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This article examines the peculiarities of the management of assets and liabilities of Ukrainian banks in the conditions of significant structural transformations of the resource base during the period of martial law. The analysis is carried out at the level of homogeneous structural and functional groups of banks (SFGBs), which are formed using published reporting data and the application of Kohonen's self-organizing map (SOM). Accumulation of statistical data has been carried out for 5 years, special attention is paid to structural changes in the resource base and directions of placement of bank assets over the past two years. Over the past two years, the bank has been under the influence of shock factors affecting assets and liabilities. At the beginning of 2022, there was an outflow of funds from bank accounts, which was gradually compensated by the inflow of current funds from corporations and the population of individuals. In 2023, the National Bank of Ukraine actively stimulated the development of the term resource base, the basis for ensuring the growth of credit operations. Transactions with state securities continue to grow in the structure of bank assets. The priority task of the banking system remains the financial support of business, but in the conditions of a full-scale war, such development of credit operations is limited. It is expedient to study the strategy of banks by combining the structure of assets and liabilities according to similar characteristics and analyzing the dynamics of groups. Observation of homogeneous groups confirms their stable nature, features of strategy, risk profile and development priorities. It has been proven that banks within homogeneous SFGBs demonstrate similar behaviour in the formation of management strategies and reactions to internal and external shocks. At the macro level, the SOM structure allows you to quantitatively assess the main processes taking place in the banking system, conduct comparisons with maps, and identify problems and priorities in the management of bank assets and liabilities. The SFGB method allows you to evaluate the trajectory of individual banks on the map and develop recommendations for improving the strategy of managing assets and liabilities. [ABSTRACT FROM AUTHOR]

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 provide 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. [ABSTRACT FROM AUTHOR]

The banking system is a key issue for any state, as it provides access to capital for businesses and individuals. The Ukrainian economy forms the mechanism of financial and credit relations primarily through the banking system, which ensures the development of not only the real sector of the economy but also all spheres and sectors. Ukraine takes an active position on the way to European integration and globalization, as a result of which its banking system is undoubtedly subordinated to the trends emerging in the global dimension. However, the beginning and active development of military operations on the territory of Ukraine creates additional challenges for the domestic banks, which certainly should be taken into account and used to ensure national financial security. The purpose of the research is determined by the need to identify trends in the development of the banking system of Ukraine as the main subject of financial and credit relations and determine further changes in the peculiarities of the model of financial and credit relations under the influence of globalization challenges. To achieve the goal, the methods of analysis of statistical information, graphic method, cluster analysis, as well as general scientific methods, in particular: generalization, systematization, induction, deduction were used. As a result of the research, the tendencies of global development of the banking system of the world were established and the globalization challenges that form these tendencies were determined, as well as the directions of development of credit relations in Ukraine after the end of hostilities were determined. The practical value of the received results consists in the formation of recommendations for banking institutions on the further development after the termination of martial law in Ukraine and directions of adaptation to globalization processes. According to the results of the research, it is possible to state that during the last 5 years, the development of the banking system of Ukraine has been quite stable, which is confirmed by the statistical analysis given in the work, it is also established that the basis of the banking system consists of 5 largest banks, the position in the market of which is quite stable. Consequently, the state should take measures to support these institutions and ensure their stability under martial law. [ABSTRACT FROM AUTHOR]

Modelling the impact of state regulation of the banking system to improve the efficiency of the functioning of the national economy is becoming quite important. In the context of constant geopolitical, social, climatic disturbances, hostilities, the need for immediate management decisions, the question of developing new conceptual approaches to the formation of theoretical and methodological foundations and practical measures of state regulation of the influence of the banking system to financially ensure long-term stable development of the country's economy in the face of increasing crisis phenomena. The study pays attention to the essence, main provisions and principles of the concept of state regulation of the banking system as a segment of the national economy. The use of the taxonomic approach and functional and legal modelling of the processes of state regulation of the influence of the banking system on the development of the national economy is considered. The introduction of a taxonomic approach to the description of the regulation of the banking system in the form of a procedure for constructing a taxonomic indicator for the analysis of the relevant regulation on selected features during the studied period of time is proposed; procedures for the distribution of the analyzed features of the taxonomic determination of the content of the impact on the regulation of the banking system in separate groups to determine the content of the relevant regulation in separate time intervals or in the context of individual groups of banks. The study carried out functional and legal modelling of the processes of state regulation of the influence of the banking system on the development of the national economy. [ABSTRACT FROM AUTHOR]

Banks of Ukraine in the conditions of martial law demonstrated rather contradictory, but mostly positive results. Despite significant economic and infrastructural losses, the banking system has preserved its integrity and reliably fulfils existing obligations, conducts settlements, and continues to attract customer deposits, but has switched to a conservative (zero) growth of loan portfolios, except for programs supported by the state, has slowed down the issuance of new loans due to high credit risks, and also postponed the implementation of plans to reduce the share of the public sector. The article presents a generalized description of the main components of the systemic risk of instability of the banking system based on a structural and functional analysis of its elements according to the official reports of the NBU for 2022 and previous years, as well as the prospects for its further development. It was determined that by the end of 2022, the banking system of Ukraine maintains an acceptable level of operational stability, excessive liquidity and tries to minimize the factors of credit, operational and currency risks. In the second half of 2022, credit risks began to materialize, which was manifested in the growth of defaults. Based on this, it was concluded that one of the important directions of the regulatory policy of the NBU should be the development of incentives for the quantitative and qualitative improvement of the financial base of the banking system. In particular, it is proposed to stimulate the growth of the funding, dominantly from the domestic market, and therefore to the levelling of currency and credit risk, as well as to the improvement of the effectiveness of the monetary policy. To ensure lending activity, it is advisable to develop lending support for ESG goals for diversification of energy production, housing and infrastructure construction. [ABSTRACT FROM AUTHOR]

In the age of the global Internet, there were changes in the life of the human community, its needs, and requirements for the provision of payment services, that, in turn, affected the development of the payment sphere. Taking into account the transformations in the field of payment systems that occur as a result of the continuous development of the digital economy and its globalization, legislative and regulatory changes in the domestic and international legislative field, research and proposals regarding the modern understanding of the concept of "payment system" and its varieties remain important. As a result of the conducted research on the current condition of functioning of payment systems, we have proposed the author's vision of the concept of "payment system" and their varieties, which takes into account the influence of digital technology changes and globalization processes on their activity, while highlighting individual types of payment systems depending on their general economic significance, unitary position, as well as importance, significance, and functionality. In addition, the selected types of payment systems may have several variants of their interpretation, since today this concept has significantly expanded its lexical meaning. Based on the results of the assessment of the current condition of functioning of payment systems in Ukraine, the article identifies the main stages of the formation of the country's payment system, identifies its features, and establishes the factors that influence their development (political and economic, globalization, informatization of society, digitalization of the economy, development of financial technologies, the legislative basis for payment systems, use of oversite, regulator's policy, access to the Internet, level of material support of the population, competition between payment service providers, popularization of cashless payments). The study of the main development trends and the identification of the main shortcomings in the article showed the need to reform the payment system, and interbank settlements, and determine promising directions for the development of payment systems in order to create an effective, reliable and safe payment in the system of Ukraine. [ABSTRACT FROM AUTHOR]

The article analyzes changes in the business models of Ukrainian banks using the author's method of structural and functional groups of banks (SFGB). The method’s basis is the processing, systematization, and visualization of the system’s values of banks’ financial indicators using Kohonen’s self-organizing map (SOM). Depending on the level distribution of a large number of indicators that characterize the structure of assets, liabilities, income, expenses, and other qualitative indicators that describe the business models of each bank on successive reporting dates, homogeneous groups of banks are formed. The purpose of this study is to compare the key features of the banking system as of January 1 and September 1, 2022, and the corresponding changes in business models. Over the eight months of 2022, the number of banks with corporate lending increased slightly, but the resource base of these banks gradually changed. The number of banks with retail financing decreased at the expense of banks with current resources. During an increase in the discount rate and in the price of refinancing loans, banks’ business model that attracts resources on the interbank market and places them in securities has shrunk. At the same time, the number of banks with an increased level of securities in assets and corporate financing increased. The quality of the portfolio indicates the increased credit risks of the respective large state banks. The drawback of the proposed method is the dependence of conclusions on official banks 'statements that do not always reflect nuisances of financial position. Within small banks, we can sometimes observe that current changes in clients' account balances affect the position in SFGB. The SFGB method can be applied to analyze trends and estimate the probability of subsequent structural changes. For each bank, one can observe the trajectory change on the map and investigate the reasons for the change in business strategy. [ABSTRACT FROM AUTHOR]

The current conditions of the world economy functioning in a digital format actualize approaches to understanding the characteristics of globalization and integration processes in such and are becoming increasingly important, because the world is changing rapidly in the third millennium. The introduction of a single national currency within the system of relations between the member states of the Union has raised the issue of creating payment systems with new features for settlements between central and commercial banks at the European level. The implementation of this approach required the development of theoretical aspects of globalization and integration processes in the context of digitalization of the economy and the study of their impact on the development of European and national, including Ukrainian payment systems. The aim of the article is to study the trends and analyze the state of payment systems in Ukraine at the stage of further development of the economy, taking into account aspects of its digital transformation, specifying the tasks and prospects of European integration as a key benchmark. The article examines the operation of the EURO1 payment system, which is a development of the European Banking Association, and substantiates the feasibility of its use in terms of the purpose for transferring large payments, transfers in euros between banks that are registered or branches in the European Union. It is confirmed that the consideration of such specific characteristics will ensure the effective implementation of the functions of such a payment system. The results of statistical analysis of changes in the dynamics of the initial parameters of the EURO1 payment system from the moment of its foundation to the present day are presented. At the stage of consideration of theoretical and practical aspects of globalization and integration processes, their influence on the development of payment systems was revealed. A comparative analysis of the functioning of the payment space in the European Union and Ukraine was carried out, which established that the system of payments and settlements of the euro area has the characteristics of a more modern and open. As a result, the expediency of further development of the theoretical provisions on understanding the essence of the concept of "payment system", as well as improving the forms of interbank settlements and increasing the efficiency of the payment system of Ukraine on the principles of organization and functioning of European payment systems through the introduction of appropriate regulations and standards in the payment sphere of the country by the regulator is proved. [ABSTRACT FROM AUTHOR]

The paper deals with the analysis of the banking system of Ukraine. It is shown that for Ukraine the frequency and depth of crisis phenomena in the banking sector are exacerbated by the raw material orientation of the economy, underdeveloped domestic market and the circulation of foreign currency (dollarization of the economy). It should be noted that in the pre-crisis during 2006-2007, excessive mortgage lending created a "bubble" in the real estate market, which, comparing its devastating effects, corresponded to this phenomenon in the real estate market in the United States. Although the crisis of 2008- 2009 demonstrated the vulnerability of the Ukrainian banking system to numerous economic and political upheavals, no significant changes in banking supervision took place to minimize systemic risks. Restoration of the banking system of Ukraine in 2015-2016 is generally in line with post-crisis trends to streamline the banking system and increase its efficiency in the world. At the same time, the weakness of the institutional environment makes it impossible to use both administrative tools and state development banks to increase productive lending in Ukraine. On the other hand, commercial banks will use refinancing loans instead of private-sector savings to lend. In this case, the probability of the need for financial support from banks increases, which will lead to a significant increase in public debt. Moreover, a system of vector autoregression models has been developed to research the impact of crisis periods on the performance of commercial banks in Ukraine. The simulation results (mainly the analysis of impulse response functions) allow concluding that interbank lending in post-crisis conditions recovers relatively rapidly (with a lag of two years). Lending to non-financial corporations and non-residents showed a decline and recovery only within four years after the crisis. Lending to the general government sector is growing every year, but at the same time loans to other resident sectors are declining. In addition, during the year after the crisis, the volume of deposits in the banking system is demonstrating a decrease. Other variables do not show any response to the crisis. [ABSTRACT FROM AUTHOR]

In the study, it was found that today bank lending to agro-industrial enterprises in the short term does not have economically justified prerequisites for its development and can not perform a stimulating function. Low or negative profitability and accumulated losses of previous periods do not cover the high price of credit resources. As a result, the attraction of credit funds in the economic activities of enterprises overtime only worsen the already difficult financial situation. On the other hand, the existing lending practice has already led to the fact that about 55% of loans are not repaid on time. That is why the banking system needs to apply stricter approaches to risk management when choosing counter parties. Otherwise, it will also threaten its stability. The scientific novelty of this work is the economic justification of the feasibility of lending to agroindustrial enterprises of Ukraine, based on banking statistics and modern approaches to financial management and, unlike the existing situation, taking into account the interests of both businesses and the banking sector. [ABSTRACT FROM AUTHOR]

The cleansing of the Ukrainian banking system, performed in 2014—2016, showed the purpose of the National Bank to break the old models of banking and ensure sustainable development of the banking system and Ukraine as a whole. At the same time, the cleansing of the banking system was revolutionary, affecting not only the owners but also the broad sectors of society and the business entities, who suffered losses. Due to high relevance and social impact, discussions about the root causes, methods, and consequences arose. This article aims to establish the compliance of cleansing the banking system of Ukraine with the goals of sustainable development. In this study, we considered the provisions of economic theory and the theory of banking systems, taking into account the spirit, ideals and principles of sustainable development. This study has the structure as follows. Firstly, we performed a theoretical analysis of the evolutionary and revolutionary types of banking reforms. Then we conducted a historical-economic analysis of the events that preceded the beginning of the cleansing of the banking system. In the central part, we analyzed the generalized causes and specific problems that led to the withdrawal of banks from the market in the primary wave of cleansing. Finally, we singled out three groups of NBU’s comments on the liquidation of specific banks. We established their close connection with the implementation of task 8.3 of the eighth Sustainable Development Goal. We pointed out some discrepancies between the reasons for the liquidation of individual banks and the comments of the NBU. Therefore, we have suggested combining comments into groups which more clearly reflect liquidation reason. Such groups include non-compliance with stakeholders, lack of bank recovery strategy and resources, and misbehaviour by shareholders, insiders, and related parties. Finally, we reaffirmed the revolutionary nature of the reform. We proved that, despite the losses, its absence, in the longrun, could have made it impossible to meet Task 8.3 of the Eighth Sustainable Development Goal. Promising are as of further research are comparing the procedure and results of cleansing the banking system in Ukraine and foreign countries. [ABSTRACT FROM AUTHOR]

The problem of attracting financial resources for the growth of small and medium-sized businesses was and remains relevant at all stages of the market economy development, which actualizes market research in the historical context. The article provides a historical retrospective to the problem of the mutual credit societies (MCS) creation and activity in 9 Ukrainian governorates, that were part of the Russian Empire in the second half of the 19th — early 20th centuries. The present paper makes attempt to examine the mechanisms and structure of lending, which was carried out by MCS in general. The objective is to establish the state of MCS’ development in the Ukrainian governorates. The paper also identifies the role of MCS in the lending system that had developed in the second half of the 19th — early 20th centuries in the Russian Empire. It was used several scientific methods which includes an interdisciplinary approach and are characteristic of research in the economic history field. Various historical sources like published statistical data and archival documents and materials were used. The study has found that the establishment and activity of MCS were focused on providing short-term loans to small and medium-sized businesses, that has been operating in governmental and provincial uyezd towns and cities where the banking system was poorly developed. It was carried out the analysis of development dynamic of quantitative and qualitative indicators of MCS activity. It was determined that the MCS share in the credit system of the Russian Empire constituted 5% in 1914. The study has found that rate of the MCS creating practice was influenced by many factors, which were mainly associated with unsuccessful financial reforms, belated legal regulation and weak episodic state support. The change in the structure of the credit-deposit and other operations provided by MCS has been processed. The range of banking services provided by MCS to their members and other clients was investigated. It has been proved the value of the historical experience of MCS crediting and the possibilities of its use to provide financial support for the development of domestic business are outlined. [ABSTRACT FROM AUTHOR]

The heart of any market economy is its circulatory system. The complex of credit and banking institutions that serve their viability of structures (infrastructural elements), is a fullfledged banking system of the country. Modern dynamic processes of globalization of financial markets due to the acceleration of the free movement of capital, in addition to a positive impact on the development of national financial systems, create conditions for the spread of crisis trends, including contributing to the manifestation of the chain of «infection effect» of banking systems in the international financial space. A system of economic and legal support for the financial stability of the banking system has been developed. The feasibility of creating and achieving the effectiveness of which in modern conditions is due to the need to reboot the domestic banking system to solve existing internal financial problems and transform it in accordance with the European-oriented vector of development of the country’s economy. The existing system provides for the financial stability of the banking system at two levels: at the macro level — the banking system as an object with systemic properties; micro-level — banks as structural elements of the banking system. The study of the features of the formation of a system of economic and legal support for the financial stability of the banking system. The main task was to optimize the main elements of the system of economic and legal support for the financial stability of the banking system. The main goal of the study is to form a system of economic and legal support for the financial stability of the banking system. A methodology for structuring system elements was applied. Building an information model allows you to structure the elements of the system of economic and legal support for the financial stability of the banking system, see their relationship, highlight the main and secondary ones. [ABSTRACT FROM AUTHOR]

The article explores ways to ensure stable economic development through the efficient functioning of the banking sector. The concept of stable development and efficiency of the banking system is revealed. The key principles of macroprudential and microprudential policy are analyzed and the main advantages of each of them are determined. The tools for implementing macroprudential policy to ensure sustainable economic development are described. The peculiarities of the application of rating assessment, the role of state-owned banks and investment banking as the most optimal measures to ensure economic development are outlined. Promising digital technologies in the banking system, which have a long-term strategic nature of development, are presented. It is confirmed that the development of the country’s economy depends on many factors of the internal organization of the microeconomic environment. Among the aspects of qualitatively increasing the competitiveness of the national economy, an important component is the emphasis on the policy of strengthening the efficiency of the market sector. The infrastructure of the market and financial sector consists of instruments of financial influence, as well as additional comprehensive measures aimed at creating a multi-channel system of various institutions and institutions, a structured real financial services sector given the overall stability of the banking system. The quality and efficiency of the financial sector can be determined, in particular, by the indicators of the peculiarities of the creation of market goods and services, which create an opportunity to create market relations at optimal prices. We concluded that the last important factor for the prospect of sustainable economic development through the efficient functioning of the banking system is the use of digital technologies, because the world is rapidly transitioning from traditional to digital economy, so the banking system must be transformed into modern realities using current innovative technologies. [ABSTRACT FROM AUTHOR]

The article is devoted to the development of methodological approaches to assessing the level of financial stability of banks in the system of their financial recovery based on the use of an integrated approach. The paper substantiates the principles of evaluating the effectiveness of the financial recovery system, and proves that it should be based on indicators of financial stability, business activity, liquidity, management efficiency, as well as indicators, the negative value of which can lead to insolvency of a banking institution. The complexity of the internal structure of the proposed integrated indicator of the level of financial stability of the banking system allows to identify weak areas in its functioning and vector to direct the actions of the regulator for timely reorganization or effective management in the financial recovery of banks. [ABSTRACT FROM AUTHOR]

The article investigates the deteminants of the competitiveness of the banking sector of the national economy on the basis of the comparative analysis of the functioning of the banking systems of Ukraine and Poland.The authors conducted research using the following methoddology: comparative analysis of the institutional efficiency of the banking sectors of Ukraine and Poland; comparative analysis of the level of concentration of the banking sector of Ukraine and Poland; comparative analysis of the microeconomic and macroeconomic efficiency of the banking sectors of Ukraine and Poland; comparative analysis of tl1e social efficiency of tl1e banking sectors of both countries in terms of their financial inclusiveness. The results of the research showed the higher level of competitiveness of the Polish banking system, which is reflected in its stabe operation over the long period of time, resilience to crises and excessive risks, effective prudential supervision system, developed institutional structure, close to market and consumer banking needs, and thus dynamic growth of banking financing of national economy and the availability of banking products for businesses and households. In contrast to Polish banking system, Ukrainian banking system in recent years has experienced the deep crisis and the significant number of bank failures, significant amounts of nonperforming assets, liquidity proЫems, etc. and thus in order to save systemically important banks the significant concentration of state capital, extremely high interest rates and as result significant reduction of the share of bank financing of the national economy and the presence of significant barriers to the availability of banking products for consumers. The authors summarized, that the key determinants of the competitiveness of the national banking sector are the following: the presence of the developed institutional structure of the banking system; prevention of monopolization and excessive concentration of the banking sector; effectively operated national system of banking supervision and regulation; the development of the banking sector as the key player in the national financial ecosystem and fulfillment Ьу the banking system its main functions in the economy and society. [ABSTRACT FROM AUTHOR]

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)