International Economic Activity Research Articles

Кластери екологічної дипломатії в міжнародній співпраці

The article considers topical issues of development of clusters of ecological diplomacy in the context of international cooperation. The author determines the need to form a new mechanism of economic development, taking into account the policy of ecological security, changes in the format of negotiations, diversification of ecological and economic activity, and institutional potential. The deterioration of the environment and resource support is of concern to humanity, which requires the creation of economic and global rules of interaction between countries. The ecological factor affects the transformation of international economic relations, competitive relations, market advantages, the potential of countries and their ability to develop cooperation on the basis of cluster formations. The current approaches to multilateral ecological diplomacy have been systematized. It is proposed to consider clusters of ecological diplomacy according to the following principles: multilateralism, interaction and interconnectedness of spheres of activity. It is proved that the role of clusters of ecological diplomacy will grow, and their functioning will contribute to: ecological and economic cooperation of diplomatic missions of different countries; exchange of experience between diplomats on new models of contacts in the sphere of ecologization of international economic activity. Applying the system principle to clustering covers topical issues in solving global problems. The development of ecological diplomacy in Ukraine is a promising direction, but so far it is accompanied by the lack of an integrated approach to the mechanisms of its implementation at the ideological, political, legislative, institutional and organizational levels. Ecological diplomacy is the direction of systemic and integrated diplomatic activity when generating a new level of representation and protection of ecological and economic interests of countries and other subjects of international cooperation, oriented to progressive mechanisms for transforming global challenges into qualitatively new opportunities for balanced development and ecological security of society

МІЖНАРОДНА ЕКОНОМІЧНА ІНТЕГРАЦІЯ ТА ЕКОНОМІЧНА ГЛОБАЛІЗАЦІЯ: СПІЛЬНЕ ТА ВІДМІННЕ

The economic development of the modern world is taking place in the context of globalization, which is characterized by a comprehensive transformation of the world community into an open integrated system of information and communication, technological, financial and economic, political, socio-cultural ties and interactions. This process is confronted with the phenomenon associated with the formation of various types of integration associations. As a result, in the development of international economic integration (IEI) and economic globalization (EG) there are certain contradictions that need to be overcome in the interests of the world community. With this in mind, the aim of the study is to determine the common and distinctive features of IEI and EG. To implement it, the task of identifying the factors of the globalization process has been formulated and implemented; comparison of IEI and EG on certain grounds; characteristics of glocalization as fragmented global economic space, which is formed as a result of the interaction of IEI and EG. In identifying common and distinctive features of IEI and EG, features such as function, trend, process, object of influence and subject of action are used and their different importance in the interaction of these phenomena is proved. Different functions of IEI and EG are indicated. Their different process orientation and even the opposite was proved on the basis of analysis of the latest scientific sources. The tendencies of development of these phenomena are somewhat coincident, as integration as the union of certain parts as a whole confirms the tendency towards integrity, but in local terms. The greatest coincidence between IEI and EG is manifested in the object dimension, which is expressed through the various components of international economic activity. The key role among them belongs to world trade, the dynamics of which is constantly changing under the influence of such objective factors as the international division of labor, fragmentation of global production and value chains, specialization, accelerating foreign movement direct investment and increasing competition. The results of the study confirmed hypothesis about the relationship and at the same time the opposite of IEI and EG, interaction which are inherent the ratio of intersection. The analysis of IEI and EG trends was carried out taking into account the influence of various factors, including of convergent NBICS-technologies. Glocalization, which is a consequence of the interaction of IEI and EG, which is a certain synthesis of global and local, is characterized. In the global segment the boundary current states of IEI and EG intersect. Based on the formulated scientific statements, it is concluded that IEI, EG and glocalization form a fragmented global economic space. The size of this spatial segment and the characteristics are not constant, but depend on which trend ‒ global or local prevails. It is proved that in the future the most popular will be the research related to the systematic analysis of the essence of glocalization.

ОЦІНКА ФАКТОРІВ ОПТИМІЗАЦІЇ ДІЯЛЬНОСТІ СУБ’ЄКТА МІЖНАРОДНОЇ ДІЯЛЬНОСТІ

The research is focused on the analysis of the activities of the subject of international business. The practical aspects of the analysis of multifaceted influencing factors on the export organization of an international company have been studied. The problem of complex analysis by groups of indicators, which allows retrospectively to assess the work of the company (enterprise) based on statistical reporting data, is gaining theoretical understanding. The need to use various approaches to evaluate the effectiveness of the international economic activity of the enterprise is substantiated. An analysis of the indicators was carried out in order to assess the level of creditworthiness of the enterprise. The compliance of the indicators with the normative values was determined. An assessment of the enterprise's creditworthiness is provided as one of the possible factors for optimizing the enterprise's foreign economic activity. The crisis state of the enterprise was also assessed according to Altman's model. The obtained results characterize the financial stability of the enterprise at a high level, testify to the ability to finance its current activities, to conduct settlement operations in a timely manner. In order to improve the organization of international activities, a factor analysis of activity results was carried out. It was established that the financial result was influenced by a number of factors, both positively and negatively. It was emphasized that when organizing work for export, an important issue is the choice of partners on the world market. The principles of foreign economic activity are considered. For effective management of international economic activity, it is proposed to: analyze the indicators that characterize the crisis state of the enterprise according to Altman's five-factor model; determine creditworthiness indicators; give an assessment of factors influencing the financial result. The development of specific plans for the implementation of measures will allow the enterprise to decide on the main types of actions for entering foreign markets and consolidate its competitive advantages.

ПІДВИЩЕННЯ МІЖНАРОДНОЇ КОНКУРЕНТОСПРОМОЖНОСТІ ПІДПРИЄМСТВ УКРАЇНИ НА РИНКУ МІЖНАРОДНИХ ВАНТАЖНИХ ПЕРЕВЕЗЕНЬ

The article conducts a theoretical and methodological study and highlights the practical aspects of increasing the level of competitiveness of domestic enterprises in the market of international freight. The essence of the international competitiveness of the enterprise as the state of the international economic activity of the enterprise, capable to develop competitive advantages under the influence of the external environment is defined. The market of international freight transportation, the dynamics of freight turnover for 2006–2021 are analyzed and the growth, significant prospects for further development are revealed. The results of PEST-analysis on the assessment of the most important factors influencing the external environment on the competitiveness of the transport and logistics company are presented. As a result of the analysis, there is a significant impact of economic growth, inflation, technological innovation, technological change in freight transport, state regulation of international freight transport. A polygon of competitiveness has been developed on the example of a specific enterprise of ETERNA LEGAL GROUP LLC in the market of international freight transportation, calculated according to expert estimates. An assessment of the international competitiveness of transport and logistics services of ETERNA LEGAL GROUP LLC in the European market. Comprehensive calculations of the international competitiveness of transport and logistics services of the enterprise according to the method of effective competition showed that the studied transport and logistics company has competitiveness below the average competitiveness in the European market. Conclusions were made on the need to increase the competitiveness of domestic enterprises in the international freight market. On the basis of the received estimation measures for increase of the international competitiveness of the enterprise, creation of the uniform logistic center in the territory of the country, expansion, export marketing are offered. Scientifically substantiated recommendations on ways to increase the competitiveness of domestic transport and logistics companies, including increasing the geography of exports of customs brokerage and transport and logistics services, expanding the range of foreign trade services, implementation of a full-scale marketing program to promote customs brokerage and transport systems. navigation to control international traffic.

Інноваційна сфера як один з напрямів міжнародної інвестиційної діяльності ТНК

The article is devoted to researching the investment activity of TNCs, which is related to the innovative sphere of the economy of the host countries, which reveals the relevance and necessity of developing a strong basis for the development of a competitive and comprehensive system of society within any country. It pays attention on the fact that developing Asian countries even during the COVID-19 pandemic have high indicators of investment attraction. In general, it should be noted that investments are a source of prosperity and stability in the development of the country's economy, a source of providing new technologies and innovations, jobs in a difficult time of high rate of inflation and high rate of unemployment. The article provides vivid examples of corporations whose investment projects in the host countries reflect the innovative direction of their activities and the spread of new technologies to the Asian region. TNCs have quite large financial resources that can be used by them in any spheres and industries. Diversification provides an opportunity to reduce risks and introduce new standards and rules of international economic activity. It reveals the importance of innovative investments provided by large technologically advanced corporations to the economies of countries that were previously not competitive enough on the world market

Global Value Chain: Islamic Economics and Finance Position

The growing number of Muslim populations promotes significant development on Islamic economic and finance activities called halal industry. While the halal industry is experiencing positive growth in the last four years, the Global Value Chain (GVC) – the chain of system that drives international trades and global economic activities – remains stagnant. The present study aims to explain the position of the Islamic economics and finance in the GVC. This study employs a qualitative-descriptive method with systematic literature review approach. By collecting secondary data using strict-processing stages and content analysis techniques, the author manages to meet the study’s purpose. The findings suggest that the Islamic economics and finance have opportunities to boost countries' participation in the GVC activities by harmonizing halal standardization, enhancing financial infrastructures, and providing various financial products. This study contributes to generate government policies and enterprises' decisions in developing the Islamic economics and finance within the GVC framework. It further provides initial insights and potential topics for future studies.

Redeveloping the National Innovative Capacity Framework: European Union Perspective

This paper aims to redevelop the national innovative capacity framework and specify the influence of its’ elements on shaping the innovation performance of the EU nations. The objects of the empirical research are the EU member states for the period of 2000–2018. The collected data is employed in a multivariate Granger causality analysis that illustrates the causal links between the analyzed indicators and considers their dynamics. The results demonstrate that countries seeking to increase the levels of innovative outputs should mostly focus on scientific excellence and international economic activities. A redevelopment of the framework also helped discover that gender equality and corruption have causal links with all forms of the investigated innovation indicators—technological, non-technological, and commercial ones. The outcomes of this study highlight the most critical areas where EU member states could focus to improve their national innovation performance and may assist policymakers in the designing process of future innovation policies.

A study on the Problems and Skills of Business English Translation

In the development of international economic activities, or the communication of different national culture, is relying on the powerful tool for English language, business English as an international language, plays a bridge role in international trade, along with our country market gradually into the international economy and society, the demand of business trade English translation and contradictions increasingly prominent. Business English is a combination of language, culture and economy. It is a common language for cross-cultural communication in the context of international business. Business English translation should follow certain principles, understand the characteristics of business English and pay attention to translation skills, which are very important for business English translation. However, there are many deficiencies and problems in current business English. In view of these problems, the corresponding measures are put forward.

EDUCATIONAL COMPONENT OF HUMAN POTENTIAL: FINANCIAL-STATISTICAL AND LABOR PERSPECTIVES

L. Halkiv L. Halaz M. Bihus 1Lviv Politechnic National University 2Lviv Polytechnic National University 3Ivan Franko National University of Lviv, Department of International economic and Investment Activity Purpose. The purpose of this article is to improve theoretical, methodological, and applied foundations of the study of the educational component of human potential. Design/methodology/approach. Scientific works of domestic and foreign scientists studying issues related to human potential, labor market, and education financing, as well as official statistical data that characterize these issues, formed the information, theoretical, and methodological basis of the study. To achieve this purpose, the article uses a set of scientific methods that have ensured conceptual integrity of the study, in particular: the method of theoretical generalization and the abstract method were used to systematize scientific results and formulate conclusions; the method of structural analysis was used to study education costs in terms of individual components; concentration and differentiation analysis was used to study distribution of costs of financial agents; dynamic modeling was used to build trends in the number of educational institutions, the number of students, and the total cost of education; the tabular method was used for a compact representation of quantitative indicators; the graphical method was used to visualize the results of the study, etc. Findings. The functioning of the country's education system has a decisive influence on the quality of human potential. Graduates who complete a higher education program are more likely to work in knowledgeintensive jobs and earn higher salaries. Workers with higher education are usually more likely to be formally employed and less likely to lose their jobs. Effectiveness of the education system depends on its financing. The results of the analysis of data on expenditures on education in Ukraine indicate the following patterns: most funds are allocated for educational services provided by higher education institutions, for the first stage of secondary education and primary education; private firms and corporations most often allocate their funds for post-secondary education; the share of state institutions among financial agents carrying out activities in the field of education reaches about 90 %; the maximum costs of the public sector are observed at the ISCED 0-3 educational levels; the network of institutions and the contingent of students receiving vocational, technical, and higher education are decreasing; there is a declining trend in the level of education expenditures in the Consolidated Budget expenditures. The rise in the price of educational services against the background of an unbalanced labor market leads to a loss of knowledge; additional retraining expenses; increase in social benefits. Practical implications. The materials presented in the article can be useful to representatives of institutions and scientists whose activities are related to the financing of education and the labor market. Originality/value. In the article, the author. The level of education of an employee is considered as one of the components of their potential. This component allows an employee to compete successfully in the labor market. In Ukraine, financial resources of the population cover more than 30 % of doctoral studies and their equivalents, as well as about 25 % of expenditures cover higher education. Given the spread of poverty and the weakening of state support for higher education, Ukrainians will face the problem of the provision of financial support for universities.

Global Development of International Tourism and Impact on the Economy of Ukraine

The article highlights the geopolitical aspects of the international tourism development in Ukraine as a global phenomenon that carries out economic, social and international and political action. In today's world, tourism has become a powerful industry, a huge complex in which the economic and social spheres are connected. The importance of tourism in international economic activity is constantly growing, and the market itself is acquiring new trends and features, affecting trade, transport and communications, agriculture and construction. The processes of globalization in the tourism market are characterized by changes in technology, modernization of transport infrastructure, internationalization of business activity and the creation of a regulatory mechanism. The potential of world tourist flows as factors of geopolitical influence is revealed, the structure of which reflects and influences the tendencies of international interaction. The main geopolitical factors influencing the dynamics and spatial organization of international tourist flows are structured. The world market of tourist services has a clear segmentation character. The main criteria for segmentation are motivational, age and regional ones. The general tendencies of development of the international tourism, a role and a place of Ukraine in the international tourist market are characterized. It is predicted that China will become the most popular tourist country in the near future. It is determined that due to the growth of intercontinental ties, which is based on the rapid development of vehicles and, above all, jet aircraft, as well as the desire of a significant number of people to visit the most remote and exotic corners of the Earth, tourism exchange between regions will develop more intensively than within regions. However, there is a growing tendency to increase the exchange of tourists between neighboring countries under conditions of normal relations between them and between countries with related languages. The main world events that have affected tourist flows in recent years are listed: Brexit, COVID-19, military actions in Eastern Ukraine and others. The analysis of international tourist flows in Ukraine was done, in particular their dynamics and spatial structure during 2010-2019 in the context of military-political aggression by Russia and the aggravation of Ukrainian-Russian interstate relations. It is established that the current dynamics of the international tourist flow in Ukraine is characterized by a sharp decrease in international visitors, slowing down the development of tourism and reformatting the spatial structure of the incoming and outgoing tourist flow. It is also noted that among the main factors hindering the development of the Ukrainian tourism industry are the unsatisfactory state of development of infrastructure and logistics of tourism, high prices, environmental and criminal risks, low innovation activity of tourism enterprises. It is concluded that international tourism is not only a passive participant in international relations, but also an active political actor who is able to act as a channel for establishing international trust and cooperation, a factor in maintaining political stability.

FEATURES OF FINANCIAL MANAGEMENT IN INTERNATIONAL ECONOMIC ACTIVITY

Abstract. The article identifies the features of financial management in international economic activity in terms of limiting economic relations associated with the COVID-19 pandemic. It is clear that the current state of the economy requires the spread of international economic activity at both macro and micro levels, as only provided that the integrated system of economic relations between the national economies of different countries and the benefits of international cooperation, it is possible to avoid economic and social problems associated with the COVID-19 pandemic. It is noted that Ukraine’s active participation in world economic processes requires economy. In turn, the transformation processes in Ukraine require a clear coordination of actions in all areas and parts of the financial system, which is the conceptual basis of a new model of economic and social development of the state. Such a model should combine the constant improvement of the welfare of society and every citizen and the formation of a competitive national economy in Ukraine, which would be organically integrated into global economic processes and take a worthy place in them. It is determined that Ukraine’s international economic activity has a very great potential in the development of economic relations, despite the existing problems, the solution of which is the key to future success in the development of trade in the international market. A SWOT-analysis of Ukraine’s international economic activity was conducted, which revealed trends in the development of foreign economic activity. The financial mechanism of development of the international economic activity (IEC) which is an element of management and the regulator of foreign economic relations is offered. The concept of IEC financial management is proposed, which substantiates the purpose and main tasks, which are specified at the micro and macro levels. It is concluded that many problems of financial management in international economic activity should be addressed primarily at the macro level, i.e. public institutions. Keywords: financial management, international economic activity, financial mechanism, concept. JEL Classіfіcatіon F30, G20 Formulas: 0; fig.: 3; tabl.: 1; bibl.: 10.

An analysis of international economic activities of Russian regions by means of virtual clustering

Subject. Today, the involvement of Russian regions in the world economy is becoming more and more important. Additionally, international economic relations of the regions have their own specific features determined by the level of the social and economic development of the region, its production capacities, infrastructure, the support of authorities and a number of other factors which need to be taken into account when developing the corresponding policies. Objectives. To classify Russian regions into groups with a similar level of development of various types of international economic activities and to identify their specific features. Methods. The following research methods were used to achieve the goal: a cluster analysis was used to group regions into virtual clusters; a comparative analysis was used to identify regions representing the specific features of the development of the relevant clusters; a correlation-regression analysis was used to detect and predict the dynamics of parameters of international economic activities of Russian regions. Results. As a result of processing original statistical data for 2018 for nine indicators, 81 Russian regions were grouped into five virtual clusters. The clusters were ranked according to the sums of standardised values of indices reflecting the level of development of international economic relations. The specific features of international economic activities of the clusters, their strengths and weaknesses, and representative regions were determined. Conclusions. It was found that Russian regions are strongly differentiated according to the level of the development of international economic relations. Since regions are focused on separate areas of international economic activity, it was possible to form 5 uniform virtual clusters. Cluster A (comprised of 3 regions) is focused on the international technology-based production with contributions from foreign funds. Its products are sold in the CIS countries and oversees. The most developed area of economic activity of cluster B (10 regions) is exports to the CIS countries. Cluster C (4 regions) is characterised by the extremely unbalanced development of the studied parameters. Its strengths include exports to foreign countries and the inflow of direct foreign investments. Among the relatively developed areas of international economic activities of cluster D are exports of goods abroad and imports of technologies and technical services. Cluster E (43 regions) is an outsider and does not have a pronounced focus on international economic activities. The weakest position for all five clusters is exports of technologies and technical services abroad.

Modern aspects of international business development in the conditions of globalization

Introduction. The paper considers the basis of international business development at global stage of internationalization. The paper emphasizes the shift of international business`s motives and forms concerning the innovative globalism. Analysis of the development of international business in the context of international management is covered in the works of В.А. Cherevatenko, K. Asvazappa, O.V. Mykhailovska, S. Robokk. In general, the issue of major trends and problems of international business is given much attention around the world. The purpose of the paper study of modern aspects of international business and new signs of social reproduction as a result of the impact of globalization. Results. In Ukraine, international business is only at an early stage of development. The country seeks to become a full partner in the world and European communities, and this requires the expansion and strengthening of international economic activity. Another distinctive feature of international business is that it is affected by many circumstances, including differences in language, geography, exchange rates and changes in the economy. The main forms of international business include: exports, imports, licensing, franchising, management contracts, turnkey contracts, joint ventures, foreign investment. Conclusion. Real globalization is characterized by the fact that international economic relations have covered almost all countries of the world and each of them depends on international business. The consequences of this are twofold: on the one hand, the country can enjoy all the benefits without feeling the negative consequences of the lack of certain resources, opportunities.

MANAGING SHIPPING EFFICIENCY IN THE SYSTEM OF ANTI-CRISIS DEVELOPMENT STRATEGIES

Topicality. The topicality lies in the actual �importance increase� of the development of the fleet and ports, which in turn requires certain efforts both on the part of ports and fleets, and at the macroeconomic level. In turn, this kind of development is an indispensable criterion that creates positive consequences regarding the commercial status and efficiency of any of the shipping companies. Aim and tasks. The purpose of the article is to develop and determine methods of achieving a stable level of functioning by activities. Merchant shipping forms two statuses of functional activity, one of which boils down to solving standard tasks of entrepreneurial efficiency, and the other one forms ensuring the stability of international economic relations together with the formation of an effect of emergence. Research results. The essence of the development of categories of management and direct management of a particular industry affects the formation of the value of capital assets of sea transport enterprises and the degree of their efficiency. The variability of the parameters of the maritime trade market predetermines the difficulty of achieving a normalized financial condition of shipping companies and commercial ports on the terms of shipping. As for anti-crisis companies, transportation management takes into account the prevention of internal and external regional problems and ensuring that there are no shortcomings, which must be accordingly minimized. All of these operations are closely related to general economic rates and transportation from the point of origin to destination. The positive side of the effect of emergence is one of the main criteria for increasing the activity of ports or a shipping company. This effect, however, is based on many different factors, including the development strategy of the next company, which, in turn, generates certain costs that the consumer must cover in order to remain the company efficient and profitable at the same time. Conclusion. The variability of the marginal market parameters predetermines the difficulty of achieving a normalized financial condition of shipping companies and commercial ports under the appropriate conditions of shipment. In turn, depending on the complexity of achieving a certain financial position of the shipping company, its final efficiency depends both on international relations connected to transportation and on the requirements of transportation, influencing the formation of the stability of international economic activity.

Сучасні фактори активізації міжнародного бізнесу в Україні та світі

Introduction. The article is devoted to the issues of the modern factors of international business activation in Ukraine and the world. It has been noted that the last decade is characterized by the intensification of digital technologies and their active influence on the development of international economic activity. It has been confirmed that the most important factors in the intensification of international business are the development of information and communication technologies and the "fintech" technologies. It has been shown that the key carriers of modern digital technologies are the leading multinational corporations, which play a key role in the creation, development and dissemination of innovations. Modern TNCs directly affect new trends in international business, global competitiveness in international markets, as well as the economies of the world's economies. The article defines that in the current conditions of international business development it is becoming increasingly obvious that the interdependence between the activities of modern corporations and key trends in the world economy. Purpose. The main purpose of the article is to highlight the trends in the development of digitalization and informatization processes as the most important factors in the development of modern international business. It is necessary to study the indicators of economic activity of corporations in the sector of information and communication technologies. Results. It has been noted that the products of the ICT sector are used mainly by developed countries and especially by developing countries. The least developed countries and countries with economies in transition are almost not involved in this trade, but since 2017 they have been slowly increasing this trend. It has been confirmed that areas of international business differ significantly depending on the use of digital technologies. The risks and opportunities of digitalization for international companies have been identified. The indicators of the information and communication technologies’ development in Ukraine have been analyzed. The progressive development of the IT ecosystem in Ukraine in such elements as the number of IT outsourcing and product companies, the number of people employed in this industry, the growing market share of Ukrainian IT services and products have been identified. Among the modern world-class digital technologies that successfully transform the business environment within the country are the following: cloud computing, Internet of things, robotics, big data, machine learning, artificial intelligence, 3D printing and blockchain. It has been proved that among the main tasks of modern corporations today is the desire to gain new competitive advantages through the use of information and communication technologies, the full use of the needs of informatization of the world economy. Conclusions. Modern opportunities for TNCs in the information sphere are related to the sphere of the Internet of Things (IoT). IoT creates new opportunities for better business conduct and quality, increased customer satisfaction, consumermanufacturer relationships, and generally increased business activity in the industry The risks of informatization have been identified, namely: the growth of cybercrime; strengthening the technological vulnerability of digital infrastructure; issues of aging of fixed assets and their safe disposal; possible weakening of technological and economic national security of individual countries due to the growth of technological dependence on foreign suppliers. The issues of possible job loss due to the development of the innovative industry and automation of production processes are becoming more relevant.

Foreign Ownership, Exporting and Gender Wage Gaps: Evidence from Japanese Linked Employer-Employee Data

We explore potential relationships between international economic activities and gender wage gaps (GWGs) using linked employer-employee data for Japan. We find evidence that exporting and multinational activities are associated with reduced GWGs. Domestic-owned firms that neither export nor invest abroad (i.e., domestic-only firms) report the largest GWG, followed by Japanese-owned multinational enterprises (JMNE), then by locally-owned exporters that do not invest abroad and finally by foreign-owned multinational enterprises (FMNE). We separate FMNE by mode of entry and confirm that FMNE established by greenfield investment deviate more than FMNE established by merger and acquisition from domestic-only firms in terms of wages. Greenfield-born FMNE are associated with the smallest GWG and largest gender-neutral wage premium among the firm types. The estimated GWG among Greenfield-born FMNE is almost 12 percentage-points lower than the 26.8 percent prevailing at domestic-only firms.

BUSINESS CHALLENGES OF COVID-19 PANDEMIC AND POTENTIAL STRATEGIES OF SUSTAINABILITY IN NIGERIA MARITIME SECTOR

Maritime transport is the foundation of global supply chain connections and economic development with shipping and ports estimated to manage more than 80 per cent of world merchandise trade by volume and over 90 per cent by value, according to United Nation Conference on Trade and Development (UNCTAD) 2020. Consequently, when severed covid-19 pandemic occur, there are absolute disruption of transport networks and supply chain which hugely undermined international trade and economic activity. The covid-19 pandemic activates health and economic crisis with extensive consequences for maritime transport and trade. Restrictions imposed in response to the covid-19 pandemic have triggered disruptions affecting economic activity and trade in maritime sector which includes ports operations, shipping and supply chains. The strategic measures taken to control the spread of the corona virus disease and slowdown of economic activity and trade have significantly affect the maritime sector both locally and globally. Thus, the study assesses the impacts of covid-19 pandemic in business operations of Nigeria maritime sector. Hence, this study analyzes the sustainable response to get back to business fully in Nigeria maritime trade. This study was performed by reviewing the available published literatures, case studies, and various government and non-government agencies/organizations from reports and official websites, served as the frameworks of the study. From huge compilation of relevant studies, presentation of data and information which is vital to maritime business challenges of covid-19 pandemic and potential strategies of sustainability and meet study objectives. 
 
 JEL: R40; R42; L20
 
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Sovereign Debt and Currency Crises Prediction Models Using Machine Learning Techniques

Sovereign debt and currencies play an increasingly influential role in the development of any country, given the need to obtain financing and establish international relations. A recurring theme in the literature on financial crises has been the prediction of sovereign debt and currency crises due to their extreme importance in international economic activity. Nevertheless, the limitations of the existing models are related to accuracy and the literature calls for more investigation on the subject and lacks geographic diversity in the samples used. This article presents new models for the prediction of sovereign debt and currency crises, using various computational techniques, which increase their precision. Also, these models present experiences with a wide global sample of the main geographical world zones, such as Africa and the Middle East, Latin America, Asia, Europe, and globally. Our models demonstrate the superiority of computational techniques concerning statistics in terms of the level of precision, which are the best methods for the sovereign debt crisis: fuzzy decision trees, AdaBoost, extreme gradient boosting, and deep learning neural decision trees, and for forecasting the currency crisis: deep learning neural decision trees, extreme gradient boosting, random forests, and deep belief network. Our research has a large and potentially significant impact on the macroeconomic policy adequacy of the countries against the risks arising from financial crises and provides instruments that make it possible to improve the balance in the finance of the countries.

Analysis of the Factors that Ensure the Possibility of Developing Economic Relations in the Field of Renewable Energy Between Ukraine and Turkey

Successful international economic activity in a particular technological sector is important for the further development of mutually beneficial socio-economic relations between neighboring countries. In order to implement the basic principles of this activity, it is necessary to determine the current level of cooperation between Turkey and Ukraine and the dynamics of its development, as well as to identify key factors influencing the development of cooperation in the field of renewable energy. The reasons for this study are the importance of ensuring effective cooperation between the two countries in the field of renewable energy, which requires an integrated approach. General scientific methods were used, the main of which are: system analysis – for determining the components of the system of foreign economic relations of Ukraine and Turkey in the direction of developing renewable energy; taxonomic analysis – for identifying factors influencing economic relations and determining their numerical value of the resulting indicator. The conducted study allowed us to evaluate the level of current developments in the direction of forging a strategic partnership and to explore the impact of stimulating and destimulating factors on the potential opportunities of both countries.

Energy security and RES penetration in a growing decarbonized economy in the era of the 4th industrial revolution

The 4th industrial revolution is expected to deeply transform the functioning of the global economy, society, and financial system. It has already triggered several challenges and opportunities for the energy sector. In this context, a secure energy supply is one of the most important factors of international economic activity and technological revolution. This study explores the link between economic growth based on the 4th industrial revolution and energy security. To this end, we use data from the European Union countries for the period 2005–2019. We also use the gross domestic product and energy security indicators as outputs of a ray production function whose inefficiencies can be explained by the share of their fossil and renewable energy. We develop a multiple-output production model using a ray production function with polar coordinates allowing for the estimation of production frontiers and country-specific inefficiency effects. Using the multiple-output production function along with different energy security indicators, we can explore how the energy system endorses economic growth, which is crucial to addressing policy designs from the perspective of the 4th industrial revolution. Forecast analysis confirms that renewable energy sources have positive effects and reduce deviations from the efficient frontier.