National Currency Research Articles

РЕЛОКАЦІЯ БІЗНЕС-СТРУКТУР НА ЗАХІДНУ УКРАЇНУ У КОНТЕКСТІ ЗБЕРЕЖЕННЯ КОНКУРЕНТОСПРОМОЖНОСТІ ПІДПРИЄМСТВ

The article reviews the trend of planned relocation of business structures where active hostilities are taking place to the Western part of the country, which involves the planning of financial costs, the transportation of equipment and personnel, which is a critical issue in the conditions of martial law. The stages that involve market research, staff adaptation, legal and regulatory aspects of current legislation, a communication plan for setting up communications, transportation and logistics planning are highlighted. Under the strategy of implementation of security mechanisms to increase the competitiveness of business structures, the achievement of the maximum result in strengthening positions in the competitive environment was considered. The business environment also deteriorated significantly - macroeconomic indicators worsened (inflation rates increased, GDP fell by more than a third), the purchasing power of the population decreased, migration processes increased, and investment attractiveness decreased significantly. The largest number of enterprises moved to Lviv, Ternopil, Zakarpattia and Chernivtsi regions. According to the results of the data, it is clear that the program is necessary and to a certain extent effective. Territorial communities and other self-governing bodies, which prepared a list of available real estate objects and infrastructure capacities for the possibility of meeting the needs of enterprises and businesses, also proved to be an auxiliary factor from the applied side of program implementation. positive aspects of the synergy of the interaction of the state, the autonomy of regions and territorial communities and business: 1.Access to information about available opportunities as such; 2. The possibility of full or partial preservation of functioning enterprises from the point of view of technical and material base; 3.Ensuring the safety of employees and their families involved in enterprises; 4.An opportunity for regions and territorial communities to interest investors in the development of the region; 5.Development of a new or restoration and revision of an existing one infrastructure for the possibility of ensuring the possibility of functionin business; 6. Ability to pay taxes and capacity of people in this location. Military actions always cause numerous losses of human resources, endless destruction of infrastructure and powerful destruction of the economy, the basis of which is the proper functioning of small and medium-sized enterprises. In terms formation and endless joyless efforts of development and growth, the Ukrainian economy has long been trying to break through thorns on the way to its fruitful future. There were many threats: prolonged inflation, mass emigration of the working population, instability of the national currency, corruption, unfavorable investment climate.

Trends of consumer preferences in the segment of private medical services in Moscow

This scientific article analyzes the factors that influence to consumer preferences and its changes under impact of economic and financial events in the area of modern medical services at the city of Moscow. When there is made a choice of applying of paid medical services and medic institutions, the first of all Moscow residents take into account the educational level and specialization experience of senior medical personnel. According to opinions of medical services consumers the success of treatment depends on the qualifications of doctors that work at the private medic sector at Moscow. These clients are ready to spend relatively large amounts of material resources for consultations and cure by the best specialists. The Covid-19 pandemic and the political situation at the country have made changes to the consumer preferences of Muscovites. On the one hand they began to save more, and health issues became secondary ones at the most cases. On the other hand, they are still willing to invest financial resources in their health and also appearance. This explains the ranking of costs for the services of surgeons, cosmetologists and dentists. The previous financial year was marked by instability not only at the political arena, but also by high volatility of the financial market: the exchange rate of the national currency changed dramatically several times during the year. These data led to increased prices at medic centers. To maintain high level customer loyalty at private centers at Moscow they need train doctors, regularly improve their qualifications, create conditions for their additional education aimed to expanding skills and updating existing knowledge level.

СЕЛЕКТИВНІ РИЗИКИ ВКЛАДНИКІВ ВІТЧИЗНЯНИХ БАНКІВ В УМОВАХ ВОЄННОГО СТАНУ

The article examines the essence and types of selective risks of bank depositors and their features in the conditions of martial state. The main types of selective risks of bank depositors are characterized. The expediency of improving the determination of the rating of banks when determining the risk of incorrect bank selection is substantiated. An approach to improving the determination of the rating of financial stability of banks by normalizing financial indicators taking into account their normative values is proposed. It has been established that an important factor in the depositor's determination of the bank's reliability in nowadays conditions is the level of its technologies. The essence of the risk of incorrect choice of the deposit currency by the depositor is determined and a method of its assessment based on the application of Value at Risk measurement technology is proposed. It has been established that the main source of risk of incorrect choice of deposit currency by the depositor is the level of devaluation or revaluation of the national currency during the deposit period. The expediency of using Value at Risk technology to assess this risk is substantiated. It has been established that in the conditions of martial state and increased turbulence of the foreign exchange market, it is advisable to assess the risk of incorrect choice of the deposit currency taking into account both the volatility and the trends in the exchange rates. The essence of the risk of the wrong choice of the term of the deposit is determined and the complexity of its assessment in the conditions of martial state is substantiated. Attention is focused on the importance of effectively managing the risk of the wrong choice of the type of deposit in the conditions of martial state by forming a so-called financial security cushion in the form of placing a certain amount of funds on demand deposits or time deposits with the right of early withdrawal. The necessity of developing a strategy for forming the optimal portfolio of a bank depositor in the conditions of martial state is substantiated, which can become the subject of further scientific researches.

Особливості формування інформаційно-комунікаційного забезпечення бізнес-процесів суб’єктів малого підприємництва

The article defines the features of formation of information and communication support of business processes of small business entities. It is noted that as an independent socioeconomic phenomenon, small entrepreneurship in Ukraine develops in difficult conditions of the establishing market economy and faces numerous problems. Small enterprises receive some support, but a competitive entrepreneurial type of business has not yet been entitative. As before, the main goals of Ukraine’s economic policy remain the achievement of full employment, economic growth, support of the national currency, preservation of foreign economic balance and improvement of the living standards of the majority of citizens. An organizational and economic model of the use of information and communication technologies in the business processes of the small business entity has been built. It is specified that the main elements of information and communication support of business processes of small business entities should comprise: goals and objectives; objects and subjects; management functions; performance indicators; principles; methods; instruments; mechanism; terms of security; culture of use; requirements of internal and external stakeholders of business entities. It is further noted that in the modern economy there are all opportunities for the expansive development of economic entities. Today, increased competition reduces the profitability of products (services), and new network technologies make the market more transparent. The Internet can be very useful for national companies, as it simplifies strategic decision-making when doing business and choosing development strategies. It is noted that today small businesses can also use electronic trading platforms, online auctions, websites of the tax and customs administrations available on the Internet. In general, modern ICTs allow small business entities to reduce operating and transaction costs, as well as keep prices low to make them global. It is concluded that the introduction of new information and communication technologies in internal and external communications of small businesses during martial law in our country will lead to the development of small business entities, optimization of business processes, improvement of quality and competitiveness of products (services).

Інструменти грошово-кредитної політики воєнного часу

Wartime poses numerous challenges at the micro and macro levels. One of the key challenges in this context is macro-financial stability. The answer to this challenge can be provided by an effective transmission mechanism of the State’s monetary policy. The aim of the article is to analyze the features of a set of measures taken by the NBU in the period of 2022–2023 in response to the intensification of russian armed aggression in the plane of the transmission mechanism of monetary policy. The article analyzes the challenges of monetary policy in wartime, including financing military needs, ensuring the stability of the banking system, managing international reserves, and exchange rate flexibility. The key measures on the part of the NBU, such as the purchase of government bonds, ensuring the liquidity of the banking system and stimulating economic growth, are highlighted. A significant increase in international reserves, which has become an important factor in macro-economic stability in wartime, is indicated. The specifics of monetary policy in the conditions of wartime, its impact on investment, consumption, and inflationary pressure are considered; the need for close cooperation between the Central Bank and the Government in this area is underlined. Particular attention is paid to the financing of military expenditures and their impact on monetary policy. The measures taken by the NBU to prevent a liquidity crisis and maintain the solvency of banks are analyzed. The contradiction between the financing of the budget deficit and the stability of the national currency is considered. The need to maintain macro-financial stability through a high discount rate and exchange rate adjustment is indicated. The importance of maintaining the stability of the financial system in wartime conditions is emphasized. The proposed study can be useful for researchers and analysts of monetary policy, central banks, governments, and international financial organizations. Prospects for further research are proposed in the direction of integration of Ukraine’s monetary policy in the context of development of the national economy at the post-wartime stage of development.

How secure is Tenge?

he 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.

РОЗВИТОК БІЗНЕСУ В УМОВАХ ВІЙНИ В УКРАЇНІ

The existence of a problem of conducting business by domestic enterprises due to russia’s military invasion of Ukraine and their reluctance to carry out effective management in the first days of the war is defined in the article. The amount of material damage caused to the national economy, consumer inflation, the level of decline of the national economy, the devaluation of the national currency, which led to the increase in the cost of goods, works and services, are indicated. Characteristic features of the crisis of the enterprise during the war are singled out. Such negative factors of influence on business development as an increase in the level of risk, the complexity of strategic planning and decision-making, the loss of labor force, a decrease in demand, restrictions on access to markets, and an increase in the cost of raw materials, energy, and labor are described. The complexity of the economic situation of agricultural, energy, metallurgical and logistics enterprises, caused by the territorial location and other features characteristic of each type of business, is proved. Despite the complexity of the existing conditions, the development of Ukrainian business, the creation of jobs, the support of the state economy, and the provision of financial assistance to the military were noted. The areas of state support for business are summarized, in particular, new legislative acts and programs for business adaptation to modern realities are indicated, changes in labor and tax legislation regarding the simplification of certain aspects of business activity are described. The government programs and business support initiatives created with the help of the Diya service are characterized, in particular those that help to find employment for a person internally displaced as a result of hostilities during the martial law in Ukraine and to receive compensation from the state for this, to submit an application for receiving free assistance in relocating one’s business to safe regions of the state or participating in a grant competition “is a job” to create, develop or restore one’s own business, or those that contain the necessary information for choosing a financing program, for Ukrainian exporters, and also help businesses communicate effectively with the state, to develop business development strategy and tactics. The main recommendations for overcoming the crisis and business management by applying the anti-crisis management mechanism have been developed. The importance of further legislative changes regarding conducting business with the aim of stabilizing and developing the economy of Ukraine was noted.

МЕТОДИ АНАЛІЗУ ЧАСОВИХ РЯДІВ В КОНТЕКСТІ ПРОГНОЗУВАННЯ ВАЛЮТНОГО КУРСУ

The proposed article is devoted to forecasting the exchange rate using time series analysis methods. This study was conducted in 2 stages. At the first stage, the theoretical basis for forecasting the exchange rate based on the views of scientists of the post-Keynesian economic school was considered. Representatives of this school developed the Quarterly Projection Model, which is used for small open economies with a floating exchange rate and inflation targeting. In the Quarterly Projection Model, the factors affecting the formation of the exchange rate are considered. Such factors are GDP growth, the state of the balance of payments, NBU FX interventions, and the inflation rate. We separately investigated the impact of these factors on the exchange rate of the USD/UAH currency pair. For example, changes in GDP can directly affect the relative value of the hryvnia. The Key Policy Rate is a key instrument of the NBU's monetary policy. An increase in the Key Policy Rate can strengthen the hryvnia, while its decrease can lead to its weakening. Another factor affecting the exchange rate is the current account of the balance of payments. A small imbalance of this indicator (2–5% of GDP) is considered a standard phenomenon for many countries. An excessive current account deficit increases the risk of devaluation of the national currency. High inflation forces hryvnia holders to abandon it and switch to other liquid means of preserving real wealth, such as foreign currency. Therefore, a rather strong, rapid and constant increase in prices becomes the reason for a significant increase in the exchange rate. It is worth noting that the influence of these indicators occurs with a significant time lag. We used the Granger causality test to empirically analyze the causal relationships between the exchange rate and influencing factors. Empirical analysis has shown that the volume of NBU interventions, the balance of payments and the Key Policy Rate are significant and influential factors in the formation of the exchange rate in Ukraine. At the second stage, exchange rate forecasting was carried out using the vector autoregression (VAR) model. The application of the VAR model made it possible to investigate the complex interrelationships between economic indicators. Also, this model made it possible to take into account time lags and exogenous variables. The obtained results indicate the high adequacy of the vector autoregression (VAR) model in forecasting the exchange rate in the short- and medium-term planning periods.

ОСОБЕННОСТИ ВНЕДРЕНИЯ ЦИФРОВОЙ НАЦИОНАЛЬНОЙ ВАЛЮТЫ НА ТЕРРИТОРИИ РОССИИ

The article considers the peculiarities of the introduction of the national currency in Russia. The key aspects of the transition to a digital financial instrument are analyzed. The article also examines the readiness of citizens to the new form of currency, noting that one third of the population expresses readiness, but there is resistance and lack of awareness.

Вплив цифрових валют центральних банків на міжнародну фінансову систему

The aim of the article is to study the impact of digital currencies of central banks on the international financial system in modern conditions. The article defines that the central bank digital currency (CBDC) is an electronic form of the national currency, which is created and controlled by the central bank and is implemented in various formats, including retail and wholesale options, as well as on the basis of accounts or tokens, using digital ledgers, with the possible application of technologies such as blockchain. CBDC is a central bank commitment and can be used to make payments, store value, and other financial transactions, while enabling fast, secure, and cost-effective transactions for consumers and businesses. The main directions of influence of digital currencies of central banks on the international financial system are considered and defined. A study of the advantages and disadvantages of the CBDC issue has been carried out. It is emphasized that digital currencies have a significant number of advantages and a significant impact on global financial markets due to their unique properties, despite a number of risks they entail. Based on this, the most popular private digital currencies in 2024 and their direct impact on the international financial system are determined. Their market capitalization is also determined. Based on this, it is emphasized that private digital currencies play a significant role in the development of the global financial system, stimulating innovation and increasing the efficiency and accessibility of financial services. Exactly these currencies have become the main driving force for the creation of central bank digital currencies. The authors consider digital currencies of central banks of different countries, characterizing the most popular ones in 2024. Thus, the market share of these currencies is determined, which shows how the major economies of the world are actively developing their digital currencies to maintain economic stability and strengthen their position in the global financial system. It is emphasized that Ukraine also continues to work on the launch of its central bank digital currency – the e-hryvnia. A number of challenges and prospects posed by the introduction of central bank digital currencies for the international financial system are identified.

The Impact of the Multiplicity of Purchasing Power of the National Currency on Accounting Measurement and Disclosure

تناولت هذه الدراسة ظاهرة وجود أكثر من سعر صرف للعملة الوطنية، وهدفت إلى التعرف على واقع القوة الشرائية للعملة الوطنية ومشاكلها، وكذلك التعرف على أهم المعوقات التي يواجهها المحاسب عند القيام بعمله في ظل تعدد القوة الشرائية. اعتمدت الدراسة على فرضية أساسية تفيد بوجود أثر ذو دلالة إحصائية عند مستوى 0.05% بين تعدد القوة الشرائية للعملة وعملية القياس المحاسبي، وكذلك بين تعدد القوة الشرائية وعملية الإفصاح المحاسبي. توصلت الدراسة إلى أن تعدد القوة الشرائية للعملة الوطنية له تأثير كبير على القياس والإفصاح المحاسبي، حيث أن المتغير المستقل (تعدد القوة الشرائية) له درجة موافقة عالية. جاء بعد القياس في المرتبة الأولى يليه بعد الإفصاح، مما يدل على أن تعدد القوة الشرائية للعملة الوطنية يؤثر بشكل واضح على العمليات المحاسبية. بناءً على النتائج، أوصت الدراسة بضرورة توحيد القوة الشرائية للعملة الوطنية لتحسين دقة الإفصاح المحاسبي وتعزيز الثقة في التقارير المالية.

Relationship between organic agriculture and export of olive oil in Tunisia via an ARDL model

This paper aims to study the presence of the relationship between the organic olive-growing area and the export of olive oil in the Tunisian economy; such as the producer price index for the case of olives and the exchange rate. A cointegration approach through an Auto Regressive Distributed Lag model (ARDL model) was mobilized for the period (2001-2021). The test results show the existence of a significant short and long-terms cointegration relationship between the olive area, the exchange rate and the export of olive oil. Similarly, unidirectional causal relationships have also been determined between the producer price index and the olive area on the one hand, a unidirectional causal relationship is caused by the exchange rate on the olive-growing area and this exerts unidirectional causality on the export of olive oil. The promotion of organic farming in Tunisia depends not only on the development of organic areas but also on the economic situation of the country. Thus, it can be concluded that limiting the depreciation of the national currency and improving the producer price index can improve the exchange rate and contribute positively to the development of organic olive areas and the export of olive oil in general

СОВРЕМЕННОЕ РАЗВИТИЕ ДЕНЕЖНОГО РЫНКА В РОССИИ

Money is the most important attribute of the economy, without which it is difficult to imagine the life of modern society. Rational organization and functioning of the monetary system contributes to the economic development of the country and the establishment of an equilibrium state in the money market. 
 With the rapid increase in the pace of development of digital technologies, there is a need to introduce a new form of national currency - the digital ruble - into the economic sphere of Russian society, the introduction of which will reduce the scale of the shadow economy, make payments without access to the Internet, and speed up the execution of transactions.There may be both positive and negative effects in the process of implementing the digital ruble, but for the Russian money market, it will undoubtedly lead to a new round of development in rapid money transfers.

Genesis of the Russian Financial System and Ways of Its Transformation: Soviet and Modern Periods

The financial system is derived from the economic model of society. The purpose of our research is to develop the scientific foundations of the genesis of the Russian financial system, allowing us to determine the conditions, causes, factors and elements that can form scientific and practical proposals for its further development, taking into account the current political and economic situation. The Russian financial system has gone through several stages of development: catch-up development finance, war communism finance, new economic policy finance, Soviet finance, neoliberal and globalist finance, national finance. At each of these stages, fundamental changes occurred both in the financial system itself and in its elements. In theory and practice, there is high theoretical, methodological and methodological uncertainty regarding the elements of the financial system. In this context, their study from a historical perspective is relevant. It is proposed to highlight the following main elements: national currency, payment system, monetary relations, tax system, banking system, insurance system, mortgage system, public finance, securities market, mutual investment funds and non-state pension funds, exchange trading, existence of relationships with international finance. The research methodology is based on a theoretical analysis of the basic scientific principles of the formation of the financial system and its elements. The information and empirical basis for the study were scientific research, statistical data, and analytical reviews. The object of observation is the Russian financial system for the period 1928 to the present. The scientific novelty lies in the formation of the author's conceptual approach to the financial system and its elements, and the imperatives for the emergence of economic problems caused by the underdevelopment of the financial system are identified. The study showed the need to further improve the elements of the financial system to ensure economic growth and development.

Malaysia's Potential Revolution: Embracing Gold-Backed Cryptocurrency into International Net Settlement via Blockchain Could Transform Economic and Financial Resilience

This research delves into the potential of a gold-backed cryptocurrency as a strategic instrument for international net settlement, leveraging blockchain technology, and assesses its global economic implications. Through a comprehensive evaluation of the efficiencies derived from integrating a gold-backed cryptocurrency, this study critically examines the prevailing use of fiat currency in international net settlement, laying the groundwork for fortified financial resilience within Malaysia's Islamic finance framework. To fulfil the study's overarching objective, a qualitative research methodology was meticulously applied, encompassing content analysis alongside insightful semi-structured interviews. The argument put forth underscores that a cryptocurrency backed by gold represents a superior alternative to fiat currencies in facilitating international net settlement through the robust medium of blockchain technology, ushering in an era characterized by compatibility and enhanced efficiency. Furthermore, this article posits that the revolutionary potential of blockchain will permeate Malaysia's Islamic financial system, aligning with Islamic finance principles and accelerating international net settlement. This integration is poised to usher in an unprecedented era of growth, efficiency, and innovation while adhering to Islamic financial ethics.

DIRECTIONS FOR THE FORMATION OF AN ADAPTIVE CASH FLOW MANAGEMENT MECHANISM AT SMALL AND MEDIUM-SIZED BUSINESS ENTERPRISES UNDER CONDITIONS OF NATIONAL ECONOMY RECOVERY

The methodological and practical recommendations for forming an adaptive cash flow management mechanism at small and medium-sized business enterprises under conditions of the post-war recovery of the Ukrainian economy are substantiated. The author's interpretation of the category «cash flow» is proposed as a dynamic indicator that characterizes the constant movement of cash resources as a result of the operational, investment, and financial activities of the enterprise associated with the receipt (incoming cash flows) or spending (outgoing cash flows) of the enterprise's cash resources, which can have a cash and non-cash form, expressed in national or foreign currency and related to a certain point in time. This made it possible to determine the ontological content of the scientific category «mechanism of managing cash flows of the enterprise» and specify its components (management goals and tasks, management criteria, management methods, management levers, management factors, management principles, specifics and features of management, management tools, managerial functions, management resources, regulatory and legal support, and information support). The author's version of the stages of formation of an adaptive cash flow management mechanism at small and medium-sized business enterprises based on the criterion of their optimization is recommended. By the functional specialization of top managers and employees of the financial subsystem, the procedure for making a managerial decision regarding forming an adaptive cash flow management mechanism at small and medium-sized business enterprises is proposed. This clarified the functional responsibilities of employees of the financial subsystem in the cash flow management process. The expediency of using a payment calendar is substantiated, which will help to synchronize cash receipts and payments. A set of measures to increase (decrease) cash flow at small and medium-sized business enterprises has been formed.

Addressing the dollar crisis by investigating underlying causes, effects, and strategic solutions in emerging economies

Foreign exchange reserves (FER), especially dollar assets, are vital for a developing country to maintain economic stability, foster growth, and protect against unexpected amendments. In recent years, particularly since the onset of COVID-19, several emerging countries have experienced significant economic hardship due to a crisis in foreign reserves. This has led to inflation and disruptions in supply chains, healthcare, and various service facilities. Despite the gravity of this issue, previous studies have not investigated the causes and consequences of such sudden crises. This study aims to fill this gap by investigating the causes and consequences of sudden FER crises in a developing country, specifically Bangladesh, through a systematic review. The study also explores innovative process-oriented policies to mitigate the immediate FER crisis. The systematic literature review followed the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines. It included 90 articles published between 2020 and 2023. The results discovered that the FER crisis in Bangladesh has been triggered by both external factors (such as the COVID-19 pandemic, the Russia-Ukraine conflict, trade imbalances, and remittances) and internal factors (including large infrastructure projects, complexities in the banking sector, local project subsidies, a managed floating exchange rate, and an over-reliance on the ready-made garments sector). These factors escorted deflation of the national currency, causing further inflation, declining domestic purchasing capacity, and raising concerns about food security. Additionally, price hikes and unauthorized storage of daily necessities made accessing daily essentials challenging for locals. The government has implemented three policy interventions, including managing consumer demand, safeguarding the supply of goods, and regulating continuous market monitoring to overcome the challenges. This study proposes eight innovative process-oriented policy recommendations for mitigating the immediate foreign exchange crisis and promoting sustainable economic development. Overall, this study offers valuable contributions in developing sustainable global economic policies. It fosters improved recovery and reuse of materials and energy while advancing long-term growth in developing nations.

Грошове забезпечення військовослужбовців в умовах реформування системи управління державними фінансами

The invasion of Russian troops into Ukraine created new challenges for Ukraine, its society and government. In the article, a systematic analysis was conducted to study the effectiveness of the government's measures to manage state finances in the conditions of martial law and to ensure the performance of the main functions of the state, in particular in the field of social protection of military personnel. It was investigated that the following measures were implemented to stabilize the financial system and the smooth functioning of the country's economy: military refinancing to maintain the liquidity of the banking system, a fixed exchange rate and restrictions on the foreign exchange market, which were aimed at avoiding rapid devaluation of the national currency, as well as sequestration of public expenditures from with the aim of reducing inefficient or unnecessary budget expenditures and their redistribution, in particular, for the needs of military servicemen. Some of these measures include the introduction of military bonds of the Government of Ukraine, the transfer of profits to the state budget, the development of international financial relations with organizations and governments of other countries. It was determined that over the past two years, the financing of defense expenditures has increased significantly, and the system of monetary support for military personnel is being constantly modernized. This requires stable filling of the revenue part of the budget to support economic security and sovereignty of the country.

Монетарне золото як складова міжнародних резервів центральних банків

Introduction. International reserves of central banks (CBs) are used to support the exchange rate of national currencies and have an impact on the monetary policy. In the unified standards of the IMF, international reserves include only gold, and not all precious metals. The state can call on its reserves in case of emergencies, so they are often compared with the volume of imports. It was natural to expect changes in the structure of international reserves due to the coronavirus pandemic. Problem Statement. Monetary gold does not lose its weight as a stable component of reserves, despite the volatility of world prices and the comparative profitability of other components of these reserves. Countries differ in the dynamics and share of monetary gold in reserves, as well as the possibilities of mining and physical preservation of reserves. A serious problem is the adequate revaluation of precious metals, which affects the high volatility of international reserves of many countries. The purpose of the article is to assess the role of monetary gold as a component of international reserves for the implementation of monetary policy in conditions of systemic stress, such as the coronavirus pandemic. Methods. Comparative and correlational analysis was used to characterize changes in reserves; abstract-logical analysis - to generalize the reasons for differences in the levels of the gold reserve; statistical and economic analysis - to study the influence of these variability factors on gold. Results. The analysis made it possible to distinguish monetary gold from the general circle of precious metals, to structure non-monetary gold. Several types of risks related to the ownership of gold have been singled out, which the Central Bank should take into account when managing reserves: the threat of manipulation by large players on commodity and stock exchanges; high historical and expected price volatility; the probability of loss of gold during storage and transportation due to damage, robbery, counterfeiting, etc. Conclusions. Gold remains a valuable component of the country's currency reserves. At the same time, it should not be considered as an anti-inflation product for the short term, although it retains the status of a reliable asset. There is no significant correlation between the size of the gold reserve and its share in the reserves of the Central Bank. The hypothesis that a higher level of development of the country's economy corresponds to a smaller share of gold was not confirmed. In Ukraine, the National Bank should define, as a component of monetary policy, a separate strategy for monetary gold, taking into account the state of war and the prospects of post-war economic reconstruction. In the management of monetary gold reserves, central banks should take into account the risks inherent in it. At the same time, it can be successfully used to neutralize certain risks of general reserves and liquidity risk, soften fluctuations in the national currency rate and normalize the balance of payments. It is advisable to improve the toolkit of gold price forecasting and stress testing using hypothetical and historical scenarios.

NINE DEFAULTS OF ARGENTINA: NATIONAL TRAGEDY OR POLITICAL GAME?

The article examines the history of nine defaults - both technical and sovereign - that occurred in Argentina between 1827 and 2023. The reasons for the emergence of crisis situations in which a country declares the impossibility of paying off debts on financial obligations, and the consequences associated with this event: economic, political and social upheavals in society, are examined. This work also explains the economic situation in Argentina in 2023, in which the national economy is literally in a fever, inflation for the year reaches 142 %, the national currency is collapsing, the dollar costs 339 pesos, the key rate of the Central Bank of Argentina has risen to 133 %, enterprises are in debt to their employees, and 140 out of 146 million people live below the poverty line. A series of changing presidents, whose coming to power does not improve the economic situation, but only takes them away from the problems for a short time. The work also examines the motives that encourage creditors to provide financial injections to the country that may soon enter a state of a new, tenth default.