The article presents an analysis of global trends in setting the inflation target and the acceptable corridor of inflation target fluctuations. Inflation targeting is an important attribute of the monetary regime of inflation targeting, its main quantitative parameter. The tendency of the inflation targeting regime in 70 countries all over the world are considered, of which 41 countries have official recognition by the International Monetary Fund (IMF) regarding the inflation targeting regime. It was found that most countries set the inflation (...) target at 5% or below, and the level of the corridor of fluctuations in relative terms hovers around 20-50% of the target value. The latest trends related to changes in the monetary policy of the European Central Bank have been studied, recommendations for determining the acceptable corridor of fluctuations of the inflation target in small and open economies on the example of Ukraine are provided. (shrink)

In the given article the problems of choice as for the types and forms of debt and share financing on the developing and “frontier markets” with high interest rates have been considered, the definition of what kind of interest rates can be viewed as high and under which circumstances nominal interest rate and in which ones – the real interest rate is important for business. Also, the classification of debt and sharing financing is given and the comparative analysis of such (...) financing is made. Some close attention has been paid to the calculation of the real interest rate according to the inflation forecast. Recommendations concerning attracting of relatively cheap trade financing including international financial and credit organizations, development of operation factoring, financing from captive financial institutions of the exporters of the materials and equipment from the EU and the US have been grounded. The opportunity of relatively free of charge share financing through the mechanism of placing shares IPO/SPO is emphasized, exemplified by the results of placing shares on stock exchanges and their alternative platforms of issuing banks with businesses in Ukraine in 2005 – 2013. As a result, the conclusion concerning the necessity of thorough analysis of financial conditions on the developing and frontier markets before gaining such financing has been made. High interest rates within the average indicators even on the basis of prime rates do not necessarily mean absence of attractive conditions of financing. (shrink)

У пропонованій статті зроблено аналіз власноручних розписок шляхти Подільського воєводства у поборовому реєстрі з 1563 року і з’ясовано, який був рівень письменності та якими мовами користувалися шляхтичі у середині XVI століття. У XVI столітті шляхта поступово почала відходити від традиційного способу життя — військової служби. Набуття нових навичок, серед яких і вміння писати, сприяло новим напрямкам кар’єри — посіданню різноманітних урядів. Розвиток судочинства та потреба заможній шляхті вести облік своїх маєтків, створили попит на осіб, що вміють писати. Законодавча вимога особисто (...) посвідчити своє майно дає у руки дослідників унікальний документ щодо вміння шляхти писати. Серед 237 наявних у поборовому реєстрі розписок ми маємо справу з використанням трьох мов — латини, польської та руської у різних комбінаціях (де мова розписки і підпису може збігатися або ні). Не завжди шляхтич умів написати розписку власноручно, почасти його вміння писати було елементарним, а саме більш-менш вправно написати своєї ім’я та прізвище. Переважна більшість розписок написані латиною та польською, одна руською. Якщо представити наявні варіації мов, де на першому місці мова розписки, а на другому мова підпису, то у відсотках це виглядає так: лат., лат. — 57,54% випадків; лат., без підпису — 3,36%; лат., пол. — 5,04%; лат., рус. — 1,68%; лат., лат. + рус. — 1,26%; пол., пол. — 15,12%; пол., без підпису — 1,26%; пол., лат. — 1,26%; пол., рус. — 0,42%; рус., рус. — 0,42%. Серед осіб, що вміли писати переважали заможні та середньозаможні шляхтичі, урядники земського та ґродського судів, писарі неґродових замків (Скала, Зіньків), урядники, адміністратори маєтків та писарі неґродових старост та заможних землевласників, священики католицької та православної церкви. Один власноручний підпис залишила Анна Надольська, єдина жінка серед усіх платників побору. Специфікою Подільського воєдства була мала кількість осіб, що вміли писати, що пов’язано із загальною кількістю населення та шляхти зокрема, а також використання на письмі трьох мов — латини, як урядової, польської та руської. (shrink)

The article highlights the current issues related to the management of information provision of the enterprise. It has been specified that complete and reliable information support of business processes is a necessary condition for the effective functioning of the enterprise. It was determined that the information support mechanism for managing the development of business processes should include available information resources, technologies, systems and platforms, software, and qualified personnel responsible for this work. The article examines the works of domestic and foreign (...) economists. It was established that the modern business environment is practically inseparable from scientific, information and intellectual achievements and the results of their implementation (information technologies, systems, and platforms), and the management of the development of business processes must be confirmed by a powerful information support of the enterprise. In the article contains information about the number of Ukrainian enterprises which were engaged in electronic trade. Nevertheless, it was revealed the number of Ukrainian enterprises, such as: 1) carried out electronic trade, in the total number of enterprises by type of sale; 2) have a website; 3) buy cloud computing services. It was found that of the analyzed number of Ukrainian enterprises that carried out electronic trade, the first place took enterprises in the field of information and communication technologies (9.5%), the second place – enterprises in the field of information and telecommunications. (9%), and the third – from the production of electrical equipment (8.2%). It has been proven that the successful operation of enterprises directly depends on the ability to make effective management decisions based on information generated in the information support system of enterprise management. In addition, it has been proven that in the era of digitalization, for the formation of proper information support, it is necessary to: 1) create and develop special data banks; 2) have special technical means and software products for working with large volumes of information; 3) making effective management decisions based on their processing. (shrink)

The article provides a critical assessment of The Central Bank of the Russian Federation policy in response to the sanctions of the US, the EU, the UK, Switzerland, Japan, South Korea and a number of other countries. The effect of sanctions on the Russian economy and its financial market is viewed through the prism of credit, interest rate, and currency risk, and the risk of a decline in business activity. Special attention is paid to the inflationary component and inflationary expectations (...) of the Russian Federation, as well as to the forecasts for a decline in business activity in Russia. A critical assessment is given to the actions of the Central Bank of the Russian Federation and the economic bloc of the government of the Russian Federation as a whole in response to the sanctions of the civilized world, which disable the normal existence of the economy and the main purpose of which is not to destroy the economy of the Russian Federation but to ensure the end of hostilities on the European continent. The results of our study will be useful to everyone who studies the problems of the effect of economic sanctions on the resource-based economy and the processes of stimulating political decisions by economic methods. (shrink)

The article analyses the impact of the sanctions of civilized countries on the Russian economy. Particular attention is paid to sectoral sanctions on the markets of oil and oil products, in the banking and financial sectors, as well as on the market of transport services. The authors analysed the prospects for expanding sanctions on the oil market for Russia in the context of setting a maximum price for the export of Russian oil by the main buyers. Conclusions are drawn not (...) only about the impact of sanctions on Russian oil production, but also about a possible decrease in prices for oil and other energy resources in the region. The authors positively assessed the US and EU anti-Russian sanctions in the financial sector. The impact of sanctions on the Russian banking system, insurance, and stock markets was studied. Particular attention was paid to the impact of disconnecting the banking system of the Russian Federation from the international payment system SWIFT. The authors also focused on the gradual division of the Russian economy under the influence of sanctions and trends in the energy market into the energy sector and the rest. It was found that the most affected by the sanctions were air transportation, mechanical engineering, and ferrous metallurgy sectors. Conclusions are drawn about the need to continue sanctions pressure on the Russian economy. High energy prices during the 200 days of the war with Ukraine allowed the Russian Federation to subsidize economic sectors that suffered from the war at the expense of the energy sector. A market reduction of the oil prices or their correction with the help of the sanctions policy should cause significant and irreversible damage to the Russian economy. (shrink)