Articles by : Bashko V. № 2/2007
Economy and the formation of the new system of economic management
BASHKO V. 1
1 Academy of Financial Management
The state's borrowings in Ukraine: an assessment of the needs and offer in terms of structure
Ekon. prognozuvannâ 2007; 2:75-87 | |
ABSTRACT ▼
The article provides a quantitative estimation of the need in deficit financing for the budget-funded sector and economy as a whole. On the basis of analysis of the advan-tages of borrowings from different sources and taking into account the potential of the domestic market in 2008–2011, the author proposes a pattern of sources to finance the budget deficit. He also provides the conclusions about the advisability of a moderate state budget deficit at the level of 2% of the country’s GDP and the necessity to change the borrowings pattern in favor of the domestic sources
Keywords:
Article in Ukrainian (pp. 75 - 87) | Download | Downloads :440 |
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13. Zakon Ukrainy vid 20.04.2000 r. № 1697-III Pro restrukturyzatsiiu zaborgovanosti uriadu pered Natsionalnym Bankom Ukrainy,
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16. Postanova Pravlinnia Natsionalnogo Banku Ukrainy vid 26.09.2006 . № 378 Pro zatverdzhennia Polozhennia pro reguliuvannia Natsionalnym Bankom Ukrainy likvidnosti bankiv Ukrainy,
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17. Grygorenko N. Za dva kroky vid miliarda, Dzerkalo tyzhnia, 2006, № 43.
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№ 4/2008
Economy and the problems of modern transformations
BASHKO V. 1
1 Academy of Financial Management
Crowding out effect: analysis of causal relationships
Ekon. prognozuvannâ 2008; 4:82-96 | |
ABSTRACT ▼
The author proves the relationship between private investments and budget deficit. Besides private investments and state borrowings, the article also considers other factors of demand and supply of borrowed capital, which influence the crowding out effect. Attention is given to the action of risk-free state securities under the conditions of financial crisis
Keywords:
Article in Ukrainian (pp. 82 - 96) | Download | Downloads :426 |
REFERENCES ▼
1. Alesina A, Ardagna S, Perotti R, Schiantarelli F. ,Fiscal policy, profits and investment, Robochyi material №72707 Natsionalnogo biuro ekonomichnykh doslidzhen SShA, : <
www.nber.org>.
2. Giavazzi F, Jappeli T, Pagano M., Searching for non-linear effect of fiscal policy: evidence from industrial and developing countries, Robochyi material №7460 Natsionalnogo biuro ekonomichnykh doslidzhen SShA, <
www.nber.org>.
3. Giavazzi F, Pagano M. ,Can sever fiscal contractions be expansiory? Tales of two small European countries, Robochyi material №3372 Natsionalnogo biuro ekonomichnykh doslidzhen SShA, <
www.nber.org>.
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№ 2/2010
Economy under the conditions of modern transformations
LONDAR S. 1, BASHKO V. 2
1Academy of Financial Management
2 Academy of Financial Management
Indexed bonds as a financial tool to level the consequences of high inflation expectations
Ekon. prognozuvannâ 2010; 2:88-99 | |
ABSTRACT ▼
The authors analyze the international experience of introducing indexed bonds and carry out calculations to assess the advis-ability of their introduction in Ukraine. The article establishes that the use of such tools will make it possible to reduce the cost of servicing the national debt and restore the confidence in the government’s anti-inflationary measures
Keywords:
Article in Ukrainian (pp. 88 - 99) | Download | Downloads :460 |
REFERENCES ▼
1. UK Debt Management Office (DMO), Elektronnyi resurs, Dostupnyi z, <
www.dmo.gov.uk/docs//giltsmarket/formulae/igcalc.pdf>.
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7. Roush J.E. The "Growing Pains" of TIPS Issuance, Divisions of Research & Statistics and Monetary Affairs, <
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9. Fleming, Michael J. Who Buys Treasury Securities at Auction? Current Issues in Economics and Finance, <
papers.ssrn.com/sol3/papers.cfm? abstract_id=962724>.
№ 2/2012
Economy under the conditions of modern transformations
BASHKO V. 1
1 Academy of Financial Management
Anti-cycle policy in the countries with a raw-material dependent economy
Ekon. prognozuvannâ 2012; 2:47-59 | |
ABSTRACT ▼
The research proves that for the countries with a raw-material dependent economy,) it is insufficient to use the traditional mechanism of anti-cycle fiscal policy, where the state performs the single func-tion of borrower, But it is necessary to create sovereign reserve funds Whose main function is to ac-cumulate and manage the funds appearing from the surplus during favorable conjuncture and cover the budget deficit during the conjuncture decline.
As Ukraine’s economy suffers from the dynamics of raw material prices, the problem may be solved if the state collects all revenues from the natural rent and properly spend them during the crises. To prove the above mentioned statements, the author has used the most popular method to refine reve-nues from natural rent by comparing the profitability rates of the companies receiving the revenues from natural rent with the normative profitability.
Keywords:countries with raw material dependent economy, economic cyclicity, anti-cycle policy, natural rent, budget deficit, sovereign funds
Article in Ukrainian (pp. 47 - 59) | Download | Downloads :471 |
REFERENCES ▼
1. Arend R. Kak podderzhivat` ekonomicheskij rost v resursnozavisimoj ekonomike? (Osnovnye koncepcii i ikh primenenie v sluchae Rossii), Voprosy ekonomiki, 2006, S. 24–52.
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№ 1/2013
Economy under the conditions of modern transformations
BASHKO V. 1
1 Academy of Financial Management
Efficiency of the execution of rental payments in Ukraine
Ekon. prognozuvannâ 2013; 1:27-40 | |
ABSTRACT ▼
Based on a comparison between the profitability indicators of mining and non-mining enterprises, the author makes a conclusion about the low efficiency of the execution of rental payments in Ukraine. Based on financial and tax reporting, the article establishes that the profitability of the mining enterprises considerably exceeds that of non-mining one, which is due to the low rates of rental payments for the extraction of minerals. As a result, in 2006–2011, the government did not receive about 50% of all revenues from natural rent or over 50 bln. Hrn.
For more exact assessment of the volumes of generation and distribution of natural rent in Ukraine, the author analyzes the results of the companies’ financial activities by the following three mineral types: iron ore, oil and natural gas. In particular, actual and reference asset profitability have been compared. In the definition of the actual profitability of the mining companies, the author takes into account the factor of considerable decline of all revenues from the sales of the above mentioned types of minerals. In the definition of reference profitability, the author considers the profitability of the assets of the non-mining enterprises, as well as the interest rates on deposits and credits.
It is established that, in 2006–2011, total volume of the natural rent on the above men-tioned types of minerals amounted to 221.7 bln. Hrn. Almost 27% of that sum was transferred to the budget receipts in the form of rental payment sand corporate tax on the super profits of the iron ore extracting companies. Over 85 bln. Hrn. was redistributed in favor of the house holds through the mechanism of the pricing for the natural gas supply for the population. The remaining 77 bln. Hrn. was left to the extractors and buyers of the produce of the mining enterprises, due to the inefficient mechanists of the execution of rental payments.
Keywords:natural rent, rental payments, profitability, mining profitability, natural resources
Article in Ukrainian (pp. 27 - 40) | Download | Downloads :779 |
REFERENCES ▼
1. Gurvich E., Vakulenko E., Krivenko P., Ciklicheskie svojstva byudzhetnoj politiki v neftedobyvayushikh stranakh, Voprosy ekonomiki, 2009, № 2, S. 51–70.
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№ 3/2016
Economy under the conditions of modern transformations
BASHKO V. 1
1 Academy of Financial Management
Public guarantees: risks of fiscal imbalance
ABSTRACT ▼
The article investigates the amount and structure of public guarantees granted in 2004-2015, borrowings made under the state guarantees and guaranteed debt for the same period. Borrowers under the public guarantees are classified into four groups: general government's institutions, public corporations engaged in quasi-fiscal operations (QFAs) other than the central bank, public corporations not engaged in QFAs, and the central bank. It is proved that in Ukraine the mechanism of government guarantees is often used firstly as an instrument to conceal the budget deficit and central government debt, and secondly, as a form of compensation for part of the losses incurred by public corporations in the course of quasi-fiscal operations. The author analyzes the effects of guaranteed loans for each of the above mentioned groups and proposes various measures to improve the current procedures of the provision of public guarantees for better fiscal and debt sustainability.
Keywords: public guarantees, government enterprises, quasi-fiscal operations, budget deficit
JEL: H80, H81
Article in Ukrainian (pp. 29 - 42) | Download | Downloads :669 |
REFERENCES ▼
1. Bashko, V. J. (2016). The delimitation of institutional sectors and quasi-fiscal operations in Ukraine. Naukovi pratsi NDFI – Scientific works of Scientific-research financial Institute, 2, 85–100. Retrieved from
nbuv.gov.ua/UJRN/Npndfi_2016_2_8 [in Ukrainian].
2. Bashko, V. (2013). Directions of perfection of mechanism of providing state guarantees in Ukraine. Finansy Ukrainy – Finance of Ukraine, 6, 72–78 [in Ukrainian].
3. Bohdan, T. (Febr., 8, 2013). The debt pyramid and its consequences. Dzerkalo tyzhnia. Ukraina – Mirror of the week. Ukraine. Retrieved from
gazeta.dt.ua/finances/borgovapiramida-ta-yiyi-naslidki.html [in Ukrainian].
4. Kudriashov, V. P., Bashko, V. J. (2007). Improvement of public guarantees on credit transactions. Naukovi pratsi NDFI – Scientific works of Scientific-research financial Institute, 1, 30–39. Retrieved from
nbuv.gov.ua/UJRN/Npndfi_2007_1_4 [in Ukrainian].
5. Zymovets', V. (2014). Efficiency of granting the state guarantees to the enterprises of Ukraine. Finansy Ukrainy – Finance of Ukraine, 12, 56–58 [in Ukrainian].
6. Information on provided guarantees in 2004. Retrieved from
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8. Information on the volume of proceeds from borrowings under the Ukravtodor state guarantees for 2004–2015. Retrieved from
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