Public regulation of cooperation with international financial organization s: experience of the countries of Eastern Europe Текст научной статьи по специальности «Экономика и бизнес»

UDC: 331.108.45

Shostak Svetlana Nikolaevna,

postgraduate student of the Department of Public Administration, Interregional Academy of Personnel Management, 03039, Kyiv, Str. Frometivska, 2, tel.: (044) 490 95 00, e-mail: [email protected]

ORCID: 0000-0002-3409-5816

Шостак Свгтлана Миколтвна,

астрант кафедри публгчного адмтстру-вааня, М1жрегюнальна Академ1я управления персоналом, 03039, м. Kuïe, вул. Фро-метгвська, 2, тел.: (044) 490 95 00, e-mail: [email protected]

ORCID: 0000-0002-3409-5816

Шостак Светлана Николаевна,

аспирант кафедры публичного администрирования, Межрегиональная Академия упраелепия персоналом, 03039, г. Киев, ул. Фрометовская, 2, тел.: (044) 490 95 00, e-mail: [email protected]

ORCID: 0000-0002-3409-5816 DOI https://doi.org/10.31618/vadnd.v1m.37

PUBLIC REGULATION OF COOPERATION WITH INTERNATIONAL FINANCIAL ORGANIZATIONS: EXPERIENCE OF THE COUNTRIES OF EASTERN EUROPE

Abstract. The article analyzes the effectiveness of the activities of international financial organizations in the context of their cooperation with the countries of Eastern Europe. The article clarifies that financing by international financial organizations of the private sector of Eastern Europe creates preconditions for raising their economic and social efficiency and for creating not only collective but also social goods. The main goals of the Eastern European countries, financed by international financial organizations, are considered in detail.

It is proved that the financing of the private sector of the Eastern European countries of the EBRD creates the preconditions for raising their economic and social efficiency and for creating not only collective but also public goods. However, the implementation of these prerequisites depends on a sound economic policy of the country, the timely formation of a new institutional structure for the functioning of the public sector, etc. It is noted that for the effective provision of this area of cooperation with the EBRD to the countries of Eastern Europe it is necessary:

• facilitate the transition from the capital and labor-intensive export of industrial products to high-tech and innovative;

• to provide state aid for the formation of foreign capital by creating special zones of export production with a favorable tax regime;

• implement a planned approach to regulating the development of the national economy on the basis of optimization of the state procurement process, the formation of subsidies and other forms of state regulation of investment activity, etc.

It is noted that in general, the experience of cooperation of the countries of Eastern Europe with international financial organizations and for Ukraine is important. After all, in Ukraine there are a number of political factors that hinder the development of foreign investments due to the non-adaptation of domestic enterprises to the world market conditions of cooperation. In order to solve this problem, it is necessary to reorganize the structure of state management of industrial objects and to establish mechanisms for legislative regulation of this process.

Keywords: public regulation, countries of Eastern Europe, international financial organizations, investments, economic growth.

ДЕРЖАВНЕ РЕГУЛЮВАННЯ СП1ВПРАЦ1 З М1ЖНАРОДНИМИ Ф1НАНСОВИМИ ОРГАН1ЗАЦ1ЯМИ: ДОСВ1Д КРАШ СХ1ДНО1

европи

Анотащя. Проаналiзовано ефектившсть дiяльностi мiжнародних фшан-сових оргашзацш в контексп ïx сшвроб^ництва Í3 крашами Схщно'1 бвропи. У статт з'ясовано, що фшансування мiжнародними фшансовими оргашзащ-ями приватного сектора краш Схщно'1 бвропи створюе передумови для тд-вищення рiвня ïx економiчноï та сощально'1 ефективностей, для створення не тшьки колективних, але i сусшльних благ. Детально розглянуто основш цш, що досягаються у крашах Сxiдноï бвропи за рахунок фшансування мiжна-родними фiнансовими оргашзащями.

Доведено, що фiнансування приватного сектора краш Схщно!' бвропи бБРР створюе передумови для шдвищення рiвня ïx економiчноï та сощально'1 ефективностей та для створення не тшьки колективних, але i сусшльних благ. Проте реалiзацiя цих передумов залежить вщ здорово'1 економiчноï по-л^ики краши, своечасного формування ново'1 шституцшно!' структури для функцiонування державного сектору тощо. Вiдзначено, що для ефективного забезпечення даного напрямку ствпращ i3 бБРР крашам Сxiдноï бвропи необхщно:

• сприяти переходу вiд каштального i трудомiсткого експорту промисло-во'1 продукцiï до високотеxнологiчного та шновацшного;

• надавати державну допомогу для забезпечення формування шоземного капiталу шляхом створення спещальних зон експортного виробництва iз ви-гiдним податковим режимом;

• впроваджувати планований шдхщ до регулювання розвитку нащональ-но'1 економши на основi оптимiзацiï процесу державних закушвель, форму-

вання субсидш та шших форм державного регулювання швестицшно! дiяль-ностi тощо.

Вiдмiчено, що, загалом, важливим е досвiд спiвпрацi краш Схщно! бвропи iз мiжнародними фiнансовими органiзацiями i для Украши. Адже на сьогодш в Укра!ш iснуе ряд пол^ичних факторiв, що гальмують розвиток зовшшшх iнвестицiй через неадаптованiсть вiтчизняних шдприемств до свiтових рин-кових умов сшвпращ. Щоб вирiшити цю проблему, потрiбно реорганiзувати структуру державного управлшня об'ектами промисловостi та налагодити мехашзми законодавчого регулювання даного процесу.

Ключовi слова: державне регулювання, краши Схвдно! бвропи, мiжна-роднi фiнансовi оргашзаци, швестици, економiчне зростання.

ГОСУДАРСТВЕННОЕ РЕГУЛИРОВАНИЕ СОТРУДНИЧЕСТВА С МЕЖДУНАРОДНЫМИ ФИНАНСОВЫМИ ОРГАНИЗАЦИЯМИ: ОПЫТ СТРАН ВОСТОЧНОЙ ЕВРОПЫ

Аннотация. Проанализирована эффективность деятельности международных финансовых организаций в контексте их сотрудничества со странами Восточной Европы. В статье установлено, что финансирование международными финансовыми организациями частного сектора стран Восточной Европы создает предпосылки для повышения уровня их экономической и социальной эффективностей и для создания не только коллективных, но и общественных благ. Подробно рассмотрены основные цели, достигаемые в странах Восточной Европы за счет финансирования международными финансовыми организациями.

Доказано, что финансирование частного сектора стран Восточной Европы ЕБРР создает предпосылки для повышения уровня их экономической и социальной эффективности и для создания не только коллективных, но и общественных благ. Однако реализация этих предпосылок зависит от здоровой экономической политики страны, своевременного формирования новой институциональной структуры для функционирования государственного сектора и тому подобное.

Отмечено, что для эффективного обеспечения данного направления сотрудничества с ЕБРР странам Восточной Европы необходимо:

• способствовать переходу от капитального и трудоемкого экспорта промышленной продукции к высокотехнологическому и инновационному;

• оказывать государственную помощь для обеспечения формирования иностранного капитала путем создания специальных зон экспортного производства с выгодным налоговым режимом;

• внедрять планируемый подход к регулированию развития национальной экономики на основе оптимизации процесса государственных закупок, формирование субсидий и других форм государственного регулирования инвестиционной деятельности и тому подобное.

Отмечено, что в целом важен опыт сотрудничества стран Восточной Европы с международными финансовыми организациями и для Украины.

Ведь сегодня в Украине существует ряд политических факторов, тормозящих развитие внешних инвестиций через неадаптированность отечественных предприятий к мировым рыночным условиям сотрудничества. Чтобы решить эту проблему, нужно реорганизовать структуру государственного управления объектами промышленности и наладить механизмы законодательного регулирования данного процесса.

Ключевые слова: государственное регулирование, страны Восточной Европы, международные финансовые организации, инвестиции, экономический рост.

Problem statement. The role of international financial organizations, which not only contribute to the development of the socio-economic sphere of governance in Europe, but also is one of the important factors for ensuring their sustainable development, is growing in modern conditions of development of the world economy. This cooperation is especially important for the countries of Eastern Europe, which today, although they have become members of the European Union, still need structural reforms to overcome the crisis in the economy and seek to restore the prospects for industrial growth of the main sectors of the economy. Therefore, the activities of international financial organizations in the context of their cooperation with the countries of Eastern Europe is extremely relevant and is the subject of study of domestic and foreign scholars in public administration and related fields of science [1, p. 3].

Analysis of recent research and publications. Issues of the impact of international financial organizations on the processes of economic growth in Eastern Europe are the subject of research by the following scholars, namely: R. Atoian, E. Boldechi, B. Joshi, K. Krohulski, J. Ruef, R. Olivares-

Kaminal, N. B. Bidnyk, V. O. Dany-liuk, N. M. Zaiarna, V. P. Kolosova [3], R. I. Kopych, M. Kulbida [1], O. M. Ne-pomniaschyi, N. I. Pattyk, V. M. Fe-dosov, P. I. Yukhymenko [2] and others.

Formulating goals of the article.

The purpose of the article is to characterize the influence of international financial organizations on the state economic and financial development of Eastern European countries.

Presentation of the main research material. The modern institutional structure of international financial organizations is characterized by an extensive system of intergovernmental organizations and institutions, which include both global and regional monetary and financial institutions. In particular, there are such major international financial organizations as the World Bank Group, the European Bank for Reconstruction and Development (EBRD), the European Investment Bank, the Northern Investment Bank, the Credit Institution for Reconstruction (German State Bank as KfW) and others. These international organizations play an important role in the formation of credit resources and in the regulation of the modern economy

of Poland, Georgia, Romania and other countries of Eastern Europe [2].

The EBRD is one of the leading international financial institutions with the highest credit rating of AAA. The Bank provides assistance to the countries of Eastern Europe and the former Soviet Union at the stage of their market transformation, and in particular, for the long-term economic growth of a certain region of the countries, by financing investment projects. The EBRD facilitates the transition to an open market economy, the development of private and entrepreneurial initiatives in the countries of Central and Eastern Europe [1].

Direct financing of the private sector, restructuring, privatization and infrastructure development can be identified among the main forms of cooperation undertaken by the EBRD in Eastern Europe [3, p. 36]. We consider each of the above forms of cooperation.

The EBRD creates prerequisites for increasing their economic and social efficiency and for creating not only collective, but also public goods in the financing of the private sector in Eastern Europe. However, the implementation of these prerequisites depends on a sound economic policy of the country, the timely formation of a new institutional structure for the functioning of the public sector, and so on. It is necessary in order to effectively provide this direction of cooperation with the EBRD to the countries of Eastern Europe, such as:

• To facilitate the transition from the capital and labour-intensive export of industrial products to high-tech and innovative;

• To provide state aid to ensure the formation of foreign capital by creating special zones of export production with favourable tax regime;

• To implement the planned approach to the regulation of the development of the national economy on the basis of optimization of the state procurement process, the formation of subsidies and other forms of state regulation of investment activity, etc.

Significant interest is the experience of restructuring the countries of Eastern Europe that have succeeded in economic development after their financing by the EBRD. The Czech Republic is one of the most successful examples. According to the results of the study on the process of reorganization of Czech enterprises through financing of the EBRD, we can speak of the beginning of the formation of complex and interrelated changes in the economic structure of the country, which improved the methodological bases for the implementation of the institutional and economic mechanism of functioning of enterprises and management in general [4, p. 85]. The restructuring has also triggered changes in the production program and related innovations in the following industries of the Czech Republic: production, functional, informational, personnel and financial, etc. The restructuring process included four blocks: the formation of a restructuring concept, the development of its organizational forms, the implementation of appropriate tools and proper staffing. The stability and effectiveness of financing this process for the Czech Republic is determined, in this case, by how rationally and consistently the country's investments are used.

The experience of successful financing of economic and infrastructural developments by international financial institutions has been achieved, largely due to the country's timely fiscal and monetary measures, a significant devaluation of the national currency in Poland. 'A healthy, well-diversified banking sector contributed to economic growth, increasing lending volumes, unlike most other EU member states in Poland. According to the EBRD, the share of state-owned banks in assets increased to 22,1 % (from 18,3 % in 2008) in Poland in 2009. PKO Bank Polski as the largest universal bank, with a state share of 51,24 % made the main contribution to the growth of both the share of state bank assets and lending in general. The share of PKO in total loans increased from 15,6 % in the third quarter of 2008 to 17,2 % at the end of 2010' [5].

In general, the main goals, achieved through financing by international financial institutions in Eastern Europe, are:

• Assistance to the economic development of Eastern European countries with a view to their transition to an open world market economy;

• Support of the countries of Eastern Europe in carrying out of their structural economic reforms, including elimination of monopolies, decentralization of power and its integration into the world economic system;

• Organization, modernization and expansion of productive, competitive private activities of the subjects of the economy of Eastern European countries, espe-

cially small and medium enterprises;

• Promotion of investment in production, as well as investment in the sectors of state social programs;

• Stimulation of important and economically justified projects;

• Provision of technical assistance for the preparation, financing and implementation of public and private partnership projects;

• Formation and development of capital markets in Eastern Europe;

• Ensuring the placement of securities by private and public enterprises in Eastern Europe and facilitating their access to domestic and international capital markets by providing financial guarantees and advice;

• Financing of both public and private sectors of the economy, which make a significant contribution to the development of industry in Eastern Europe;

• Promoting the attraction of foreign direct investment to Eastern Europe, etc.

The analysis of financing by the international financial institutions of the countries of Eastern Europe conducted by us shows that this process was steady in Slovenia, which is quite expected in view of the insignificant deficit of national budget funds and fiscal sustain-ability of the country. The main priority of the work of international financial organizations with Slovenia was to ensure further integration of the country into the global financial system, stimulating the country to conduct a sound macroeconomic policy and implement

structural reforms in public administration. The inflow of foreign investment, in particular from the EBRD, led to a rethinking of the need to improve mac-roeconomic stability and financial independence in the country [1].

Conclusions from this study and prospects for further exploration. In general, the experience of Eastern European countries cooperation with international financial organizations is important for Ukraine. After all, there are a number of political factors that hinder the development of foreign investments due to the non-adaptation of domestic enterprises to the world market conditions of cooperation in Ukraine today. It is necessary to reorganize the structure of state management of industrial objects and to establish mechanisms for legislative regulation of this process in order to solve this problem.

In this regard, the experience of foreign countries, in matters of cooperation with international financial organizations, requires the formation of a process of deepening the internationalization of economic life in Ukraine. It will have its manifestations of expansion and optimization of interrelations and interdependencies of the domestic economy, socialization of the nature of work and production on a global scale, etc. [6].

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