Serhiy Lieonov’s research while affiliated with Sumy State University and other places

Our paper develops theoretical and methodological principles of grounding assessing the dominant trends in intersectoral academic research related linked to the main tools and instruments of funding innovations in business companies. We employ the analytical approach as well as the two-stage bibliometric analysis of scientific articles published in the past 80 years and indexed in Scopus abstract and citation database which has been selected for its clarity, coverage, as well as its scope. In addition, we employ the outcomes of analytical analysis conducted using with the help of Google Trends tool. This approach described above allowed allows us to compare the peak periods for the changing the search queries of main concepts on this problem with the periods of the most significant events in the innovation sphere and financial policy. Moreover, we apply the VOSViewer software for identifying the dominant trends in intersectoral research related to funding innovation of business companies, as well as for finding out which instruments for the implementation of the financial policy implementation are more relevant for academics and scholars. Our results from the first stage demonstrate that the researchers’ focus on funding innovation of business companies and financial regulation was targeted on such topics as tax, monetary, budget, and investment instruments. Additionally, our results from the second stage additionally helped us to determine the dominant trends in intersectoral research connected to each group of the identified instruments. Thence, our findings contributed to the clustering of the theory of funding innovation of business companies by structure and main instruments. These results can be useful for by the multidisciplinary scientists, entrepreneurs, investors, innovators, as well as other relevant stakeholders and practitioners in making their everyday decisions on funding innovations in business companies.

Today innovations are drivers of countries’ economic growth, competitiveness, security, and sustainable development. Financial policy and its instruments play a significant role in innovation management, and monetary instruments are one of the most important components of financial policy. Therefore, the necessity of increasing the efficiency of financial support for innovation development actualizes the study of the impact of the monetary policy instruments and indicators on the level of financing innovation. The aim of the article is to improve the scientific basis for the study of the impact of monetary policy instruments and indicators on the dynamics of financing innovation based on empirical evidence. Information basis of the research was formed from the data for Ukraine and 12 post-soviet and other countries with similar starting economic conditions for 2010-2019, taking into account the availability of statistics from the International Monetary Fund, the World Bank, and the central banks for the whole investigated indicators at the time of the study. The software base included Excel and STATA. The methods of regression (linear regression model with panel-corrected standard errors) and correlation analysis (calculating Pearson and Spearman coefficients) were applied to identify a relationship between monetary instruments and indicators and indicator of financing innovation, confirm the hypothesis about the impact of the monetary instruments and indicators on the financing innovation and formalize this effect. To strengthen the country’s innovation development, it is proved the expediency of lowering the discount rate and real interest rate, increasing “broad money” on general reserves, and increasing liquid reserves on bank assets, as well as the transition to inflation targeting. According to the calculations, for all monetary instruments and indicators, except the discount rate, the directions of influence in Ukraine and the panel from 12 other countries were opposite. This one confirms that monetary instruments in Ukraine are not fully performing their regulatory function, in the context of stimulating innovation development.

The article suggests a scientific and methodological approach to the evaluation of the infrastructural component’s effectiveness in the anti-money laundering system due to digitalization. Structural modelling is the basis for the mentioned approach implementation, which consists of several steps. First, the input data is selected in terms of the effective regulation of the financial services market, law enforcement and judicial activities, and digitalization. Next, the moving average method is used to identify the growth rate of missing values in the available data series. Then, the selection of relevant factors for financial services market regulation, law enforcement activity, judicial activity and digitalization is based on the principal component analysis. After reducing the input array of data to a comparable form, a structural equations system can be constructed to reflect the impact of the digitalization level on the latent integral characteristics of the directions of anti-money laundering work done by regulatory authorities. Finally, the model is checked for adequacy. The result of this research can serve as an information base for further strengthening the digital vector in the development of regulation institutions and law enforcement agencies overseeing the financial services market, as well as for the radical transformation of courts in Ukraine since digitalization currently negatively affects them.

The article is devoted to the problems of the development of a system for combating the legalization of income obtained illegally in the context of digitalization of banking activities. The concept of the effectiveness of the anti-money laundering system was considered. The expediency of using the utility approach for modeling the effectiveness of the system for combating money laundering has been determined. The indicator of the effectiveness of the system of combating money laundering was chosen as the share of indictments sent to the court in the total number of criminal offenses for which pre-trial investigation was carried out in the corresponding period. The first alternative of choice — the focus on the development of identifying suspicious financial transactions is characterized by the indicator Share of criminal offenses for which pre-trial investigation was carried out per one transaction report submitted to the State Financial Monitoring Service. The second alternative of choice — the development of innovative technologies, is characterized by the indicator of the Level of digitalization of the economy. The input data are the indicators on the crime rate in Ukraine, the work of the pre-trial investigation bodies, obtained from the State Financial Monitoring Service of Ukraine, the General Prosecutor's Office of Ukraine and the State Statistics Service of Ukraine, suspicious financial transactions and the number of Internet subscribers. On the basis of the calculated autocorrelation coefficients of zero differences and determination of their statistical significance, a nonlinear function of the relationship between mictoramas was selected. Using the Stone-Geary utility function, which for the selected input data took the form of a Cobb-Douglas power function, the degree of response of alternative approaches to improving the effectiveness of the system of combating criminal proceeds was determined. The degree of digitalization of the economy has a high level of elasticity. Therefore, to increase the effectiveness of the system of combating money laundering, it is necessary to develop innovative information technologies in the field of FinTech. Keywords: bank, countering the legalization of criminal proceeds, the utility function of Stone-Geary, the Cobb-Douglas function, the effectiveness of combating the legalization of criminal proceeds, the digitalization of the economy. JEL Classification C49, O17, O33, G21, G14 Formulas: 4; fig.: 5; tabl.: 0; bibl.: 32.

The authors test the hypothesis that there is a link between the consumption of non-renewable resources of the leading economies in the European region in terms of value-added industry and health. They performed a ranking correlation analysis on key indicators of population health and volumes of consumption of renewable and non-renewable resources in individual countries. The researchers assumed a slight relationship between the rate of healthy years of life and the production of renewable energy resources, making a positive contribution to the country’s environmental situation. Among the compared countries, those characterized by high consumption of primary energy resources are proportionally more productive and renewable energy resources. The analysis shows that differences in the health indicators of the regions’ population cause other more important factors than the studied ones. Some dependencies can be seen in analyzing the causes of death among the population of countries, for example, by cardiovascular diseases. The risk factor for this illness is air pollution caused by excessive consumption of non-renewable energy resources. The authors recommend considering the indicator of ecological footprint in the ratings of life quality in the regions. Compared to countries with lower welfare rankings, this parameter is too high for leaders. Under investigation, the authors considered the x3 weight for the health indicator in the Legatum Prosperity Index.

The article examines the features of risk assessment of legalization of illegal income of economic entities through the operations of financial institutions, namely banks. The author substantiates the need and importance of determining the information base for the formation of the risk of money laundering through banks, as the rapid growth of legalization of criminal proceeds clearly confirms the growing threat to economic security, and hence the need to quantify it. Modern methods of risk assessment of money laundering are considered, as well as the main indicators that can be used for further rational research are identified.