Nataliia O. Kurovska

The intensification of climate challenges and the need to transition to a low-carbon economy are driving the growing role of green financial instruments. In the European Union countries, a developed system of sustainable finance has been formed, in which green bonds and other financial mechanisms supporting environmentally oriented investments play an important role. For Ukraine, especially in the context of postwar recovery, studying European experience in the use of such instruments is relevant. The aim of the study is to examine the main green financial instruments in the European Union, in particular green bonds, and to substantiate the prospects for their use in the process of Ukraine’s postwar recovery. The study used general scientific and specialized methods: analysis and synthesis – to generalize theoretical approaches to green financing; comparative analysis – to compare the practice of applying sustainable financial instruments in EU countries and in Ukraine; economic-statistical method – to analyze the dynamics of green bond issuance in the EU; method of systematization and generalization – to classify green financial instruments. The article examines the main sustainable financial instruments, including: green loans, environmental taxes, green insurance, green leasing, and green bonds. The article analyzes the development dynamics of the green bond market in EU countries, identifies the role of the regulatory framework, in particular the EU Taxonomy and the European Green Bond Standard. The significance of these instruments for mobilizing investments in energy efficiency projects, renewable energy, and ecological modernization of the economy is substantiated. It has been found that green finance instruments are an important mechanism for ensuring sustainable economic development and can become an efficient source of financing for the postwar reconstruction of Ukraine. The implementation of European standards and the development of the national market of green financial instruments will contribute to attracting investments and integrating Ukraine into the European financial space.

The growth of scientific and practical interest in the problems of corporate social responsibility relates to the public demand for value orientations of modern life, which are based on the principles of democracy, objectivity and justice. The basis of multifunctional rural development should be recognized as the social responsibility of all stakeholders interested in improving the quality of rural residents’ lives. The purpose of the study is to conceptually reveal and substantiate the activation processes of corporate social responsibility in the rural development of Ukraine in the conditions of European integration. The methodological basis of the study is based on the use of various methods of scientific knowledge, in particular: abstract-logical, structural-functional, induction and deduction, concretization, and graphic methods. During the conducted research, an assessment of the level of corporate social responsibility was carried out based on the parameters of the increase in the volume of social expenses and their structure among business entities in the agricultural sector of Ukraine for 2014-2022. Using consolidated reporting (financial and non-financial) of the leading producers of agricultural products in Ukraine, a correlation-regression model was formed. An assessment of the impact on the social costs’ quantity of agricultural holdings of factors such as capital profitability, land profitability and the volume of net income per 1 ha of agricultural land was carried out. Based on the modelling results, it was established that the mentioned agricultural producers have the necessary financial resources to strengthen social activity in rural areas, primarily thanks to the rational use of land capital. The main results of the study are aimed at integrating the corporate social responsibility of agribusiness into all areas of life in rural areas, ensuring a combination of moral and ethical, and socio-economic foundations of rural development.

Військові облігації слугують важливим інструментом залучення фінансових ресурсів у національну безпеку й оборону країни. У статті аргументовано доцільність застосування військових облігацій для поповнення державного бюджету з метою фінансування оборонних потреб під час воєнного стану. Встановлено загальні тенденції ключових показників бюджету України у 2019-2024 рр., що відображають проблему значного зростання видатків держави на оборону та безпеку, які генерують суттєвий бюджетний дефіцит. Обґрунтовано існування тісного опосередкованого зв’язку між обсягами випуску облігацій та обсягами ВВП, імпорту, видатками бюджету та державним боргом. Зазначено, що особливостями обігу військових облігацій в Україні стали: екстреність випуску, висока ліквідність, привабливі умови капіталовкладень, націленість на внутрішніх і зовнішніх інвесторів, недостатній попит серед населення через низьку фінансову грамотність та недостатній досвід адміністрування таких цінних паперів.

В статті розкрито значення податку на доходи фізичних осіб у формуванні дохідної частини бюджетів України та показано структуру його складових. Досліджено вплив оподаткування окремих видів доходів фізичних осіб на структуру податку на доходи фізичних осіб в Державному та місцевих бюджетах. Показано, які зміни відбулися в структурі податку на доходи фізичних осіб внаслідок війни росії проти України. Зокрема, встановлено, що в структурі надходжень до Державного бюджету від оподаткування доходів фізичних осіб під час війни значно зросла частка надходжень від оподаткування грошового забезпечення військовослужбовців та надходжень від військового збору. Рекомендовано в повоєнний період перейти на застосування прогресивної шкали оподаткування доходів фізичних осіб у вигляді заробітної плати та нормативно врегулювати оподаткування доходів, які отримують «надомники».

Метою дослідження є теоретико-методологічне обґрунтування стану та повоєнних перспектив фінансової інклюзії в Україні з урахуванням досвіду країн ЄС. Завдання дослідження: теоретично обґрунтувати зміст і особливості фінансової інклюзії з урахуванням досвіду країн ЄС; оцінити поточний стан фінансової інклюзії; окреслити післявоєнні перспективи розвитку фінансової інклюзії в Україні. Стаття містить обґрунтування параметрів фінансової інклюзії, серед яких фінансовий добробут, фінансова поведінка, знання фінансових питань і використання фінансових продуктів, можливість фізичного доступу до фінансових послуг визнано ключовими. З урахуванням досвіду країн ЄС аргументовано, що створення умов для вільного доступу всіх категорій населення й бізнесу до фінансових послуг та їх цифровізація сприяють зростанню доходів громадян, підприємницьких структур, спрощенню механізмів інвестування, а отже, економічному розвиткові держави. Проведено оцінку стану фінансової інклюзії в Україні через онлайн-опитування різних категорій громадян. Установлено, що українці відчувають гостру потребу в додаткових джерелах доходу, а матеріальне становище переважної більшості з них є вкрай нестабільним. За результатами кореляційно-регресійного аналізу пріоритетами фінансової інклюзії визначено рівня фінансової обізнаності та грамотності населення, що дозволить їм здійснювати бюджетування доходів і витрат, сприятиме формуванню й трансформації заощаджень в інвестиції, матиме позитивний вплив на повоєнне відновлення економіки країни.

The aim of the article is to theoretically and methodically substantiate the current problems of foreign investment with the subsequent development of recommendations for attracting capital from foreign partners to Ukrainian business. On the basis of the use of abstract-logical and statistical-economic methods of research, the current trends in the development of investment and attraction of foreign investment in Ukrainian business are determined; on the basis of the SWOT analysis, the strengths and weaknesses of the investment attractiveness of domestic business are identified in order to minimize risks. The article indicates that the current state of the market economy is characterized by constant changes, intensification of competition and unpredictability of conditions of operation. It is specified that the availability of financial resources is one of the key factors of success in doing business to minimize the negative impact of the both internal and external environment. It is noted that in case of insufficient amount of own resources of enterprise, there is a need to find external sources of financing, including attracting foreign investment. This will contribute to the expansion of product markets, access to the latest technologies, as well as improving the financial condition of the enterprise in the future. It is determined that the process of attracting foreign investment when doing business has certain advantages and disadvantages, which should be taken into account when planning investment activity and managing entrepreneurial activity. The negative impact of hostilities in Ukraine on the level of its investment attractiveness is noted. The current state and trends in attracting foreign investment into Ukraine are analyzed. Strategic directions for attracting foreign investment in Ukrainian business, as well as ensuring favorable conditions for improving the investment climate, are proposed. Prospects for further research in the direction of the inflow of foreign capital into the domestic economy are the identification of promising industries for its attraction in the post-war period.

The purpose of the article is a theoretical and methodological substantiation together with elaboration of recommendations for increasing the capitalization of the domestic securities market. The article is concerned with studying the level of development of the securities market and the directions of increasing its capitalization, which will provide favorable conditions for the formation of an appropriate level of economic development of the country. Emphasis is placed on the fact that the concept of «capitalization» is interpreted as a complex dynamic process of forming prospects for the development of the Ukrainian economy, which varies depending on the outlined tasks. It is identified that the capitalization of the stock market testifies to the intensity of the national economy and reflects the dynamics of changes in its various industries. The development tendency of the world stock market is analyzed and the experience of world leading companies with the highest level of market capitalization is adapted. The volumes and structure of trading on operators of organized capital markets by type of market are considered and the main obstacles to the further development of the Ukrainian stock market are substantiated. The need to integrate the domestic securities market into the world stock market is accentuated. Based on the carried out correlation analysis, it is found that the closest relationship between the volume of trading in shares on the Ukrainian securities market and the aforementioned factors occurs with the total trading volume in the securities market, namely: the more transactions are carried out on the market, the higher the volume of transactions with shares. It is noted that the domestic securities market in order to improve the efficiency of further functioning requires: improvement of the legislative framework; increasing the level of motivation; minimization of financial risks; improving infrastructure development, etc. Further research will be aimed at developing promising directions for the integration of the domestic stock market into the global financial space.

The article reflects modern approaches to the organization and implementation of prudential regulation in the sphere of insurance. From a scientific point, the expediency of taking the State regulatory measures to increase the business activity of participants in the insurance process and enhance the financial capacity of companies to fulfill their contractual obligations is specified. The article is aimed at a theoretical-methodological substantiation of prudential regulation processes in the insurance market of Ukraine. In the course of the research, a rather positive dynamics of the development of key indexers of the insurance services market for 2016-2020 is identified. This applies, first of all, to the indicators of total assets and the condition of formed insurance reserves, the identified tendency was observed against the background of a significant reduction in insurance companies in the market. Simultaneously, it is found that as of the beginning of 2021, three-quarters of insurance companies comply with solvency requirements and financial standards. It is emphasized that the current conditions of risk-causing market environment require the implementation of balanced regulatory and supervisory activities in the insurance market in accordance with the Pan-European requirements of «Solvency I» and «Solvency II». A critical analysis of key articles of the Law of Ukraine «On Insurance» (2021) on ensuring solvency and investment activity testifies to their innovative nature and direction of integration of the national market into the European insurance space. The authors’ own vision of prudential regulation is formulated, which consists in systematic coordination of actions of both the State-based and non-state institutions in the insurance market to effectively neutralize the possible risks associated with the livelihoods of society. A conceptual vision of further development of prudential regulation in Ukraine is defined, which is based on three following components: increasing transparency in the activities of insurance companies, increasing requirements for the solvency of insurers as a guarantee of their fulfillment of contractual obligations, improving the corporate governance system as a basis for ensuring the competitiveness of the insurer in the market. Prospects for further research are the digitalization of regulatory processes in the insurance market of Ukraine.