{"id":17348,"date":"2022-05-20T09:55:58","date_gmt":"2022-05-20T06:55:58","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=17348"},"modified":"2022-06-07T19:33:17","modified_gmt":"2022-06-07T16:33:17","slug":"ensuring-ukraine-financial-security-during","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/ensuring-ukraine-financial-security-during\/","title":{"rendered":"Mushenyk I., Hrushetskyi S. Ensuring Ukraine financial security during wartime and in conditions of financial inclusion"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n
JEL Classification<\/strong>: E 58; F 36; G 18; H 56.
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V32(2022)-09<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]Iryna Mushenyk, <\/strong>Ph.D. in Economic Sciences, Associate Professor, Dapartment of Mathematics, Computer Sciences and Academic Writing, Higher Educational Institution \u00abPodillia State University\u00bb, Kamianets-Podilskyi, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0003-4379-7358<\/a>
\ne-mail: <\/strong>mushenik77@ukr.net<\/a><\/p>\n

Sergi\u0456 Hrushetskyi, <\/strong>Ph.D. in Technical Sciences, Associate Professor of the Department of Agroengineering and System Engineering, Higher Educational Institution \u00abPodillia State University\u00bb, Kamianets-Podilskyi, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0002-0487-6152<\/a>
\ne-mail: <\/strong>g.sergiy.1969@gmail.com<\/a><\/p>\n

 <\/p>\n

Ensuring Ukraine Financial Security During Wartime and in Conditions of Financial Inclusion<\/h2>\n

\u00a0\u00a0<\/strong><\/p>\n

Abstract. <\/strong>Introduction<\/strong>. In the current conditions of economic and political crisis in Ukraine, the issues of ensuring financial security at various levels of the economic system come to the fore, from the finances of individual households to national finances. As the practice of developed countries shows, one of the main drivers of financial security is the implementation of the principles of financial inclusion. After all, financial inclusion, combined with confidence in the financial and credit system by the population and business, is the stimulus for directing savings to the investment sphere, reducing the shadowing of the economy, increasing financial stability of economic entities, and, consequently, increasing government revenue and financial security.<\/p>\n

Purpose<\/strong>. The aim of the study is to improve the theoretical and methodological foundations and practical tools for identifying problems and effective ways to spread financial inclusion in Ukraine during the war.<\/p>\n

Results.<\/strong> Theoretical approaches to defining the essence of the concept of financial inclusion are considered. The content of financial inclusion as universal access of the population to a wide range of financial services, the most common of which are banking services, is revealed. The quantitative characteristics of financial inclusion in Ukraine during the wartime are considered and the generally unsatisfactory level of financial awareness, financial inclusion and access of the population to basic financial services is noted. It is determined that financial inclusion, combined with confidence in the financial and credit system by individuals and businesses, is a stimulus for directing savings to investment, reducing the shadowing of the economy, increasing financial stability of economic entities, and, consequently, increasing level of government revenues and financial security. Theoretical and methodological principles of spreading financial inclusion as a driver of financial security of Ukraine are studied. Risks threatening financial stability and tools for their minimization in Ukraine are analyzed.<\/p>\n

Conclusions<\/strong>. The research shows that the spread of financial inclusion in Ukraine today does not meet the requirements of the modern, economically developed world. Thus, the low level of financial inclusion does not allow the state to fully use the powerful resource of savings, promotes the development of the shadow sector, which ultimately reduces the level of financial security in general.<\/p>\n

The high uncertainty caused by the war also makes it difficult to predict economic processes with reasonable probability. Therefore, the National Bank may temporarily refrain from publishing its own macroeconomic forecasts.<\/p>\n

Keywords:<\/strong> war; financial stability; financial system; systemic risks; financial stability mechanism; financial inclusion; financial security; financial literacy; financial services.<\/p>\n

References:<\/strong><\/p>\n

    \n
  1. Akimova, O. V. (2015). Financial inclusion and other prerequisites for the development of financial monitoring in Ukraine. Molodyj vchenyj. Ekonomichni nauky, 12 (27), 195-198 [in Ukrainian].<\/li>\n
  2. Bazyliuk, A. V. & Zhulyn, O. V. (2015). Inclusive growth as a basis for socio-economic development. Ekonomika ta upravlinnia na transporti, 1, 19-29 [in Ukrainian].<\/li>\n
  3. Bobukh, I. N. & Schehel’, S. M. (2018). Strategic guidelines for economic growth in Ukraine. Inclusion as a key priority. Visnyk NAN Ukrainy, 7, 55-70 [in Ukrainian].<\/li>\n
  4. In the conditions of martial law the BankID System of the NBU continues to operate stably and reliably (2022). Retrieved from https:\/\/bank.gov.ua\/ua\/news\/all\/v-umovah-voyennogo-stanu-sistema-bankid-nbu-prodovjuye-stabilno-ta-nadiyno-pratsyuvati [in Ukrainian].<\/li>\n
  5. In 2021, the number of successful identifications through the NBU’s BankID System quadrupled. Retrieved from https:\/\/bank.gov.ua\/ua\/news\/all\/za-2021-rik-uchetvero-zrosla-kilkist-uspishnih-identifikatsiy-cherez-sistemu-bankid-nbu [in Ukrainian].<\/li>\n
  6. Zakharkin, O. O., Boronos, V. M., Zakharkina, L. S. & Tverezovs’ka, O.I. (2019). Financial inclusion as a driver of financial security of Ukraine. Visnyk Sums’koho derzhavnoho universytetu. Seriia Ekonomika, 1, 43-52 [in Ukrainian].<\/li>\n
  7. Mushenyk, I. M. (2021). Information aspects of the formation of modern mechanisms for managing the development of socio-economic systems. Nauka XXI stolittia: vyklyky ta perspektyvy. Suspil’ni nauky. Ternopil’: Osadtsa Yu.V., 35-46 [in Ukrainian].<\/li>\n
  8. Mushenyk, I. M. (2021). Strategy of development and formation of innovation and investment system of the region. Ekonomika ta suspil’stvo, 25, 52-58 [in Ukrainian].<\/li>\n
  9. Nechyporuk, L. V. (2018). Financial inclusion in the context of insurance services. Finansovo-kredytna diial’nist’: problemy teorii ta praktyky, 3, 26, , 411-417 [in Ukrainian].<\/li>\n
  10. Poliakh, S. S. (2017). Financial involvement of the population as a prerequisite for a sufficient level of protection of the interests of clients in the financial sector. Visnyk Sums’koho derzhavnoho universytetu. Seriia Ekonomika, 4, 43-48 [in Ukrainian].<\/li>\n
  11. Resources of Ukraine for financial stability during the war and reconstruction (2022). Retrieved from https:\/\/www.epravda.com.ua\/columns\/2022\/04\/22\/686099\/ [in Ukrainian].<\/li>\n
  12. During the war, Ukraine received $15 billion in aid \u2013 the NBU (2022). Retrieved from https:\/\/www.slovoidilo.ua\/2022\/03\/03\/novyna\/finansy\/ukrayina-vijny-otrymala-dopomohy-15-mlrd-dolariv-ekvivalenti-nbu [in Ukrainian].<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 26 April 2022<\/p>\n

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    Mushenyk I., Hrushetskyi S. (2022). Ensuring Ukraine financial security during wartime and in conditions of financial inclusion . Modern Economics, 32(2022), 70-74. DOI: https:\/\/doi.org\/10.31521\/modecon.V32(2022)-09.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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    [vc_row][vc_column][vc_column_text] JEL Classification: E 58; F 36; G 18; H 56. DOI: https:\/\/doi.org\/10.31521\/modecon.V32(2022)-09 [\/vc_column_text][vc_column_text]Iryna Mushenyk, Ph.D. in Economic Sciences, Associate Professor, Dapartment of Mathematics, Computer Sciences and Academic Writing, Higher Educational Institution \u00abPodillia State University\u00bb, Kamianets-Podilskyi, Ukraine ORCID ID: 0000-0003-4379-7358 e-mail: mushenik77@ukr.net Sergi\u0456 Hrushetskyi, Ph.D. in Technical Sciences, Associate Professor of the Department of Agroengineering
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