MECHANISMS OF STATE REGULATION IN THE EVENT OF CRISIS IN MARKET ECONOMIC SYSTEM
Journal Title: International Journal of Innovative Technologies in Economy - Year 2017, Vol 1, Issue 1
Abstract
Problem setting. The formation of the state strategies in the system of national economy is determined by the realities of the global environment and its cyclic development, increasing competition in the international markets, the specifics of the national investment and business climate and the phenomenon of the global financial crises with the possibility of the “second waves”. As a rule, the mechanisms of state regulation of overcoming the consequences of the financial and economic crisis, which are being implemented in the world, are based on reorganization of the financial system and stimulation of the domestic demand. However, the unsystematic direction of the cash flows in the financial sector even by the countries with the developed market economies does not restore the expected crediting to the real sector of the economy. For Ukraine, whose economy is marked by the excessive openness with a low level of competitiveness, underdeveloped domestic market, lack of domestic savings, which could be used for investment, the situation is even more complicated. Recent research and publications analysis. Theoretical and methodological bases of the mechanisms of state regulation of crisis management, dynamics, modern forms, features of the global competitive environment, formation of the new activities and creation of the competitive advantages have been investigated by many scientists The paper main body. The article analyzes the mechanisms of state regulation in the event of crisis processes based on the use of qualitative and quantitative parameters of economic sustainability which allows to assess the likelihood of the crisis emergence and sustainability of the real sector of economy before the crisis, to develop administrative and managerial measures to ensure the state security of the economic sector of Ukraine. Conclusions of the research. In the context of the approach studied, the changes of the structural elements of the current model are proposed: - rejection of the dogma of efficient markets with their built-in ability to self-regulation which is based on the risk assessment by the private institutions; - transformation of the control system of national regulators over the banking systems; - consistent and sustainable increase of government spending to stimulate the final demand by increasing the tax burden on the financial sector; - understanding that the recovery of the national economy as a subject of international economic activities is a long process. The global economic crisis, which the world is going through now, is restructuring the global economy, the relationships between financial capital, commodity production and service sector, changes priorities in the choice of the means of production.
Authors and Affiliations
Andrii Ihorevych Bondarenko
Keywords
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