Oleksandr Karamushka’s research while affiliated with Kherson State Agrarian and Economic University and other places

The modern world is undergoing rapid and profound changes driven by the rapid development of digital technologies that are affecting all aspects of economic life. The transition to a digital economy is becoming increasingly evident, creating new opportunities and challenges for various sectors, including the financial industry. Financial engineering, as a discipline that combines finance, mathematics, statistics, and information technology, is a key tool in shaping modern financial strategies and products. In this context, it is important to explore the innovative trends that determine the development of financial engineering in the digital economy. This article aims to explore the latest trends in financial engineering that contribute to the transition to the digital economy. Particular attention will be paid to analyzing the impact of digital financial instruments on global markets and the role of financial institutions in the new digital environment. The study of these aspects will not only help to understand the current transformation processes but also to predict further directions of financial engineering development and its impact on the digital economy. This, in turn, will help to develop more effective strategies for managing financial risks and opportunities in the new environment, ensuring the sustainable development of the financial system and the economy as a whole. The digital economy is fundamentally changing the way financial markets and businesses operate. This article explores the main innovative trends in financial engineering that contribute to the emergence and development of the digital economy. Also, the prospects and challenges associated with the implementation of these technologies are discussed.

In today's conditions of sustainable development of the national economy, the issue of innovative development of the agricultural sector is of particular relevance. The article discusses the key aspects of the methodology of forming an innovative model of the agricultural sector and offers recommendations for implementing these approaches in practice. The purpose of this research article is to analyse the methodological foundations of forming an innovative model for the development of the agricultural sector of the national economy.The authors emphasize the importance of taking into account the specifics of the agricultural sector when developing innovative strategies and models. The creation of a methodological framework for the formation of a model of innovative agricultural development in the national economy based on the experience of Brazil, China, Ukraine, the United States and the European Union may be useful for the development of Ukraine's agricultural sector.The results of the study may be useful for scientists, researchers, agricultural entrepreneurs and government agencies interested in the issues of innovative development of agriculture and ensuring sustainable development of the national economy. The study of the methodological foundations of the formation of an innovative model of agriculture remains an urgent task in the context of sustainable development of the national economy, and has the potential to solve important economic and environmental problems.

In order to develop reasonable measures to counteract the destructive consequences of economic crises or to prevent them, it is important to build reasonable and adequate models of the emergence and course of crisis processes. The formal compliance of existing models with socio-economic processes during the crisis is often incomplete or cannot be adapted to other conditions, economies, and markets. Therefore, the article is devoted to the expediency and possibility of transformation of the existing paradigm of modeling economic crises. Modeling the interdependence of two basic indicators, which characterize the crisis in the economic development of European countries (GDP growth rates and employment growth rates), refuted the possibility of their mutual determination. The interdependence of the dynamics of GDP growth rates and employment growth rates for all studied objects without a shift in time, determined for the period 1996-2020 with a high level of reliability, is of the same type and made it possible to determine the range of their mutual changes. According to this range and the parameters of the codependencies of GDP growth rates and employment growth rates, eight clusters of countries were determined by the method of finding concentrations. The emergence of crisis processes coincides with specific parameters of the interdependent dynamics of GDP growth rates and employment growth rates but is not related to the internal division of Eurozone countries into clusters. The obtained results gave reason to put forward an alternative paradigm for modeling crisis processes, according to which economic crises arise as a result of the impact of random destructive events on systemic coincidences of potential periods of shifts in the contingent regularities of partial self-similar dynamics of economic processes. Within this paradigm, modeling of economic crises and forecasting their occurrence will be based on the study of self-similarity, dissipativeness and contingency of the dynamics of economic processes.

VUСA is a chaotic and rapidly changing business environment that, based on the variability, uncertainty, complexity and ambiguity of the modern world, transforms the approach of banks to the analysis of financial stability. The aim of the paper is to improve tools for monitoring the impact of VUCA-world conditions on the financial stability of banks, namely a model for studying and analyzing the impact of the modern business space “VUCA” on the financial stability of the country's banks. To test the model, the method of constructing regression equations in multifactor regression analysis is used. For this study, data from some Eastern European countries (Ukraine, Belarus, Latvia, Lithuania, Moldova) were used, and time series data were used for 10 years from 2010 to 2019.Having considered the definition of “VUCA-world conditions”, the model of modern business space “VUCA” was developed when analyzing the activity of banks in the studied countries. Drivers, consequences, requirements and macroeconomic indicators of the countries’ activities in the VUСA-world conditions are determined. The VUCA-world conditions also consider the study of key macroeconomic indicators that allow building long-term relationships throughout the value chain. The analysis of the studied Eastern European countries showed that with the increase of factors of GDP growth, GNI per capita growth, research and development costs, foreign direct investment, and net inflow of 1%, the effective ratio of bank capital and assets also increases. The assessment, in contrast to the existing ones, makes it possible to consider the impact of the macroeconomic environment of banks on their financial stability.

The purpose of the article is to analyze the tax systems of the countries of the European Union and Ukraine, the impact of individual indicators of the tax system on the economies development, study the possibility of applying the accumulated experience. The subject-matter of the study is the methodological and conceptual foundations of the tax policy-making process of the EU and Ukraine. Methodology. Based on the analyzed scientific literature on tax policy formulation of countries, the methodological principles of this study provide for the joint application of a set of well-known general scientific and special methods of research in economics. In particular, the dialectical method, the method of scientific abstraction, the method of systematic analysis, economic and mathematical modeling were used. Results. The article analyzes the individual indicators of the tax system functioning of 28 countries of the European Union and Ukraine; and the impact of these indicators on the economy development. In particular, the following indicators were studied: customs and other import duties, firms expected to give gifts in meetings with tax officials; firms that do not report all sales for tax purposes; firms visited or required meetings with tax officials; labor tax and contributions; net taxes on products; other taxes; other taxes payable by businesses; profit tax; tax payments; tax revenue; taxes on exports; taxes on goods and services; taxes on income, profits and capital gains; taxes on income, profits and capital gains; taxes on international trade; time to prepare and pay taxes; total tax rate. The dependence of foreign direct investment on profit tax, tax revenue; taxes on income, profits and capital gains; time to prepare and pay taxes and total tax rate have been studied. The study shows that, on average, tax revenue affects foreign direct investment, net inflows with the same strength as time to prepare and pay taxes, but almost twice as much as taxes on income, profits and capital gains. Practical implications. The article contains a set of tools and rules for reviewing approaches, guidelines and criteria for the effectiveness of Ukraine's tax policy in line with the global development concept. Value / originality. The conceptual criteria for the formation and implementation of the tax policy of the state are determined, it is carried out the comparative analysis of the tax policy of Ukraine and the EU countries within the framework of the European economic integration, which occurs simultaneously with the globalization of the world economy.