MACROECONOMIC RISKS: CLASSIFIED FEATURES, METHODS OF MEASUREMENT, MITIGATION PATTERNS

##plugins.themes.bootstrap3.article.main##

##plugins.themes.bootstrap3.article.sidebar##

Published: Sep 17, 2020

Abstract

The article deals with the essence, factors, and patterns of macroeconomic risks mitigation. The purpose of the paper is to summarize and present a classification of systemic risks, to analyse principles and methods of macroeconomic risks evaluation. The methodological basis of the study is general scientific and special methods of cognition. The most extended analysis of systemic risks not only from the perspective of geographical and historical aspects but also in the context of modern economic processes is carried out. Results of the research prove that in the context of formation of a new economy of Ukraine and approval of the practice of timely prevention and mitigation of macroeconomic risks in accordance with imperative of modern time, it is necessary to: 1) give real state priority to the most advanced educational technologies. While providing maximum broad and equal access of youth to education, we should have the program for search and practical support of national intelligence phenomena in place; 2) create conditions for rehabilitation and advanced development of innovative directions of applied and, first and utmost, polytechnic sciences. It is the task of the state to ensure their financial support and direct employment at enterprises. All-round support of introduction of high-yield venture developments into the production; 3) secure efficient state protection of intellectual property, create legislatively the conditions for commercial usage of innovative achievements within the country; 4) encourage with maximum efficiency return of high-level engineers and blue-collar workers to the technological area; breathe new life into the system of professional and technical schools where information and programming professions prevail and which graduators would be engaged with priority into operations in unique productions; 5) create modern information market, allround support of introduction of a unified information field. Learning and striving to satisfy human needs without placing systemic risks on future generation being on the Earth should become the core principle of a civilizational development. Value/originality. We may lay down an essential principle of civilizational regulation of systemic risks when each state, specifically the international community, should set up (subject to all complexities of practical implementation) regulating constants, rules, and bans of such contents and in such direction to have business or entrepreneurial activities carried out ultimately in the risk-related mode, which would cause no detrimental effect on the economy as whole.

How to Cite

Paida, Y., Andrushko, Y., & Iliushyk, O. (2020). MACROECONOMIC RISKS: CLASSIFIED FEATURES, METHODS OF MEASUREMENT, MITIGATION PATTERNS. Baltic Journal of Economic Studies, 4(4), 258-264. https://doi.org/10.30525/2256-0742/2018-4-4-258-264
Article views: 266 | PDF Downloads: 246

##plugins.themes.bootstrap3.article.details##

Keywords

systemic risks, macroeconomic risks, risk monitoring, VAR-model

References

Bazilevich, V., Ilin, V. (2010). Metaphizika economiki [Metaphysics of economy]. 2-d ed., revised and corrected. Kiev: Znannia, 925 p. (in Ukrainian)

Biloskurskyi, R. R. (2017). Derzhavne reguliuvannia natsionalnogo ecologo-economichnogo rozvytku [State regulation of the national ecological and economic development] (Thesis for academic degree of Doctor of Economics), Kyiv: National Academy of Management, 41 p.

Chailloux, A., Gray, S., McCaughrean, R. (2008). Central Bank Collateral Frameworks: Principles and Policies. IMF Working Paper WP/08/222. September 2008.

Charles W. Calomiris, Stephen H. Haber (2017). Fragile by Design: The Political Origins of Banking Crises and Scarce Credit. Moscow: Izd-vo Instituta Gaidara, 720 p.

Danylyshyn, B. M. (1999). Investytsiynyi klimat v Ukraini: factory regionalnykh ryzykiv [Investment climate in Ukraine: factors of regional risks]. Kyiv: RVPS Ukraine, 192 p. (in Ukrainian)

Engle III Robert F. Risk and volatility: econometric models and financial practice. Retrieved from: http://nobelprize.org

Gaidutskyi, P. (2017). Nezabuti reformy v Ukraini [Unforgotten reforms in Ukraine]. Kyiv: DKS-centre, 852 p. (in Ukrainian)

Gates Bill (2000). Business @ the Speed of Thought: transl. from Engl. Moscow: Progress, 368 p. (in Russian)

Klinov, V. G. (2017). Sdvigi v mirovoi economike v ХХІ veke: problemy i perspektivy razvitia [Shifts in the world economy in XXI century: problems and prospects of development]. Voprosy economiki, 7, 114-127.

Kovalchuk. A. (2017). Borotba z vidmyvanniam brudnykh capitaliv. Mizhnarodni standarty ta natsionalni realii [Fighting against capital laundering. International standards and national realities]. Kyiv: Znannia, 318 p. (in Ukrainian)

Kovalchuk, Т. Т., Kovalchuk, N. P. (2012). Macroeconomichni ryzyky [Macroeconomic risks]. Kyiv: Znannia, 301 p. (in Ukrainian)

Kovalenko, V. (2011). Finansovi ryzyky ta shliakhy ikh minimizatshii [Financial risks and their mitigation methods]. Kyiv: Znannia, 319 p. (in Ukrainian)

Kovanchuk, Т., Cherniak, V., Shevchuk, V. (2009). Aktualitety polityky rozvytku [Actuality of the policy of development]. Kyiv: Znannia, 326 p. (in Ukrainian)

Reinert, S. (2011). How Rich Countries Got Rich… and Why Poor Countries Stay Poor: transl. from Engl. Moscow: GU VSHE, 384 p. (in Russian)

Sargent, T. J. (2008). Evolution and Intelligent Design. American Economic Review, 98(1), 5-37.

SOS – v Ukraini neokolonialna model valyutnoyi polityky (2014) [SOS – neocolonial model of exchange policy in Ukraine]. Economika Ukrainy, 10, 4-13.

Stiglitz, J. E. (2014). The innovation enigma Project Syndicate, March 9. Retrieved from: https://www. projectsyndicate.org/commentary/

Stiglitz Joseph E. (2002). Globalization and Its Discontents. New York, p. 12.

Vitlinskyi, V. V. (2008). Ryzykologia v economitsi ta pidpryemnytstvi [Riskology in economy and entrepreneurship]. Kyiv: KNEU, 480 p. (in Ukrainian)

Vydatni finansysty ta suchasna praktyka (2011) [Outstanding financial experts and modern practice]. Encyclopaedical dictionary. Kyiv: UAFR, p. 270. (in Ukrainian)

Yermoshenko, M. M. (2011). Upravlinnia ryzykamy vzaemodii strakhovykh kompaniy z bankamy [Management of risks of relations of insurance companies with banks]. Aktualni problemy economiky, 6, 191-200.