PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2019 | 12 | nr 4 | 300--324
Tytuł artykułu

Trust Cycle of the Finance Sector and its Determinants: The Case of Ukraine

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The paper presents the results of exploring the characteristics of trust cycle in the financial sector of the economy in general and across its main components (trust in banking and non-bank financial and credit systems) illustrated by the economy in transition - Ukraine - for the period 1st quarter 2009 - 1st quarter 2018. Determinants of nonlinear dynamics of public trust in the financial sector of the economy were also identified. For this purpose, an algorithm has been developed that enables studying the cyclical nature of public trust in the financial sector and testing the hypotheses about the determinants of its nonlinear dynamics. To highlight the cyclical component of the time series, harmonic analysis via Fourier transformations was used. In order to analyze public trust in the financial sector and its main components the following indicators were used: absolute volatility, relative volatility (in relation to financial and business cycles), the persistence of actual values and cyclic components, correlation with financial and business cycles. Our main result is that trust in the banking system has a greater cyclical amplitude than the national economy, the financial sector of the economy, and psychological dimensions of economic agents (a propensity to save and financial savings). High volatility of trust in the banking system indicates that any news or an event could lead to destabilization processes, ignoring of which may lead to a banking crisis. (original abstract)
Rocznik
Tom
12
Numer
Strony
300--324
Opis fizyczny
Twórcy
  • Sumy State University, Ukraine
autor
  • University of Entrepreneurship and Law, Prague, Czech Republic
  • Sumy State University, Ukraine
  • Rzeszow University of Technology Poland
Bibliografia
  • Abaas, M. S. M., Chygryn, O., Kubatko, O., & Pimonenko, T. (2018). Social and economic drivers of national economic development: The case of OPEC countries. Problems and Perspectives in Management, 16(4), 155-168. https://doi.org/10.21511/ppm.16(4).2018.14
  • Abdul Hadi A.R., Hussain H.I., Suryanto T., & Yap T.H. (2018). Bank`s performance and its determinants - Evidence from middle eastern Indian Sub-continent and African bank`s. Polish Journal of Management Studies, 17(1), 17-26. https://doi.org/10.17512/pjms.2018.17.1.02
  • Akerlof, G., & Shiller, J. R. (2009). Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism, Princeton University Press, Princeton.
  • Al Halbusi, H., & Tehseen, S. (2018). The Effect of Electronic Word-Of-Mouth (EWOM) on brand image and purchase intention: a conceptual paper. SocioEconomic Challenges, 3(2), 83-94. https://doi.org/10.21272/sec.3(2).83-94.2018
  • Baburina, N. A., Tarkhanova, E. A., & Fedorova, O. B. (2017). Innovational approaches to attracting people savings in the modern economy. Marketing and Management of Innovations, (3), 187-197. https://doi.org/10.21272/mmi.2017.3-18
  • Bagmet, K., Bouheni, F.B., & Obeid, H. (2015). Bank-insurance integration level in Ukraine: Science-methodological approach. Journal of Applied Business Research, 31(6), 2253-2267. https://doi.org/10.19030/jabr.v31i6.9481
  • Bagmet, K.V. (2011). Risk management within bank insurance system. Actual Problems of Economics, 118(4), 203-210.
  • Balas, A.N., & Kaya, H.D. (2019). The global economic crisis and retailers' security concerns: the trends. SocioEconomic Challenges, 3(2), 5-14. https://doi.org/10.21272/sec.3(2).5-14.2019.
  • Beveridge, W. H. (1909). Unemployment: A Problem of Industry, Longmans Green, London.
  • Bilan, Y., Brychko, M., Buriak, A., & Vasilyeva, T. (2019). Financial, business and trust cycles: the issues of synchronization, Zbornik radova Ekonomskog fakulteta u Rijeci, 37(1), 113-138, https://doi.org/10.18045/zbefri.2019.1.113.
  • Bilan, Y., Mishchuk, H., & Dzhyhar, T. (2017). Human capital factors and remuneration: Analysis of relations, modelling of influence. Business: Theory and Practice, 18, 208-214. https://doi.org/10.3846/btp.2017.022
  • Bilan, Y., Raišienė, A. G., Vasilyeva, T., Lyulyov, O., & Pimonenko, T. (2019). Public governance efficiency and macroeconomic stability: Examining convergence of social and political determinants. Public Policy and Administration, 18(2), 241-255. https://doi.org/10.13165/VPA-19-18-2-05.
  • Bilan, Y., Rubanov, P., Vasylieva, T., & Lyeonov, S. (2019). The influence of industry 4.0 on financial services: Determinants of alternative finance development. Polish Journal of Management Studies, 19(1), 70-93. https://doi.org/10.17512/pjms.2019.19.1.06
  • Bilan, Y., Vasilyeva, T., Lyulyov, O., & Pimonenko, T. (2019). EU vector of Ukraine development: Linking between macroeconomic stability and social progress. International Journal of Business and Society, 20(2), 2019, 433-450
  • Bilan, Y., Vasylieva, T., Lyeonov, S., & Tiutiunyk, I. (2019). Shadow economy and its impact on demand at the investment market of the country. Entrepreneurial Business and Economics Review, 7(2), 27-43. https://doi.org/10.15678/EBER.2019.070202
  • Blajer-Gołębiewska, A., & Kos, M. (2016), Investors are more sensitive to information about financial rather than ethical reputation of a company: evidence from an experimental study. Economics and Sociology, 9(1), 11-22. https://doi.org/10.14254/2071-789X.2016/9-1/1
  • Boyarko, I.M., & Samusevych, Y.V. (2011). Role of intangible assets in company's value creation. Actual Problems of Economics, 117(3), 86-94.
  • Buriak, A., Vasylieva, T., & Lyeonov S. (2015). Systemically important domestic banks: an indicator-based measurement approach for the Ukrainian banking system. Prague Economic Papers, 6(24), 715-728, https://doi.org/10.18267/j.pep.531.
  • Calvo, G., & Mendoza, E. (2000). Rational contagion and the globalization of securities markets, Journal of International Economics, 51 (1), 79-113, https://doi.org/10.1016/s0022-1996(99)00038-0.
  • Charemza, W., Makarova, S., Prytula, Ya., Raskina, J., & Vymyatnina, Yu. (2009). A Small Forward-Looking Inter-Country Model (Belarus, Russia and Ukraine). Economic Modelling, 26(6), 1172-1183.
  • Clark, J.M. (1917). Business Acceleration and the Law of Demand: A Technical Factor in Economic Cycles, Journal of Political Economy, 25 (1), 217-235, https://doi.org/10.1086/252958.
  • Djalilov, K., Lyeonov, S., & Buriak, A. (2015). Comparative studies of risk, concentration and efficiency in transition economies. Risk Governance and Control: Financial Markets and Institutions, 5(4CONT1), 178-187.
  • Dzikevičius A, Vetrov J (2012) Stock Market Analysis Through Business Cycle Approach. Business: Theory and Practice, 13(1): 36-42. https://doi.org/10.3846/btp.2012.04
  • Dzikevičius, A., & Vetrov, J. (2013) Investment portfolio management using the business cycle approach. Business: Theory and Practice, 14(1), 57-63. https://doi.org/10.3846/btp.2013.07
  • Filipishyna, L., Bessonova, S., & Venckeviciute, G. (2018). Integral assessment of developmental stability: cases of Lithuania and Ukraine. Entrepreneurship and Sustainability Issues, 6(1), 87-99. https://doi.org/10.9770/jesi.2018.6.1(7)
  • Gazda, J. (2008). Testing Real Business Cycle Models in Polish Economy. Journal of International Studies, 1(1), 27-32.
  • Gazda, J. (2010). Real Business Cycle Theory - Methodology and Tools. Economics & Sociology, 3(1), 42-48.
  • Hadbaa, H., & Boutti, R. (2019). Behavioral Biases Influencing the Decision Making of Portfolio Managers of Capital Securities and Traders in Morocco. Financial Markets, Institutions and Risks, 3(1), 92-105. http://doi.org/10.21272/fmir.3(1).92-105.2019.
  • Horsch, A., Sysoyeva, L., & Bogma, S. (2018). Deposit insurance systems of post-Soviet countries: A comparative analysis. Journal of International Studies, 11(4), 22-44. https://doi.org/10.14254/2071-8330.2018/11-4/2
  • Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47, 263-291, https://doi.org/10.2307/1914185.
  • Kamińska T. (2016). Is the 'Flying Geese' Paradigm useful to explain advancement in the European Union by means of FDI phenomenon?. Journal of International Studies, 9(2), 9-24. https://doi.org/10.14254/2071-8330.2016/9-2/1.
  • Kaminsky, G., & Reinhart, C. (2000). On crises, contagion, and confusion. Journal of International Economics, 51(1), 145-168.
  • Kaminsky, G., Reinhart, C., & Vegh, C. (2003). The unholy trinity of financial contagion. Journal of Economic Perspectives, 17(4), 51-74, https://doi.org/10.3386/w10061.
  • Kapidani, M., Luci, E. (2019). The Effects on innovation from financial sector development: evidence from developing countries. Journal of Competitiveness, 11(2), 84-94. https://doi.org/10.7441/joc.2019.02.06
  • Kendiukhov, I., & Tvaronavičienė, M. (2017). Managing innovations in sustainable economic growth. Marketing and Management of Innovations, (3), 33-42. https://doi.org/10.21272/mmi.2017.3-03
  • Keynes, J. M. (1936). The General Theory of Employment, Interest, and Money. New York.
  • Kolosok, S., & Myroshnychenko, I. (2015). Structural change and business cycle dynamics in transition economies. Journal of Applied Economic Sciences, 10(1), 128-141.
  • Korauš, A., Gombár, M., Kelemen, P., & Backa, S. (2019). Awareness of security risks associated with payment systems analyzed by the methods of multidimensional statistics. Journal of Security and Sustainability Issues, 8(4), 687-703. https://doi.org/10.9770/jssi.2019.8.4(12)
  • Kostyuchenko, N., Starinskyi, М., Tiutiunyk, I., & Kobushko, I. (2018). Methodical approach to the assessment of risks connected with the legalization of the proceeds of crime. Montenegrin Journal of Economics, 14(4), 023-043. https://doi.org/10.14254/1800-5845/2018.14-4.2
  • Kovacic, Z. J., & Vilotic, M. (2017). Characterising and testing European business cycles asymmetry. Equilibrium. Quarterly Journal of Economics and Economic Policy, 12(3), 453-468. https://doi.org/10.24136/eq.v12i3.24
  • Kozmenko, O., & Roienko, V. (2013). Evaluation and use of indicators of insurance companies' investment activities. Investment Management and Financial Innovations, 10(3), 98-105. https://doi.org/10.21511/imfi.10(3).2013.01
  • Kozmenko, O., Merenkova, O., & Boyko, A. (2009). The analysis of insurance market structure and dynamics in Ukraine, Russia and European insurance and reinsurance federation (CEA) member states. Problems and Perspectives in Management, 7(1), 29-39. https://doi.org/10.21511/ppm.7(1).2009.01
  • Kuzmenko, O., & Kyrkach, S. (2014). The use of regression analysis in the financial planning of banks, mathematical formalization of the stages of financial planning in banks. Banks and Bank Systems, 9(1), 120-126.
  • Kuzmenko, O.V., & Koibichuk, V.V. (2018). Econometric modeling of the influence of relevant indicators of gender policy on the efficiency of a banking system. Cybernetics and Systems Analysis, 5, 3-12
  • Lazányi K., & Bilan Y. (2017). Generation z on the labour market - do they trust others within their workplace?. Polish Journal of Management Studies, 16(1), 78-93. https://doi.org/10.17512/pjms.2017.16.1.07
  • Leonov, S., Yarovenko, H., Boiko, A., & Dotsenko, T. (2019). Information system for monitoring banking transactions related to money laundering. CEUR Workshop Proceedings, 2422, 297-307.
  • Leonov, S.V., Vasylyeva, T.A., & Tsyganyuk, D.L. (2012). Formalization of functional limitations in functioning of co-investment funds basing on comparative analysis of financial markets within FM CEEC. Actual Problems of Economics, 134(8), 75-85.
  • Leśniewski, M.A. (2019). Humanistic - behavioral - cultural competitive advantage of the enterprises - concept models. Business Ethics and Leadership, 3(1), 34-43. http://doi.org/10.21272/bel.3(1). 34-43.2019.
  • Lobanova, J., Kračun, D., & Kavkler, A. (2018). Effects of cross-border mergers and acquisitions on GDP per capita and domestic investment in transition countries. Journal of Business Economics and Management, 19(1), 124-137. https://doi.org/10.3846/16111699.2017.1408677
  • Luchko, M., Lew, G., Ruska, R., & Vovk, I. (2019). Modelling the Optimal Size of Investment Portfolio in a Non-State Pension Fund. Journal of International Studies, 12(1), 239-252.
  • Lyulyov, O., Chygryn, O., & Pimonenko, T. (2018). National brand as a marketing determinant of macroeconomic stability. Marketing and Management of Innovations, 3, 142-152. http://doi.org/10.21272/mmi.2018.3-12
  • Mazur, B. (2017). Probabilistic predictive analysis of business cycle fluctuations in Polish economy. Equilibrium. Quarterly Journal of Economics and Economic Policy, 12(3), 435-452. https://doi.org/10.24136/eq.v12i3.23
  • Mostenska, T., & Bilan, Y. (2015). Sustainable development through enhanced social responsibility. Journal of Security and Sustainability Issues, 4(3), 536-551. https://doi.org/10.9770/jssi.2015.4.3(4)S
  • Olczyk, M., & Kordalska, A. (2018). Growth and structural changes in transition countries: the chicken or the egg?. Journal of Business Economics and Management, 19(3), 544-565. https://doi.org/10.3846/jbem.2018.6580
  • Oliinyk, V. (2018). Optimal Management of GDP Components. Journal of Advanced Research in Law and Economics, 9(2), 603-614. https://doi.org/10.14505/jarle.v9.2(32).24.
  • Onyshchenko, V., Chen B. X. (2017). Influence of state banks on economic growth: a cross-country analysis. Financial Markets, Institutions and Risks, 1(3), 44-54. https://doi.org/10.21272/fmir.1(3).44-54.2017
  • Petrushenko, Y.M., Kostyuchenko, N., Smolennikov, D., & Vorontsova, A. (2017). Impact of the participatory financing of international development projects on social capital of the local communities. Problems and Perspectives in Management, 15(3), 183-192. https://doi.org/10.21511/ppm.15(3-1).2017.02
  • Pigou, A.C. (1927). Industrial Fluctuations. London, MacMillan.
  • Prince, T. (2017). Behavioral finance and the business cycle. Business Ethics and Leadership, 1(4), 28-48. https://doi.org/10.21272/bel.1(4).28-48.2017
  • Rahman, A., Rahman, M.T., & Ključnikov, A. (2016). Collateral and SME financing in Bangladesh: an analysis across bank size and bank ownership types. Journal of International Studies, 9(2), 112-126. doi: 10.14254/2071-8330.2016/9-2/8
  • Sebestova, J., Majerova, I., & Szarowska, I. (2018). Indicators for assessing the financial condition and municipality management. Administratie si Management Public, (31), 97-110, https://doi.org/10.24818/amp/2018.31-07
  • Simionescu, M. (2018). Effects of European economic integration on foreign direct investment: The case of Romania. Economics and Sociology, 11(4), 96-105. https://doi.org/10.14254/2071-789X.2018/11-4/6.
  • Simionescu, M. (2019). The evolution of the Romanian insurance market after 2000. Economics, Management and Sustainability, 4(1), 21-28. https://doi.org/10.14254/jems.2019.4-1.2
  • Skvarciany, V., Jurevičienė, D., Iljins, J., & Gaile-Sarkane, E. (2018). Factors influencing a bank's competitive ability: the case of Lithuania and Latvia. Oeconomia Copernicana, 9(1), 7-28. https://doi.org/10.24136/oc.2018.001
  • Stremmel, H., Zsamboki, B. (2015). The Relationship between Structural and Cyclical Features of the EU Financial Sector. ECB Working Paper No. 1812.
  • Swiatkiewicz, O. (2018). Market Communication: Ethical and Praxeological Dimensions. Economics and Sociology, 11(2), 184-199. https://doi.org/10.14254/2071-789X.2018/11-2/13
  • Trojanek, R. (2010). Cyclical Behaviour of Residential Markets. Journal of International Studies, 3 (1), 28-35.
  • Valaskova, K., Kliestik, T., & Kovacova, M. (2018). Management of financial risks in Slovak enterprises using regression analysis. Economic Copernicana, 9(1), 105-121. https://doi.org/10.24136/oc.2018.006
  • Vasilyeva, T. A., Leonov, S. V., & Lunyakov, O. V. (2013). Analysis of internal and external imbalances in the financial sector of ukraine's economy. Actual Problems of Economics, 150(12), 176-184.
  • Vasylyeva, T. A., Leonov, S. V., & Lunyakov, O. V. (2014). Countercyclical capital buffer as a macroprudential tool for regulation of the financial sector. Actual Problems of Economics, 158(8), 278-283.
  • Vasylyeva, T.A., & Chmutova, I.M. (2015). Empirical model of a bank life cycle. Actual Problems of Economics, 172(10), 352-361.
  • Vasylyeva, T.A., Sysoyeva, L., & Vysochyna, A. (2016). Formalization of factors that are affecting stability of Ukraine banking system. Risk Governance and Control: Financial Markets and Institutions, 6(4), 7-11. https://doi.org/10.22495/rcgv6i4art1
  • Vejačka, M., & Štofa, T. (2017). Influence of security and trust on electronic banking adoption in Slovakia: Ekonomie a Management, 20(4), 135-150. https://doi.org/10.15240/tul/001/2017-4-010
  • Yevdokimov, Y., Melnyk, L., Lyulyov, O., Panchenko, O., & Kubatko, V. (2018). Economic freedom and democracy: Determinant factors in increasing macroeconomic stability. Problems and Perspectives in Management, 16(2), 279-290. https://doi.org/10.21511/ppm.16(2).2018.26
  • Zachko, O., Golovatyi, R., & Yevdokymova, A. (2017). Development of a simulation model of safety management in the projects for creating sites with mass gathering of people. Eastern-European Journal of Enterprise Technologies, 2(3-86), 15-24. https://doi.org/10.15587/1729-4061.2017.98135
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171577916

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.