetary policy under the influence of corona crisis and long-term factors","authors":"Tetiana Krychevska","doi":"10.15407/etet2021.02.065","DOIUrl":"https://doi.org/10.15407/etet2021.02.065","url":null,"abstract":"The article shows the modification of monetary policy and modification of its interaction with fiscal policy in response to the challenges of the global financial crisis and the corona crisis, as well as reveals potential macroeconomic policy adjustments in response to long-term structural changes in the global economy. The specificity of the global financial and economic crisis, which was caused by financial intermediaries, and the belief in markets efficiency led to the dominance of monetary instruments in combating this crisis. However, purely monetary stimulus does not solve structural problems, and, acting with a very low degree of targeting, but on a huge scale, leads to the debt accumulation and financial crises. The corona crisis forced to resort to budget incentives to ensure targeted support for people and businesses and provided an impetus to discuss the ways to make better use of fiscal policy capacity to increase potential GDP and reduce inequality. The following potential long-term adjustments of macroeconomic policy are revealed: 1) increasing the emphasis on the interests of employees; 2) increasing the inclusiveness of monetary and fiscal policy; 3) the growing role of fiscal policy as an instrument of macroeconomic stabilization; 4) revision of the theory of monetary and fiscal policy interaction; 5) revision of the pre-emptive approach to anti-inflation policy, which means the reaction of monetary policy to deviations of the inflation forecast from the target, and the emergence of alternatives: response to the actual achievement and maintenance the inflation target for some time and compensation for the previous deviations from the inflation target; 6) modification of the optimal anti-inflationary policy in response to demand-pull inflation and cost-push inflation; 7) adjustment of the monetary policy in response to rising inflation due to the exhaustion of long-standing global disinflationary forces that have been in effect since the 1980s; 8) more active monetary and fiscal stimulus in emerging market economies.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133386659","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Institutional and organizational support of the implementation of smart-specialization model in Ukraine","authors":"I. Storonyanska, I. Zalutsky","doi":"10.15407/etet2021.02.028","DOIUrl":"https://doi.org/10.15407/etet2021.02.028","url":null,"abstract":"The problem of formation at the national level of sustainable institutional and organizational support for the implementation of the model of smart specialization on the basis of the rule of law and the implementation of modern European tools is considered. The methodological features of the smart specialization policy in the EU and the practice of its implementation as a basis for the formation of institutional and organizational support for the implementation of such a model in Ukraine are highlighted. The problems and contradictions of the modern mechanism of smart specialization, formed at the secondary level, are revealed. The threat of departure of modern legal regulation of strategic planning of regional development from the European methodology of smart specialization, real risks of monosectoral implementation of smart specialization in the framework of sustainable industrial development and further stagnation of the process of innovative transformation of economic sectors at different administrative levels. Taking into account the need to eliminate the existing significant shortcomings in the institutional and organizational support for the implementation of the smart specialization model, it is proposed to amend a number of laws of Ukraine, which lay the foundation for legally sound and structural legislation functioning at different administrative-territorial levels.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121897131","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Digital currencies: a problem of trust","authors":"V. Koziuk","doi":"10.15407/etet2021.02.093","DOIUrl":"https://doi.org/10.15407/etet2021.02.093","url":null,"abstract":"The rising cryptocurrencies have revived discussion about the prospects of monetary order and the central bank’s role in it. Functionality is in the core of the competition between the forms of money and the payment landscape could be fractionalized affecting further decline in the efficiency of monetary policy. Central bank digital currency (CBDC) is looked by monetary authorities as a way to respond to technological challenge and fulfill the gap of the market failure related to some imperfections of privately issued digital money. The success of each money form is dependent on the trust as a collective experience. The paper raises the question if the central banks are more credible than private digital money when probable change in the age structure matters for the spread of fintech. Based on empirical analysis, it is found that economic agents differentiate digital money of central banks from those of private issuers. Private cryptocurrencies are considered more reliable when inflationary experience is stronger, while central banks’ independence level and financial stability are not factors of higher trust to CBDC. Also, a country’s institutional features do not indicate that successful central banks can use the “the umbrella” of trust to their own cryptocurrencies while the factors of technological advance fail to show a clear significance. Social capital better contributes to the trust to private digital money. At the same time, the age structure is the strong factor due to which digital currencies are more reliable in younger societies. It is concluded that in the case then trust in cryptocurrencies is not grounded on institutional factors that historically contributed to stability of the monetary order, preconditions for the latter’s higher vulnerability are likely to rise. With the growing role of age structure as a factor of higher trust to digital money, the quality of social interactions will become a very important institutional precondition for the stability of monetary order.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122844862","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financial institutions and financial control","authors":"A. Khmelkov","doi":"10.15407/etet2021.02.047","DOIUrl":"https://doi.org/10.15407/etet2021.02.047","url":null,"abstract":"The article points out that the institution of financial control has clearly defined limits of application in society, while the scope of its direct application is the formation, distribution and use of public finances. The author shows that the institution of control has a binary nature, whose consideration allows to distinguish between its formal and informal content and to find ways to improve the efficiency of its use. The informal content of the institution of control is related to the financial morality of society and its members, and the formal one — to the competence or practice of agents of the institution of control as its structural elements for the benefit of society in the form of financial gain. It is proved that the public utility of the institution of control is determined by the financial and institutional benefits of its operation. Based on the calculations, it is shown that the institution of control is in a state of dysfunction. The author proposed various ways to overcome the established dysfunction, in particular, are proposed – giving the institute control over the powers to prevent financial violations and to effect full compensation.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133546824","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Economics and politics of the great change: Mikhail Gorbachev versus Deng Xiaoping","authors":"G. Kolodko","doi":"10.33119/KNOP.2020.58.1.1","DOIUrl":"https://doi.org/10.33119/KNOP.2020.58.1.1","url":null,"abstract":"In the history of mankind, there has never been a case where, in a brief episode of the life of one generation, mutual economic relations have changed on such a large scale for so many people as they did in China and Russia in 1989-2020. Both countries are undergoing profound structural and institutional changes, but while the former recorded impressive results in terms of developing and catching up with advanced economies, the latter’s achievements have been very modest. While China has multiplied production to become a world economic power, Russia's economy has grown modestly and plays a minor role in the globalization process. In just a few years, the level of production and the standard of living of the Chinese population will first equalize and then exceed the level achieved by Russia. This happened due to many factors – from the traditional cultural heritage to geopolitical conditions, from the legacy from the previous state socialism to different natural resources bases – however, the nature and duration of the political leadership of Deng Xiaoping in China and Mikhail Gorbachev in Russia were of fundamental importance. Without taking into account the influence of the thoughts and actions of these two statesmen, it is impossible to understand the essence of tectonic changes that have occurred in the world economy recently. While Deng Xiaoping prioritized pro-growth-oriented economic reforms, while doing little in the realm of political liberalization, Mikhail Gorbachev attempted to combine political and economic liberalization, but failed to do so. The effects of decisions made several decades ago are still felt today. Evidently, Deng Xiaoping's approach proved to be more effective than Gorbachev's reforms. In the latter case, they took Russia and other post-Soviet republics in a completely different direction than that assumed by their architect.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115678141","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}