Most European Union and Black Sea Economic Cooperation countries are net importers of petroleum and natural gas. Searching for new deposits and construction of new pipelines can improve energy security in the region. The problem is topical for Greece which has a developed refinery industry and needs to improve its trade balance to repay the accumulated external and public debt. Several new pipeline initiatives through Greece can support relations between the EU and BSEC countries. The paper provides previous research review about energy dependency and the effects of trade, production and transportation of hydrocarbons. Next we provide analysis of the effect of the trade on balance of payments in both the EU and BSEC countries. Import dependency of GDP on oil and natural gas is especially large in Malta, Georgia, Ukraine, Serbia and Latvia. On the other hand Russia and Azerbaijan are large net exporters of hydrocarbons. Then we analyse the impact of mining on labour market and refinery industry development. On average larger value added in mining leads to larger employment at least for males and middle age group of people. But the effect largely varies across countries and time periods. Together with construction of new pipelines growth of extraction can result in dozens of thousands of new jobs in Greece. There is a close link between value added in mining and compensation of employees in that industry. We have found evidence that the clustering effect between mining and manufacture of refined petroleum products and coke exists only in some EU countries.

 

Key words:
Oil and natural gas industry, trade balance, mining, energy supply, employment, European Union, Black Sea Economic Cooperation.

The problem of developing countries’ choice of the optimal foreign trade strategy through the prism of poverty reduction is considered. Attention is focused on the arguments in favour of free-trade and protectionism, as well as the positive and negative consequences of implementing the export-oriented growth strategy. The main conceptual approaches to the study of the impact of international trade liberalization on the economic situation of the developing countries are grouped together. Based on the analysis, it has been shown that the concept of ultra-liberalism is unacceptable for the development of Periphery countries in the context of increasing their welfare. The focus is on the implementation of an export-oriented strategy for the development of poor countries, and these groups of Periphery countries are presented, where this strategy can be successful. The main reasons for the low efficiency of export expansion of developing countries are determined, and the directions of its increase are proposed, which concern, first and foremost, the need for the internal institutional transformation of these countries.

 

Key words:
Developing countries, Center and Periphery countries, foreign trade policy, free trade, protectionism, ultra-liberalism, neocolonialism, import substitution, export-oriented strategy, "curse of natural resources", "Dutch disease", paradigm of "flying geese."

The conditions of changes in foreign trade flows of Ukraine in the context of implementing the Association Agreement with the EU are analyzed. The commodity and geographic structures of export and import are investigated; conclusions regarding the degree of concentration and diversification of domestic exports and imports are drawn. The main system-related problems are identified, and general recommendations on their overcoming and creation of favorable conditions for pursuing national interests in the field of foreign trade are given. It is proved that the the deformation of the commodity structure of imports and exports and their imbalances indicate the need for urgent steps aimed at stimulating foreign economic activity in order to overcome the accumulated socio-economic problems. One of the ways to change the raw material orientation of our country's exports is to integrate into global value chains. The experience of recently joined EU member states will be of use in developing tools and mechanisms for integration. It is this direction that further research of the author will be dedicated to.

 

Key words:
association, diversification, EU, export, foreign trade flows, import.

The article considers the issues of establishing relations with the International Monetary Fund in the context of the necessity to achieve the goals of national economic security. After analyzing the process of creating the IMF and defining its objectives, as well as the practice of relations between the IMF and member states, in particular with Ukraine, the author has come to several conclusions. In their opinion, Ukraine shouldn’t blindly follow the recommendations of the actually trained experts of this organization, but rather propose effective reform measures that would provide for solving a complex of economic problems. These problems include: a) financial and macroeconomic stabilization (IMF's formal objectives); b) ensuring the prospects for economic growth (program objectives of the government); and (c) guaranteeing Ukraine's economic security (constitutional obligation of the President and other bodies of state power).

 

Key words:
International Monetary Fund, Ukraine, economic security, economic reforms, Program Ownership.

The preconditions, causes and peculiarities of the global financial and economic crisis created the basis for the withdrawal of central banks from their traditional limited range of instruments of monetary influence on the economy and the transition to the active use of unconventional monetary policy measures. The Federal Reserve was the first central bank which used the unconventional measures of monetary policy as a key factor in overcoming the recession and bringing the US economy to a sustainable growth path. The traditional instruments of monetary regulation during the period of aggravation of financial crisis on the money markets turned out complete ineffective, that had the destructive consequences for the economy. That is why so important is the analysis of the reasons for this ineffectiveness and the necessity of use of unconventional instruments. The practical mechanism of using such unconventional instruments of the Fed includes such as large-scale asset purchases and FOMC’s forward guidance about intentions. And it is hard to underestimate the role of these tools in the withdrawal of the American economy from the state of recession. Also important are innovative credit policy programs that have been used by the Federal Reserve during the period of growing crisis, in terms of increasing the effectiveness of its impact on the financial stabilization of the banking system, providing markets with liquidity and stimulating domestic demand. The use of unconventional monetary policy instruments aims to achieve a wide range of strategic goals that include not only price stability but also economic growth and low unemployment. Thus, based on the powerful influence of the Fed's monetary policy on the dynamics of the main economic parameters, it is expedient to apply a dual mandate in formulating the strategic goals of the central bank.

 

Key words:
Federal Reserve, monetary policy, interest rate, unconventional measures, financial crisis, quantitative easing, lending, economic growth, financial stability, dual mandate.

Football Clubs tent to manipulate their profits in order to obtain a license to participate in Championships, organized under the supervision of UEFA. This article examines, whether Football Clubs that compete in the Greek Super League and in European Competitions use earnings management techniques to manipulate their profits. In order to do so, Jones’ (1991) modified econometric model was used to estimate the accruals that determine the level of earnings management, for the period 2013-15. The statistical analysis, which performed with the use of STATA statistical package v.13, show that Greek Football Clubs which compete in European Competitions are more effective in manipulating their profits while Football Clubs which compete in Greek Super League and have difficulties in obtaining a license do not appeal to manipulate their profits.

 

Key words:
Creative Accounting, Earnings Management, Football Clubs, Greece.