Credit Activity Research Articles

SELF-HELP GROUPS: A TRANSFORMATIVE FORCE FOR WOMEN’S SOCIAL STATUS

Women constitute around fifty percent of the total human resources in our economy. Yet women are the more poor and under privileged than men as they are subject to many socio-economic and cultural constraints. The situation is more severe in the rural and backward areas. Women development activities must be given importance to eradicate poverty, increase the economic growth and for better standard of living. Self Help Group (SHGs)-Bank Linkage Programme is emerging as a cost effective mechanism for providing financial services to the “Unreached Poor” which has been successful not only in meeting financial needs of the rural poor women but also strengthen collective self help capacities of the poor ,leading to their empowerment. Rapid progress in SHG formation has now turned into an empowerment movement among women across the country (Tiyas biswas, 2007). Investing in women brings about a multiplier effect. Stories of women who not only are better off economically as a result of access to financial services, but who are empowered as well. Simply getting cash into the hands of women (by way of working capital) can lead to increased self-esteem, control and empowerment by helping them achieve greater economic independence and security, which in turn gives them the chance to contribute financially to their households and communities because women “tend to keep nothing back for themselves they contribute decisively to the well-being of their families”(Susy Cheston and Lisa Kuhn, 2002).SHG by mobilizing women around thrift and credit activities have resulted in economic self reliance there by changing their social attitude and status in the family and society SHG has emerged as a key programming strategy for most of the women development activities. Key words: Bank Linkage Programme ,Empowerment, Financial Services, Self Help Group, Socio-Economic.

Policy on green credit development in Vietnam

Globally, the trend of green credit growth has been developing for a long time through projects focusing on energy saving, renewable energy, and clean technology, aimed at achieving economic growth while protecting the environment. In Vietnam, recognizing the importance of green credit, in March 2015, the State Bank of Vietnam (SBV) issued Directive No. 03/CT-NHNN to promote green credit growth and manage environmental and social risks in credit activities. Additionally, SBV issued the Action Plan of the Banking Industry to implement the National Strategy on Green Growth until 2020, which includes solutions such as: enhancing the capacity of the banking system in implementing green banking and credit; promoting the deployment of green banking and credit products, supporting enterprises in achieving green growth; and increasing awareness and dissemination of green banking and credit activities. Keywords: Green Credit, Policy, Vietnam

Adoption of digital payment platforms and trade credit activities among informal firms in Ghana

This study investigates the relationship between the utilisation of digital payment platforms and the decision of informal firms to engage in the demand for or supply of trade credit. Recognizing the pivotal role of trade credit in alleviating financial constraints for informal enterprises, our research employs a recursive bivariate probit model to assess the impact of digital payment platform usage on both the demand for and supply of trade credit among informal firms in Ghana. Leveraging data from the World Bank Enterprise Survey, we find that 13.83 % of informal firms receive trade credit from suppliers, while 26.89 % extend trade credit to customers. Additionally, 49.6 % of firms use digital payment platforms for their business transactions. The study finds that digital payment platforms increase the probability of firms engaging in the demand and supply of trade credit. It argues that digital payments enhance transaction efficiency, convenience, and security, potentially reducing associated transaction costs and facilitating business interactions across distant locations. Various factors, including firm age, maintenance of accounting records, sales volume, owner experience, credit facilities, internet use for social media marketing, and operating hours, significantly influence the decision to engage in trade credit activities. The robustness of our results is confirmed through alternative estimation techniques. Recommendations include policy interventions aimed at promoting the digitalization of informal firms, supported by government investments in digital infrastructure. It is recommended that firms and their suppliers and customers should adopt these digital payment platforms in order to facilitate their use of trade credit in business transactions. A regulatory environment fostering business trust and responsible use of digital payment platforms is crucial, necessitating measures to ensure data protection, security, and ethical conduct within the digital payments’ ecosystem.

ОБЛІКОВА СТАВКА НБУ: НАСЛІДКИ ТА ДОЦІЛЬНІСТЬ ПОДАЛЬШОГО ЗНИЖЕННЯ

Introduction. The purpose of the latest increase in the key rate from 10% to 25% in June 2022 is the following: protection of savings and income of individuals in national currency; increasing attractiveness of hryvnia-denominated assets; easing the pressure of excess liquidity on the foreign exchange market; strengthening the ability of the NBU to ensure exchange rate stability and streamline inflationary processes during the war. The increase in the key rate was also supposed to increase the yield on domestic government loan bonds and deposit certificates of the National Bank of Ukraine (NBU), rates on line deposits in the national currency, and the cost of servicing hryvnia loans for legal entities and individuals. Over a period of up to 15 months, the key rate remained at the same level of 25%. As the dynamics of inflation faded, the regulator started a cycle of gradual easing of monetary policy. allows to analyze the intermediate results of such a reduction. Reporting of the financial and external sectors of the economy published by the NBU and supervisory statistics as of December 1, 2023 allow to analyze the intermediate results of the reduction. Problem Statement. Determining the preliminary consequences and justifying the expediency of further gradual reduction of the NBU key rate aimed at overcoming the main problems of the monetary and credit system of Ukraine in the conditions of martial law. The purpose is the analysis of the main intermediate results of the gradual reduction of the key rate in Ukraine, which directly affect the performance of its key functions by the monetary and credit system of Ukraine, and justification of the most urgent state measures aimed at overcoming the current negative trends in the monetary sphere. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. Results. The key preliminary consequences of the gradual reduction of the key rate in Ukraine are analyzed, in particular: the dynamics of refinancing attracted by banks, bank investments in NBU deposit certificates, investments of the regulator and banks in domestic government loan bonds (OVDPs), corporate and retail lending, bank deposits of households and corporations by terms and currencies, individual indicators of the foreign exchange market. Conclusions. The key positive consequences of the key rate reduction are: gradual recovery of banks' credit activity; reorientation of banks' investments from the purchase of NBU deposit certificates to increasing investments in OVDPs, which made it possible to stop emission financing of the budget deficit by the NBU; maintaining a positive yield on term deposits in the national currency, which stimulates the population to further increase the volume of bank deposits. Instead, the practice of sterilizing the "excess" liquidity of banking institutions through their purchase of overnight and three-month deposit certificates of the NBU continues and and provokes a further increase in the volume of excess liquidity of the banking system due to a fairly high level of profitability of this instrument. Expected conservation of moderate rates of inflation in the short term determines the expediency of a further gradual decrease in the level of the key rate, provided that the positive return on time deposits of the population in the national currency is maintained. To overcome the current negative trends in the monetary sphere it is advisable: to consider the possibility of reducing the yield of NBU deposit certificates to a level comparable to the yield of “short “ OVDPs; to ensure the synchronization of the yield of “new” time deposits of the population in the national currency by terms at the level of five state banks; to consider the expediency of resuming the practice of compulsory sale of part of the foreign currency earnings of exporters at the level of at least 50% during the period of martial law; to intensify the use of non-monetary methods and anti-inflation policy measures, taking into account the joint responsibility of the government and regulator for anti-inflation policy.

Statistical Study of the Impact of Digitalization of Organizations on Lending Activity: Regional Level

The purpose of research. The increasing rate of Russian economy digitalization has ambiguous proportions by industries and regions. Russian regions are characterized by uneven levels of Internet adoption, as well as organizations applying computer networks, servers and electronic documentation systems. This creates territorial differentiation of opportunities for organizations to use digital services and online platforms created by commercial banks to attract and service loans.Overview and analysis of literary sources have led to the conclusion that quantitative assessment of interplay between digitalization of organizations and their credit activity has not been sufficiently developed at the regional level. The purpose of this study is to develop statistical indexes to assess the impact of digitalization of organizations on their credit activity by Russian regions, and to analyze interdependence of suggested indexes to find out the patterns of such an impact.Methods. The source data array is a set of values of statistical indexes, proposed for the purposes of the study, published by Rosstat. This array is processed by imputation of missing values knn – k nearest neighbors to eliminate missing part of the original data. The tightness of statistical relationship between the analyzed variables was assessed by calculating the paired correlation coefficients. The average and median values of the analyzed effective variables were calculated across several years. The regional distribution by clusters per effective variable values was made using the hierarchical cluster analysis. The impact of factor variables on the effective variables was assessed using the panel regression modelling.Results. Based on the system of regional statistics indexes formed by the author, the territorial peculiarities of the dependence of credit capacity on the factors of digitalization of organizations in groups of Russian regions were analyzed, and the parameters of the “response” of credit capacity indexes to changes in individual technological components of digitalization of organizations in regional clusters were obtained.Conclusion. It was concluded that the results of the study could be used to develop business lending programs for commercial banks and determine the priorities of regional digital development programs by government bodies.

Projects of establishing the Peasant land bank and its organizational-legalprinciples of functioning

The purpose of the article is to characterize the process of formation and the first steps of the Peasant Land Bank (Selianskyi pozemelnyi bank), to identify and analyze various projects of the organization of a state institution for long-term crediting of the peasantry, which preceded the emergence of the Peasant Land Bank in 1882. Research methodology is based on the fundamental principles of historical research: historicism, systematicity, objectivity in the selection of facts and documents. Scientific novelty of the article lies in the analysis of projects for the formation of the Peasant Land Bank in the Russian Empire in the context of agrarian reforms of the late 19th and early 20th centuries. Organizational and legal aspects and principles of functioning of this bank, its role in the implementation of the government's agrarian policy are studied. The author examines the influence of credit activity of the Peasant Land Bank on the development of agriculture and formation of a class of wealthy peasants in the context of the modernization of agriculture. Conclusions. The establishment of the Peasant Bank, to a certain extent, can be considered as an important step in the direction of public opinion at that time. The concession, which over time was tried to be significantly reduced, was the establishment of numerous restrictions, which indicated the limited effectiveness of the bank's activities. These restrictions included a five million annual transaction limit, a small maximum loan size per person, and the ability to participate in transactions only by voluntary agreement between the seller and the buyer. It was also assumed the need for significant additional payments when purchasing, which were unaffordable for poorer peasants. These restrictions significantly limited the positive influence of the bank. It was noted that the main goal of the bank was realized in a residual way, in particular, due to political reasons and commercial principles that were the basis of its activity. In addition, crediting conditions were considered absurd, as they provided for the same interest rates as in commercial banks. A prospective promise was a change in the focus of the bank's activity to credit support for peasants who intended to farm on the acquired lands, in particular by providing “ameliorative” credit.

Transformation of interaction between banks and leasing companies in the context of geopolitical challenges

Aim. To develop proposals and practical recommendations on the transformation of interaction between banks and leasing companies, which will allow to increase the volume of their interaction, as well as to improve its efficiency due to additional commission income and increased profitability.Objectives. To study and systematize macroeconomic indicators of the segments of banking and leasing services in Russia; to propose a new model of interaction between a bank and a leasing company, which is aimed at increasing its commission income and profitability; to assess the effectiveness of the developed recommendations and their potential to increase the financial result from the financing of leasing operations by the bank.Methods. The author used a set of existing basic research methods, allowing to ensure the reliability of conclusions, including economic and mathematical modeling, system approach, sample observation, comparison, analysis and synthesis.Results. Leasing is a part of credit activity of many commercial banks, forming their infrastructural elements, and occupies the largest share in the financial market of Russia after bank loans. The interest of domestic banks in financing leasing operations is conditioned by a number of factors: in the conditions of increasing competition in the market of financial services commercial banks have to develop and implement financial innovations in order to obtain additional income, which leasing allows them to do; availability of solid loan collateral in the form of the leasing object and the possibility of obtaining additional commission; availability of ready leasing infrastructure, i.e. rapidly developing market of leasing services and a whole range of effective leasing services; availability of leasing services in the form of the leasing object and the possibility of obtaining additional commission fees; availability of a ready-made leasing infrastructure, i.e. a rapidly developing market of leasing services and a whole range of effective leasing services. Despite the fact that both segments of the financial market the segments of banking and leasing services — are developing, their interaction needs transformation, since the banking business is under-receiving income from the leasing segment. Among the reasons for this situation are the decline in the volume of new leasing transactions under the influence of the geopolitical crisis, which exacerbated the problem of the shortage of leasing items; early termination of a number of large leasing transactions, including those associated with the withdrawal of foreign business from Russia; reduction of net interest margin caused by the outstripping growth of funding costs over the return on assets of the banking sector. The relevance of the research topic is traced in the need to develop measures to transform the interaction between Russian commercial banks and leasing companies in the context of geopolitical challenges, which will be aimed at improving the performance of credit organizations. For this purpose it is proposed to use additional sources of interest and commission income of commercial banks in financing leasing activities: increase in net interest margin by increasing the share of financing small and medium-sized businesses; increase in interest income due to accelerated reimbursement of value added tax (VAT); commission income from insurance business; attraction of small and medium-sized businesses in the regions of Russia, where Islamic traditions prevail in the country.Conclusions. Proposals and practical recommendations concerning qualitative transformation of interaction between banks and leasing companies, assuming the use of additional sources of interest and commission income of commercial banks in the financing of leasing activity, allows to solve the important problem of loss of income of banks in the conditions of geopolitical challenges.

ACTIVATION OF THE INFLUENCE OF THE BANKING BUSINESS ON ENSURING THE SUSTAINABLE DEVELOPMENT OF THE ECONOMY OF UKRAINE

At the present stage of socio-economic transformations of Ukraine, in the context of the need to strengthen the impact of the banking business on ensuring the sustainable development of the national economy, the issues of participation of the credit potential of banks are becoming relevant. The direct and indirect impact of banks on the economic growth of the country is highlighted. The role of banks in the formation of credit potential is analyzed by qualitative indicators during 2018-01.10.2023. It is determined that the main indicators of the efficiency of using the resource potential of the banking business are: the ratio of regulatory capital to risk-weighted assets, the rate of return on assets, the ratio of liquid assets to total assets, the ratio of customer deposits to total gross loans, the ratio of non-performing loans to total gross loans, the ratio of loans granted by banks to GDP, the standard of the total amount of investment in the banking system, according to which the study of the relationship between changes in the pace of economic development depending on the development of the banking business was carried out. It is proposed to expand a number of measures to stimulate the credit activity of the banking business of Ukraine in the context of European integration.

Blockchain Applications in Accounting and Auditing: Research Trends and Future Research Implications

Blockchain applications in accounting and auditing are crucial because they can revolutionize transparency, security, and efficiency in financial record-keeping. This paper examines the current research trends and future implications of using blockchain in accounting and auditing. This study uses scholarly articles from the Scopus database for bibliographic analysis to reveal research patterns, geographical circumstances, thematic trends, collaboration links, and findings that can shape future research and policies on blockchain's impact on accounting and auditing practices. Recently, there has been a significant increase in publications, indicating a growing interest in this field. Among countries, UK had the highest international cooperation, with substantial contributions and a steady level of engagement. Keyword trends show a growing focus on blockchain integration with big data technologies to get the organization involved in auditing and accounting. Privacy and digital technology were identified as emerging themes that need attention. Among the top sources of publications were Financial and Credit Activity: Problems of Theory and Practice and the International Journal of Digital Accounting Research. The research highlights significant challenges in adopting blockchain technology within accounting and auditing: ensuring security and security, adopting the regulatory framework and deriving the economic value and suggests integrated governance models, redesigning regulatory frameworks, and responsible technological advancements like AI to address widespread adoption of blockchain technology in accounting and auditing.

МЕТОДИЧЕСКИЕ ПОДХОДЫ К ОЦЕНКЕ ЭФФЕКТИВНОСТИ И ФИНАНСОВОЙ УСТОЙЧИВОСТИ БАНКОВСКОЙ ДЕЯТЕЛЬНОСТИ

The modern economic development of any state is largely determined by the effectiveness of banking activities of credit and financial organizations. Currently, banks perform not only the usual functions for most to provide loans or to service customer accounts. Today, banking organizations are one of the main investors in the development of the socio–economic sphere of society. With substantial financial resources at their disposal, they contribute to the development of important public and private projects. Nevertheless, the main source of these resources is still precisely banking, which, due to the growing role of banking organizations in the development of the state, needs to be regularly evaluated for effectiveness.

Fostering Entrepreneurial Growth: The Impact of Institutional Credits

This study is an attempt to find the role played by institutional credit for entrepreneurial growth in Bangladesh. Study is forwarded with 261 actual entrepreneurs selected on purposive convenience simple sampling method. Collected data is analyzed using SPSS 18 and the result is depicted through descriptive tools and Pearson correlations. The study found positive impact of institutional credit support to entrepreneurship development. The study covers actual data from entrepreneurs and analyzed data irrespective of gender and difference of geographical diversity. Amount of credit or portion of credit in total capital have influence on the profitability and the study suggest a ceiling on using credit for entrepreneurial profit. Still fostering of entrepreneurial development may further be triggered by monitoring of credit activities by financial institutions. This study infers some useful insights for potential entrepreneurs, management of credit institutions and policy maker including future researchers. The study is concluded suggesting efficient monitoring of credit activities by financial institutions that can be ensured by concerned authority.

Національний феномен рентабельності банків в умовах війни

The aim of the article is to study the reasons for the profitability of the banking sector in the conditions of wartime, as well as to assess the effectiveness of the means of the State-based regulation to ensure financial stability. The theoretical approaches to the analysis of instruments of influence on indicators of stability of financial institutions in conditions of permanent external shocks are generalized. It is identified that the main factor in increasing the profitability of the banking sector of Ukraine during the wartime was the placement of excess liquidity in low-risk and high-yield financial assets, among which NBU certificates of deposit predominate. It is substantiated that the high attractiveness of these assets was formed as a result of maintaining a high level of the discount rate for a long period of time and the presence of a high interest margin on transactions with certificates of deposit. The consequences for the financial system and the economy of the phenomenon of increased profitability in conditions of low credit activity are determined. The positive consequences include an increase in the level of capitalization and financial stability of banking institutions. Among the negative ones, the inability to use the resource potential of the banking system for investment recovery of the economy is identified. The consequences of the use of instruments of fiscal redistribution of excess profits in favor of the State budget through an increase in the tax burden for banks are analyzed. Measures to equalize the yield on NBU certificates of deposit and domestic government bonds to accumulate excess liquidity and reduce lending during the wartime are proposed. The need to reorient demand from short-term to long-term government securities to cover the budget deficit in a non-emission way has been determined, which justifies the use of such a model of redistribution of financial resources accumulated by the banking system under the conditions of the wartime economy. It is emphasized that the use of this mechanism at the stage of post-wartime economic recovery will cause negative consequences in the form of the effect of crowding out private investment by the State and the slowed down economic growth.

Credit as a key driver of sustainability and economic recovery of Ukraine

The study examines the current topic of bank lending in modern Ukrainian conditions. By analyzing the dynamics of credit activity and the financial condition of banks in Ukraine, the work reveals the main problems affecting this sector, such as a large share of non-performing loans, a decrease in the share of long-term loans, and a high lending rate. The conclusions of the work provide recommendations for improving the situation on the lending market in Ukraine. The modern economy of Ukraine is experiencing complex challenges related to the war in Ukraine, which was preceded by the COVID-19 pandemic and the global economic crisis. In this context, the article examines the role of credit as a key driver of economic stability and post-victory recovery. The study is based on the analysis of available data and literature sources, and also uses empirical methods to determine the impact of lending on economic recovery. The article highlights key aspects of lending, such as the role of banks, loan volumes, interest rates and overdue loans. The results of the study emphasize the importance of the development of the financial sector and the promotion of credit availability for enterprises and the population in the context of the economic recovery of Ukraine. The authors provide practical recommendations for the government and regulators to improve the credit environment and stimulate investment activity. This article is aimed at opening discussions and promoting further research into the role of lending in stimulating the economic recovery of Ukraine in the face of today's extremely complex challenges and may be useful for economists, theoreticians and practitioners. The scientific study analyzes how lending can affect the financial stability of Ukraine, in particular, how it can reduce financial risks and contribute to the stability of the economy. The impact of credit availability for various areas and sectors of the economy is considered. The article offers an important contribution to understanding and improving the effectiveness of lending as a tool for the economic recovery of Ukraine, emphasizing the need for a coordinated approach to this issue, taking into account the unique challenges and opportunities that exist at this stage of the country's development.

Implementation of Green Banking in the Largest Polish and Romanian Commercial Banks – An Analysis of Progress, Strengths, and Weaknesses

In the context of the Green Deal, which set out to transform Europe into a climate neutral area by 2050, governments and international bodies have shown a growing interest in the financing activities that contribute to this objective. This is because the financial system plays a crucial role in channelling resources towards less polluting technologies. Due to its central place in the financial system, the banking system has obviously taken on the same responsibility. Commercial banks can make a change towards a greener economy through the services they provide (green financial products), their loan portfolio (financing companies with a lower carbon footprint instead of highly polluting ones) and the internal transformation of their own activities (using renewable energies, less paper, etc.). The main aims of this paper are the assessment of the degree of development of green banking in Poland and Romania and the identification of weaknesses and strengths in the following areas: strategy, best examples of ESG (environmental, social governance) practices, ESG rating, methods to calculate and reduce the CO2 emissions, risk management, organization and management of a bank, financing the bank’s activities, credit activities (corporate banking and retail and mortgage banking). Using data from their reports and official websites, we find that steps have been made towards green banking, but progress is meagre, and the process is only in its early stages. This study will be useful to practitioners through the landmarks and set of criteria it proposes, as well as to researchers as a starting point for a deeper analysis of each area of green banking.

Problems of intensification of bank lending to the real sector of the economy in the conditions of martial law

Introduction. The difficult conditions of the economic situation in Ukraine during the period of martial law directly affected the activities of the banking system in terms of credit provision for the production and consumer needs of all market subjects, although problematic moments in the field of bank lending did not arise with the start of full-scale war, but accumulated over a quite long period time. Under such circumstances, the study of the main problems arising in the field of bank lending to the real sector should be considered particularly relevant, so that the functioning of banks in the conditions of martial law is stable and maximally provides the needs of the national economy in terms of credit resources.Purpose. The purpose of the study is to find out the main trends and problems of the organization of bank lending to the economy in the conditions of martial law and, on this basis, determine possible directions for optimizing the credit relations of banks with clients for the effective redistribution of monetary resources in favor of the real sector and contributing to the stabilization of the economic situation in the country.Methods. The methods of the system approach and generalization of data are used to assess trends and regularities in the organization of credit relations. In addition, general scientific and empirical techniques and tools of economic science, methods of analysis and synthesis, comparison, summary and grouping were used.Results. The main trends in the functioning of commercial banks on the credit market and the specific of the formation of the structure of bank assets are studied. Factors affecting the credit activity of the banking system under martial law are systematized. The actions of the National Bank to stimulate the work of the banking sector in lending to the economy are analyzed. The main directions of economic policy, which are necessary as a set of measures for the activation of bank lending to the real sector, are substantiated.Prospects. It is advisable to focus further scientific research on the assessment of the macroeconomic conditions for the effective functioning of the credit mechanism, in particular regarding ensuring the stable value of the national currency, preventing crisis phenomena in the banking system, and reliable legal protection of the interests of banks as creditors.

Credit technologies of banks as a mandatory component of the economic development and financial wellbeing in the Republic of Kazakhstan

So far, the task is to strengthen the sustainable development of credit technology, which is regarded as an activator of general demand in the economy and an auxiliary resource for the country's economic growth. At the same time, for the successful implementation of this task, an adequate network of creditors of individuals and le- gal entities (pawnshops, corporate investment funds, banks, small credit companies, retail trade and others) and credit infrastructure, work and simultaneous formation must be built. Undoubtedly, credit technologies constitute an indispensable compo- nent of economic strength, the main factor in accelerating the rise of the Kazakh economy, as well as population wellbeing, ensuring the growing demand of the peo- ples for high-quality banking services. The study presents the economic relations that manifest when lending to legal entities and individuals in the Republic of Ka- zakhstan, and the system of credit technologies of second-tier banks. The theoretical and practical tasks of credit technology in the Republic of Kazakhstan were investi- gated, as well as the modern practice of using the second-tier banks of various lend- ing technologies was generalised, analysed, and evaluated, based on which conclu- sions were drawn regarding the specific features of the current stage of development of the credit activity of banks, as well as the emerging negative and positive trends.

Expected impact of the bankruptcy of leading foreign banks on the banking system of Ukraine

The purpose of the article is to study the problems associated with the possible unfolding of the banking crisis in the USA and European countries, the content of state regulatory measures aimed at ensuring the financial stability of Ukrainian banks, which will be implemented consecutively from February 2022, the justification of additional, most urgent measures aimed at overcoming existing problems in the country’s banking system. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. In the course of the research, it was concluded that the bankruptcy of some leading foreign banks should not have a significant negative impact on the banking sector of the Ukrainian economy. The article also discloses the content of state regulatory measures aimed at ensuring the financial stability of Ukrainian banks, which include the implementation of full (regardless of the amount and currency) state guarantee of bank deposits of individuals, providing banks with the required amount of refinancing, a radical increase in the discount rate, active accumulation of international reserves, withdrawal of problem banks from the market, activation of the use of norms of mandatory reservation of funds raised by banks, reduction of the rate on overnight deposit certificates, activation of the work of the Financial Stability Council. The positive consequences of the implementation of a set of measures to support the banking system of Ukraine were determined, in particular: a decrease in inflation rates, strengthening of the hryvnia exchange rate, preservation of profitability of the banking system, gradual restoration of bank capitalization. Problems that require the adoption of additional regulatory measures by the state are highlighted, namely the increase in the share of problem loans and the actual suspension of credit activities of banks. A number of measures are proposed within the framework of improving the current monetary policy of Ukraine: development of the mechanism of “emergency” refinancing of banks in case of rapid spread of crisis phenomena; unconditional adherence to the policy of “expensive money”; limitation of emission and money supply growth rates; restoration of the practice of compulsory sale of a part of the foreign currency earnings of exporters; ensuring further “fine-tuning” of the current method of mandatory reservation of the funds involved; settlement of the “new” NPL management procedure; creation of a specialized state institution for the management of problem assets to accept NPL portfolios of state banks on the balance sheet. The results of the research can be used at the level of the National Bank and the government in the process of forming urgent measures in the field of monetary policy implementation.
 JEL classіfіcatіon: E31, E40, E42, E50, E52, F31, F35

Factor analysis of the housing market in Ukraine (2003–2023)

The residential real estate market plays a key role in the development of global and national economies, since it has acted as a powerful driver of GDP growth, increasing the level of employment, household incomes, and profitability of financial institutions, construction organizations and trading enterprises. The house price growth has two dimensions, threat to financial stability and source of economic development. The aim of this research is to formulate a list of criteria, based on which one can decide whether the house price at a given stage of housing market development needs to be constrained or not. The aim is achieved by a multi-perspective analysis of residential real estate market in Ukraine and its evolution. This research is based on general scientific and special methods of cognition, including abstract logical reasoning, grouping, and statistical analysis. The factors that con­tribute to the growth of house prices are formed using the method of principal component analysis, and the effect is estimated using least squares regression. Five stages of the evolution of the Ukrainian residential real estate market are identified according to two general indicators: housing price growth and credit activity. The segmentation is based on signi­ficant changes in market conditions and/or changes in housing price drivers, as well as changes in the regulatory environment. Factors affecting house prices at each of these stages were investigated using principal component analysis to identify variables for regression analysis. A set of criteria has been formed using which one can assess if the current rise in housing prices poses systemic risks to the national financial system and overall economy. Three hypotheses were put forward and their empirical verification was carried out, according to the results of which it was established that demand factors had the greatest impact on housing prices during the observation period; macro-financial conditions primarily affect prices on the primary real estate market; lending conditions affect price dynamics mainly only at the first stage of development of the housing market in Ukraine, which are determined in this study. The main drivers of the housing market in Ukraine are the unemployment rate, income growth levels, and population size. The conclusions drawn can significantly contribute to the monitoring system of the housing market in Ukraine and the analysis of the systemic risks it generates.

Một số giải pháp thúc đẩy tăng trưởng tín dụng xanh từ phía ngành Ngân hàng Việt Nam

Green credit refers to credits that banks invest in production and business projects that do not pose risks or are intended to protect the environment. With the aim of targeting energy saving, renewable energy and clean technology projects, green credit products contribute to bringing great benefits to sustainable economic development in the above countries in the world and Vietnam in recent years. However, reality shows that there are still many difficulties and challenges in the process of implementing growth of this type of credit. Based on the analysis of the current situation of green credit activities in Vietnam in recent times, this article aims to propose some recommendations to promote green credit growth in the coming time.

Trade credit and corporate investment: enhancing value creation

This study explores the moderating role of trade credit in the value-creation process of firms. Through panel data analysis of annual data from publicly listed firms in ten developing Asian economies, we found that both investing in capacity expansion and engaging in trade credit activity positively impact the value creation process. However, the combination of capacity expansion and trade credit leads to enhanced value creation. The findings highlight the roles played by both borrowed and supplied trade credit in this process. By examining the role of trade credit as a catalyst between corporate investment and value creation, this study provides valuable insights for policymakers and practitioners. The results suggest that firms in these economies should consider increasing their trade finance activity to achieve higher value through capacity expansion. To ensure the validity of the findings, the study conducts a series of robustness checks, including alternative regression specifications, different measures of the key variables, and diverse sample compositions.