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Department of Real Sector Finances

About this department: Department of Finance of the Real Sector was established in 2010 based on the strong Department of Financial and Monetary Regulation.

Fields of Research: The development of finances of Ukraine’s corporate sector: the impact of macroeconomic and institutional factors;
Adaptation of the theory of corporate finance to the features of Ukraine’s financial system;
Systemic risks and structural imbalances in the finances of Ukraine’s corporate sector;
Financial relations between the companies of the sector of non-financial corporations with the state, banks and the stock market;
The problem of accumulation of productive capital in the corporate sector;
The role of the state in financial support of potential growth points in the industry: financial tools and development institutions.

Personalities: Developed the conceptual framework and defined the guidelines of the state policy in the sphere of tax regulation and bank lending aimed at improving capitalization and ensuring sufficient liquidity in the enterprises during the crisis.
Deepened the theoretical and methodological foundations and practical recommendations on anti-crisis policy of the state to improve the soundness and stability of the finance of the real sector through a transition from sectoral management principle to the project based one.
Proved that the cause of and functioning in Ukraine of the deformed financial business model (displayed by excessive debt bondage) emerged under the influence of a combination of institutional (weak protection of property rights and creditors, inadequate mechanisms of bankruptcy, complexity and burden of administrative and fiscal procedures) and macroeconomic (currency risk, the poor state of public finances and the "crowding out effect") factors.
Revealed fiscal and institutional barriers that hinder the process of concentration of capital in priority areas of economic development and inter-sectoral mobility of capital, including through the mechanisms of bank lending and the stock market.
Established that the existing market mechanisms of inter-sectoral re-allocation of financial resources in Ukraine are unable to ensure sufficient funding for the development of the real sector on the basis of modern technology, which leads to the need of public financial support for investment projects.
Justified the conceptual principles of state policy in the field of financial provision of structural modernization of the real economy in conditions of the lack of equity and shortage of borrowed capital on the domestic market, based on concentration of the government and business resources on implementing the priority modernization projects.

Research: Deepening the theoretical foundations of the financial provision of structural modernization in the real economy, defining, on that basis, the guidelines of state financial policy and developing recommendations for the provision of the modernization processes with stable and predictable sources of funding.
Revising the theoretical framework of the functioning of Ukraine’s financial corporate sector and determining patterns of their development, taking into account the impact of macroeconomic and institutional factors.

Major Publications: Among the most important scientific papers that were published with the direct participation of the Department’s researchers during 2011-2015 should be mentioned the following ones:
Danylenko A., Zymovets V. (2014). The influence of the crisis on the finances of Ukraine’s real sector and ways of their sanitation. Kyiv: Institute for Economics and Forecasting of NAS of Ukraine.

Danylenko A., Zymovets V., Sidenko V. et al. (2012). Risks and prospects of Ukraine’s development during the post-crisis recovery. Kyiv: Institute for Economics and Forecasting of NAS of Ukraine.

Bilousova O. (2012). Financial planning in the companies: theory, methodology and practice. Kyiv: Institute for Economics and Forecasting of NAS of Ukraine.
Danylenko A. еd. (2011). State policy of the stabilization of the companies’ finances. Kyiv: Institute for Economics and Forecasting of NAS of Ukraine.
Zymovets V. (2010). State financial policy of economic development. Kyiv: Institute for Economics and Forecasting of NAS of Ukraine.

Danylenko A. еd. (2008). Financial and monetary levers of economic development (in 3 volumes). Kyiv: Feniks.
Was awarded a Tugan-Baranovskyi Prize of the Presidium of NAS.
Research papers:
Danylenko A. еd. (2014). Financial mechanism for ensuring the development of Ukraine’s real sector. Kyiv: Institute for Economics and Forecasting of NAS of Ukraine.

Risks and dangers to the safety of Ukraine’s sector of public finances (2013). Kyiv: NAS of Ukraine.
Harkavenko V. (2011). Foreign capital in the activities of Ukraine’s banking sector: past experience and lessons for the future. Kyiv: Institute for Economics and Forecasting of NAS of Ukraine.

Analytics : Department of Finance of the Real Sector has provided a basic support in holding the following important forums:
.
On September 25, 2014, State Institution "Institute for Economics and Forecasting of NAS of Ukraine" together with the National Institute for Strategic Studies under the President of Ukraine held an international round table on "The Marshall Plan: Experience and Lessons for Ukraine", in whose work, in addition to leading scientists, participated Coordinator of Aid the US Embassy in Ukraine Clifford Bond, Acting Minister of Economic Development and Trade A.Maksyuta, heads of relevant departments of the Ministry of Finance and Ministry of Economic Development and Trade of Ukraine, representatives of international organizations and commercial banks in Ukraine.
The purpose of the round table consisted in revealing the principles and conditions of the provision of financial support to individual countries in Western Europe under the Marshall Plan and identifying the opportunities for applying this experience to stabilize the economic situation in Ukraine.

On December 14, 2012 was held the scientific conference on "The financial policy of Ukraine in modern conditions." The conference was attended by prominent national scientists.
The purpose of the conference was to discuss scientific and practical problems of Ukraine’s financial policy Ukraine on the modern stage of economic development, especially those generated by the crisis in the world and in Ukraine.

Partners: The Department’s head is Doctor of Economics Vladyslav ZYMOVETS

Partnership: The department’s researchers have been fruitfully cooperated with the following executive bodies:
Ministry of Finance of Ukraine,
Ministry of Economic Development and Trade of Ukraine,
Ministry of Industry of Ukraine,
The National Commission on Securities and Stock Market of Ukraine,
State Property Fund of Ukraine and others.

Contacts: Рhone +38 (044) 280-18-59
fax +38(044) 280-88-69
e-mail: finotdel2004@ukr.net