IMPACT OF CYCLICITY ON THE BANKS LENDING INNOVATIVE DEVELOPMENT IN UKRAINE
Journal Title: Міжнародний науковий журнал "Інтернаука". Серія: "Економічні науки" - Year 2018, Vol 1, Issue 12
Abstract
The purpose of the article is to develop recommendations for creating conditions of using banks' loans as sources of financing the needs of innovative economic development. Research methodology. The information base of the research is the results of scientific achievements of Ukrainian and foreign scientists published in monographic studies and publications in periodicals. During the research, the following methods were used: a systematic approach in the study of trends in the development of technological progress and economic system of Ukraine in cyclical conditions; a comparison method when comparing economic growth processes and changes in innovation development and the banking system to identify common features and differences with factual indicators; the correlation-regression analysis method in detecting the tightness of communication and the relations among factors, namely, determining the influence of the banking system development indicators on the volume of patent applications of residents as the key factor which highlights the development of innovative sector of Ukraine; the method of tabular and graphical representation of results for visual display of the study results. Results. The article emphasizes that the problem of financing innovative development of the economy has gained special significance. It is proved that the uneven economic growth and innovation development are caused by the wave-like fluctuations of economic activity. In this work, two complete economic cycles are identified. It is determined that Ukraine`s economy is at a short-wave recession within which micro currents occur. The reasons for the decline of technological development of the leading countries of the world are revealed. And the necessity of using the possibilities of “innovation pause” for ensuring sustainable economic growth of Ukraine is substantiated. It is proved that activation of enterprises in the using banks' loans as a source of financing patents depends on the resource base of banks created from customer deposits. It is noted that one of the main factors of low investor confidence in the domestic banking system is the asymmetry of information on liquidity shocks of enterprises in the real sector of economy (enterprises-innovators). On the basis of empirical generalizations measures for stimulation of banks` lending innovation development of national industry are determined. This is ensured by practical state program-targeted planning method based on targeted management and financing, the establishment of the interaction system between public and private institutions, funds of direct and venture investments, national long money and the market of derivatives. Implementation of the proposed measures will contribute to the stable development of the real economy. Scientific novelty. The article defines the characteristic features of cyclical economic growth, technological development based on the results of the dynamics of GDP changes and total factor productivity during 2000-2016. The methodological provisions for assessing the impact of the banking sector on the intensity of innovation development have been formed. The unattractiveness of banks` loans as a source of financing innovations within two short cycles of economic development of Ukraine is proved. Thus, the conclusions have been made about the lack of institutional environment that promotes the banks’ willingness to lend innovation and development of long-term relationships with inventors during the implementation of innovative projects. Practical significance. Practical significance is that scientific studies clearly and consistently demonstrate the need to create conditions for bank lending innovation as a major source of economic growth in cyclic conditions. The results obtained will continue to be used to develop targeted financing programs for state innovation development, using the program-targeted method of planning.
Authors and Affiliations
Diana Zavadska
Keywords
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- EP ID EP581720
- DOI 10.25313/2520-2294-2018-12-4571
- Views 98
- Downloads 0
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