Public and Municipal Finance最新文献

{"title":"Assessment of social effectiveness of investments in the hospitality business of Ukraine","authors":"L. Bovsh, Larysa Hopkalo, Rostom Beridze, A. Okhrimenko","doi":"10.21511/pmf.08(1).2019.08","DOIUrl":"https://doi.org/10.21511/pmf.08(1).2019.08","url":null,"abstract":"Nowadays, the investment flows define the prospects of development of the economic system of any level, as they give the innovative opportunities and are the instrument of compliance in the financial and legal field. Taking into account the significant resource potential of the Ukraine, it is important to study the industries-catalysts, able to mobilize the financial resources, to activate the development of infrastructure and to become an impetus for the development of the specific location and the regions as a whole, which a priori stimulates meeting the social needs. This study aims to analyze the parameters of social effectiveness of investments in the hospitality business, which creates the multiplicative effect in the territories’ development systems, involving many related industries, which are the donors for territorial communities financing, in the creation of the concept-product. As a weighty proportion in the territorial community’s GDP, the usefulness of the investments in the hospitality was analyzed through the lens of sociality, which nowadays acquires the signs of non-material asset in implementing the projects, as it ensures the communicative and information interaction, harmonizes the relationship between the investors, recipients of investments, local territorial community, and society.","PeriodicalId":52837,"journal":{"name":"Public and Municipal Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43879259","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":"Assessment of the social and economic development of a region: essence, methodology and correlation with transparency of local authorities","authors":"О. Liuta, Borys Mershchii","doi":"10.21511/pmf.08(1).2019.07","DOIUrl":"https://doi.org/10.21511/pmf.08(1).2019.07","url":null,"abstract":"The introduction of fiscal policy transparency practices in the contemporary local financial management system is one of the prerequisites for increasing the socio-economic development of regions. Creating a transparent budget environment contributes to a faster and more effective solution to the region’s current problems. The lack of a sufficient level of budgetary transparency is a consequence of poor public interest consideration, which impedes the people’s realization of their own democratic aspirations and freedoms.The article is aimed at developing scientific and methodological approach to assessing the state of social and economic development of a region and comparing the estimates with the regions’ transparency levels for 2016–2018. Integral assessment of socio-economic development consists of four stages. It has been found out that the level of socio-economic development of regions does not correlate with the transparency level of regional policy. Public finance transparency assessment of Sumy city has shown that its population needs a higher level of information disclosure, use of the latest information channels, and creation of convenient forms of involvement in the budget process. The transparency evaluation results in the areas of budgeting, public procurement, disposal of property of the territorial community, etc. have been investigated. Besides, directions for improving Sumy local authorities’ information policy are proposed to increase its transparency.","PeriodicalId":52837,"journal":{"name":"Public and Municipal Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46335621","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":"Optimal investment portfolio selection from the largest Ukrainian companies: comparative study of conventional and responsible portfolios","authors":"A. Plastun, I. Makarenko, Y. Yelnikova, D. Bychenko","doi":"10.21511/pmf.08(1).2019.04","DOIUrl":"https://doi.org/10.21511/pmf.08(1).2019.04","url":null,"abstract":"This paper is devoted to the comparing stock portfolios of the largest conventional and responsible Ukrainian companies as the basis for substantiating the structure of an optimal investment portfolio in the current conditions of development of the financial market of Ukraine. The empirical basis of the research was the data of quotations of shares of 6 most liquid conventional and 6 responsible companies in the Ukrainian and Warsaw exchanges. The methodological basis of calculations was the classic Markowitz portfolio optimization model. The key hypothesis of the research was to check that the conventional investment portfolios of Ukrainian companies outperform the responsible investment portfolios by their parameters (return, risk). This hypothesis was rejected. The obtained results have not only theoretical significance – both the rationale for the threat of responsible investment in Ukraine and the applied value for market participants in terms of investment decisions making, taking into consideration the ESG criteria, and the formation of investment portfolios from shares of the responsible companies, the key parameters of which exceed the conventional portfolios.","PeriodicalId":52837,"journal":{"name":"Public and Municipal Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44895271","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 methodological approaches development to assess the creation and use of the financial capacity of the state","authors":"N. Vyhovska, A. Polchanov, Khaled Aldiwani, Fathi Shukairi","doi":"10.21511/PMF.08(1).2019.03","DOIUrl":"https://doi.org/10.21511/PMF.08(1).2019.03","url":null,"abstract":"The article focuses on the development of scientific and methodological approach to determining the level of creation and use of financial capacity to identify current trends of its transformation and perspective directions for development. The research urgency is due to the need to ensure high level of national security, ineffective use of the existing financial capacity of the state, disputability of scientific approaches to identifying its components and the need to choose the vector for the state’s further development. This requires additional research methodological aspects aimed at obtaining objective and well-founded assessment of the financial capacity level. The methodological approach proposed involves comparing the actual rated values of creation and use of the authorities’ financial resources (the ratio of the deficit/surplus of the state budget to GDP, the level of GDP redistribution through the consolidated budget, the ratio of the government and government-guaranteed debt to GDP and gross international reserves of Ukraine in the months of imports), financial resources of business entities (the level of listing companies capitalization, the ratio of non-performing loans to total gross loans, credit interest rate, companies’ ROA) and the financial resources of households (the share of cash income in total household resources, the ratio of the average amount of old-age pension to the average monthly nominal wage, the share of spending on food and non-alcoholic beverages in total household spending) with their recommended limits and the establishing a scoring making it possible to form an integral indicator that reflects the level of creation and use of the state’s financial capacity. The methodological approach has been tested using Ukraine as an example. This has made it possible to identify the negative tendencies of the creation and use of Ukraine’s financial capacity (the state budget imbalance, significant debt burden on the budget, high interest rates, significant share of household expenditure on consumption). Based on the results, perspectives for development of the state’s financial capacity are proposed.","PeriodicalId":52837,"journal":{"name":"Public and Municipal Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44871893","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":"State medical provision and health financing in Ukraine as compared to the experience of western European countries","authors":"Inna Neskorodieva, Volodymyr B. Rodchenko, O. Parkhomenko","doi":"10.21511/PMF.07(4).2018.05","DOIUrl":"https://doi.org/10.21511/PMF.07(4).2018.05","url":null,"abstract":"In Ukraine, there is a steady increase in the mortality rate of the population, which is due to the low quality of medical provision. The main advantages and the efficiency factor of the health care system in the Western European countries are analyzed; the key factors regulating medical provision in Ukraine are systematized; the effectiveness of modern health care reform in Ukraine is evaluated; practical recommendations to improve the administrative and legal regulation of the system are developed. The analysis showed that the effectiveness of health care reform in Ukraine is currently about 30%, and the high mortality rate of the population in Ukraine is primarily due to the low quality of medical care and inadequate investment in the industry. The main health problems in Ukraine are failure to comply with legislation on the amount of funding and remuneration in the public health system, high levels of corruption and lack of control over the competence of doctors, inaccessibility of medical products for consumers due to the pharmaceutical market monopolization.","PeriodicalId":52837,"journal":{"name":"Public and Municipal Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44489264","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":"Financing capital expenditure through municipal bond market in Navi Mumbai Municipal Corporation","authors":"S. Rode","doi":"10.21511/PMF.08(1).2019.02","DOIUrl":"https://doi.org/10.21511/PMF.08(1).2019.02","url":null,"abstract":"In India, the urban local bodies do not have decentralization in various functions. Therefore, municipal corporations find various issues in functioning and revenue generation. It has resulted into either shortfall or low quality infrastructure services to people. The Navi Mumbai Municipal Corporation is developed as modern municipal corporation. Municipal corporation invested financial resources in development for civic infrastructure. Therefore, population, industries, educational institutions, markets, transport and other facilities are expanding very fast. The ordinary least square regression results shows that the municipal corporation has positive co-relation with revenue receipts from LBT, property tax and town planning. The revenue expenditure is positively co-related with municipal estate, public health and hospitals, primary and secondary education. The engineering work for poor is negatively correlated with revenue expenditure. The capital receipts are positively co-related with fire brigade, auditorium, sports and cultural programs and security deposits and water supply. The capital expenditure is positively co-related to women and child welfare schemes, primary education, environment monitoring. It is negatively co-related with dumping grounds. The municipal corporation must raise funds from capital market through municipal bonds. More investment must be made in civic infrastructure. Similarly, corporation must spend more funds on poor, welfare of women and children. Municipal corporation must monitor and protect environment. It must give more priorities for processing of solid and e-waste, protect local culture, primary and secondary education, health care for all and technology in provision of civic services. It must develop human resource and create best place to live in metropolitan region.","PeriodicalId":52837,"journal":{"name":"Public and Municipal Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45611152","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":"Identification of dependencies between the imbalances of financial resources and investment flows in the eastern European economies","authors":"M. Korneyev","doi":"10.21511/PMF.08(1).2019.01","DOIUrl":"https://doi.org/10.21511/PMF.08(1).2019.01","url":null,"abstract":"Strengthening financial and economic stability in certain countries of the world requires the modification of tools for assessing the imbalances in the flow of financial resources that arise and spread as a result of the economy financialization and their consequences for the functioning of markets, especially investment ones. The purpose of the study is to develop a methodological approach to identifying the dependencies between financial resources imbalances resulting from financialization and investment flows. The following research methods were used: science-based abstraction, analysis and synthesis, economic and mathematical methods (to identify the dependencies between the imbalances in the movement of financial resources and investment flows in the economy); comparison and analogy (to study the world experience in identifying the links between financialization and investment flows in the economy). The aspects of the influence of imbalances in financial resources movement as a result of the economy financialization on investment flows are systematized. Various consequences of these imbalances for the functioning of the investment market are determined. The algorithm of identification of special aspects of investment flows influenced by financial resources imbalances was modified. The hypothesis of the strong correlation between the dynamics of foreign direct investment in the Eastern European countries and the level of imbalances in the flow of financial resources has been confirmed. The hypothesis of the significant influence of financialization processes on investment activity in the real sector of the economy, including infrastructure investments, has been refuted. It has been established that imbalances in the flow of financial resources as a result of financialization do not contribute to the development of investment markets of Eastern European countries, and only intensify disparities by directing foreign direct investment in the financial sectors of these countries and increasing the volatility of their market conditions.It has been determined that the approach to identifying the dependencies between financial resources imbalances as a result of financialization and investment flows in Eastern European economies has allowed to substantiate the impact of such imbalances on investment amounts and on the capital formation dynamics.","PeriodicalId":52837,"journal":{"name":"Public and Municipal Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45457635","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":"Estimation of structural and regional differentiation of municipal budgets under financial decentralization (case for Ukraine)","authors":"Yevgen Kuzkin","doi":"10.21511/PMF.07(4).2018.04","DOIUrl":"https://doi.org/10.21511/PMF.07(4).2018.04","url":null,"abstract":"Obligatory consideration of peculiarities of the territorial development and regional differences in municipal budgets development is a prerequisite for ensuring the success of reforms aimed at decentralizing state power in the financial sphere and for developing the mechanism of inter-budget relations. The purpose of the study is to substantiate theoretically and develop a methodical approach to the differences between regions in terms of structural and regional differentiation of municipal budgets under state power decentralization. The article proposes a methodical approach to identifying the needs and substantiating measures for financial decentralization. The approach is based on considering the structural and regional differentiation and using statistical and cluster analyses to identify special aspects of the municipal budgets creation at different levels. The following regularities of changes in structural and regional differentiation of municipal budgets in the context of reforming the inter-budgetary relations and financial decentralization are determined: the changes in the state regulation of the local economy and finances usually boost an increase in the manifestations of differentiation; strengthening the negative influence of endogenous and exogenous risks on the increased disproportions in the socio-economic environment of regions while preserving the features of extensive management in the economic system; increasing imbalances and disparities in the structural differentiation of municipal budgets is usually due to the excessive centralization of public finances, while the intensive reforms aimed at decentralizing municipal budgets can increase the growth risks.","PeriodicalId":52837,"journal":{"name":"Public and Municipal Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43872724","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":"Assessment of quality of financial support for local social development in Ukraine","authors":"I. Shkolnyk, Borys Mershchii, T. Melnyk","doi":"10.21511/PMF.07(4).2018.03","DOIUrl":"https://doi.org/10.21511/PMF.07(4).2018.03","url":null,"abstract":"The article proposes a way of determining the future directions of financial support for the social development needs. To this end, the Tintner method of consecutive differences is used. The practical application of this method allows for pre-selecting the best curve that describes the level of financial support for social needs. The model off inancial support for local self-government is determined. The adequacy of funding for the needs of local budget social development is analyzed. The share of expenditure of local budgets in Ukraine on health care, intellectual and physical development, education, social protection and social security is described. A number of challenges when it comes to financial support are considered, both from a theoretical perspective and those confirmed by actual calculations.","PeriodicalId":52837,"journal":{"name":"Public and Municipal Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43988364","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":"Discretionary budget expenditure in the system of state regulation of the country’s socioeconomic development","authors":"M. Kuzheliev, I. Rekunenko, A. Nechyporenko, G. Nemsadze","doi":"10.21511/PMF.07(4).2018.02","DOIUrl":"https://doi.org/10.21511/PMF.07(4).2018.02","url":null,"abstract":"The paper investigates discretionary budget expenditure and determines its role in the system of regulation of country’s socio-economic development. In a very difficult political and socio-economic situation, Ukraine faces an urgent need to finda balance between the amount of functions performed by the state and the level of their financial support. The analysis of the State Budget of Ukraine expenditure according to the functional classification in 2014–2017 has been carried out. In particular, the discretionary budget expenditures (on state functions, economic activity, defense budget expenditures, budget expenditure on public order, security and judiciary; environmental protection, housing and utilities) are carefully analyzed. The purpose of the article is to study trends in financing discretionary budget expenditure and determine their impact on the socio-economic development of a country. Discretionary budget expenditures are the study object. It is determined that socio-economic development of a country requires government to apply progressive forms, methods and principles of expenditure management between the budget system levels. This need is due to the objective necessity to achieve sustainable development of economy and population welfare. The main problems that reduce budget discretionary expenditure effectiveness in the current conditions are investigated and the main directions to improve their financing are offered. The obtained results indicate the need to revise the funding of discretionary budget expenditures depending on the state policy priorities.","PeriodicalId":52837,"journal":{"name":"Public and Municipal Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44738201","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}