Background. Short-term receivables occupy the significant share of current assets at enterprise of trade. The share of receivables in current assets amounted to 59.3 % as of 1 January 2016. Thus, a significant amount of funds accumulated in the commercial short-term receivables. If the company can not speed up collection of receivables, it may use refinancing of accounts receivables. The aim of the article is to identify the possible methods of refinancing in Ukraine and investigate foreign experience in the management of accounts receivable. Materials and methods. The article used a combination of methods and approaches that allow implementing the conceptual unity of research, namely the dialectical method of scientific knowledge, methods of synthesis and comparative method, system, institutional and statistical analysis method. Results. Current accounts receivable – total receivables arising in the normal operating cycle or it will be paid within twelve months from the balance sheet date. The acceleration of the turnover of receivables or its refinancing should be used to reduce the need in current assets financing. It is feasible to refinance accounts receivable if the benefit from immediate getting money higher than to get them in time. The main forms of refinancing receivables at the present stage are factoring, forfeiting, bill discounting. National commercial enterprises use factoring services rarely due to relatively high prices for factoring services. Classical factoring market development in Ukraine significantly hampered by the low level of investor confidence in the Ukrainian business and the low level of trust in banks, high capital costs and high risks of default by borrower obligations. The western banks (especially in Switzerland and the United Kingdom) widely use forfeiting operations but only several banks offer such service in Ukraine. Conclusion. At the present stage of economic development, trade enterprise of Ukraine can use in addition to traditional resources of financing current assets (accounts payable, short-term bank credit) – factoring, forfeiting, bill discounting. In Ukraine, as a rule, refinancing receivables using factoring or forfeiting, are not widely used by businesses due to the high cost of services.

Background. The study of the marketing environment of the overseas market of the country allows developing a system of indicators, criteria and factors that should be considered by agricultural businesses during the previous market analysis is a component of the information system of international marketing. Under this system the socio-cultural, technological, economic, political and legal groups of indicators are systematized. When choosing those or other methods of evaluating attractiveness of international markets it is relevant that in terms of international diversification of business activities the agricultural enterprises are unable to follow dogmatic, universal solution, as this process requires creativity, aimed at meeting the requirements of a particular consumer in a particular market and time period. The analysis of recent researches and publications. Considering methods of evaluating marketing attractiveness of international markets, the vast majority of authors associate it with the market indicators regarding the state of its business environment. In some scientific works the concept of assessment of the international market means the traditional scheme of processing of results of marketing research that includes selection of target segments and positioning products in the market. The aim of the study was to develop a system of indicators of marketing attractiveness of projects of international cooperation in terms of diversification of business activities of agricultural enterprises of Ukraine and assessment of their capacity to potential markets of Belgium, Greece, Ireland, Italy, China, Switzerland and Japan. Materials and methods. The study of marketing attractiveness of the potential markets of Belgium, Greece, Ireland, Italy, China, Switzerland, Japan carried out on materials of official statistics of the Organization for economic cooperation and development, European Union, International monetary Fund, world Bank Group etc. The Main methodological basis is the system approach to evaluating the attractiveness of international markets. Results. In the article the system of indicators of development of international markets is considered, which is important to be taken into consideration by the domestic enterprises of agrarian business when choosing target markets in international diversification of their business activities. The assessment of marketing potential attractiveness of the markets of Belgium, Greece, Italy, Ireland, Switzerland, China and Japan according to the developed system of indicators is conducted. The results of expert assessment of the attractiveness of pre-defined markets in terms of international diversification of business activities on a 5-point scale are presented. The marketing attractiveness of foreign markets is evaluated; the degree of convergence of international markets is defined. Conclusion. Marketing assessment of the attractiveness of international markets for agricultural enterprises of Ukraine can be determined analyzing the system of indicators, criteria and factors that must be considered during decision-making regarding the implementation of its economic interests in the international diversification of their business activities. Hereat there are tangible problems of adaptation of domestic agricultural products to the quality standards of these countries, as the Ukrainian agricultural companies should "think globally and act locally". To enter the markets of Belgium, Italy, Ireland, Switzerland, Japan and not to lose sustainable competitive advantage, companies need to combine different approaches – standardization (priority performance indicators of own production) and adaptation (marketing to the specific needs of different markets).

The first year of the DCFTA is analyzed, identifying the prospects and drawbacks in the main socio-economic areas of its implementation. The state of international trade relations between Ukraine and the EU is examined, and the factors influencing it are determined. Problems in Ukraine’s economy, which prevent the possible benefits of the DCFTA from manifesting, are identified; the possibilities of implementing the main benefits of integrating Ukraine and the EU in practice are determined. The necessity of developing a long-term strategy for Ukraine’s economic development while taking into account the main stages and deadlines of implementing the DCFTA is proven.

Background. The proposed scientific article is devoted to actual issue of formation of priority directions in the foreign economic policy of Ukraine, in particular the development of relations with the Asian and Pacific region (APR), which accounts about the half of world industrial production and world trade. Relations between Ukraine and the Republic of Korea, as one of the largest trading partners with the APR, are characterized by duration and stability of relationships that determines the need to study the prospects of further cooperation. The review of scientific sources indicates that Korea is considered by scientists mainly in the context of markets of ascending countries. However, the state of foreign economic relations of Ukraine and Korea, as well as priority areas of their cooperation requires further study. The aim of the research is the assessment of the state and prospects of the development of foreign economic relations of Ukraine and Korea. Materials and methods. The information base of the work is presented by scientific works of domestic and foreign scientists, analytical reports and statistic data. The survey is conducted with the use of general scientific methods: systematic approach, analysis and synthesis, theoretical generalization and comparison. Results. The state of foreign economic relations of Ukraine and Korea is analyzed; the place of studied countries in the global economy and the structure of the formation of their added value are evaluated. The analysis of the commodity structure of foreign trade is conducted and the main indicators of investment activity of Ukraine and Korea are characterized. The perspective directions of cooperation between Ukraine and the Asian and Pacific region are determined. Conclusion. Ukraine investment cooperation with Korea remains extremely weak. The direct inclusion of Ukraine in the Asian investment capital flows and the increased efforts on the integration of the country into global and transcontinental projects initiated and introduced by Korea is necessary in order to strengthen the relationships. As Korea is one of the global leaders nowadays, which is characterized by the expansion of investment capitals, the strengthening of economic cooperation between Ukraine and Korea is being highly actualized. The predominance of the extensive type of economic growth in Ukraine and the export of goods, which are traditional for the economy, determines the search of ways of the diversification of the export commodity structure to enhance its innovativeness and expansion of the geographical structure through cooperation with the Asian and Pacific region as an important strategic partner of Ukraine in the sphere of foreign trade and investment activity.

Background. The current stage of development of foreign trade activity of Ukraine is under the influence of unexpected and unpredictable non-economic factors. Finding the tools of analysis and forecasting of the dynamics and structure of foreign trade of Ukraine which is adequate to current international instability is reasonable. The analysis of recent research and publications. In the works of many domestic scholars the structure and dynamics of foreign trade of Ukraine during different years is researched. The spectrum of used methods varies from purely descriptive approach to formalized methods of economic and mathematical modeling. The aim of the research is the consideration of methodical approaches of domestic scholars to the analysis of foreign trade of Ukraine in the context of their suitability for the receiving of long-term accurate forecasts. Materials and methods. For the grouping of approaches to the research of the structure and dynamics of foreign trade of Ukraine the methods of analysis and synthesis are used; for the test of the suitability of deterministic models of the long-term prediction of foreign trade of Ukraine the method of econometric modeling is used. The research is conducted on the basis of the materials of the State Statistics Committee of Ukraine. Results. The methods and approaches used by domestic scholars for the analysis of the structure and dynamics of foreign trade of Ukraine by the criterion of the use of quantitative research methods are grouped in non-formalized (qualitative) and formalized (quantitative). The suitability of the use of non-formalized analysis in combination with formalized research methods that will increase the reasonableness of forecasts of the dynamics and structure of foreign trade of Ukraine is grounded. The peculiarities of the application of formalized (quantitative methods) in the context of the research of the structure and dynamics of foreign trade of Ukraine are considered, namely: the methods of foreign trade balance analysis and international comparisons, the methods of structural, matrix and statistical analysis, the methods of economic and mathematical modeling. The limitations of the suitability of deterministic models for long-term prognostication of foreign trade of Ukraine are shown. The reasonableness of the use of stochastic modeling to ensure the validity of long-term forecasts of the dynamics and structure of foreign trade of Ukraine is grounded. Conclusion. Stochastic modeling is a flexible tool of analysis and prognostication of foreign trade, the use of which should be based on the results of the factor analysis of the current economic and geopolitical situation. The development of stochastic model of foreign trade of Ukraine and its verification can be considered a perspective direction of further researches.

Background. Nowadays the theory and practice of management of leading multinational companies changes dynamically, so every company that wants to be competitive on world markets, should carefully examine international experience and not only implement it in their practice, but also try to develop something of their own. The analysis of recent researches and publications. Research palette is quite diverse, but remains unfinished: a methodological context of the definition of international management, decision-making multinational companies on their spatial organization and systematization of directions of evolution of international management. The aim of the article is clarification of the discourse of international management by inclusion of the mechanism of decision-making by the company concerning their spatial organization, balance of its multi-level objectives and the impact of uncertainty on the organization, planning and business management. Materials and methods. The works of domestic and foreign experts on the studied problem served as research materials. During the preparation of the article general scientific methods of the research such as the methods of historical and logical analysis, synthesis and abstraction were used. Results. Under the international management, the author understands the comprehensive administrative process that provides a total maximal effect for multinational companies through the implementation of solutions for optimization of territorial structure of the company and transactional costs of adaptation of corporate management to the peculiarities of formal and informal institutional context of a particular country. The author highlights the following main provisions that formed methodological and practical trends of international management: 1) recognition of human and intellectual capital as a strategic resource, time to market entry and its development; 2) consideration of the corporation as an open system, which is based on the development of internal and external partner relationships, the development of horizontal relations, the balance of business interests of different level; 3) decentralization of corporate planning and management; 4) Forecasting and planning of business development on the basis of probable strategic analysis of the global business environment; 5) development of multi-format multinational companies. Conclusion. The development of international management is aimed at maximum adaptation of multinational companies to changes with an attempt to influence them actively. In a further it is necessary to develop approaches to the formation of global chains of added value; methods of enhancing of corporate activity through the use of new information technologies and stimulation of innovation of the company.

Background. The inflation surge of 2014–2015’s., the absence of preconditions for the transition to inflation targeting regime declared by the National Bank of Ukraine and uncertainty of the monetary policy of NBU raise questions about the complexity of prediction of the dynamics of consumer prices and corresponding impact on them by monetary instruments. In turn, unstable inflation environment is reflected on the deterioration of macroeconomic conditions for economic entities and the possibilities of their long-term investment implementation. Eventually, it requires more fundamental approaches to the formation of the projection system, which would consider a wider range of factors of impact on inflation. The analysis of recent researches and publications. The group of domestic and foreign scientists, namely B. Karpinskyi, O. Pyzh, K. Kirieyeva, V. Shevchuk, A. Estrella, F. Mishkin, Zh. Faus, P. Milonas and others dealt with the problems of detection of indicators of formation of inflation expectations on financial markets. The aim of the research is determination of the indicators of formation of inflation expectations on the financial market of Ukraine. Materials and methods. Legislative and normative acts on regulation of banking institutions activity, reference and analytical materials of National Bank of Ukraine, information materials of leading central banks of the world, research materials of the OECD, the IMF and others became the information basis. Systematic approaches to the study of economic phenomena on financial markets of Ukraine and the world, economic and mathematical modeling with the use of statistical data of the NBU and Ukraine State Statistics and statistical comparison of factual basis became the methods of the research. Results. Traditional approach to forecast of inflation, which is used by central banks, focuses on the implementation of forecasts based on separate monetary aggregates, as well as on the consideration of the long-term trends, including deviation of actual from potential amount of nominal GDP, real business cycles and expectations of economic entities. In the article the author considers the issue of inflation forecast, deviations of its actual values from the predicted level and adjustment factors of such forecasts; analyzes the impact of spreads for government bonds and market credit rates, redemption of government bonds in the portfolio of the central bank and the yield curve on core inflation; explores the impact of exchange rate volatility on inflation; offers the ways of consideration of inflation risks in the expectations of the financial market subjects. Conclusion. On the basis of the conducted research the author offers the use of spreads in yield on the financial market as an additional factor for adjustment of the inflation forecast. The author offers determination of its level through core consumer price index, which is mainly influenced by internal factors. Also, he considers appropriate the introduction and proper application of composite index of hryvnias corporate bonds for determination of spreads and the expected risk premium for the consideration of the risks and the corresponding expectations of the corporate bonds market. In further researches he suggests the determination of the risk premium by the decomposition of total risk on market factors (credit risk of the borrower, date, volume) and the implicit inflation expectations (expressed in terms of spreads) with an aim of timely respond to the accumulation of problem debt of bank borrowers and its negative effects. Taking into account the need to consider the negative effects of exchange rate shocks in inflation dynamics, he offers a partial targeting of the exchange rate volatility, determination of the maximum acceptable ranges of exchange rate fluctuations (in standard deviations) and their appropriate adjustment depending on the periods and the state of supply of liquidity on the financial market.

Background. Modern financial science focuses on the study of the impact of institutional and macroeconomic factors on fiscal policy, which should consider the appropriate institutional conditions of the development of cyclical nature of social and economic processes. In methodological as well as in scientific and practical terms insufficiently studied issues remain, arising from understanding of institutional changes in the budget area that occur as a result of the financial and economic transformations, and application of new approaches that would ensure the quality of budget strategy formation and implementation. The analysis of recent researches and publications on the selected subject indicates that the budget strategy takes an important place in the system of state regulation. The efficiency and effectiveness of the budget strategy is an essential prerequisite for the provision of fiscal sustainability and stability that contributes to the formation of basic conditions for economic growth of the country, investment development and competitiveness of the economy. Effective fiscal strategy is one of the main conditions for obtaining a high investment rating as an important precondition for sustainable economic growth. The main components of the budget strategy should be the mutually agreed with all components of financial policy as well as with foreign economic policy of the country, the formation of budget policy should be based on the assessment of exogenous and endogenous factors that will ensure its efficiency and effectiveness. The aim of the article is the disclosure of economic substance and determination of the tasks of budget strategy as a tool of social and economic development of the country. Materials and methods. Systemic and structural methods are used in the disclosure of the economic substance of the budgetary strategy as a tool of social and economic development of the country, methods of scientific abstraction and synthesis are used in the disclosure of the priority tasks of the budget strategy. Results. A significant achievement of the conducted research is the disclosure of the economic substance of the budgetary strategy as a tool of social and economic development of the country, determination of the functions and tasks of budgetary strategy, justification of the principles of strategic budgeting: reasonableness; efficiency; consistency; adaptability; variability; coherence; purposefulness; sociality; legitimacy; innovativeness. Conclusion. In modern society, the budgetary strategy is a complex, multidimensional and multifaceted tool of the provision of sustainable economic development and social stability, which reflects the compromise in correlation of social and economic interests of fiscal relations participants. The economic essence of the budgetary strategy is to use the systems of financial and economic measures which are implemented by public and local authorities in multidimensional terms: budget transformations, configuration of fiscal institutions, social and economic transformations. The conducted research will deepen the understanding of the role of the budget strategy as a tool of social and economic development of the country, will provide an opportunity to increase the quality of the functioning of public finances system.

Background. Deepening of the risk understanding and methods of its calculation and control has been one of the main trends in financial industry during eight post-crisis years. Equity risk is one of the main components of risk of stock companies. For example, the evaluation of this risk can be one of the most important indicators of the bank activity, although its calculation is not required by the National Bank of Ukraine. Definition of equity risks faces the problem of incompleteness and inaccuracy of stock data on the stock market of Ukraine. The analysis of recent researches and publications. Theoretical basis of the calculation of investment risk (including equity risk) were laid in the second half of the last century in the works of H. Markowitz, William Sharpe and others. The evidence of the maturity of these approaches is the development of "The Global Investment Performance Standards (GIPS)" and "Generally Accepted Risk Principles (GARP)". But on developing markets, including Ukraine, the definition of equity risks actions faces the problem of incompleteness and inaccuracy of stock data. The aim of the article is to calculate the equity risk of Ukrainian banks. Materials and methods. Primary data of the agreements with the shares of Raiffeisen Bank Aval, Kredobank, Ukrgazbank, Ukrsotsbank, historical significance of stock indices of First Stock Trading System (FSTS) and the indices of Ukrainian shares became the material for the research. Among the methods of scientific research which were used by the author for the processing of primary data of Ukrainian banks is statistical method. The analysis gave the opportunity to consider the achievements of investment theory and the requirements of the international standards in the sphere of investment. Results. The work presents the opportunity of the evaluation of the equity risk (systematic and individual) of Ukrainian banks according to the requirements of "The Global Investment Performance Standards (GIPS)" and "Generally Accepted Risk Principles (GARP)". Risk calculations are made on the basis of Modern Portfolio Theory (MPT) for the shares of Raiffeisen Bank Aval, Kredobank, Ukrgazbank, Ukrsotsbank in comparison with the Ukrainian stock market indices: FSTS and the indices of Ukrainian shares. Conclusion. Shareholders, potential investors and regulators can use the calculation method and received data.

Background. The attention to the increase of the efficiency of the public debt management for the optimization of the structure of state debenture amplifies at the modern stage of the social and economic development. Improvement of the institutional foundations of the public debt policy, increase of the level of its coordination with the other components of financial policy is reasonable. The aim of the article is to reveal the nature of public debt management system, to study its main components and to determine the priority areas of external public debt management over medium term. Materials and methods. The scientific works of domestic and foreign economists on the issues of improvement of the public debt policy are the theoretical and methodological basis of the research. Multidimensional nature of the research has led to the application of a set of scientific methods and approaches which allowed to provide its conceptual unity. In particular, dialectical, systematic and structural methods, the methods of analysis, synthesis and comparison were used. Results. The essence of the public debt management is disclosed, the main purpose, goals and objectives of the public debt policy are elucidated. The key components of the public debt management system are considered. The peculiarities of external public debt management are revealed, the measures for prudential debt risks management are defined. The main indicators of the debt sustainability of the financial system are considered. The priority areas of external public debt management over medium term are substantiated. Conclusion. Implementation of a balanced, consistent, and systematic debt and fiscal policy, development of mechanisms of financial and economic risks identification, improvement of the monitoring system of the corporate sector’s external borrowings and the mechanism of provision of the state guarantees, increase of the effectiveness of the application of public debt management methods on the basis of the formation of the public debt policy priorities for the medium and long term period, implementation of the systematic approach to formation of the state policy in the sphere of attraction, distribution, use and return of the borrowed financial resources is important.

Background. The attention to the increase of the efficiency of the public debt management for the optimization of the structure of state debenture amplifies at the modern stage of the social and economic development. Improvement of the institutional foundations of the public debt policy, increase of the level of its coordination with the other components of financial policy is reasonable. The aim of the article is to reveal the nature of public debt management system, to study its main components and to determine the priority areas of external public debt management over medium term. Materials and methods. The scientific works of domestic and foreign economists on the issues of improvement of the public debt policy are the theoretical and methodological basis of the research. Multidimensional nature of the research has led to the application of a set of scientific methods and approaches which allowed to provide its conceptual unity. In particular, dialectical, systematic and structural methods, the methods of analysis, synthesis and comparison were used. Results. The essence of the public debt management is disclosed, the main purpose, goals and objectives of the public debt policy are elucidated. The key components of the public debt management system are considered. The peculiarities of external public debt management are revealed, the measures for prudential debt risks management are defined. The main indicators of the debt sustainability of the financial system are considered. The priority areas of external public debt management over medium term are substantiated. Conclusion. Implementation of a balanced, consistent, and systematic debt and fiscal policy, development of mechanisms of financial and economic risks identification, improvement of the monitoring system of the corporate sector’s external borrowings and the mechanism of provision of the state guarantees, increase of the effectiveness of the application of public debt management methods on the basis of the formation of the public debt policy priorities for the medium and long term period, implementation of the systematic approach to formation of the state policy in the sphere of attraction, distribution, use and return of the borrowed financial resources is important.