Ukrainian Market Research Articles

Business diversification and changes in perspective strategies for managing innovation activities during martial law

The purpose of this article was to study the changes in the directions of entrepreneurial activity and approaches to managing innovation in the context of the Russian-Ukrainian war. The analysis shows that during the Russian-Ukrainian war, the Ukrainian market for innovation and development suffered significantly. This is evidenced by both the global innovation index of Ukraine and the European innovation index. This deterioration has had a significant impact on the development of innovation at Ukrainian enterprises. In order for an enterprise to function effectively in the context of war, more effort and attention should be paid to innovation and changes in the long-term strategies for managing such activities. The author identifies ten areas that should be implemented by Ukrainian enterprises in the context of war: the development of a “business core”, the introduction of artificial intelligence, machine learning, augmented and virtual reality, blockchain technologies, the introduction of “smart solutions” using the Internet of Things, as well as the implementation of “green reconstruction”, genetic engineering or biotechnology, quality improvement, and the creation of their own ecosystem. The study found that the main role in this process is played by the effective management of innovation activities, so it is important for Ukrainian enterprises to change their long-term management strategies. The process of changing the strategy of innovation management and choosing a new way of business diversification for Ukrainian entrepreneurs should take place in five consecutive stages: formation of an individual innovation process, increasing attention to research and development, internal sources of innovation, promoting the interaction of internal and external sources of innovation, combining various components into a single innovation system, and effective management of the created innovation ecosystem. The study identifies the main aspects that should be present in the changed strategies to enable enterprises to function as efficiently as possible during martial law. These aspects include accelerating the emergence of innovations, creating motivation to invest, and developing partnerships in the investment process

Market transformations in the development of land relations (experience of Canada and Scotland)

The development of land relations today remains one of the most important tasks of Ukraine. The priority directions for the development of such relations are the creation of conditions for the inclusion of land to the economic circulation and the regulation of land relations in combination with the increase of budget revenues of all levels from the use of land.
 In modern conditions, the land policy of developed countries creates mechanisms for regulating the land market with a multifaceted socio-economic content. This complex process is accompanied by the reform of land relations. Effective management of land resources ensures the development of the land market. Discussions regarding the creation of a full-fledged land market in Ukraine are still ongoing. Analysis of foreign experience will allow to transform land relations in Ukraine.
 Natural resources are diverse, but land is becoming an increasingly valuable resource for most countries. They are trying to achieve high rates of economic growth, which, in turn, are related to the development of land resources. It often turns out that such «development» is connected with the seizure of a million hectares of agricultural land by rich corporations or even foreign states. Deprivation of rights to land claims the status of the most famous and, at the same time, little-researched form of deprivation of rights not only in modern literature devoted to «land grabbing», but also in classical theory in general. The article discusses the factors contributing to «land grabbing». Global factors causing similar processes in Canada and Scotland, current consequences, future risks are identified. It was established that the factors of «grabbing of land» for agricultural purposes are of different nature. This is a significant price differentiation on the land market, and the increase in the investment attractiveness of agricultural land, the consequences of privatization and land consolidation. The leading role of the state in the investment process and the existence of a strategy for spreading the influence of the countries in question, which is implemented in parallel with the purchase of land, are shown.

International practice of preventing illegal drug trafficking

The scientific article examines issues related to the international practice of preventing the illegal circulation of narcotic drugs. Studying this topic, it was found that currently a significant number of organized criminal groups involved in the illegal circulation of narcotic drugs are international. Raw materials for the production of drugs can be grown in one country, processed in another, transported in transit through a third, and settled in a fourth.Even members of such criminal groups or organizations may have different origins and nationalities, and may speak different languages. That is why the investigation of such crimes becomes much more complicated. It was established that with close and coordinated interaction of the relevant law enforcement agencies of different states, it is most expedient to detain the entire criminal group or organization, and not just a small part of it, which in itself would not be able to stop its criminal activity, and therefore protect the population from the negative influence of narcotics means. It was found out that it is necessary to carefully monitor the state of illegal drug trafficking in neighboring states, as the distribution of narcotic substances and precursors in Ukraine may depend on it, and to take appropriate measures to combat such crimes. We also agree with the opinion of the United Nations, which was published in the World Drug Report 2023, that corruption and drug trafficking are related, mutually reinforcing and complementary crimes. It was established that international experience must be adapted to the specifics of an individual country.External factors affecting the drug market in Ukraine were outlined (war, internally displaced persons, the state of combating illegal drug trafficking in neighboring countries, interaction with foreign law enforcement agencies to prevent illegal drug trafficking). Statistics presented in the United Nations World Drug Report 2023 have been studied and highlighted. Especially vulnerable groups of people for drug addiction have been singled out.

The feasibility of using soybean raw materials

The most important determinant of public health is a balanced, nutritious diet that ensures normal human growth and development, life expectancy, increases the body's resistance to adverse environmental conditions, and leads to progress and improvement of the quality of life. The article presents the reasonable reasons for the expediency of using soybean raw materials, which led to the emergence of mass consumption products available to all groups of the population, which can be used regularly in everyday, dietary, therapeutic or preventive nutrition with a high degree of digestibility and assimilation of food, in accordance with the recommendations, while maintaining an adequate level of energy intake per day. Given the difficulties our country is experiencing due to martial law, there is a problem of expanding and, in some regions, providing a sufficient range of domestic food products that include energy components: proteins, fats and carbohydrates. There is a decrease in the production of domestic meat raw materials due to the problems faced by farms in today's difficult conditions. The article investigates the chemical composition and energy value of soybeans and soy products. The comparative characterization of soybeans and soybean products is also carried out. The proposal to enrich the range of food products with soybean processing products is also substantiated. With the further prospect of developing technologies for adding and enriching soybean processing products to raw materials of animal origin. The feasibility of these technologies is based on the chemical composition of soybeans. After all, soybeans and soy products are protein components, the value of which is primarily represented by polyunsaturated fatty acids, isoflavonoids, phospholipids, enzymes, carbohydrates, dietary fiber, minerals, as well as vitamins E, B, PP and other physiologically valuable nutrients. It is clear that in order to maximize the extraction of native nutrients, it is important to use special methods and economical modes of technological processing of raw materials. The article also describes the main types of soybean seed processing products with high nutritional and biological value available on the Ukrainian market.

PROBLEMATIC ASPECTS OF DETERMINING FIRE PROTECTION OF WOOD

Annually, fires inflict huge losses to both business entities of various forms of ownership and the state overall. According to analytical data for nine months of 2023, 2212 fires occurred in Ukraine at objects of different forms of ownership subject to state supervision (control) in technogenic and fire safety. Many researchers confirm that fire protection of wood is an effective prophylactic measure. However, there are significant factors influencing the reduction of its efficiency directly and also factors that do not affect the efficiency of fire protection directly but provide an objective determination of the quality of fire protection. One of the factors in objectively determining the quality of fire protection is verifying the fire protection compliance. This study aims to determine the causes and patterns of improper fire protection of wooden building structures with fire-retardant solutions (lower than stated in the manufacturer’s regulations). The analysis of recent research and publications shows that the issue of verifying the compliance of fire protection of wooden structures directly after the works in Ukraine has not been studied. Many modern fire protection solutions on the Ukrainian market require improved quality control methods. The existent system of verification of the compliance of fire protection has substantial defects and does not give a possibility to define objectively the quality of fire protection. Precise terminology is absent in normative acts, the methods described for verifying fire protection are not up-to-date, and the regulatory documents for fireproof solutions, in most cases, do not contain the necessary information for quality control. Improvement of verification of the compliance of fire protection of the exploited wood is a necessity at all stages, beginning from determining correct terminology and actualisation of the Rules of fire protection to developing effective methods of verification taking into account the features of modern fireproof solutions. Keywords: fire protection of wood, fire protection compliance verification, fire protection rules, wood impregnation.

DETERMINANTS OF THE DEVELOPMENT OF THE INCLUSIVE LABOR MARKET IN UKRAINE

The article examines the modern determinants of the development of the inclusive labor market in Ukraine, which are determined by a complex of specific factors that affect the process of integration of people from socially vulnerable population groups. It has been proven that one of the key components of the inclusive labor market are socio-economic conditions that form the foundation for the development of an inclusive economy. It was determined that the degree of economic development, the level of unemployment and the availability of financial resources directly affect the formation of an inclusive labor market. In addition, an important role in the formation of an inclusive environment is also played by legal regulation, including the interaction of national public administration bodies with the international labor organization. It has been proven that normative acts aimed at protecting the rights of socially vulnerable persons create the necessary conditions for their active participation in economic activity on the labor market. It was determined that the development and improvement of such normative legal acts is a strategic task for ensuring the sustainable development of the inclusive labor market in Ukraine. Socio-cultural factors that determine society's attitude towards socially vulnerable persons and shape openness and tolerance in the working environment are considered. It was determined that an effective policy of differentiation and acceptance of diversity can contribute to the creation of a positive climate for inclusive employment, promoting the development of diverse talents and skills among employees in order to strengthen the relevance of their qualifications to the demands of employers. It has been proven that educational opportunities for persons with disabilities play a key role in their integration into the inclusive labor market. It was found that the system of providing high-quality education and professional training, as well as the implementation of special support programs in general, contribute to the growth of the competitiveness of this group of workers in the labor market. It was determined that organizational aspects, such as the creation of specialized employment centers, functional support of enterprises that implement inclusive practices, as well as the development of corporate responsibility, contribute to the effective solution of the problems of integration of socially vulnerable persons in the field of work. It is proved that all the mentioned determinants are closely interrelated and interact with each other, forming a complex system of factors that influence the development of the inclusive labor market in Ukraine.

ДИДЖИТАЛ ТРАНСФОРМАЦІЯ БАНКІВСЬКОЇ ДІЯЛЬНОСТІ В УКРАЇНІ

Introduction. The article is devoted to studying the essence of the digital transformation of banking in Ukraine, key trends, and changes in the market arising from the digitalization of banks' products and services, including changes and trends under martial law.
 The purpose of the article. The article aims to study the current trends and prospects of digital transformation of banking in Ukraine, particularly under martial law.
 Results. The authors consider an approach to defining the main aspects of the essence of "digital transformation" of banking institutions in the context of comparison with "digitization" and "digitalization".
 The authors analyze the main trends in the digital transformation of banking activities in Ukraine and identify significant market changes resulting from the digitalization of banking products and services.
 The authors also consider the critical steps of the National Bank of Ukraine as a market regulator concerning digital transformation. In particular, the authors analyze essential legislative changes that contribute to developing the digital transformation of banking in Ukraine.
 The authors also showed that digital transformation is one of the drivers of the banking market development, which creates an urgent need for banks to modernize their business strategies with a focus on digitalization.
 Conclusions. It is concluded that today, the use of innovative technologies in banking significantly changes the payment infrastructure. Despite the daily challenges and threats, the Ukrainian market shows significant steps and prospects in using and developing financial technologies and innovations. Therefore, for traditional banking institutions to remain competitive in the market and provide services that will meet customers' growing needs, banks need to completely rethink their business strategy with a focus on digital transformation.

The analysis of dynamics of physical accessibility of pharmaceutical aid in Ukraine

The level of development of the country's health care system can be assessed in different ways, in particular by the level of pharmaceutical aid provision to the population. The quality of pharmaceutical aid for the population depends on many factors, including physical accessibility and the number of pharmacies located in a certain area. The aim of the work was to study the dynamics of changes in the physical accessibility of pharmaceutical aid provision for the population and changes in the number of pharmacies in Ukraine during 2017–2022. Annual reports of the State Service of Ukraine for medicinal products and drug control, regarding licensees in the field of economic activity in the production of medicines, wholesale and retail trade of medicinal products, circulation of drugs have been used for the analysis of dynamics. It was established that the pandemic of the coronavirus disease, which was caused by the SARS-CoV-2 (COVID-19) coronavirus, and the full-scale invasion of the Russian Federation had a significant impact on the development of the pharmaceutical market in Ukraine according to the results of the study. There is a general tendency to decrease the number of economic entities conducting their activities in the retail trade of medicines, while simultaneous increasing the places of activity, which may indicate the globalization of the pharmaceutical market. However, it can also cause a reduction in the quality of the competitive environment and limit the choice of pharmaceutical aid providers by patients. Thus, in the studied period, the number of economic entities decreased by more than 1,400. The number of pharmaceutical establishments engaged in the compounding of medicinal products also decreased significantly, by 23.5%. The total number of economic entities engaged in activities related to the circulation of narcotic drugs, psychotropic substances and precursors also decreased significantly, which definitely worsened the physical availability of this group of drugs.

FUNCTIONING OF THE MODERN ELECTRICITY MARKET IN UKRAINE AND PRICING FEATURES ON ITS SEGMENTS

Objective. The study aims to investigate the functioning peculiarities of the modern electricity market in Ukraine and pricing on its segments, and to justify proposals for their improvement. Methodology. To address the set tasks, a variety of methods and approaches were utilized in the work, including: abstract-logical – in defining the purpose and objectives of the research; analytical-monographic – in studying literary sources, legislative, and normative legal acts in the sphere of functioning of the modern electricity market in Ukraine; causal-analysis – in identifying a series of barriers hindering the development of the domestic electricity market; statistical-economic – in the process of collecting, processing statistical data and studying the results of energy market operation in 2020-2023. Results. The article examines the main aspects and problems of the functioning of the modern electricity market in Ukraine, based on competitive trading volumes of electricity in integrated market segments such as: day-ahead market, intraday market, bilateral contracts market, balancing electricity market, ancillary services market. Special attention is paid to the mechanism of electricity pricing. Scientific novelty. Recommendations for further liberalization of the electricity market in Ukraine regarding electricity pricing mechanisms on market segments are provided, which will help align price distortions, disproportions in market participants' calculations, and create competitive advantages in energy markets in Ukraine, based on the analysis of its operation results in 2020-2023. Practical significance. The recommendations provided in the article can be applied in the development of individual elements of Ukraine's Energy Strategy, creating conditions for sustainable development of Ukraine.

THE IMPACT OF WAR ON THE INSURANCE MARKET OF UKRAINE: ANALYSIS OF OBSTACLES AND RESTRUCTURING OF THE FINANCIAL LANDSCAPE

The purpose is to carefully study and systematize the impact of the military conflict on the insurance market of Ukraine and provide practical recommendations for overcoming the challenges arising in this context. Method. The study is based on the use of statistical data to assess changes in the economy and the insurance sector during martial law, a detailed analysis of specific cases of insurance companies and regions that were affected by armed aggression. Theoretical and empirical methods, as well as economic and statistical methods of research, comparative analysis, strategic management, systematic approach and analysis were used in the process of research. The results. This study presents the influence of the state of war on the structure and dynamics of the insurance market in Ukraine, analyzes the opportunities of insurance companies, losses and risks associated with insurance in conditions of instability. A decrease in the number of registered insurance companies and companies providing life insurance services was determined, a decrease in the rates of gross insurance premiums and gross insurance payouts was recorded while maintaining positive dynamics, and it was noted that the majority of insurance premiums remain at the disposal of insurers. Restructuring and adaptation strategies for insurance companies are proposed in order to ensure their viability during the war and post-victory recovery period. Scientific novelty.This study can serve as a valuable contribution to the understanding of the relationship between the war situation and the insurance market, and also indicates possible ways for further development and reform of the insurance industry in accordance with the European integration of Ukraine. Practical significance. The dynamics of the main indicators of the insurance market in recent years are singled out, and the highlighting of obvious trends, which in the future can be used as a characteristic of this period of existence of the insurance industry.

MARKET OF EDUCATIONAL SERVICES AT THE PRESENT STAGE IN UKRAINE

In modern conditions, the role of education is growing along with the development of human activity. The issue of the further development of the educational services market is becoming even more urgent, and especially in the conditions of the war in Ukraine. The article focuses attention on the important role of the market of educational services in providing alternative learning opportunities due to security measures. The concept of the market of educational services was analyzed and its main subjects were determined. It is noted that the market of educational services exists in conditions of fierce competition. The author identified the factors affecting the market of educational services. Emphasis is placed on the fact that the educational services market is a leading factor in economic growth, employment and income. The number of students of higher education institutions in Ukraine, the number of foreign students and other indicators of the educational services market were analyzed. It has been noted and proven that education acts as a stabilizing force, and it is especially important during the years of war in Ukraine, despite the fact that some students are abroad. The author singled out serious challenges faced by the education market in Ukraine in the context of Russia’s military aggression. Proposed directions for solving challenges in Ukraine at the current stage.

Innovative Aspect of E-Commerce Development in Ukraine

Introduction. The share of e-trading in the total volume of the Ukrainian retail sales market tends to increase. Since innovative trade approaches open new perspectives and provide the possibility of doing business in conditions of significant challenges, the role of e-commerce in restoring the country's economy becomes more significant. The social role of e-commerce as a source of vital goods for a population is also growing. Therefore, the study of the e-commerce market and analysis of the impact of war on its development have become important tasks.
 Aim and tasks. The purpose of this study is to examine the state of the e-commerce market using statistical data, analyze the impact of the war on the development of e-commerce, identify the main market trends, and forecast the main indicators of e-commerce. This determines the following tasks: establishing the peculiarities of the e-commerce market in Ukraine, establishing obstacles to the development of e-commerce, identifying opportunities that e-trading opens up for Ukrainian entrepreneurs, and determining the conditions to be taken into account in the transition of retail trade to e-trading under the challenges of war..
 Results. The negative impact of significant market changes in the 2022-2023 was compensated by the growth in active e-commerce users. A change in the growth rate of users by 40% in 2022 was confirmed. This indicates that hostilities changed the range of e-commerce products and that the market share of basic necessities exceeded 50%. The highest annual revenue per user for food products will be 89.4% ahead of the product group closest to this indicator. According to the indicator “Average income from e-commerce per client”, it is predicted to reach 2019 only in 2026. Sales changes for the main product groups in 2024 have been established. According to the “Highest annual revenue per user” indicator, food products will exceed the value for 2023 by 25% and personal care products by 9.4%.
 Conclusions. Innovative technologies (e-marketplace, analysis of buyer profiles, omnichannel communication with consumers, m-trading, etc.) that contribute to the development of e-commerce and the interaction of these technologies and market needs are identified. The peculiarities of the Ukrainian e-commerce market during the war were established. Obstacles to the development of e-commerce and the opportunities that e-trading opens for Ukrainian entrepreneurs have been identified. The conditions that must be considered during the transition from retail trade to e-trading due to the challenges of war, which is especially important for small and medium-sized enterprises, are determined.

A NEW METHOD FOR DETERMINING THE COMPETITIVE POSITION OF A LIFE INSURANCE COMPANY IN THE INSURANCE SERVICES MARKET

A NEW METHOD FOR DETERMINING THE COMPETITIVE POSITION OF A LIFE INSURANCE COMPANY IN THE INSURANCE SERVICES MARKET

Research of the Ukrainian market and quality of home and sleepwear

The study of demand, supply, and assortment of clothing indicates the need to improve production control, select high-quality raw materials to increase competitiveness and meet consumer needs in this market segment. The purpose of the study was to analyse supply and demand in the Ukrainian market of home and sleepwear and its range. The study assessed the supply and demand market with the help of information resources and search services on the Internet. In the conditions of the enterprise ELLEN GROUP LLC, organoleptic, instrumental methods of assessing the quality of consumer properties of raw materials and finished products were used during production control using regulatory documentation. The factors influencing the formation of high quality of finished products, namely the manufacturing process, stages of production quality control, regulatory documents and consumer properties, were investigated. The analysis of fashion trends and market offers allowed to determine the demand and create a modern classification system for home and sleepwear that meets modern consumer requirements. The main factors that shape the quality level of finished products are highlighted. It is determined that the high quality of garments is achieved by observing a clear technological process of their manufacture. The quality is governed by the rules and regulations of the state standards and normative documents and the use of high-quality raw materials. Recommendations are provided to guide the choice of high-quality clothing for home and sleep with ensuring comfort and safety of the consumer during use. A classification system has been developed, taking into account current market offers, different needs and requirements of consumers. The factors influencing the formation of high-quality clothing for home and sleep are identified. They are the technological process of manufacturing, during which aesthetic, ergonomic properties are formed and the choice of raw materials with high-quality indicators, which ensures an appropriate level of consumer properties such as hygiene and safety of finished products. To achieve optimal everyday comfort and quality sleep, the main aspects and effective solutions that should be followed when choosing clothes for home and sleep are outlined. The results of the study should increase the competitiveness of enterprises, improve the quality of life of consumers, in particular in the field of home and sleepwear

Marketing research of the ukrainian pharmaceutical market of medicines for cognitive impairment

The war in Ukraine causes people constant nervous tension and stress, as a result, there is an increase in the number of cases of diseases of the nervous system. It has been established that worsening of cognitive impairment is more often diagnosed, so there is a need for proper rational pharmacotherapy. The presence of cognitive impairment occurs in almost 30% of patients with post-COVID syndrome and in 70% of patients in the first 6 months after a stroke. Nootropic drugs are increasingly being used to restore and improve cognitive function. The aim of our research was to study the range of drugs of the ATC group N06B X «Various psychostimulants and nootropics», which are presented on the pharmaceutical market of Ukraine as of February 2024 for formation of needed offers of domestic and foreign drugs during wartime, optimization of meeting the needs of patients with cognitive impairment, and relevance of drugs development by domestic manufacturers. In order to conduct marketing research, an analytical review of information sources on the reference group of drugs registered on the Ukrainian market (psychostimulants and nootropics) was used: The State Register of Drugs, the Compendium, instructions for the use of drugs. The methods of our research were information search, generalization, marketing research, graphical and mathematical and statistical methods. The results of the analysis of the ATC of group N06B X «Various psychostimulants and nootropics» showed that 17 active pharmaceutical ingredients are registered in the modern pharmaceutical market of Ukraine, which are represented by 156 trade names (TN). We conducted a study of the range of drugs ATC of the N06B X group «Various psychostimulants and nootropics» depending on the country of manufacture. It has been established that the drugs of this group are represented by 12 countries. Analysis of the nomenclature in the pharmaceutical market of Ukraine showed that 95 TN are produced by 24 Ukrainian manufacturers, 61 TN – by 20 foreign manufacturers. It was found that pramiracetam and phenylpiracetam preparations are represented only by foreign manufacturers, which indicates the need to introduce to the market new drugs of domestic production. In the studied assortment of drugs of the reference group, 90% of the total number are monocomponent drugs. The most common forms of drugs in this group are solutions for injection (40%) and tablets (35). The largest share of such dosage forms as solutions for injection and tablets is represented by cytocoline and piracetam preparations, which indicates a high need for such dosage forms of this group of drugs in the treatment of cognitive impairment. The results of the study may be relevant in the formation of the necessary assortment of drugs in pharmacies to meet the needs of patients with cognitive impairments.

Regulatory control over the electricity market in Ukraine: the problem of duplication of powers

The purpose of this article is to substantiate the existence of the problem of duplication of powers in the system of regulatory control over the electricity market in Ukraine and to determine ways to solve it. This research task should be carried out using, first of all, the formal-dogmatic method within the framework of a critical assessment of the relevant legislative provisions, perceiving them being detached from the environment of their application, as well as relying on the method of legal and institutional modeling to outline the organizational and legal contours of the system of regulatory control over the electricity market in Ukraine. Results: the subject matter of regulatory control (supervision) over the electric power industry carried out by the State Energy Supervision Inspectorate of Ukraine covers the production, transmission, distribution of electric energy, energy storage, as well as the use of energy for their own needs by market participants in part of technical operation of power plants and networks, energy equipment, testing and repair of power plants and networks, performance of works on the design of power plants and networks, while the National Energy and Public Utilities Regulatory Commission carries out regulatory control over compliance by economic entities carrying out activities in the fields of energy with legislation in this area as well as with the licensing conditions by conducting scheduled and unscheduled on-site, as well as off-site inspections in accordance with the control procedures approved by this commission. Conclusions: the optimal institutional reform designed to ensure the exclusivity and indivisibility of powers regarding regulatory supervision (control) over the electric power market appears to be the concentration of these powers in the field of competence of the National Energy and Public Utilities Regulatory Commission as an independent market regulator with a complete and self-sufficient complex of control and supervision measures, which can be enriched with the prepared proposals on reforming the procedures of activity of the State Energy Supervision Inspectorate of Ukraine.

Agricultural Land Market in Ukraine: Challenges of Trade Liberalization and Future Land Policy Reforms

After over 20 years of a strict moratorium on the turnover of agricultural land in Ukraine, an official market for this type of land has recently been established. The purpose of this study was to examine the functioning of the fundamental elements of this market from the moment of its introduction on 1 July 2021 until today, as well as to understand the possible directions for its further development. The analysis of the agricultural land market and the visualization of the obtained results were carried out using the PostgreSQL database, Python and SQL programming languages, and the QGIS and Metabase tools. It was found that the volume of the agricultural land market remains insignificant, as the total area of sold land during this period made up only 0.7% of the arable land area of Ukraine. Prices for land plots remained at the level of their normative monetary value and are still relatively low, which indicates the significant undercapitalization of agricultural land as a production factor. The stability of agricultural land prices under the influence of various factors also indicates their relative virtuality, which, taking into account the further lifting of restrictions on the size of land plots to be sold as of 1 January 2024, requires the use of appropriate land policy instruments in order to fully utilize the multipurpose role of land in the achievement of the Sustainable Development Goals, which should be based on a human-rights-based approach to rural development, food security, and land policy.

Deshadowing of the labor market as a component for provision of state social security

Methods. During the research, a set of general scientific and specific methods of cognition were used, in particular: methods of logical generalization and scientific abstraction – to clarify the conceptual apparatus of the research; systematic analysis and synthesis, induction and deduction – to identify the specifics of the influence of labor market trends on the state of shadowization of the economy of Ukraine, to identify threats to national security, as well as to systematize the directions of shadowization of the labor market in Ukraine. Results. The main causes of the shadow labor market in Ukraine are analyzed. The features of informal employment are outlined and the threats to the economic security of the country, which are caused by the development and increase in the volume of informal employment, are determined. The main vectors of actions in the policy of deshadowing of the labor market are highlighted. It is well-founded that the state should facilitate the legalization of informal employment in the country, encourage formal employment, regulate the issue of deshadowing the economy, ensure the dominance of the official labor market. Attention is focused on the deshadowing of the labor market as a priority task of the government in view of the emergence of such problems as illegal use of labor, concealment of real incomes, ignoring the conclusion of labor contracts and the development of wages in the form of «payment in envelopes». It was determined that the state policy of deshadowing the labor market should contain two mutually agreed components: administrative and motivational. It was established that the most effective measures of the authorities should be: establishment of clear control over compliance with labor legislation, prevention of manifestations of informal employment and payment of shadow wages, strengthening of responsibility for violations in this area. Among the main tasks, the reduction of the tax burden, balancing the demand and supply of labor force, focusing on the development of small entrepreneurship and others have been identified as the most important. A set of measures aimed at the deshadowing of the labor market in Ukraine is outlined, the need for coordinated activity and cooperation of authorities in terms of reducing and legalizing informal employment in Ukraine is substantiated. Novelty. A set of measures for the deshadowing of the labor market in Ukraine has been determined, the implementation of which will ensure the creation of conditions for raising the standards of decent work as a basis for legalizing labor relations and increasing wages by overcoming the contradiction between a high level of human capital development and an insufficient level of social capital. Practical value. The results of the study can be used in the process of carrying out the policy of economic deshadowing as a component of Ukraine's national security.

THE CRYPTOCURRENCY ASSETS MARKET IN THE CONDITIONS OF MILITARY AGGRESSION

The Russian-Ukrainian war transformed the needs of consumers of financial services, both in Ukraine and abroad. On the one hand, the civilian population and the Armed Forces of Ukraine needed immediate help from the international community. On the other hand, individual and institutional investors were concerned about threats to traditional financial investments. The purpose of the article is to identify the priority directions for the development of the cryptocurrency asset market against the background of the Russian-Ukrainian war. The article presents an analysis of the cryptocurrency asset market with an emphasis on its structural changes in the conditions of the Russian-Ukrainian war. In the study, a survey was conducted to find out the impact of the war on the Ukrainian cryptocurrency market. The analysis of the survey results substantiates the hypothesis about the impact of increased hacking attacks by pro-Russian forces and missile attacks on the functioning of the cryptocurrency market in Ukraine. It has been confirmed that investments and payments are promising segments of the cryptocurrency market in Ukraine, in which, the most interested users and potential users of cryptocurrency are. Based on the received data, the weaknesses and strengths of the functioning of the cryptocurrency market in the conditions of war were identified. Threats and opportunities for the development of the cryptocurrency market against the background of Russian armed aggression are substantiated. The conducted research made it possible to formulate scenarios for the development of the cryptocurrency asset market in Ukraine in war conditions and the conditions for their implementation.

THE IMPACT OF THE BANKING SYSTEM LIQUIDITY ON THE VOLUME OF LENDING AND INVESTMENT IN GOVERNMENT SECURITIES DURING THE WAR

In the context of escalating military and political uncertainties, a crucial component of banking system stability is the establishment of an adequate level of resource provision – liquidity. The research aims to analyze the transmission impact of the banking system's liquidity and its structure on the volumes of financing for the real sector of the economy in the second year of the war in Ukraine. In the conditions of war and the corresponding intensification of military-political threats and uncertainties, the regulator has made numerous complex decisions and restrictions aimed at balancing the challenges with the current situation in financial markets.The research found that the banking sector of Ukraine currently accumulates a significant amount of excess liquidity and demonstrates high profitability. However, in the conditions of war, the transmission mechanism works improperly, requiring constant intervention from the regulator to balance the liquidity of the banking sector and state finances, which, in turn, affects the behavior of commercial banks and changes the structure of their asset portfolios. An analysis of the structure of active operations portfolios of the banking, corporate, and private sectors provides grounds to assert that there is no reason to expect a change in investment behavior from these groups in the perspective of the next year due to the specificity of the conditions imposed by the Ministry of Finance and the regulator. To maintain macroeconomic stability in the national economy in the conditions of martial law it is necessary to introduce conditions to reduce demand for foreign currency and, as an alternative, offer the preservation of savings solvency through simplifying access to investments in government securities for households. The low financial literacy of the population and the underdeveloped stock market in Ukraine, as well as the more complex mechanism of purchasing government bonds or military bonds compared to deposit services, make such investments by the population insignificant and limited in demand.