The regime evolution of fiscal policy in the EMU indicates an internal con-flict between ensuring of the convergence and flexibility to adapt to asymmetric shocks. The convergence criteria, which precede the introduction of the Mone-tary Union is a formal basis for limiting the discretionary fiscal decisions, but they are not sufficient to create the institutional regulators of fiscal policy that is con-sistent with a single central bank operation. The transition from the Maastricht cri-teria to the Pact of Stability and Growth showed an attempt to combine the fiscal flexibility and responsibility under the relevant rules. However, this scheme proved to be vulnerable to the possibilities of opportunistic behavior and asym-metric penalty sanctions. Empirical analysis proved the lack of fiscal conver-gence in the integration area that manifested itself in the automatic stabilization of asymmetric fiscal policy during the phases of the business cycle in the context of the countries. The debt crisis in the EMU gave an impetus to the introduction of the system of harder fiscal rules, which, however, is not a return to the ideol-ogy of the Maastricht criteria.

 

Key words:
Fiscal rules, institutional constraints, convergence criteria, EMU, debt vul-nerability, fiscal reforms.

In the article author sets a goal to assess cyclically adjusted budget balance (CAB) in Ukraine and employ this indicator for analysis of fiscal policy cyclicality. Parameters needed for assessment of CAB are estimated with application of VECM approach. Results obtained lead to conclusions about procyclicity of fiscal policy in Ukraine accompanied with significant internal lags, what is confirmed by estimates with usage of alternative government discretionary fiscal policy measurements.

 

Key words:
Cyclically adjusted budget balance, discretionary fiscal policy, cyclicality of economy.

The tendencies of influence of the global financial architecture on the financial stability of national banking systems are defined. The threats and possibilities for the provision of financial stability of the banking system (FSBS) arising from the impact of international financial relations on it are proved. The main focus is paid on the identifying of the relationships between the level of financial stability of the banking system and the level of the external borrowings of the banking sector in Ukraine.

 

Key words:
Financial stability of banking system (FSBS), world financial architecture, globalization, international capital movement, reserve currencies, International Monetary Fund, loans.

The theoretical generalization of countries’ financial markets development assessment issue investigation was conducted, potential factors of financial mar-kets development have been defined, the existing methods for assessment of countries’ financial markets development were reviewed, the shortcomings and their improvement necessity were revealed, the improved methodical approach to comprehensive assessment of (group of) countries’ financial markets devel-opment with the usage of the Composite Index as the instrument of assessment (in the example of the European Union countries) was offered.

 

Key words:
Assessment of countries’ financial markets development, potential deter-minant factors of development, methodical approaches to comprehensive as-sessment, Composite Index, countries of the European Union.

The problem of territorial differentiation of the labor markets of Ukraine and professional and qualification structure of human resources in terms of formation of innovative employment is observed. It is determined that the development of the regional labor markets is mainly influenced by the demographic and eco-nomic factors. Based on the analysis of the contemporary structure of the re-gional labor markets, the reasons of its deformation are defined and the direc-tions of approval of innovative forms of employment using the state youth em-ployment programming are observed.

 

Key words:
Regional labor markets, professional and qualification structure, youth em-ployment, state social programming.

This paper describes the role of industry as one of the key engines of eco-nomic growth in the countries with transition economies. The process is analyzed of change in global investment strategies, and related perspectives for reindustri-alization of the European economies. The main positive and negative aspects of Ukraine as a recipient country of FDI are singled out. Empirically assessed is the relationship between FDI flows to the European countries and Ukraine./p>

 

Key words:
Deindustrialization, reindustrialization, foreign direct investment, structural distortions.