Mykhaylo Dovbenko

Economic theory of early XXI century: crisis or development
Journal of European Economy, Volume 9, Issue 1, March 2010, pp. 3-18

JEL:    B00, F02

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Abstract During recent decades, the range of assessments of the condition of the modern economic science has greatly increased – from very optimistic to extremely pessimistic ones. Increasingly frequent are opinions about decay and crisis of economics science calling its condition «a cancer disease» and referring it as «a victim of formalism» etc. Such rhetoric is casting despair on the intellectual community. And what is happening in reality? The author shows a reserved optimism in his assessment of the development of economic thought. His arguments are based on the results of the pioneer research conducted by economists who are Nobel Prize winners. And though the talented Swedish inventor Alfred Nobel did not initiate Nobel Prize in economics, the corresponding initiative by a group of Swedish scientists and bankers appeared to be a very successful experiment developing his ideas (this year is the year of its 40th  anniversary). That is why the comprehension of that phenomenon is an impetus to important changes both in economic science as a whole and in economic theory as its fundamental part.   Key words: Modern economic science, crisis of economic science, range of acquired knowledge, economic nobeleology.

Vitalina Kuryliak

Confidence in integrated world economy: theory and paradoxes
Journal of European Economy, Volume 9, Issue 1, March 2010, pp. 19-35

JEL:    F50

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Abstract The present paper is concerned with confidence as a factor producing the essential effect on financial markets. Theoretical approaches are formulated to ensure confidence of market participants. Tendencies and regularities are substantiated of the confidence formation on Ukrainian and global financial markets.   Key words: Confidence, non-confidence, paradox of credibility, world economic order, new financial civilization, world economic crisis, culture, cross-cultural aspect.

Alla Melnyk, Alla Vasina

Structural transformation of Ukrainian national economy as a factor for institutional basis modernization of its development
Journal of European Economy, Volume 9, Issue 1, March 2010, pp.36-57

JEL:    H0, U19

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Abstract Theoretical background of structural transformation of the economy as a basis for a new quality of economic growth is studied, the structural transformations of national economy are diagnosed, and the lines are charted of the institutional environment improvement for functioning of national economy.   Key words: Economic structure, structural transformation of economy, models of economic structural transformations, structural disparities, structural policy, and institutional mechanism of structural transformations.

Svitlana Tsohla

Improvement of the quality of service in the development of the health resort and recreational sector of Ukraine
Journal of European Economy, Volume 9, Issue 1, March 2010, pp. 58-71

JEL:    Q26, O14

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Abstract The analysis of the satisfaction level of health resort rest is conducted. The «price-quality» econometric models for the rest homes and health resorts in order to define the service quality level for the health resort regions are developed. The improvement trends of target-oriented development of resort and recreational sector are proved.   Key words: Resort and recreational sector, satisfaction level, quality of service, price of services.

Dmytro Lukyanenko, Anatoliy Poruchnyk, Yaroslava Stolyarchuk

Global financial imbalances and their macroeconomic consequences
Journal of European Economy, Volume 9, Issue 1, March 2010, pp.72-90

JEL:    G15, F34

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Abstract In this paper authors explicated the essence of global financial imbalances, assessed their level and implications for global financial stability and disclosed the causes that led them to reach the hypertrophied level under current conditions. Researchers focused on investigating the nature of the first global economic crisis of 2007–2009, as well as the causes of the chain reaction in its spread to the sectoral and territorial dimensions of the world economy. It was proved that financial globalism creates structural conditions for accumulation of financial imbalances in the world economy, due to the fact that macroeconomic policy of nations is unable to resist against them, but only adapt to fluctuations in global financial conditions set by the world financial centers.   Key words: Economic globalization, financial globalism, global capital, global financial imbalances, global financial market, foreign exchange reserves, external demand, external commitments, balance of payments, global financial interdependence, derivatives.

Olena Sokhatska

New order on global financial market: post-crisis projects
Journal of European Economy, Volume 9, Issue 1, March 2010, pp. 91-104

JEL:    G01, H77

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Abstract The present paper is concerned with the problems of a new financial order formation on global financial markets after the world economic crisis of 2007–2009, the reasons are systematized that hinder the proper reformation of the financial system in the context of reaching the higher degree of its functioning transparency and renewal of market participants confidence.   Key words: New global financial market, derivatives, regulators, financial crisis, interstate regulation.

Oleksandr Dzyublyuk

Facilitating mechanism of the credit portfolio quality and credit risk management of the bank in the period of crisis developments in economic sphere
Journal of European Economy, Volume 9, Issue 1, March 2010, pp. 105-120

JEL:    G21, G28

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Abstract The improvement trends of the facilitating mechanism of the credit portfolio quality and credit risks management through the definition of the evaluation criterion of the credit quality, creating the credit portfolio of the bank are proved. The creation of the credit portfolio structure in accordance with the group size, classified by the degree of the credit quality, the monitoring of the credit risk, the creation of provisions and adjustment in credit portfolio structure is defined. Special attention is paid to the optimization of the methodology of provisions calculation in order of loan loss provision.   Key words: Credit financing, credit portfolio, provisions, bank, financial crisis, credit risk, credit policy.

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