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)

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)

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)

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 статті вперше проведено аналіз закордонного листування М. В. Гоголя 1836 року у площині праці письменника над фрагментами мандрівного письма, які з’являються у певному колі листів: до рідних, близьких друзів та знайомих. Саме у цьому адресному колі листів М. В. Гоголя і виник підпростір листів – ескізів майбутніх мандрівних фрагментів «Мертвих душ». У статті вказано на те, що в основі системних проб М. В. Гоголя у мандрівному письмі лежить перетин різних мотивів і причин. Ядром досить тривалого періоду напрацювання М. В. (...) Гоголем власного стилю мандрівного письма у 1836 р. стає особиста перевірка на письмі неавторизованих діалогічних сцен «Як пишуться мандрівки?» Ф. Марріета та перегляд роману «Рейнські пілігрими» Е. Дж. БульвераЛіттона крізь критичні зауваження В. Г. Бєлінського до автора цього роману. У статті наведено приклади художнього перенесення фрагментів мандрівного письма із закордонного листування М. В. Гоголя 1836 року у фрагменти першого тому «Мертвих душ». (shrink)

The “Challenges and Issues of Modern Science” collection comprises scientific research on relevant topics related to the latest advancements in various fields of science. Emphasis is placed on developing aerospace technology, thermodynamics and energy, mechanical engineering, materials science and technologies, automation, electronics and telecommunications, information technology, project management, ecology, and industrial and environmental safety. It can be helpful for professionals in the respective fields, scientists, educators, and students. The presented material will help readers expand their knowledge of diverse approaches to (...) solving current scientific and practical issues. The papers are published in the author's edition. До збірника «Виклики та проблеми сучасної науки» увійшли наукові праці з актуальних тем, що пов’язані з найновішими досягненнями в різних галузях науки. Акцентується увага на розвитку аерокосмічної техніки, термодинаміки та енергетики, машинобудування, матеріалознавства та технологій, автоматизації, електроніки та телекомунікацій, інформаційних технологій, управління проектами, екології, промислової та екологічної безпеки. Може бути корисним для фахівців у відповідних галузях, науковців, викладачів та студентів. Поданий матеріал допоможе читачам розширити знання про різноманітні підходи до розв’язання актуальних науково-практичних задач. Матеріали публікуються в авторській редакції. (shrink)

"Challenges and Issues of Modern Science" serve as an in-depth exploration of contemporary trends, sustainable development initiatives, and global concerns within the realm of scientific inquiry. The papers represent a collaborative effort by experts, researchers, and practitioners from various disciplines to address the multifaceted challenges facing modern science. Through in-depth analysis, empirical studies, and theoretical frameworks, the contributions in these proceedings aim to shed light on emerging trends, propose innovative solutions, and foster dialogue on critical issues shaping the future of (...) science and technology. By encapsulating the latest research findings and insights, the proceedings serve as a valuable resource for scholars, policymakers, and industry professionals, contributing to the advancement of knowledge and the sustainable development of our global community. Scope covers a wide range of topics and disciplines related to modern science. It includes but is not limited to Aerospace Vehicles, Engines, Energy, and Thermotechnics, Innovative Technologies in Mechanical Engineering, Structural and Functional Materials, Integrated Automation Technologies and Robotics, Control Systems, Telecommunications and Navigation, Information Technology and Cybersecurity, Project Management and Leadership, and Ecology, industrial, and environmental safety. The journal welcomes empirical studies, theoretical frameworks, and practical applications that contribute to the understanding and resolution of challenges in contemporary science. (shrink)

Purpose: To develop proposals on the directions of institutional support for the processes of creativity of the Ukrainian economy. Design/methodology/approach: The analysis of trends in the creativity of the Ukrainian economy is carried out and proposals are developed for conceptualizing institutional support for these processes. The authors set out to develop proposals for institutional support for creativity processes and offer recommendations for systematic updating of Ukrainian legislation in the areas of state regulation of high-tech business. The information base was the (...) information materials of the State Statistics Service of Ukraine, Ministry of Economic Development and Trade of Ukraine, the statistical databases of the European Commission, OECD and World Bank for the period 2014–2020. The research methodology is based on scientific tools that include comparative analysis and economic and mathematical modeling. Findings: Building a national program of public investment in creative development will allow us to systematically approach the issue of institutional support for technological breakthroughs. Research limitations/implications: Recommendations on the development and improvement of legislative instruments of deregulatory policy, harmonization with European standards are substantiated. Directions of systematic updating of legislation on guaranteeing foreign investment of creative projects and targeted investment of joint research projects of academic science and creative organizations are proposed. The implementation will allow a systematic approach to the issue of institutional support for the technological breakthrough of Ukraine. Originality/value: There is a need to step up institutional activities in the field of organizing research centers, introduce targeted investment in the academic science and research activity of creative organizations. (shrink)

Через нестабільне зовнішнє середовище Україна опинилась у глибокій енергетичній кризі, наслідком якої є зростання вартості енергетичних ресурсів і кінцевої продукції промислових підприємств. Це спричинило зміну загальної стратегії управління, а також розширення структури стратегічного потенціалу. Зростаючі витрати на енергію впливають на ефективність бізнесу. Виникає необхідність впровадження ощадливого виробництва через виявлення необґрунтованих втрат енергії на промислових об’єктах. Водночас потрібно враховувати особливості технологічних процесів і виробництв. Втілити це допоможе енергетичний аудит і впровадження системи енергетичного менеджменту. Управління енергетичними ресурсами відповідно до стратегічних цілей підприємства (...) сприятиме зменшенню витрат на енергію з одночасним досягненням екологічних, соціальних і корпоративних цілей управління. Метою цього дослідження є визначення особливостей промислових об’єктів, енергетичних потоків та специфіки проведення енергетичного аудиту на підприємствах легкої промисловості. З’ясовано, що особливістю цих підприємств є те, що капітальні споруди було збудовано переважно у 1940–1980-х роках. Підприємства є різноплановими за конструктивними рішеннями та енергетичними параметрами. Найбільш енерговитратним є виробництво шкіри. Згідно з результатами дослідження, частина підприємств легкої промисловості, які належать до різних підгалузей, мають незадовільний стан будівель і виробництва з високим споживанням та втратами енергії. Надано такі рекомендації для зниження витрат на енергоносії та підвищення енергетичного потенціалу підприємства: своєчасно проводити енергетичний аудит, використовувати альтернативні джерела енергії та впроваджувати концепцію Smart Grid. Це дасть змогу оптимізувати загальні витрати, знизити собівартість кінцевої продукції та посилити стратегічні позиції на ринку через зниження залежності від енергетичних ресурсів. (shrink)

Purpose – to differency in the franchise model implementation by tour operators in the European and Ukrainian markets. Design/Method/Approach. A theoretical approach is based on generalization, system and comparative analysis, content analysis, statistical, and graphical and tabular methods. Findings. The research characterized business franchising models of the largest multidisciplinary tour operators of mass tourism in Ukraine. The general conditions of performing tourist activity on the principles of business franchising for travel agencies are determined. The authors clarified the differences between business (...) franchising models in the European and Ukrainian markets. The mechanism of business multiplication and cooperation of opportunities aimed at promoting a tourist product on the target market defines the franchising. Originality/Value. The scientific novelty is to clarify the tourism activities conditions on a franchise basis in Europe and, in particular, in Ukraine, highlighting the franchise model features of the European business that are in a clearly defined vertically integrated management structure, strong national marketing management, corporate business support, longterm franchise agreements, and effective franchise system. Practical implications. The research practical results significance lies in travel agencies' possible application in deciding to join the franchise network and tour operators in addressing projected business risks diversification. Research limitattions / Future research. Due to the economic crisis in the tourism business, further research promising area is to find ways to stabilize the network business in tourism. The change in the financial condition of travel agencies after franchisee status obtain or termination is of interest. Paper type – theoretical. (shrink)