National Currency Research Articles

THE REVALUATION POTENTIAL OF UKRAINIAN AGRICULTURAL EXPORTS IN THE CONTEXT OF MARTIAL LAW AND POST-WAR RECOVERY

The paper highlights the immediate and delayed impact of certain factors on the exchange rate dynamics in Ukraine. It is proved that exports of food products and raw materials for their production can significantly strengthen the national currency in the long run. Continuous growth in food exports helps to slow down exchange rate appreciation, which ultimately leads to a stronger national currency. Thus, a strategy of focusing on increasing food exports can play an important role in strengthening the Ukrainian currency in the long run, having a positive impact on exchange rate dynamics and contributing to overall economic stability. The study reveals the understanding of the complex relationship between war, food security, and economic stability. Furthermore, the analysis adds a new dimension to the debate on the strategic importance of the agricultural sector for foreign exchange reserves and foreign exchange accumulation. Understanding the relationship between export volumes, world prices, and exchange rate fluctua tions can help to better predict and manage currency fluctuations and to determine the extent to which Ukraine’s revolving fund capacity can be built.

Small Business by Commercial Banks Improving the Practice of Lending to the Subjects (In the Example of the Regions of the Republic)

The article analyzes the measures implemented by commercial banks to ensure the stability of the national currency through the development of lending practice. Practical proposals and recommendations are given for regulating the national currency market and ensuring the stability of our national currency.

Substitution effect of tourism destinations in Türkiye: Case study of Iranian tourists

This study investigates the substitution effect between the destinations of Iranian tourists who travel to Turkey, distinguishing between Istanbul and other touristic cities. For this purpose, it uses the Dynamic Linear Regression model in the class of time-varying parameters described in a State Space framework. The data are monthly 2018-1 to 2023-2 the results show that there is a dynamic relationship between the “number of incoming Iranian tourists to Istanbul” and “the number of incoming Iranian tourists to other destinations”. It seems that the opening of Istanbul's new airport and the diversification of flights to Turkish destinations have an important factor in the dynamics of the parameter. There is a substitution effect between Istanbul and other touristic destinations. Also, inflation (both Iran and Turkey) affects Iranians' travel behavior to Turkey due to two features: One is due to the decrease in the purchasing power of Iranians and the second is due to the change in the national currency of the two countries.

Asymmetric information in frictional markets for liquidity: Collateralized credit vs asset sale

This paper studies (non-)equivalence of collateralized credit and asset sales in over-the-counter markets subject to commitment and information frictions. Embedded in a search-theoretic general equilibrium model, a signaling game refined by the undefeated equilibrium endogenizes the choice between pooling and separating offers and provides novel insights under what conditions either payment strategy dominates the other. The results show that non-equivalence depends on economic fundamentals, commitment, and information frictions. Despite adverse selection, first-best consumption can occur for collateralized credit, but not for asset sales, with belief-driven endogenous haircuts and over-collateralization characterizing the terms of trade. An extension incorporating co-existing information-sensitive assets and fiat money sheds new light on portfolio management and diversification under private information and ties optimal payment strategies to monetary policy.

Hamilton Based the Central Banking of the U.S. Bank upon the Notion that there is No Political Independence without Economic Independence

The Continental Congress foray into printed money during the American Revolution was so disastrous that the United States printed no more money for nearly a century, the one exception being a brief period during the War of 1812. After that Congress chartered and unchartered its national bank twice. The American economy henceforth (1816–1836) was often structurally short of coins, and without any national coinage Americans had to find substitute forms of currency to finance the burgeoning economy. The Supreme Court ruled that sovereign States and individuals could authorize both State and private banks to issue their own notes. In consequence, nearly all paper money in circulation was either State or private banknotes based on a limited reserve of gold. This generally proved insufficient to adequately fund major infrastructure projects. The federal government also had no institution for raising or transferring large amounts of money to fund these national improvements. Nonetheless, Hamilton’s U.S. Bank, without the help of a national currency, was an institutional precursor for what would not take final form until 1913. There would be no Federal Reserve today without the Whig-Republican agenda institutionally incarnated in the First and Second U.S. Bank.

Публично-правовые и частно-правовые начала в регулировании цифровой валюты

Introduction. The article discusses issues of interdisciplinary regulation of centralized digital currencies issued by central banks. Attention is paid to the public legal and fair principles of digital currency of the Central Bank. Materials and Methods. The theoretical basis was formed by scientific publications of domestic and foreign authors on research issues. The study is based on the analysis of legal provisions of financial and civil legislation that determine the legal regime of the digital ruble. The formal legal method, as the main method of the research, made it possible to reveal the content of the intersectoral legal nature of digital currency. Analysis. The issues of the legal nature of the Central Bank digital currency are explored. Close attention is paid to the provisions “On the Digital Ruble”, concentrated in the norms of public and private law. It is noted that the lack of a clear conceptual apparatus causes difficulties in the interpretation of basic categories. The dual legal nature of the digital ruble is substantiated. This duality is manifested in the fact that the digital ruble is an object of financial law, as a national digital currency issued by the Bank of Russia, on the other hand, the obligatory nature of the digital ruble, reflected in the provisions of private law and the Federal Law “On the National Payment System”. Results. Central bank digital currencies (CBDCs) are being considered or are in the process of being implemented by many central banks around the world. Despite the importance and potential consequences of such dramatic changes in national currencies, many uncertainties remain.

James Tobin on Overlapping Generations Models and the Microeconomic Foundations of Macroeconomics Reconsidered

The American Keynesian economist and Nobel laureate James Tobin entitled his contribution to the inaugural issue of Journal of Money, Credit and Banking “A General Equilibrium Approach to Monetary Theory” (1969) yet he was sharply critical of the version of general equilibrium analysis used in the now-prevalent dynamic stochastic general equilibrium (DSGE) approach to macroeconomic modeling. He also rejected claims that overlapping generation (OLG) models provided a choice-theoretic foundation for the holding of fiat money, denying that the assumption that people held fiat money because no other asset existed was less arbitrary than allowing costs of transactions between assets to be non-zero. Yet, while not accepting OLG as the explanation of why people hold fiat money, Tobin, in a series of articles from 1967 to 1983 (some joint with Walter Dolde), placed the life-cycle model of consumption and saving (whose origins he attributed to an earlier Yale economist, Irving Fisher) into an OLG setting. This article examines Tobin’s critiques of DSGE and OLG modelling in macroeconomics, what he meant by “a general equilibrium approach to monetary theory,” and his contribution placing the life-cycle model in an OLG setting.

The Metaverse: Problem of Adapting Tax and Legal Structures

The article is devoted to the analysis of theoretical and legal aspects of income taxation and transactions in the metaverse. The scientific interest of the author is connected with the problems of adapting tax and legal structures to economic relations, which are generated by unique technologies of the virtual world. Purpose: to reveal the legal nature of the metaverse economy for tax purposes; to identify the most common problems associated with the application of tax legislation. Methods: the study is based on the methods of comparison, analysis, synthesis, generalization, and formal-logical method. Results: analysis of the bases and principles of taxation of income and transactions in the metaverse (income tax, value added tax), analysis of the tax consequences of specific situations, formulation of basic principles of taxation. Conclusions: the conducted scientific analysis confirms that national regulators and tax authorities are only at the stage of understanding the problems that arise in the metaverse, including issues related to determining the moment of income, evaluating transactions for the exchange of virtual goods for virtual or fiat currencies. The author comes to the conclusion that the technical impossibility of flawlessly accurate calculation of the tax base and determination of the source of income in a space of which anonymity is an integral component should not serve as a basis for non-taxation. The solution to the problem of creating tax and legal structures focused on the metaverse consists in taking into account the specifics of legal situations (a hybrid approach), using presumptive taxation in segments of high risk of losses for the national tax base, introducing a special regime for cases when income is received outside of entrepreneurial activity, is insignificant, and is of a one-time nature. The article points out the need for tax rules to comply with the basic principles of legislation on taxes and the inadmissibility of excessive tax burden.

Проблемы определения правовой природы цифровой валюты

Introduction: the appearance of the digital currency category in Russian legislation was caused by a number of reasons related both to the need to regulate existing economic relations and to prevent illegal behavior (corruption schemes, terrorist activities, etc.). However, the definition proposed by the legislator did not solve the existing problems, and its contradictory wording causes numerous discussions in the scientific literature that require doctrinal resolution, which determines the relevance of the study. Purpose: to define and substantiate the legal nature of digital currency. Objectives: to identify the special features of digital currency; to compare digital currency with similar legal categories (cryptocurrency, non‐cash funds, digital rights, uncertified securities, electronic money). Methods: determinism, system‐functional, logical, comparative. Results: an analysis of the doctrine, legislation, draft federal laws as well as the concepts of digital currency, cryptocurrency, fiat money, digital rights, etc. revealed the features of these categories; their features and functions were compared, which made it possible to substantiate the independent legal nature of digital currency. Conclusions: digital currency cannot be regarded as information or a database. Its legal nature is different from that of non‐cash funds, uncertified securities, cryptocurrency, digital rights, electronic money. Nevertheless, digital currency belongs to the same generic object of civil rights as the three last‐mentioned categories, being one of its varieties. Relations that arise with respect to digital currency have a complex structure and consist of an absolute and several types of relative legal relations. In digital currency, contrary to the statement of the legislator, there is property content (a property right consisting in the ability to make demands), and its owner is opposed by obligated persons, both within the framework of absolute and relative legal relations.

АНАЛІЗ ЕФЕКТИВНОСТІ ВИКОРИСТАННЯ ІНСТРУМЕНТІВ ВАЛЮТНОЇ ПОЛІТИКИ В УКРАЇНІ В ПЕРІОДИ КРИЗ 2008–2009 ТА 2019–2020 РОКІВ

The article is devoted to the analysis, comparison and evaluation of the effectiveness of the foreign exchange policy instruments used during the crises of 2008-2009 and 2019-2020 in Ukraine. The main types of instruments of foreign exchange regulation and the priority areas of their application were defined. The authors took under consideration the key features of the construction of the socioeconomic model of Ukraine, the geopolitical situation, and the imposition of cyclical fluctuations during the considered periods. In the course of the study, the exchange rate fluctuations of the national currency against the US dollar were monitored to determine dynamics of the devaluation and revaluation processes within the given time frames. In order to detail the regulatory foreign exchange policy, a separate analysis of the use of NBU tools within the current and long-term strategy was carried out, the differences were identified and the consequences were outlined. The conducted research showed that during both crises the discount policy, namely the change in the discount rate, was most actively used. But the changes were somewhat divergent: more aggressive liberal measures taken to reduce the discount rate during the 2019-2020 crisis appeared to be more effective compared to the crisis of 2008-2009. This is evidenced by data on changes in GDP PPP, indicating the best positive dynamics when exiting the recession during the pandemic. However, in both cases, significant devaluation was observed. In order to determine the causes and consequences of the depreciation of the national currency in relation to the US dollar and other currencies, an analysis of the balance of payments accounts was carried out by individual articles. This made it possible to indicate significant differences in the nature of the origin of these crises. The instruments of motto policy were also used with varying degrees of activity and in the opposite direction. Foreign exchange interventions in 2008-2009, in contrast to the period of 2019-2020, were used very limitedly due to the rather rapid depletion of gold and foreign exchange reserves. Foreign exchange restrictions were strengthened in 2008-2009, and liberalized in 2019-2020. As a result, it allowed to revive investment flows and improve the business climate in the country. It is also noted that against the background of general devaluation during both crises, a period of revaluation of the national currency was also observed in 2019. The analysis showed that in that case it was rather a negative phenomenon, which led to significant losses in the revenue part of the budget due to a decrease in revenues from customs payments, resulted from the inconsistent actions of the NBU and relevant ministries. Other elements of foreign exchange policy were almost not used: the degree of currency convertibility and the exchange rate regime did not change (with the exception of a short period of introduction of the exchange rate band). The same can be said about the instruments of the long-term foreign exchange policy: the order of international settlements was slightly adjusted, but not significantly; the regime of exchange rates and parities remained unchanged; the use of gold and reserve currencies was combined with the diversification of foreign exchange reserves and was mainly related to foreign exchange interventions and the fulfillment of external debt obligations. The conducted analysis allowed to identify the main directions of the foreign exchange policy of Ukraine regarding the stabilization of the economy and the achievement of sustainable economic growth. To solve this problem, it is advisable to gradually introduce foreign exchange liberalization, introduce new reforms and state projects that might improve the investment climate. It is also appropriate to de-dollarize the debts of enterprises through incentives for lending in the national currency. In the long term, it is appropriate to strengthen financial and capital markets to ensure the stability of economic growth.

Macroeconomic and Bank-Level Factors Impact on NPL Ratio

The paper is aimed at analyzing and assessing the impact of macroeconomic and bank-level factors of non-performing loans. Those factors are very important and have become increasingly popular. The non-performing loan ratio is one of the most important tools used to reflect the stability of the banks. The main reason of this study about is to examine which macroeconomic and bank-level components influence the NPL of Armenian banks. The study focused on Armenian banks also provides comparisons with the US banking sector. The linear regression models and correlations analysis methodology was used to decide and assess the critical relationship between the periods from January 2013 to December 2020. The main results of this study could be useful for bank stability and loan portfolio management, and shown that capital adequacy ratio, return on assets, liquidity ratio, return on equity from bank-level factors and yield curves, national currency from macroeconomic factors has no significant effect on explaining the NPL ratio in a multidimensional perspective. On the other hand, the consumer price index, the economic activity index and non-residents loans ratio have a negative impact on the NPL ratio. Unemployment rate, operating efficiency, USD/AMD exchange and fuel price have a positive effect on the NPL ratio.

The Intersection of Cryptocurrencies With Fiat Currency Financial System in Nigeria: Examining the Rationality of CBN’s Restrictive Approach and Changes Made by the 2023 CBN Guidelines on the Operation of Bank Accounts by Vasps

The Intersection of Cryptocurrencies With Fiat Currency Financial System in Nigeria: Examining the Rationality of CBN’s Restrictive Approach and Changes Made by the 2023 CBN Guidelines on the Operation of Bank Accounts by Vasps

IMPACT OF BITCION IN CRYPTOCURRENCY

Crypto-currency, an encrypted, peer-to-peer network for facilitating digital barter, is a technology developed eight years ago. The first and most popular, is paving the way as a disruptive technology to long standing and unchanged financial payment systems that have been in place for many decades. While crypto-currencies are not likely to replace traditional fiat currency, they could change the way Internet-connected global markets interact with each other, clearing away barriers surrounding normative national currencies and exchange rates. Technology advances at a rapid rate, and the success of a given technology is almost solely dictated by the market upon which it seeks to improve. Crypto-currencies may revolutionize digital trade markets by creating a free flowing trading system without fees. A SWOT analysis of Bitcoin is presented, which illuminates some of the recent events and movements that could influence whether Bitcoin contributes to a shift in economic paradigms.

Актуальные тренды развития финансовой инфраструктуры и трансформации валютного рынка России

The article analyzes the main changes in the Russian currency market in the context of modern realities — unprecedented geopolitical pressure, changes in the financial, currency and payment landscape under the influence of sanctions. The purpose of the article is to study the directions of ruble settlements, financial integration and trade in currencies of friendly countries in response to structural changes in the Russian currency market. A significant decrease in the share of the dollar in international payments, reserves and transactions in the foreign exchange market is noted. Much attention is paid to the current trends of dedollarization and diversification of financial markets, which the exchange infrastructure has developed under the influence of difficult external conditions. The authors conducted a study to answer the debatable question of whether the rise in popularity of national currencies was natural or accidental. They support their conclusions with historical statistical data on transactions in the foreign exchange market.

ІСТОРИЧНЕ ПІДҐРУНТЯ ТА СУСПІЛЬНО-ПОЛІТИЧНІ ПЕРЕДУМОВИ СТВОРЕННЯ ПАРТІЇ АЛЬТЕРНАТИВА ДЛЯ НІМЕЧЧИНИ

Based on the analysis of sources, such as programmatic and pre-election documents of the Alternative for Germany (Alternative für Deutschland –AfD) party, materials of civic-political initiatives and formations that preceded its establishment, processing a range of informational, feature and statistical materials, taking into account the works of German, British, Swiss, and American researchers, authors aim to illuminate the historical preconditions and direct socio-political and socio-economic reasons of the emergence, stages of formation, and achievements of the AfD’s first electoral successes on the German political arena. It is established that in Germany, after the Second World War, alongside liberal-conservative and social-reformist parties, several right-wing populist or right-radical parties emerged. Their development occurred in three waves and was marked by legislative restrictions from the state, stigmatization from society, weakness of internal organizational structure, and competition from ruling parties, leading only to temporary electoral successes at the local level. The formation of the new right-wing populist party AfD was primarily influenced by the European debt crisis of 2010 and the Eurozone rescue policy of Chancellor Angela Merkel’s government. The article extensively examines the main stages of the party’s genesis and development: the formation of the “Plenum der Ökonomen” in 2010, the “Bündnis Bürgerwille” in 2012, the political alliance “Wahlalternative 2013” and the actual establishment of the party in 2013. The main foundational and programmatic documents are analyzed, highlighting the idea of Germany’s exit from the Eurozone and return to a national currency as a recurring theme. Another important factor in the success of AfD in the early stages of its history was the party’s ability to unite those segments of German society that were skeptical of the integrationist European policies of the ruling parties. Undoubtedly, the refugee crisis that engulfed EU countries and Germany in particular in mid-2015 provided a powerful impetus for the party’s further development. By radicalizing its programmatic demands, AfD achieved sustained electoral success not only at the regional but also at the federal levels over several years.

MANAGEMENT OF THE STATE DEBT OF UKRAINE IN THE CONTEXT OF BALANCING ITS ECONOMIC DEVELOPMENT

Introduction. Settlement of the state debt problem determines the country’s budgetary capacity, the situation of its currency reserves, the level of interest rates, the investment climate, the stability of the national currency, and the behavior of all segments of the financial market. At the same time, in modern conditions, there is no unified approach to the management of the state debt as a priority direction of the state financial policy, which requires the search for opportunities to fulfill the state’s debt obligations in order to form the goals of its balanced economic development, to intensify scientific efforts aimed at researching the above-mentioned problem. The purpose of the article is to systematize approaches to determine the features of state debt management and assess its consequences for identifying balanced development of the country. Results. The problems of increasing the state’s debt obligations, which lead to structural imbalances, increase the country’s financial dependence on foreign creditors, reduce its solvency and investment attractiveness and increase debt service costs, are studied. The analysis of the conditions of formation of the state’s debt obligations was carried out and an assessment of their consequences in the context of balancing the country’s development was carried out. The peculiarities of the change in the structure of the state debt of Ukraine in terms of repayment currencies have been revealed. The indicators of Ukraine’s debt burden were monitored and compared with the limit values in order to determine the level of financial threat to the country. The consequences of an inefficient mechanism of state debt management, which are revealed at the stage of servicing and repayment of the state debt and which lead to the need for annual interest payments financed from the budget, are singled out. The measures to improve the government debt management mechanism to prevent negative macroeconomic trends are substantiated. Conclusions. According to the results of the study, it was established that the state debt of Ukraine creates risks for the financial capacity of the state, and the further attraction of loan funds at insignificant rates of economic growth increases the threats to macro-financial stability. Therefore, to increase the effectiveness of state debt management, it is important to form a proper management mechanism, monitoring of debt security indicators and determine the optimal structure of the debt-to-GDP ratio, taking into account the main aspects and trends of development of the national economy. To improve the mechanism of state debt management, it is proposed to: reduce the share of debt denominated in foreign currency; increasing the share of domestic borrowing in the structure of the state debt; reduce the specific weight of debt that must be repaid in the short term; increase the demand for government securities; refuse to attract financial resources of international organizations, which provide for additional crediting conditions and limitation of economic and political dependence of the state.

ІТАЛІЯ ПІСЛЯ МААСТРИХТУ: ВИКЛИКИ ЄВРОПЕЙСЬКОЇ ІНТЕГРАЦІЇ У 1990-ТІ РР.

The article examines the impact of the signing of the Maastricht Treaty of 1992, the foundation of the EU, on political and economic processes in Italy in the 1990s. The transition from the EEC to a new form of European integration was the subject of a general political consensus. The question was raised about the influence of European integration on the 1992–1994 «Mani pulite» scandal, which was characterized by a series of trials against prominent officials and ended with the collapse of the old political system of the First Republic. As a result, Italy for the first time created a «technical government» under the former head of the Bank of Italy, C. A. Ciampi, which was a kind of temporary administration that launched the mechanism for implementing EU reforms. At the same time, a block of newly created Eurosceptic parties was consolidated in Italy. The block won the parliamentary elections, as a result of which a government led by S. Berlusconi was formed in 1994. Despite the anti-European statements declared by this government, it failed to stop the process of European integration. After the collapse of S. Berlusconi’s government in 1996, the pro-European coalition «Olive Tree», headed by R. Prodi, came to power. Thus, in the political system of the Second Republic (1994 – pr.t.), the issue of European integration became the main marker of division between various political forces, which lost the character of mass ideological parties of the 20th century and have become unstable personalist projects. The governments of the «Olive Tree» managed to give new impetus to European integration reforms, the main of which was the introduction of the euro instead of the national currency – the lira. This reform was perceived as an opportunity to renovate the Italian Republic as a consequence of strengthening the state apparatus, the program of privatization of the public sector of the economy, and a more cautious budget policy. The permission from the EU to switch to the euro since 1999 proved that, despite difficulties of a political and economic nature, Italy managed to carry out key reforms, and with the introduction of the euro instead of the national currency, the European integration of the country became an irreversible process.

How secure is Tenge?

The prevalence of counterfeit currency poses a significant threat to both national and global economic systems. The Tenge, a relatively young currency, was first issued in November of 1993 as the national currency of The Republic of Kazakhstan. In this paper, primary focus has been placed on the security of the Tenge against counterfeiting. The legislative regulation that is implemented by the government of Kazakhstan, security elements on the banknotes themselves, and educational initiatives designed to help the public to correctly identify counterfeit Tenge are all critically analysed. A visual analysis of the Tenge’s many security features is also performed, with a table highlighting what security features different denominations of Tenge exhibit. According to the findings of this study, the Tenge is adequately safeguarded against counterfeiting. This conclusion is reached by highlighting the strengths of law enforcement agencies both locally and internationally, as well as the numerous security mechanisms that are included on banknotes. However, this paper suggests that more should be done to educate the public about how to correctly identify counterfeits. This article serves as a resource of anti-counterfeiting strategies employed for both the prevention and detection of counterfeit Tenge.

ОСОБЛИВОСТІ ОПОДАТКУВАННЯ КРИПТОВАЛЮТИ В РІЗНИХ КРАЇНАХ СВІТУ

Every year, cryptocurrency is slowly but surely conquering the whole world. Thanks to this trend, its acceptance is increasing, and more and more options for its application are appearing. Large global companies are showing interest in blockchain and cryptocurrency, investing in them. It is quite obvious that these events will contribute to the rapid expansion of the market. Crypto assets continue to gain popularity and their adoption has become something more important and real. The number of stores accepting cryptocurrency as a payment method is increasing, crypto assets are being used as a form of fundraising, and you can even travel the world with cryptocurrency. In addition, the expansion of the use of cryptocurrency in world markets is explained by the rapidly growing interest in it on the part of the population of various countries of the world in the desire to earn or at least protect their income from the devaluation of national currencies. A direct analysis of the current rules of cryptocurrency taxation in foreign countries showed the existence of a number of differences in the implementation of tax regulation of transactions with cryptocurrency, because different approaches to the definition of cryptocurrency in foreign countries cause different methods of its taxation. That is, the fiscal policy regarding taxes on cryptocurrency in the countries of the world depends on how their legislation interprets the concept of virtual money: in the USA it is property, in Britain it is a capital asset, Italy considers it as a foreign currency. In Malta, El Salvador, Malaysia and Singapore, cryptocurrency taxation is absent or can be avoided if certain conditions are met. The global cryptocurrency market is at the stage of formation, therefore the regulatory and legal framework in various countries of the world is actively developing, adapting to the rapidly changing reality. Gradually, the cryptocurrency receives a final determination of its status with the further development of effective mechanisms of tax administration to ensure transparency and fairness of taxation, that is, the creation of tax legislation in this area.

АНТИКРИЗОВЕ УПРАВЛІННЯ ПІДПРИЄМСТВОМ: СУТНІСТЬ І СТРАТЕГІЇ

In the conditions of Russia’s armed aggression, the loss of production capacity by many enterprises, the deterioration of logistics supplies and the instability of the national currency, all enterprises need active anti-crisis management, which must be carried out in accordance with the developed development strategy. In today’s conditions, most Ukrainian enterprises have problems in their activities due to the fact that their managers cannot adapt the approach to management and use appropriate methods to overcome crisis situations. This creates the need to implement new management strategies, in particular, anti-crisis management. It is important to note that a key role in anti-crisis management is played by a strategic approach that focuses on solving problems related to exiting the crisis. The search for ways out of the economic crisis is directly related to the elimination of the factors that cause it. To achieve this goal, it is necessary to conduct an in-depth analysis of the external and internal environment, determine the factors affecting the enterprise, collect and systematize information on each of these factors, and, based on an objective assessment of the state of the enterprise, determine the causes of its crisis state. Therefore, during the development of a plan for exiting a crisis situation, great attention should be paid to the creation of an anti-crisis strategy and the definition of tactics for its implementation. Market conditions of functioning of economic systems form a new external business environment characterized by uncertainty and a high probability of crisis situations. Most crisis phenomena are observed at the micro level. The lack of an action plan and a corresponding strategy makes it difficult for enterprises to adapt to conditions of increased dynamism of the internal and external environment. At the same time, the objective presence of systemic, structural crises that affect individual enterprises, entire industries and sectors of the economy forces the development and application of special management approaches for timely crisis management. The article analyzes the directions of management to prevent crisis phenomena, the system of early warning of crises, appropriate management strategies in crisis conditions. Recommendations in this area are provided.