Abstract
This paper deals with the study of the world and European rankings for innovative development. It is emphasized that Ukraine ranks quite low compared to other countries and even its own last year’s results. The dynamics of Ukraine’s position in the Global Innovation Index is presented for the period from 2009 to 2019. The paper focuses on the tendency that innovation activity and the high level of its financial support are concentrated mainly in individual countries and regions. In this regard, the relevance of the determining factors/indicators of the greatest influence and the reasons for the unsatisfactory state of innovation development in Ukraine is substantiated. The purpose of the study is to substantiate and formalize the impact of fiscal policy indicators to ensure innovative development on the overall level of innovative development. In addition, attention is paid to the functional relationship between the level of competitiveness and innovation capacity, a significant positive relationship between the indicators of the country’s innovation capacity and the dynamism of business and financial system, and so on. Methodical tools are methods of correlation and regression analysis. As a result, some hypotheses have been confirmed, not confirmed or partially confirmed. The study empirically confirms and theoretically proves that the percentage of Gross Domestic Expenditure on Research and Development (GERD) in GDP, the share of Gross Domestic Expenditure on Research and Development (GERD) represented by the business sector and the share of Gross Domestic Expenditure on Research and Development (GERD) financed by business, the volume of domestic credit to the private sector and ease of regulation/resolution of insolvency – these indicators have a direct (positive), strong dependence and significance of correlation with the general level of innovative development. Keywords: methods of correlation and regression analysis, financial policy, financial support, financial support, functional dependence, innovative development, innovation index, level of innovation, innovation rating.
Highlights
Innovation is the driving force behind economic growth and sustainable development in the context of growing uncertainty in the global economy and political and legal instability
Ranking place Overall score, points Gross expenditure on R&D (GERD) GERD performed by business enterprise GERD financed by business enterprise Ease of getting credit Domestic credit to private sector Venture capital deals Ease of protecting minority investors GERD financed by abroad Ease of resolving insolvency Market capitalization
Percentage of gross R&D expenditures in the GDP structure, share of GERD performed by business enterprise and the share of GERD financed by business enterprise, the volume of domestic credit to private sector, and ease of regulation / resolution of insolvency issues, – these indicators have a direct, strong dependence and a significance of the correlation with summary innovation level
Summary
Innovation is the driving force behind economic growth and sustainable development in the context of growing uncertainty in the global economy (declining economic growth; increasing protectionism; increasing barriers for international trade, investing and mobility of labor; falling productivity growth, etc.) and political and legal instability. Ukraine’s positions in world innovation rankings and its dynamic aren’t satisfactory. Financial policy plays a key role in innovation development. The aim of the research is to justify the impact of financial policy indicators of innovation development providing on the general innovation level. The main task of research is formalizing the impact of financial policy indicators of innovation development providing on the general innovation level in different countries
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