Volodymyr Boreiko
PhD in Economics, Vice-rector for Science of Economics and International Humanitarian University named after S. Dem’ianchuk

In the article the looks of the famous local scientists on the role of industry and service sectors in development the national economic are researched; the analysis of the structural changes that have taken place in the national economy in recent decades, and their impact on the economy of Ukraine is held; it is proved, that at the current stage, dynamic development of the economy largely depends from operation of sphere of services and of information technology, however, the basis for their use is a high-tech industrial complex; the suggestions for improvement of Industrial Policy of Ukraine are developed.

EFFECT OF CHANGES IN THE INDUSTRIAL COMPLEX ON THE ECONOMY UKRAINE

Yuliya Grudzevich
Postgraduate student of economics and security company department Lesya Ukrainka East European National University

The theoretical problems of forming of the mechanism of entrepreneurial activity realization are investigated in the article, as well, as its main constituents – economic, organizational, and social, the features of their joint realization are indicated. Classification of forms, functions, basic principles, terms of development and methods of adjusting of enterprise is presented. The scheme of the mechanism of realization of entrepreneurial activity is brought. The uniting factor of entrepreneurial activity is certain regardless of form, specialization, direction and method of doing business.

THE ESSENCE OF ENTREPRENEURSHIP MECHANISM AND ITS CONSTITUENTS

Viktor Laschak
Ph.D., Bukovina University

Taras Laschak
Chernivtsi National University

This article describes the background and basics of consumerism in countries with developed market economies. Worldwide to date consumer- advocate public authorities, local governments and community organizations. Proportion of the role and impact in the protection of consumer rights was formed under the influence of historical, economic and other factors. Formed different models of consumer protection can be divided according to the dominance in the protection of consumers of such subjects as the impact of public authorities, local governments, and civic organizations to : a model of state domination, domination model of municipal and model with the dominance of the public and other organizations.

SYSTEM OF CONSUMER PROTECTION IN THE LEADING COUNTRIES OF THE WORLD

Oleksandr Rudkovsky
Ph.D., Assistant Professor of Economic Department, National transport university

An analysis of the current domestic and foreign literature on corporate governance. The questions of analysis, dynamics and control risks associated with the operation and development corporations that allows you to explore a range of challenges, threats, hazards that affect the structure and development of corporate security. Analysis of research on the creation and development of a new direction – a corporate security.

THE CORPORATE SECURITY ORGANIZATION AS A SYSTEM OF EFFECTIVE PROTECTION

IvanTopishko
Ph.D., Associate Professor, Head of Department of Ecomonic Theory, Management and Marketing, The National University of Ostroh Academy

Tatyana Haletskaya
Ph.D., Senior Lecturer of the Department of Ecomonic Theory, Management and Marketing, The National University of Ostroh Academy

The socio-economic consequences of processes of state dispossession of economy and privatization of state and cooperative enterprises are considered in the article. Necessity of substantial correction of reform for a socio-economic sphere and government control are being proved.

THE WAYS OF IMPROVEMENT OF PROPERTY RELATIONS IN TERMS OF UKRAINIAN CRISIS

Joanna Berezyak
PhD, Senior Lecturer, Department of Finance, accounting and audit, National University «Ostrog Academy»

We consider the feasibility of using foreign experience of social entrepreneurship to the implementation of social enterprises in Ukraine and forming its own model of social entrepreneurship.

FOREIGN EXPERIENCE AND DOMESTIC REALITIES FORMATION OF SOCIAL ENTREPRENEURSHIP

Anastasiia Bilych
PhD student Vadym hetman Kyiv National Economic University

Theoretical foundations of the Data Envelopment Analysis (DEA) method are being concerned and the methodological tools of estimating technical efficiency of enterprises is analyzed. Also technical efficiency by the input-oriented model (model of inputs) for farmlands is defined and the relationship with indicators of economic efficiency is analyzed.

THEORETICAL ASPECTS AND ANALYSIS OF AGRICULTURAL ENTERPRISES TECHNICAL EFFICIENCY

Ludmyla Kozak
Ph.D. (Economics), Associate Professor, Dean of the Faculty of Economics, National University «Ostroh Academy»

The purpose of investigation has been to substantiate the organizational and methodological approaches to the formation of a strategic vision and aims of agricultural enterprise product positioning. The author has defined elements of the mechanism of the strategic vision formation, grounded the system of indicators that represents the efficiency of positioning, determines the place and role of a certain good on the market and at the same time in the commercial portfolio of enterprise. As a result the author has concluded that economic conditions of the agricultural enterprise performance significantly affect the mechanism of their strategic priority formation. Scientific novelty of the research has consisted in the integrated and systematic analysis of the mentioned issues, taking into account the sectoral features of agriculture. Proposed methodological approaches could be applied by agricultural enterprises during formation of their market positioning strategies, which presents a practical value of investigation.

THEORETICAL AND METHODOLOGICAL APPROACHES TO THE FORMATION OF A STRATEGIC VISION AND AIMS OF AGRICULTURAL ENTERPRISE PRODUCT POSITIONING

Iryna Markina
Doctor of Economics, Professor, Head of Department of Management and Administration, Vice-rector in scientific and pedagogical work and international cooperation of Poltava National Technical Yuri Kondratyuk University

Iryna Chernysh
PhD in Economics, Associate Professor of Department of Management and Administration of Poltava National Technical Yuri Kondratyuk University

The article deals with the nature and meaning of «mechanism» in terms of its application in economics; the essence of the anti-crisis government policies; The essence of existing mechanisms for crisis management and regulation; reasonable requirements for the design and structure of the mechanism of anti-crisis policy in the tourism industry.

JUSTIFICATION OF THE MECHANISM OF ANTI-CRISIS STATE POLICY IN TOURISM

Оlgа Sеlеznеvа
Cand.Econ.Sci., Associate Professor, Odessa State Academy of Building and Architecture

The article describes and analyzes national and foreign researchers’ approaches to enterprises’ marketing effectiveness evaluating. It shows the methods of evaluation it as degree of achievement the goals, dividing the marketing effect to the costs of its implementation, as a brand price, as marketing functions evaluation system. It is proposed to use the expert analysis method on components of marketing activities take into account specific of the branch in which the enterprise work.

METHODICAL MAINTENANCE OF ENTERPRISES’ MARKETING EFFECTIVENESS EVALUATION

Liudmyla Tranchenko
Doctor of Economics, Professor of Department of Enterprise Management of Uman National University of Horticulture

Oleksandr Tranchenko
PhD in Economics, senior lecturer of finance and credit department of Uman National University of Horticulture

The article revealed that in the process of resource use and resource-saving in the agricultural enterprises plays an important role in introduction of the newest technologies and achievements of scientific and technical progress. It is proved that innovation is a means of increasing the efficiency of production, as well as means of adaptation of the enterprise to the changes in the social, economic, ecological environment. It is substantiated that the innovation process in the agricultural production is a permanent process of transformation of some of the technical, technological, agro-chemical, biological and organizational-economic ideas and scientific variants of the decision of the certain practical tasks with the purpose of conversion of agricultural industries and enterprises to a qualitatively new level of production process. The basic ways of efficiency, stabilization and further development of the resource potential of agricultural enterprises which depends on the ability of management structures, research institutions and agricultural enterprises innovate, to preserve their personnel potential, take effective levers to motivation and efficiency of the implementation of the resource potential in General.

IMPLEMENTATION OF INNOVATIVE COMPETITIVE IN AGRICULTURE

Prof. Sławomir Juszczyk
Jan Kochanowski University in Kielce, Piotrków Trybunalski Branch, Poland

Dr Mirosława Marzena Nowak
Jan Kochanowski University in Kielce, Piotrków Trybunalski Branch, Poland

Stability of the EU milk market after elimination of milk quotas and production regulation is discussed. Repealing milk quotas without effective mechanisms for stabilizing the EU milk market will be unfavourable for European milk producers. It is likely that the dairy cooperatives in Poland, and other European Union countries, will need to improve management in such ways as to enrich competitive product range for domestic and foreign markets, outside the European Union as well. Competition necessitates production of dairy products with higher added value, better quality management and better processing. As a result, dairy co-operatives will be able to increase economic efficiency, therefore increasing net profits of the cooperatives i.e. milk producing farmers, in partnership with the cooperatives will be able to participate in the dividends as compensation for losses caused by lower raw milk wholesale prices. At the level of the European Union or Member States, the removal of the quota system may be partially offset by subsidies for milk producers arising from intensification of economic policies in areas such as environment or social assistance, as well as research and innovation.

PROJECTED CHANGES IN POLISH DAIRY COOPERATIVES MANAGEMENT AFTER THE REMOVAL OF THE MILK QUOTA SYSTEM IN THE EUROPEAN UNION

Olena Nieizviestna
Candidate of economics, assistant professor of the department of banking Kryvyi Rih economic institute State institution of higher education «Kryvyi Rih National University»

Оlena Guzenko
Candidate of economics, assistant professor of the department of banking Kryvyi Rih economic institute State institution of higher education «Kryvyi Rih National University»

Investigated theoretical and practical aspects of credit relationship of bank structures with the enterprises of small and medium business in Ukraine and determined the main directions of their optimization.

CREDIT SEGMENT PROBLEMS IN THE ACTIVITIES OF SMALL AND MEDIUM BUSINESS

Larysa Yankovs’ka
rector of the Lviv University Business and Law, Professor, Academician of the Ukrainian Academy of Sciences, the International Academy of Computer Science and Systems

Natalya Topishko
Senior Lecturer, Department of Economics, Management and Marketing the National University of Ostroh Academy

Measurement of social protection involves the use of objective and subjective assessments. The article presents the results of a survey conducted by the author in order to assess the state of social protection of citizens.

SOCIAL SECURITY: PROBLEMS OF MEASUREMENT

Andrii Buriachenko
PhD, Assoc. Prof., Senior Lecturer State Higher Educational Institute Kyiv National Economic University n.a. Vadim Getman

Pavlo Logvinov
Main economist the budget department of financial governance Uzhgorod city Council

In order to monitor the proper use and effectiveness of budget spending one time with the private sector were borrowed elements of budgeting, which are currently widely used in most countries as instruments of budget management. The current budget allocation mechanism in Ukraine is carried out with the introduction of the method of program budgeting in pilot mode. This in turn reflects certain normative legal and practical disadvantages of this method. Several specific cases and held similar success stories in other countries. Ways to improve the mechanism for the practical application Performance program-budgeting method for weighted and substantiated decision-making.

ORIGINS AND SUCCESSFUL EXPERIENCE WITH PERFORMANCE PROGRAM BUDGETING IN BUDGET PROCESS

Olha Demianchuk
Candidate of Economics, Associate Professor in the department of finances, accounting and audit in the National University of Ostroh Academy

We have investigated the financial potential of administrative-territorial unit. Basing upon the methodological analysis we have distinguished two scientific approaches to enlighten the structure of the category of the financial potential of administrative-territorial unit. Studying the financial potential of administrative-territorial unit as an overall possibility of the subjects of administrative-territorial unit to form, distribute and use effectively bankrolls within the stable economic relations so that the city form of government could perform its main function – to ensure the stable social and economic development of this administrative-territorial unit.. It has been proved that the most important components of the financial potential of administrative-territorial unit are: budgetary, tax, investment, administrative and organizational potentials. In the conclusion it is demonstrated that in the totality of its components the financial potential of administrative-territorial unit represents the basis of the bankrolls’ forming of administrative-territorial units by the local budget.

THE COMPONENTS OF THE FINANCIAL POTENTIAL OF ADMINISTRATIVE-TERRITORIAL UNIT

Iryna Drohorub
Researcher of the Department of Finance, and Insurance businesses Ternopil National Economic University

The main approaches to determining the nature of the terms «bank financial resources», «bank resources», «bank resource base» are analyzed. The relationship of these concepts is characterized. The features of the studied definitions are summarized.

RELATIONSHIP DEFINITIONS OF «FINANCIAL RESOURCES OF THE BANK», «BANK RESOURCES», «RESOURCE BASE OF BANKS»

Olga Kaminska
lecturer of Finance of Entrepreneurial Subjects and Insurance department, Ternopil National Economic University

The prerequisites of the insurance assistance in Ukraine are investigated in the article. The peculiarities and efficiency of insurance and assistance companies interaction are analyzed. The perspectives of assistance companies development in the insurance market are substantiated.

THEORETICAL AND ORGANIZATIONAL PRINCIPLES OF INSURANCE AND ASSISTANCE COMPANIES INTERACTION

Mykola Karlin
Doctor of Economics, Professor, Head of Department of Finance and Taxation of Institute of Economics and Management of Lesya Ukrainka Eastern European National University

Mariana Kucheruk
Institute of Economics and Management of Lesya Ukrainka Eastern European National University

The article is devoted to the features of the banking offshores activity: tax benefits, absence of capital movement regulation, international basis of agreements, effective infrastructure, well-functioning banking system, use of English, highqualified staff. The author shows the main reasons for establishing business entities in offshore financial centers: the loyalty of government regulation, high banking and commercial secrecy and anonymity of beneficial owners of the companies, easy access to the foreign financial system. There are two categories of the offshore jurisdictions: countries that allow legal investigation as appropriate and countries that refuse to weaken its secrecy. It is indicated that the main motive of the establishment of banks in offshore areas is to open and maintain bank accounts for investors from countries with high taxes and strict currency controls and for transactions in Eurocurrency market. Luxembourg is characterized as one of the world’s major offshore banking centers accounting for 6.8 % of global offshore capital. There are all main European and international financial institutions In Luxembourg, only 5 are Luxembourg origin among 147 commercial banks registered in Luxembourg. Creation branches of European banks is encouraged by the elimination of all kinds of coercion in relation to cash flow, such as No minimum reserves, excluding any regulation with respect to interest rates or capital movements and the unconditional observance of banking secrecy, combined with a flexible and rigorous bank control and under the same favorable tax rate of all customers.

THE FEATURES OF THE BANKING OFFSHORES ACTIVITY: A CASE STUDY OF LUXEMBOURG

Sofiia Maslichuk
Postgraduate student of department of economics and enterprise security of the East European University named after L.Ukrainka

The problems of formation of the pension system institute are lighted up in the article. The current state of Ukrainian pension system is analysed. The basic world tendencies of the modern pension systems, forming under the influence of demographic crisis are researched. The special attention of the article is concentrated on the experience of such countries as Poland, Chile, Germany and Great Britain. Possibilities of the foreign experience use in the process of the national pension system reformation are proved.

FINANCIAL ASPECTS OF THE PENSION SYSTEMS REFORMATION

Liliya Matlaga
PhD postgraduate student Lecturer, Department of Banking Ternopil National Economic University

The article highlights and summarizes the main approaches to the interpretation of the term «bank capital». Analyzed the economic nature of capital, depending on the period of economic development. The interrelation between the concepts of «bank capital» and «resource banks» and describes their common features. The scheme of relationships between concepts in the study of bank capital. We found that equating the concepts of «resource bank» and «bank capital» in modern Ukrainian economy is possible, as engaged and effective resources available bank give him a steady income.

ESSENCE BANK CAPITAL AND ITS RELATIONSHIP WITH THE CONCEPT OF «BANKING RESOURCE»

Olga Metlushko
Candidate of Economic Sciences, Senior Lecturer, Department of Banking TNEU

In the article deals with the problematic issue of refinancing from 2008 to the present. Based on the current state of research of the mechanism of refinancing refinance banks without use of the NBU, which can be used for all problem banks. This approach will help accelerate the implementation of measures on refinance and avoid diversion of funds from the real economy and ensure all refinancing troubled banks by creating for each individual sanation fund.

THE MODERNIZATION OF REFINANCING BANKS AS A FACTOR THE STABILIZATION OF THE FINANCIAL AND CREDIT SECTOR

Galina Myskiv
PhD, Associate Professor, Associate Professor of Economics and Business PVNZ «European University» Lviv Branch

The article considers the preconditions of formation, operation and development of the credit market in historical aspect, based on a study of scientific thought of leading scientists. Author classified preconditions for the duration of the period of validity for a group of short-term action preconditions and prerequisites for long-term action group.

DIFFERENTIATION OF MACROECONOMIC PRECONDITIONS FOR THE FUNCTIONING OF CREDIT MARKET THROUGH THE PRISM OF DEVELOPMENT OF ECONOMIC THOUGHT

Natalia Noginova
PhD, Senior Lecturer, Department of Finance, accounting and auditing of the National University «Ostrog Academy»

In the article the author considered the need to reform the tax policy of Ukraine in terms of European integration. The main problems of the domestic tax system at present are systematized, in particular focuses on the adaptation of national legislation with EU requirements. The author emphasized on the importance of a balanced and rational tax policy, taking into account trends in the economic system. In the article there are posted EU experience in the implementation of fiscal policy, including analysis of the proportion of different types of taxes in total tax revenues of the participating countries of the Union. The basic directions of reforming tax policy of Ukraine in view of European integration aspirations are covered.

NEED FOR REFORM TAX POLICY OF UKRAINE IN THE EUROPEAN INTEGRATION

Irina Fedorovych
Postgraduate student of the Chair on Finance and Insurance Entities Ternopil National Economic University

The importance of assessment of sustainability of public debt as the reflection of the country’s ability to fulfill its commitment as loans regards servicing and repaying is proved and the dynamics of public debt of Ukraine is analyzed herewith. It is also noted that in the recent years there is a tendency to increase the national debt due to high risks of currency loans and significant debt load on the state budget. The concept of national debt sustainability is clarified. The different scientific and methodological approaches to assessing debt sustainability of the country are studied. The state of the debt sustainability is analyzed within three groups of indicators: liquidity, solvency and indebtedness of the public sector. It is noted that the debt load in Ukraine is not very threatening, but further loans increase pressure on the state budget. It is proposed to reduce interest rates and to make effective exchange rate policies. The need for reducing the debt limit and establishing effective control over the repayment and servicing of external resources is brought herewith. It is noted that in order to improve debt sustainability the «targets method» should be applied.

ECONOMIC EVALUATION OF DEBT SUSTAINABILITY OF UKRAINE

Chekhovskyi Dmytro Borysovych
Manager of Projects with key partners, JSC «OTP Bank»

The features of the functioning of the credit fund are defined. The specificity of interaction between banks and credit funds in the management of problem loans in the construction of the transmission mechanism of problem loans in exchange for shares of the fund is explored.

THEINTERACTION OF BANKS AND CREDIT FUNDS IN PROBLEM LOANSMANAGEMENT

Inna Chunytska
PhD, Associate Professor, Deputy Head of the Department of Financial Markets National University DPS Ukraine

Researched the theoretical and methodological approaches to support of financial market development in Ukraine. Considered basic paradigms that are underlying financial market research, described the features of their impact on financial market development. Stated the necessity of future search of scientific paradigms for better view of evolution changes in reality and use of their methodological potential as basic element for methods and instruments of solving possible problems.

SOURCES OF METHODOLOGICAL PROVISION OF RESEARCH AND DEVELOPMENT OF FINANCIAL MARKET OFUKRAINE

Tkachenko Nataliya Volodymyrivna
Doctor of Economics, Professor, Head of Department of Finance of Cherkasy Institute of Banking of the University of Banking of the National Bank of Ukraine

Shabanova Olena Viktorivna
Assistant Lecturer of Department of Finance of Cherkasy Institute of Banking of the University of Banking of the National Bank of Ukraine

In the article it is justified the normative dynamic model of evaluating the investment performance of private pension funds and it is built the integral investment performance gain.

THE NORMATIVE DYNAMIC MODEL FOR ESTIMATING THE EFFICIENCY OF PRIVATE PENSION FUNDS’ INVESTMENT

Yulia Shulyk
PhD in economic science, senior lecturer at the Department of Finance, Accounting and Audit of the National University of «Ostroh Academy»

The article deals with the features of budgetary policies of Ukraine and the European Union. The author analyzes the main weaknesses and directions of change for Ukraine’s budgetary management in connection with the European integration.

CHALLENGES FOR THE BUDGETARY POLICY IN THE CONTEXT OF EUROPEAN INTEGRATION OF UKRAINE

dr Paweł Dziekański
Uniwersytet Jana Kochanowskiego w Kielcach

prof. UJK dr hab. Andrzej Pawlik
Uniwersytet Jana Kochanowskiego w Kielcach

One of the most important determinants of the development of the local government unit is its financial situation, which has an undeniable impact on the whole activities conducted in local government. This can be analyzed both in terms of current or investment expenditure and revenues, as well as incomes and expenses. Inconvenient financial situation may limit the opportunities of the local government development. Municipalities in good financial condition are more competitive and efficient in conducting development policy.

ASSESSMENT OF FINANCIAL CONDITION OF DISTRICTS IN ŚWIĘTOKRZYSKIE PROVINCE

Antoni Olak
Prof. nadzw. dr hab. Antoni OLAK, WSZMiJO w Katowicach, Dziekan Wydziału Ekonomiczno-Inżynieryjnego Ostrowiec Św., Katedra Bezpieczeństwa Narodowego

Issues relating to the protection of information were in Poland for many years underestimated by financial institutions, although the right to privacy was guaranteed in the European Convention for the Protection of Human Rights and Fundamental Freedoms of 4 November 1950, the Convention has been ratified by Poland on 15 December 1992 In art. 8 of the said Convention refers to rotecting the privacy of individuals: «Everyone has the right to respect for his private and family life, his home and his correspondence». One of the elements of privacy listed in this document and in the jurisprudence of the European Court of Human Rights is the financial and economic situation of the individual and legal entity. With in its framework are customer relations with financial institutions and hence the apparent need to protect information concerning these relations.

OCHRONA INFORMACJI W INSTYTUCJACH FINANSOWYCH. INSTYTUCJE I PODMIOTY FINANSOWE REALIZUJąCE OCHRONĘ INFORMACJI– ZARYS PROBLEMATYKI

Nelia Proskurina
PhD in Economics, associate professor, professor of account and audit Department of Zaporizkyi National University

The article regards normative terms of calculating of doubtful debts reserve in accounting. The necessity of combining of methods of doubtful debts reserve calculation provided by national accounting Standard has been grounded. The article suggests accounting form aiming at providing information for controlling bodies concerning transparency in acceptance of receivables as doubtful and bad.

DOUBTFUL DEBTS RESERVE: CALCULATION IMPROVEMENT

Tatyana Shmatkovska
Ph.D. in Economics, Associate Professor of Department of accounting and audit, Lesya Ukrainka Eastern European National University

Victoria Iarosh
Institute of Economics and Management, Lesya Ukrainka Eastern European National University

The organization of the internal control system of business enterprise in the article is studied. The algorithm of the process of internal control of financial results of business units, which in the current economic conditions provide an effective tool for the implementation of process control is developed. Objectives and process of formation of the internal control system at the enterprise are considered. Advantages of distribution objects of monitoring the results of management in the context of responsibility centers are described.

TO THE PROBLEMS OF ORGANIZATION OF THE INTERNAL CONTROL SYSTEM OF FINANCIAL RESULTS OF ENTERPRISES

Taras Zabolotskyy
PhD of Economics, senior lecturer of department of computer technologies, Lviv Institute of Banking the University of Banking of the National Bank of Ukraine, Ukraine

The paper investigates the equivalence problem of the classic Markowitz method and the method of portfolio Valueat-Risk minimization of portfolio construction. It is shown that the set of efficient by Markowitz portfolios is wider than the set of efficient portfolios derived from the problem of portfolio VaR minimization. It is proved that there are efficient by Markowitz portfolios that are not efficient in terms of VaR minimization, and that all efficient in terms of VaR minimization portfolios are also efficient by Markowitz. I.e. the considered methods of assets portfolio construction are not equivalent.

ASSETS PORTFOLIO VALUE-AT-RISK MINIMIZATION AS A GENERALIZATION OF THE CLASSICAL PORTFOLIO THEORY