Background. The prediction of the consequences of financial imbalances and provision of a harmonized development of the world economic system is the mainstream of modern researches of financial processes at the global level. Irregularity, asynchronous and disparity of development, that is inherent for economic globalization, are amplified by more conspicuous crisis phenomena and processes that restrain now stable economic growth of the world. Depending on the impact of this problem on economic growth, expectations of the global financial system dynamics is formed, in which Ukraine is fully integrated now. The analysis of recent researches and publications. In recent years, in scientific and analytical literature on international finances and macroeconomics considerable attention is paid to financial imbalance problem. They took central place in discussions about the causes of the global financial crisis, the slowdown of overall economic growth and the prospects for the global financial architecture reform. At this stage in the scientific literature the question of their impact on the processes of economic growth of national economies remains unexplored. The aim of the research is to identify the impact of financial imbalances on economic growth rate of the state. Materials and methods. General scientific and special methods of cognition of economic processes and phenomena are used: dialectical analysis and synthesis, comparison and generalization, and cluster method is used. InfoBase of the research is presented by scientific works of domestic and foreign scientists, analytical reports and statistics of international financial organizations. Results. In the article the authors examined the main approaches to definitions of the essence of the concept of «financial imbalances», described the main indicators of financial imbalances and calculated their values for the economies of individual countries. The influence of the financial imbalances on economic growth around the world is analyzed. Conclusion. The current article describes the main approaches to definitions of «financial imbalances», characterizes the main indicators of financial imbalances and calcuted their values for some economies. There were analyzed the impact of financial imbalances on the economic growth of countries in the world.

Background. Despite the fact that Ukraine is almost entirely focused on the West, in the East there are also a cost-effective partners for which there are already certain prerequisites for creation of integration associations of the level of free trade zones, or for starting, the conclusion of preferential trade agreements. Analysis of recent research and publications. The problem of strengthening the participation of Ukraine in the process of international economic integration is investigated in a large number of scientific publications. However, the studies are mainly focused on the issue of European integration and the expansion of trade relations with non-European countries, not paying enough attention to possibilities of agreements on free trade and further economic integration with the latter. The studys aim to determine the directions of deepening international economic integration of Ukraine to strengthen the protection from the effects of external crises. Materials and methods. Methods of analysis and synthesis system used to determine the characteristics of trade and economic relations of Ukraine. The research was performed on the basis of international organizations (UN, WTO and UNCTAD), the State Statistics Committee of Ukraine, intergovernmental trade agreements between Ukraine and other countries. Results. The similarity in economic development, income, openness to foreign direct investment and the need to establish administrative structures for coordinating of actions in the face of growing economic interdependence often becomes economic motives of integration. The author examines the problem of expansion of international integration contacts of Ukraine, alternative to the European, in order to avoid dependence on single market and prevent the crisis phenomena due to such dependence. In the article the geographic structure of Ukraine`s foreign trade, commodity structure and dynamics of Ukrainian exports is analyzed, key partner countries which have not signed free trade agreements are identified. Existing restrictions on the import of goods in these countries and areas of liberalization of bilateral trade are characterized. Preconditions of concluding bilateral free trade agreements with individual countries and the expediency of concluding such agreements as preventive anti-crisis measures for the long term are determined. Conclusion. Thus, there are good preconditions for further development of the new vector in the foreign trade policy of Ukraine – the Asian. The conclusion of free trade agreements with these countries will increase the export of agricultural products and strengthen the position of domestic producers of these products in the Asian region, as well as create the conditions for attracting foreign direct investment from Asian countries, access to dynamically growing and developing large markets, in particular China and India, etc.

Background. The proposed scientific article is devoted to actual issue of formation of effective system of foreign trade regulation, particularly imports. Consideration of the problem is based on the study and analysis of volumes of import consumption in Ukraine’s economy and the impact of import component on the development of the internal market. Review of the scientific sources in this area indicates that among scientists there have been discussions regarding the impact of import on the economic development. In a small number among the existing works the issue of the impact of tariff and non-tariff restrictions on the competitiveness of domestic products is investigated. However, the role of import component in the development of the internal market requires further research. The aim of the study is to assess the import component in the domestic market of Ukraine. Materials and methods. The following research methods were applied in the scientific article: axiomatic (in the justification of certain provisions as a source of axioms), statistical (to establish the dynamics of the main indicators of development of Ukraine’s foreign trade, commodity and geographical structure of import), correlation and regression (for construction of dependence between the dynamics of the exchange rate of the national currency and export volumes). The works of domestic scientists and materials of the State statistics service of Ukraine became the information base of research. Results. The dynamics of foreign trade of Ukraine has been analyzed and the trade openness indicators of the national economy are calculated, the commodity and geographical structure of import to Ukraine are estimated. The causes and consequences of the excess of import over domestic production are determined. The directions of use of import on targets of intermediate, final consumption and gross savings are investigated. Correlation analysis of the change in the exchange rate of the national currency and export volumes is performed and found that in the current circumstances devaluation is not conducive to export development. The potential selective import substitution in the Ukrainian economy is identified. Conclusion. Among the most significant problems in terms of the contribution of import to the development of the internal market should be highlighted the following: the excess growth of import over its own production, which is inferior to foreign analogues by price and quality in terms of competitiveness; the increasing dependence of Ukrainian industry on imported goods for intermediate consumption; decrease in the share of import in gross accumulation, which indicates a reduction in the supply of the newest and the most advanced machinery and equipment from abroad, which leads to innovative regression in import of goods in Ukraine. Exchange rate fluctuation affects directly the cost of imported goods and in such conditions the devaluation of the national currency can become the stimulating factor for price competitiveness of domestic products. The practical significance of the obtained results lies in the possibility of using the proposed in the article theoretical and practical research on the improvement of the regulation mechanism of goods import in Ukraine.

Background. International diversification is one of the major strategic routes of the company activity. This process requires high managerial competence and proper management structure formation, because the company has to develop a marketing strategy not only for every business, but also for each country considering national and regional peculiarities of the market and consumption patterns of the product. The analysis of recent researches and publications. The works of many domestic scientists are dedicated to the research of various aspects of economic diversification. However, the question of definition of the essence of international business activities diversification of domestic agricultural enterprises and mechanisms of their development isn`t studied enough, and therefore they require appropriate attention. The aim of the article is conduction of a study of production structure of domestic agricultural enterprises and the dynamics of their export-import operations in modern terms of development. Materials and methods. The research is carried out on the basis of the materials of State Statistics Service of Ukraine, Ministry of Agrarian Policy and Food of Ukraine, the trade statistics for international business development, research project AGRICISTRADE, etc. The system approach to the assessment of the business activity of domestic agrarian enterprises became the main methodological basis. Results. The formation of a new trade regime with its subsequent integration into the world economy became one of the most important aspects of foreign economic activity of Ukraine since the declaration of independence was signed. The leading role in this process belonged to the formation and implementation of foreign policy of Ukraine by gradual increase of the degree of openness of the national economy. The author of the article analyzed the structure of production and consumption of agricultural products, the dynamics of export-import operations of Ukraine with it. The potential opportunities of domestic agricultural enterprises in terms of international diversification of business activities are determined. Conclusion. Despite the difficult financial situation in Ukraine, contraction of retail, corruption and bureaucratic obstacles for doing business only agricultural industry shows positive indicators of development, playing the leading role in the formation of the country`s GDP. The increase of export volumes by small agribusiness enterprises, which form the main part of the agricultural sector of economy as it is a source of foreign exchange earnings, is a potential opportunity of agricultural enterprises of Ukraine in terms of international diversification of business activities. Currently, there is an urgent need in the creation of an institutional basis for the implementation of state support of the introduction of financial instruments of export development that will provide further development and expansion of domestic economic potential and consolidation on traditional and new sales markets. Ukraine has to become a global leader on the world agricultural market.

Background. Maritime transport is an integral part of the international logistics system and traditionally plays a leading role in world trade. Expansion of the world trade and market integration, liberalization of trade conditions as a result of international trade organizations achievements is the main reason for significant growth in shipping. However in Ukraine, which positions itself as a maritime state, trends of the development of the sector of maritime transport not only don’t correspond to global, but also to the actual economic needs and the interests of the people of Ukraine. So domestic scientists now face the urgent issues of finding ways of revival of Ukraine’s status as a maritime state, strengthening its naval power. The analysis of recent research and publications. The works of many domestic scientists are dedicated to the problems of the marine industry development and economic relations of marine complex of Ukraine in conditions of formation of global development model and enhance the impact of economic globalization on the structuring and transformation of market relations. Despite the wide range of research in this area, the issue of revival of national merchant shipping as one of the most powerful segments of the Ukrainian economy, which is essential in provision of economic security of state and establishing its national economic interests is not sufficiently revealed in Ukrainian scientific literature. The aim of the article is to study the modern trends and define the priority directions of merchant shipping development from the side of provision of national economic interests of Ukraine. Materials and methods. The study is conducted on the basis of the statistical data of State Statistics of Ukraine, the UN Conference on Trade and Development (UNCTAD), Administration seaports of Ukraine data (ASPU). Results. The dynamics of sea shipping in the world is formed by the impact of global macroeconomic conjuncture. In the article the research of modern trends and key factors of merchant shipping development in the world and in Ukraine is conducted, the recommendations on the formation and implementation of consistent state maritime policy which is focused on expanding economic presence of Ukraine in the space of the world ocean and the development of merchant shipping as a factor of provision of national interests of Ukraine are developed. Conclusion. According to the results of the study there was concluded that in Ukraine, which is positioning itself as a Maritime power, modern trends in the Maritime transport sector do not only meet, but in many cases are the opposite of global trends, needs of the national economy and the interests of the people of Ukraine. It is established that the main limiting factors in the development of national merchant shipping in Ukraine is the lack of an unified state strategy of development of sea branch and the low level of implementation of competitive economic policy in the sphere of merchant shipping. The main direction of development of the national merchant shipping is defined, which consists in the transformation of the shipping on the promising sector of the economy, which will develop rapidly and provide significant contribution to the national GDP of the country and a positive trade balance, present Ukraine worthily on the international market of transport service, will be catalyst for activity in other sectors of economy, as well as an efficient means of implementing the efforts of the state, aimed at increasing the representation of Ukraine in the world commodity markets. Comprehensive support measures for the revival of national merchant shipping in Ukraine are defined.

Background. Tourism is an important determinant of stabilization and economic development of many countries. But in Ukraine, given the aggravation of political conflicts, insufficient popularizing the tourism potential and the absence of a positive image in the domestic and international tourism market, tourism sector needs new strategic decisions in management. An important factor for ensuring the competitiveness of tourism enterprises in these calls may be the formation of franchise relations in tourism, as the global tourism market, franchising is developing very actively. For Ukraine, the formation and development of tourism networks in the franchise system is relatively new and unexplored phenomenon. This is due, firstly, the lack of legislation on the conceptual apparatus franchising regulation of franchise relations in Ukraine and its inconsistency with international standards. Secondly, the tourism sector is not a priority of stabilization and recovery of the domestic economy, which hinders its development as a whole. Accordingly, it is appropriate to explore and analyze the world experience the formation of franchise relations in the tourism sector to identify and use basic trends in domestic tourism business. Theaim of the study is research the functioning of franchise networks in general and franchised travel networks including the global services market, identifying the main trends of their formation with the possibility of implementation in domestic tourism business. Materials and methods. The methodological basis of scientific research were statistical and graphical techniques that allow to analyze combined operation of franchise networks in general and franchised travel networks including the global services market. The information base for the study were the works of local and foreign scientists, relevant online sources. Results. Studied the development of franchise networks leading countries in various spheres of economic activity; revealed law-popularizing the use of franchising in the service sector, including tourism; the analysis of the functioning of the main tourist franchise networks in the global services market dynamics in order to use the detected experience in domestic tourism enterprises. Conclusion. Formation travel franchise networks are important direction of development of domestic tourism enterprises. Analysis of global business experience, particularly in tourist franchise system will allow Ukrainian business to learn to accept innovative solutions in the management and make a new competitive step in its development with the prospect of entering the international market services.

Background. In terms of economic transformations the necessity of improvement of effectiveness of public debt management is actualized. It is important to determine the priorities of the debt policy as a tool of socio-economic development of a country, implementation of effective public debt management tools in the system of institutional environment. Development and implementation of debt policy should be based on scientifically based principles and results of conducted researches on public debt management that will help to create conditions for improvement of the handling level of economic processes. Scientific sources review of selected subject shows that in terms of economic reforms debt policy is to implement adaptive-regulatory potential in order to reach a gradual economic growth. Strategic directions of public debt management should become the basis of the debt policy as a tool for socio-economic development of a country. The system of debt management must integrate all existing institutions in it. Their effective interaction is required to obtain the necessary information and reduce subjectivity in the decision making. Effective pubic debt management is based on defining of clear objectives of debt policy, comparison of the risks and cost of government borrowing, implementation of constant monitoring and risk management related to the scope, structure and schedule of payments on public debt, creating of preconditions to provide constant access to debt capital markets. The above forms the basis of the aim of the research. Results. The disclosure of ways of increase of the efficiency of public debt management system, disclosure of its nature and role in the system of socio-economic development of a country is a significant achievement of conducted study. The analysis of the dynamics and structure of direct state and guaranteed debt is conducted, its part in gross domestic product is defined. The peculiarities of the EU countries experience with public debt management are generalized. The directions of improvement of the efficiency of public debt management system in terms of economic transformations. Conclusion. Conducted study will deepen the understanding of the role of public debt management as part of the budget planning, will allow to increase the quality level of functioning of public finances system.

Background. Dynamics, large volumes of investment and the potential of future development specify the necessity to determine the place of BO&KC in the global financial system and conduction of system analysis of the relevant markets. Improvement of trading results is achieved by forecasting financial instrument prices that allows obtaining yield higher than the market one on a significant investment distance with the same level of risk. Therefore, there is an acute need for the study of the problem of BO&KC market forecasting and the creation of modern techniques of their prediction. The main aim of the research is a systematic analysis of markets BO&KC according to their degree of predictability, the comparability of existing models of stock markets, investment technologies optimization in the presence of arbitrage situations. The analysis of the latest research and publications. Economists’ thoughts on opportunities and principles of prediction of these markets differ significantly and are concentrated relatively to selected concepts of analysis. A statement that in prices the market fully accumulates information concerning FI and related assets, including predictive information regarding the behavior of this asset, and reacts to it almost instantly is predominant. At present there is no consensus of scientists concerning predictability of financial markets and, accordingly, the generally accepted theory. Therefore, the problems of predictability on VRFR can’t be resolved by direct analogies of theories of stock markets and require a separate study. Materials and methods. The results of bidding on such recognized global markets BO&KS as Betfair and Pinnacle became the information base for the research. Methods of system analysis, mathematical statistics and theory of probabilities are used for the simulation of high-risk financial markets. Results. Obviously, making profit on VRFR is only possible by sale or resale of contracts for sale of forecasts. High-risk financial markets, based on financial instruments in the form of contracts for the rates, were analyzed concerning various capitalized events, their preconditions, peculiarities of the application of arbitration technique, prediction of financial instrument prices, matching capabilities with existing models of effective, coherent and fractal markets. The conducted study gives grounds to consider FI BO&KS as separate, fifth floor of the modern financial system. The above mentioned considerations prove conclusively that the prediction of VRFR within such existing models of stock markets as EMH, FMH and CMH as a whole is not correct and is only possible on certain conditions and deadlines that require special consideration. The suggested generalized model of arbitration calculations is an effective tool of trading on VRFR can be used in a variety of econometric models and calculations. Conclusion. Are considered high-risk financial markets based on financial instruments (FI) in the form of contracts for the different rates of capitalized events (ie events involving a sufficient number of investors and investments). Such events against other groups FI and commodity assets constitute a separate type of instrument – binary options. For these markets analyzed preconditions, especially the use of technology arbitration FI forecasting prices, the possibility of comparison with existing models of effective, coherent and fractal markets.

Background. The development of financial operations in Ukraine causes necessity of studying the experience of Western countries in relation to the carrying out of REPO transactions, particularly from the point of view of the analysis of potential risks and methods of its minimization. Despite the old history of existence of REPO transactions in the market, even in foreign countries, such operations still undergo some changes, due to the development of global financial markets. It determines the relevance of the studied problems. Analysis of recent researches and publications. The considerable attention to the problem of the peculiarities of conduction of REPO transactions in the financial crisis and post-crisis recovery of economies of leading countries of the world is paid mainly in foreign periodicals, including The Financial Times, The Economic Times, The New York Times, The Economist. They usually carry out a detailed review of the market of REPO operations, including and beyond the crisis state, as well as the risks associated with them. The mechanism of REPO transactions and their use for regulation of the financial market in Ukraine is highlighted in the scientific works of Ukrainian scientists and practitioners. The level of functioning of the REPO market in Ukraine and its imperfection determine the necessity of studying the international experience with such operations. The purpose of this article is to study practices of foreign countries on carrying out of REPO operations. Materials and methods. The study was conducted on the basis of scientific works of foreign and domestic scientists, as well as using statistical data of reports of regulatory bodies of the monetary system of the United States and Europe. The results of the study. REPO transactions were used in the United States from 1917 due to high taxes, which have reduced the attractiveness of traditional forms of lending, soon this practice spread, gaining much activity in the 20-ies of XX century. However, due to the great depression and the II world war they were stopped temporarily and were resumed only in the early 1950-ies. Since the late 70-ies and 80-ies of the last century the rapid growth of the volume of REPO operations began, in part because of the rapid tempo of development of computer technologies. The author systematized information about the experience of foreign countries in the sphere of carrying out of REPO transactions. The definition of the REPO rate was given and method of its calculation was disclosed. The risks arising from the conducting of REPO operations in foreign countries were investigated. The role and functions of the REPO market were disclosed. The status and the scope of the REPO transactions market in European countries and in the USA were analyzed. Conclusion. Comparative analysis of REPO markets in Europe and the United States indicates the presence of important differences in the operations conducting, structure and functioning of the two markets in general. Means of implementation security in the REPO market and the ways of risks minimization within carrying out of REPO transactions in modern financial practice are mainly the tripartite REPO transactions.