В статье рассмотрена деятельность ведущих кредитных рейтинговых агентств (Fitch Ratings, Moody's Investors Service и Standard & Poor's) в контексте снижения информационной ценности кредитных рейтингов, которые они присваивают, и сохранения доминирующих позиций на рынке финансового рейтингования. Целью исследования является рассмотрение деятельности кредитных рейтинговых агентств в измерении социального конструкционизма в процессе осуществления государственной финансовой политики, объясняя сопротивление регулятивной модели их деятельности многочисленным вызовам и переменам. Подход новой институциональной социологии в управлении мы сделали чувствительным к проблематике институциональных изменений во времени. Таким образом, мы (...) высказались за трактовку вопроса о неизменности организации деятельности КРА в соответствии с условиями нового социологического институционализма. То есть, дается приоритет когнитивной основе институтов, служащей поддержкой конкретного проявления социального порядка и дающей отличный способ для его понимания. (shrink)

Обґрунтовано стратегію високочастотної біржової торгівлі (high-frequency trading) акціями. Для цього досліджено особливості та обмеження біржової високочастотної торгівлі, визначено верхню межу прибутку агресивного «шкідливого» високочастотного трейдера, обґрунтовано оптимальну частоту стратегії біржової високочастотної торгівлі акціями, розглянуто емпіричне підтвердження прогнозованості біржових курсів акцій на надкоротких горизонтах інвестування.

The need for innovative development of healthcare institutions is determined by the necessity to increase the efficiency of organizational processes based on the formation of new models of cooperation, which will make it possible to get access to new technologies and knowledge. The goal of the study is to determine the parameters of the impact of innovative open cooperation strategy and the strategy of innovative closed cooperation of healthcare institutions on the effectiveness of their organizational structure in the context of (...) dissemination and the use of knowledge. Simulation modeling was applied to generate the most effective organizational management structure in the context of innovative cooperation and knowledge exchange within the organizational processes “Inside-out” and “Inside-in”. It is substantiated that the strategies of innovative cooperation “Open Innovation/Closed Innovation” have a significant impact on the organizational structure of management of healthcare institutions in terms of the “degree of centralization” (Dci), “degree of mediation” (Dii), and “degree of centralization of powers” (Dpi). The values of the selected criteria range from 25,52% to 61,50% in the case of Dii, and from 34,53% to 52,63% in the case of Dci, which indicates a higher efficiency of organizational knowledge exchange processes in healthcare institutions, which adhere to the Open Innovation strategy of innovative cooperation. Therefore, there are significant differences in the effectiveness of the management’s organizational structure depending on the degree of openness of innovative cooperation of healthcare institutions. The strategy of innovative openness allows increasing the number and quality of connections in the context of knowledge exchange between the subjects (actors, agents) of the organizational structure (in a broad sense, considering internal and external levels of externality) of healthcare institutions, regardless of the distance between them and the level of similarity. (shrink)

У статті висвітлено сучасні підходи до банківського нагляду, орієнтовані на дослідження бізнесмоделей банків та профіль їх ризиків. Підходи до визначення режиму нагляду та заходів впливу до банків мають враховувати особливості їх фінансового стану та міста на ринку банківських послуг. Інструментарій нагляду має бути об’єктивним і прозорим. Впровадження інноваційних методів визначення бізнес-моделей та адекватних наглядових дій особливо актуальне у період нестабільності банківської системи України. За останні десять років кількість банків суттєво скоротилася. Причиною банкрутства більшості банків були реалізовані кредитні, валютні ризики та (...) ризик ліквідності. Остання криза суттєво підвищила вимоги до методів оцінювання фінансової стійкості банківської системи. Національний банк України постійно вдосконалює процедури оцінювання якості активних банківських операцій, адекватності регулятивного капіталу, достатності основного капіталу та визначення необхідного рівня нормативів достатності капіталу з метою сприяння фінансовій стабільності. У той же час, визначення бізнес-моделі залишається доволі суб’єктивним. Аналіз бізнес-моделей банків має враховувати детальні характеристики їх активів, пасивів, доходів та витрат. У статті запропонована методика структурно-функціональних груп банків на основі самоорганізаційних карт Кохонена. Методика є достатньо прозорою та ефективною. Групи банків із однаковими бізнес-моделями поєднуються навколо екстремальних значень фінансових показників, у відповідних сферах підвищених ризиків. Ця стаття обґрунтовує необхідність широкого охоплення показників, що характеризують банківські ризики. Формування бізнес-моделей банків має визначатися характеристиками банківської системи у конкретний період. Характеристики структури активів, пасивів, доходів, витрат та інші фінансові показники банків відображають особливості стану банківської системи та конкретних банків. Для обробки великих масивів даних пристосовані методи нейронних мереж - самоорганізаційних карт Кохонена. Проведене дослідження рекомендує центральним банкам використовувати чітку технологію формування та аналізу бізнес-моделей. Суб’єктивні підходи до оцінювання фінансової стійкості та вибору режиму нагляду за банками порушують принцип незалежності центрального банку, оскільки припускають вплив різноманітних неекономічних чинників. (shrink)

Відсутність точної відповіді на питання щодо появи тих або інших соціально-етичних норм може частково пояснити чому моделі соціальних переваг часто розглядаються як ad hoc (в тому сенсі, що висновки, які отримуються в рамках таких моделей, безпосередньо ґрунтуються на висунутих в таких моделях особливих припущеннях), а формалізація моделювання процесів економічної поведінки часто співвідноситься з існуванням певної норми економічної поведінки в контексті досягнення рівноважного стану.

Авторами розглянуто вплив провідних світових кредитних рейтингових агентств на фінансову безпеку емітентів цінних паперів. Обґрунтовано перформативний характер діяльності кредитних рейтингових агентств з позицій моделі «Les economies de la grandeur» нового соціологічного французького інституціоналізму, що дає змогу розв’язати протиріччя щодо сильної опозиції стосовно їх функціонування з одночасним збереженням діючої системи нормативного використання кредитних рейтингів.

The Ukrainian PFTS stock index volatility reaction as a whole and its constituent economic sectors (“Basic Materials”, “Financials”, “Industrials”, “Oil & Gas”, “Telecommunications”, “Utilities”) to seven non-monetary US information signals (“Consumer price index”, “Personal spending”, “Unemployment rate”, “Gross domestic product”, “Industrial production”, “Consumer confidence”, “Housing starts”) was carried out for the period 2000–2017 on the basis of closing stock quotations in the trading day format. To assess the “surprise” component direct influence nature of the USA selected non-monetary information signals on (...) the PFTS stock index, an AR-GARCH econometric modelling device was used. The results achieved clearly indicate the presence of some PFTS stock index economic sectors heterogeneous reaction to the United States individual non-monetary information signals announcement. For example, such economic sectors as “Basic Materials”, “Financials”, and “Oil & Gas” volatility response to the US non-monetary information signal “Consumer price index” “surprise” components the opposite of the overall PFTS stock index reaction. It can also be concluded that the United States non-monetary information signals influence on the Ukrainian stock market volatility depends not only on the financial cycle phase and data frequency, but also on the PFTS stock index economic sector. (shrink)

The stronger the level of economic integration between countries, the greater the need to study the formation patterns of the stock market reaction to the financial information signals. This concerns the Ukrainian stock market, which is now in its infancy, and which reaction to financial information signals is sometimes ambiguous. The research aims to identify the formation patterns of return and volatility indicators of the Ukrainian stock market reaction to the US financial information signals. To assess the direct nature of (...) US financial information signals effect on the PFTS stock index, the GARCH econometric modeling toolkit was applied. The research information base is the PFTS stock index and the Federal Reserve System financial information signals at the discount rate for 2000–2019. The fetch is divided into intervals corresponded to the ascent and decline phases of the financial cycle. It was found that an unforeseen increase in the discount rate at the financial cycle decline phase by 25 basis points decreases the PFTS stock index return, on average by 2.9%. Besides, the hypothesis about the general change stabilizing effect in the discount rate on the Ukrainian stock market volatility at the financial cycle growth phase was confirmed. Nevertheless, for investors, the most essential is the regulator’s monetary signals in the discount rate at the financial cycle decline phases rather than at the ascent phases because there is a more significant increase in the volatility level. (shrink)

Розглянуто природу взаємозв'язку між неправдою та легітимністю в організаційному контексті при здійсненні підприємницької діяльності. Визначено роль, яку відіграє легітимність у конкурентоспроможності суб'єктів підприємництва (особливо новостворених) на ринку, а також представлені стратегії реагування на її дефіцит. Обґрунтовано, що незважаючи на несумісність з фундаментальними основами легітимності, неправда здатна виступати для підприємницьких структур інструментом створення деякої подоби організаційної легітимності, що в свою чергу часто дає змогу заручитися підтримкою зацікавлених осіб (зокрема, інвесторів) та відкрити доступ до необхідних для розвитку бізнесу можливостей і ресурсів.

Розглянуто теоретико-методологічні основи прогнозування валютних курсів на ринку Forex. Визначено особливості діяльності на ринку Forex та його переваги і недоліки серед інших валютних ринків. Розкрито сутність прогнозування в цілому та основні проблеми у прогнозуванні. Розглянуто основні методи прогнозування валютних курсів на ринку Forex та ступінь їх використання.

Цель. Работа посвящена определению характерных особенностей влияния экономических информационных сигналов США посредством каналов трансмиссии на компоненты декомпозиции избыточной доходности украинского рынка акций (на примере репрезентативного фондового индекса ПФТС). Методика. Для выявления параметров изменений избыточной доходности биржевого рынка акций Украины в реакциях на экономические информационные сигналы было применено векторное авторегрессионное моделирование. Выбор модели VAR (3) был обоснован согласно информационным критериям AIC и SIC. Результаты. В работе установлено, что лишь переменная избыточной доходности (с лагом 3) позволяет прогнозировать определенную долю будущих изменений доходности (...) фондового индекса ПФТС. Тем не менее, коэффициент R² показывает, что задействованные переменные могут объяснить лишь около 7% изменения избыточной доходности фондового индекса ПФТС, что подтверждает достаточно низкую прогнозируемость украинского рынка акций. На основе декомпозиции избыточной доходности фондового индекса ПФТС за период 2000-2017 гг. (формат торгового дня) было выявлено, что рынок акций Украины является чувствительным к информационным сигналам по будущей избыточной доходности, поскольку более 89% от общего ее изменения можно объяснить влиянием непосредственно через канал премии за риск. Также установлено наличие влияния макроэкономического информационного сигнала США «Индекс доверия потребителей» на избыточную доходность украинского фондового индекса ПФТС через канал премии за риск, что подтверждает предположение о том, что «эффект неожиданности» макроэкономических сигналов США может быть фактором риска для рынка акций Украины. Научная новизна. Получил свое развитие методический подход по определению параметров реакции компонент избыточной доходности фондового индекса ПФТС на «эффект неожиданности» информационного содержание макроэкономических сигналов США. Практическая значимость. Использование приведенного методического подхода позволит улучшить точность финансового прогнозирования параметров реакции ценовых котировок отечественного рынка акций на обнародование макроэкономических информационных сигналов США, что даст возможность инвесторам (частным и институциональным) повысить доходность собственных инвестиционных стратегий. (shrink)

The paper provides a new approach to determining the financial standing of Ukrainian banks in the long and short terms. Using the European assessing indices and the national ones, a new ranking system is created. The authors ranked 20 biggest Ukrainian banks by assets and grouped them into corresponding financial groups.

Purpose The purpose of this paper is to determine relation between marketing expenses and bank’s financial position. Factor and cluster analyses were applied to unify different financial variables into financial clusters. Each cluster has specific long-term and short-term financial position and is allocated to appropriate rating position of new rating system. Using rating positions, it is possible to determine whether overall bank position is fragile or stable, and which financial position is vulnerable. Comparing marketing expenses with financial positions, it is (...) possible to evaluate how effectively banks manage their financial resources, and what impact marketing activity has on the financial position. -/- Design/methodology/approach Financial statements of Ukrainian banks for last five years are analyzed. Database of financial documents are reviewed. Coefficient, principal components, and hierarchical cluster analyzes are applied to elaborate new rating system. “Bartlett’s Test of Sphericity” and “Kaiser-Meyer-Olkin Measure of Sampling Adequacy Test” validate input data. Box-and-whisker plots are used to describe graphically interaction between marketing expenses and bank financial positions. -/- Findings The new rating system describes short-term and long-term bank financial positions. In their marketing activity, Ukrainian banks mostly have uneven distribution of marketing expenses in context of financial positions. Such pattern disrupts long-term stability of Ukrainian banking system. Each financial variable has different impact on marketing activity; however, the correlation level is insignificant. In general, Ukrainian banks do not consider financial positions in marketing planning. -/- Practical implications New rating system can be used by the National Bank of Ukraine, the main supervisory bank of Ukraine, to determine fragile banks and to predict their bankruptcy. Banks may use findings to analyze their financial positions and to find optimal marketing expenses. -/- Originality/value This paper contributes into the scientific literature in novelty of marketing-finance interaction in the Ukrainian banking system. New rating system of Ukrainian banks considers different aspects of bank financial stability: liquidity level, credit risks, deposit portfolio, and bank’s ability to attract additional financial resources on financial markets. Cluster analysis helps to allocate similar financial factors to different clusters and to evaluate financial risks in conjunction. As legal regulations concerning banking market, are also considered, the rating system can be adjusted to different countries. In addition, marketing expenses are analyzed in context of banks’ financial positions. (shrink)

Авторами рассмотрены основные подходы к моделированию процесса принятия финансово-экономических решений в контексте учета поведенческого фактора соблюдения принятых социальных норм, что позволяет выйти за рамки классического представления о мотивации экономических агентов.

A method of identifying banks’ business models and studying the features of their risk profile, considering the system of indicators featuring the structure of assets, liabilities, income, expenses, and other qualitative indicators based on monthly statistical reporting. Kohonen's self-organizing maps (SOM) are used to process large data sets, revealing objects’ hidden features by forming homogeneous groups according to similar values of a large system of indicators. The choice of the system of indicators that play the most significant role in describing (...) the business models of modern banks is substantiated. The proposed method makes it possible to group banks with homogeneous characteristics into so-called structural-functional groups and studies the change in the characteristics of groups of banks over time to compare their behavior during periods of active development of the system and during a crisis. That approach is useful for studying the banking system at the macro level, as it provides a quantitative measure of its financial stability. The more banks are in groups with negative values of parameters, increased risks, and unprofitable performance, the worse the general state of the system. The method also allows studying the features of each structural and functional group and the business models’ features at the meso-level. The number and composition of banks inherent in any group change dynamically, which characterizes the features of the relevant business model in a particular period. The averages of each group reflect the objective changes in the banking system structure. In addition, the SOM trajectory can be built for each individual bank determining the development of its strategy, features of a particular business model, and risk profile. At the micro-level, it allows comparing the features of individual banks within the SFGB and models ways to improve efficiency and financial stability by forecast values for SOM. An extensive system of indicators used to form structural and functional groups of banks allows to quickly respond to changes in the banking system, identify areas of increased risk and explore the adequacy and effectiveness of banks’ business models. (shrink)

The article investigates the main characteristics of the financial stability of Ukrainian banks, their risk profile, structure of assets, liabilities, income, expenses based on the monthly reporting data for 2004-2020 (number of observations – 3 813). The Kohonen self-organizing map (SOM) toolkit is used to form homogeneous groups of banks based on a large number of financial indicators. The selected toolkit provides a convenient visualization of the results. Each bank occupies a specific place on the SOM. The close location of (...) banks on the map indicates that these banks have many common characteristics. This study is called the method of structural and functional groups of banks. The study formed stable groups of banks with the same characteristics of business models and risk profile. The formation of consecutive maps for each reporting period allows to obtain the characteristics of each bank separately and the banking system as a whole. The trajectory of an individual bank’s activity during the observation period characterizes the development of its business strategy. The migration of a large number of banks between groups reflects the objective changes in the conditions of banking. Increasing groups of high-risk banks indicate systemic problems. The results show that after a significant reduction in the banking system of Ukraine in 2014-2016, the business models of banks have changed significantly. The resource base relies on unstable sources of current funds with no set term of use. In the assets of banks, a significant portion is invested in government securities – government bonds. Bank loan portfolios have declined and have a higher proportion of non-performing assets (NPL). Many banks have increased currency risk. Concerns are raised about the state of large state-owned banks that hold a separate high-risk group. Thus, the conducted research allows to distinguish groups of banks with specific characteristics of business models and to observe changes of risk profile inherent to these groups. For each structural-functional group, changes in the values of financial indicators are investigated and migration between groups is studied. The proposed methodology is useful for studying both macro and macro levels. (shrink)

In the final chapter of the monograph «Influence of macroeconomic announcements on the economic security of Ukraine in the context of globali-zation»( R. A. Pavlov, A. G. Lemberg) theoretical aspects of the influence of macroeconomic announcements through transmission channels on the economic security of the state are considered, decomposition of macroeconomic announcements in the context of determining the scale and nature of their impact on such a component of economic security of Ukraine as financial security is implemented. The choice (...) of a number of key Ukrainian non-monetary announce-ments concerning inflation and the macroeconomic situation of the country when studying the parameters of vulnerability of financial security of Ukraine by the component "Security of the non-bank financial market" in front of the internal economic factors is substantiated. Scientific and methodological approach to assessing the impact of EU and US macroeconomic announcements on the stock market of Ukraine was improved, based on the inclusion of the financial security indicator of Ukraine "Volatility Index of the First Stock Trading System" in the specification of econometric GARCH-model. The methodological toolkit for asse-ssing the impact of the suspense factor of monetary decisions of the National Bank of Ukraine on the discount rate on the domestic stock market on the basis of using the consensus forecast indicator has been improved. (shrink)

The article examines the nature of the impact of the bank regulators’ decisions regarding the discount rate on the parameters of profitability and volatility of the stock market of Ukraine in the context of the state economic security. This article proposes to improve the methodological tools for assessing the impact of the ―surprise‖ factor of the National Bank of Ukraine's decisions on the discount rate on the domestic stock market.

The study based on the available key principles of the circular economy functioning proposes a conceptual scheme of the circular economy ecosystem, which includes key elements such as the country’s population, investments, emissions, and GDP. The ecosystem also considers nine key principles of circular economy functioning, namely: refuse; reduce; reuse; repair; refurbish; remanufacture; repurpose; recycle; recover, which are integrated into functions and supported by them, namely: mining; production; consumption, service; reuse; processing; utilization, forming a chain of a closed cycle of (...) usage of the raw materials, goods, and resources. The study also proposed a conceptual system-dynamic model of the circular economy ecosystem functioning, based precisely on its functions, presented in 7 blocks of the model. Each block covers the influence of circular economy principles on the model’s indicator elements. According to each block of functions, the authors offer opportunities to form new organizational structures that will support the viability of the circular economy concept, provide waste minimization, additional service and processing of goods and waste, and allow the closing of the cycle from extraction to disposal. Further research established the simulation experiments’ specifics and the opportunity to build the model blocks. (shrink)

The study aims at determining the role and significance of such moral emotions as nobility, gratitude, admiration for the socially significant behavior of a person in society. That involves identifying a close relationship between those emotions and personality’s social behavior and that they can be one of the main incentives for socially significant behavior – theoretical basis. The importance of ethical emotions with positive valence when making decisions with their implementation in society determines the research’s theoretical and methodological basis. Those (...) are studied in the cognitive dimension of human social activity, considering their subjective experience and objectification. The authors determined that ethical emotions with positive valence, pleasant emotions stimulate a person to experience them again and behave socially desirable as such behavior allows reliving those emotions and self-actualizing. Emotions with a positive valence are most desirable for a person and are the essential behavior incentives in society. A person can act actively to achieve them, to experience them repeatedly, which is the basis of motivation for socially desirable and meaningful behavior. From exclusively subjective experiences, those emotions move into objectification, i.e., those motivated to act in conditions of a definite or indefinite social continuum. In due time, these socially crucial actions acquire normative content, sometimes even a form, since they serve as a model for others. Moral emotions with positive valence, empathy, rule-making, high culture, and responsibility to oneself and others form a good way of a person’s self-realization through positive social behavior. Furthermore, moral emotions with positive valence are the most important incentive for such behavior. (shrink)

The concept of sustainable development considers environmental, social and economic issues in general. And the goals of resource conservation and socio-economic development do not contradict each other, but contribute to mutual reinforcement. The purpose of this study is to build and test an economic and mathematical model for the formation of strategies for the behavior of an economic entity with an increase in the impact of negative environmental factors. The proposed strategies and their models are based on the income-expenditure balance (...) equation, which takes into account both quantitative and qualitative characteristics. The constructed models are considered in the state space. The research methodology is based on building models in the form of linear combinations of functions of a homogeneous external impact and various spatial combinations of economic sources (sinks). The study makes it possible to assess the dependence of the amount of resources used for life support on the chosen adaptive strategy. Within the framework of the proposed model, it was found that the criterion for the effectiveness of the applied strategy can be an indicator of satisfaction with the state, the preservation of which, simultaneously with the preservation of the size of resources used, corresponds to the direction of optimization. This approach is consistent with the concept of sustainable development. (shrink)

Purpose The purpose of this study is to consider the complementarity of ethics and law with regard to the problem of their common existence in society through the identification of common and different characteristics in the philosophy of I. Kant. -/- Design/methodology/approach This study is based on the observation that in modern society ethics and law remain the main social regulators and their co-existence requires the definition of their interaction and complementarity. Also, as this problem is closely related to issues (...) of freedom and obligation, it is necessary to show their role in ethics and law. -/- Findings The results show that the complementarity of ethics and law is due to the obligation that unites them, and the categorical imperative is the only postulate of ethics and the rights to execute, which allows a person to always remain worthy of his name. Ethics also has the meaning of legal capacity, and law means the recognition of people moral independence by public authorities. Thus, the law must protect a person not only from arbitrariness on the part of other people but also from the state power. -/- Originality/value This paper uses a philosophical approach, the utility of which is that ethics and law are studied as elements of normative regulation system of the society in terms of the phenomenal and noumenal nature of a man. It is proposed to consider ethics and law not only as different social regulators, which have their own specifics but also as complementary elements of a single social being, which should exist together and not attempt to substitute one another. (shrink)

Розглянуто характер впливу негативних моральних емоцій гніву та відрази на процес прийняття фінансово-економічних рішень в переговорних процесах і співпраці в умовах ризику і невизначеності. Обґрунтовано стимулюючий характер прямого впливу негативних моральних емоцій гніву та відрази на прийняття економічними агентами стратегічної соціально прийнятної поведінки. Виявлено потенційні обмеження, що знижують позитивний ефект впливу негативних моральних емоцій гніву та відрази на процес прийняття фінансово-економічних рішень в ситуаціях соціальних дилем.

Авторами розглянуті умови соціалізації споживання коміксів у мікросоціальному масштабі, що дає змогу описати особливості формування та розвитку різноманітних поведінкових моделей попиту на даний продукт сучасної культури. Запропоновано доповнити сегментацію споживачів коміксів такими критеріями як схильність до домінантного формату читання та потенційні умови перегляду домінантного формату читання. Ключові слова: комікс, варіативність моделей споживання, суспільство, постмодернізм, соціальна комунікація. -/- Авторами рассмотрены условия социализации потребления комиксов в микросоциальном масштабе, что позволяет описать особенности формирования и развития разнообразных поведенческих моделей спроса на данный продукт современной (...) культуры. Предложено дополнить сегментацию потребителей комиксов такими критериями как склонность к доминантному формату чтения и потенциальные условия пересмотра доминантного формата чтения. Ключевые слова: комикс, вариативность моделей потребления, общество, постмодернизм, социальная коммуникация. -/- The authors examined the conditions for the socialization of the comics consumption in the micro-social scale, which allows us to describe the characteristics of the formation and development of various behavioral patterns of demand for this product of modern culture. We have proposed to supplement the segmentation of comics consumers with such criteria as the propensity for the dominant reading format and the potential conditions for revising the dominant reading format. Keywords: comics, variability of consumption patterns, society, postmodernism, social communication. (shrink)

Авторами розглянуто особливості впливу моральних емоцій з позитивною валентністю на процес прийняття економічними агентами управлінських рішень в ситуаціях соціальних взаємодій. Обґрунтовано, що позитивні моральні емоції мають значення при виборі підприємцями моделі соціально-економічної поведінки, що дає змогу за допомогою механізмів винагороди та взаємності заохочувати та підтримувати реалізацію моральних та інших соціальних норм. Встановлено, що очікування появи емоції подяки або захоплення в оточуючих, і навіть переживання самим індивідом емоції шляхетності впливає на процес прийняття рішень в контексті того, що позитивні емоції часто призводять (...) до збільшення вигоди економічних агентів і пов'язані з рівнем їхнього добробуту. (shrink)

The article analyzes changes in the business models of Ukrainian banks using the author's method of structural and functional groups of banks (SFGB). The method’s basis is the processing, systematization, and visualization of the system’s values of banks’ financial indicators using Kohonen’s self-organizing map (SOM). Depending on the level distribution of a large number of indicators that characterize the structure of assets, liabilities, income, expenses, and other qualitative indicators that describe the business models of each bank on successive reporting dates, (...) homogeneous groups of banks are formed. The purpose of this study is to compare the key features of the banking system as of January 1 and September 1, 2022, and the corresponding changes in business models. Over the eight months of 2022, the number of banks with corporate lending increased slightly, but the resource base of these banks gradually changed. The number of banks with retail financing decreased at the expense of banks with current resources. During an increase in the discount rate and in the price of refinancing loans, banks’ business model that attracts resources on the interbank market and places them in securities has shrunk. At the same time, the number of banks with an increased level of securities in assets and corporate financing increased. The quality of the portfolio indicates the increased credit risks of the respective large state banks. The drawback of the proposed method is the dependence of conclusions on official banks 'statements that do not always reflect nuisances of financial position. Within small banks, we can sometimes observe that current changes in clients' account balances affect the position in SFGB. The SFGB method can be applied to analyze trends and estimate the probability of subsequent structural changes. For each bank, one can observe the trajectory change on the map and investigate the reasons for the change in business strategy. (shrink)

Розкрито сутність поняття «рейтинг». Доведено значущість рейтингової оцінки для суб’єктів фінансового ринку, зокрема для страхових компаній, потенційних страхувальників, інвесторів та кредиторів.

While Hermann Levin Goldschmidt didn’t read Yiddish anarchists, there seems to have been a convergent evolution in their thinking. Goldschmidt’s looking up to Jewish lore as a source of liberating creativity is commonly encountered in Yiddish anarchist texts. His view of action as a constant response to internal and external challenges in the struggle for an open future is developed by Isaac Nachman Steinberg on the basis of nineteenth-century vitalism. Goldschmidt’s theory of anarchist individualism as willed self-limiting solidarity has a (...) compelling parallel in Hillel Solotaroff’s view of history. His use of impressionism and photography to eternalize the immediacy of human actuality is akin to Rudolf Rocker’s championing of decadent literature. In both cases, the goal of anarchism is not a dictatorship of the former downtrodden, but a continuous and contradictory evolution of freedom in ever-changing contexts. (shrink)

This essay is a fictocritical meditation upon the contemporary transformation of temporal experience as we find ourselves embarked upon an accelerating process of climate change and species extinction, including possibly that of the human species. The essay offers an extended reading of a recent villanelle published in John Kinsella’s Book of Villanelles that in turn responds to a controversial project by the Adani mining consortium to begin extracting coal over a large swathe of Wangan and Jagalingou country in the Central (...) Queensland Galilee Basin. The essay is an extract from a collaborative work in progress by John Kinsella and myself, Per Se: On the Imperatives of Place II, that will appear in early 2021 with Narr, building upon ˈtεmprərɪnəs: On the Imperatives of Place. (shrink)

This is a selection of readings about professionalism and ethics in engineering. It addresses topics such as the concept of professionalism, education, and maintenance of competence, registration, professional autonomy, social effects and responsibilities, and enforcement of codes of ethics.

Even though Belgrade student protests emerged and ended abruptly after only seven days in June of 1968, they came as a cumulative point of a decade-long accumulated social dissatisfaction and antagonisms, as well as of philosophical investigations of the unorthodox Marxists of the Praxis school. It surprised the Yugoslav authorities as the first massive rebellion after WWII to explicitly criticize rising social inequality, bureaucratization and unemployment and demand free speech and abolishment of privileges. This article focuses on the intellectual destiny (...) and legacy of the eight professors from the Faculty of Philosophy close to the Praxis school, who were identified as the protests’ instigators and subsequently expelled from the University of Belgrade due to their “ethico-political unsuitability”. Under both international and domestic pressure, they were later reemployed in a separate research unit named the Centre for Philosophy and Social Theory, where they kept their critical edge and argued for political pluralism. From the late 1980s onwards, they and their colleagues became politically active and at times occupied the highest positions in Serbia – Dragoljub Mićunović as one of the founders of the modern Democratic Party and the Speaker of the Parliament, former Serbian President and Prime Minister Vojislav Koštunica and former Prime Minister late Zoran Đinđić. Still, while some members became strong anti-nationalists and anti-war activists, other embraced Serbian nationalism, therefore pivoting the intellectual split into the so called First and Second Serbia that marked Serbian society during the 1990s and remained influential to this day. (shrink)

Pogled na kulturnopovijesna smjeranja -- Zajednica i nazovizajednica -- Značenje povijesne predaje.

Temporalities presents a concise critical introduction to the treatment of time throughout literature. Time and its passage represent one of the oldest and most complex philosophical subjects in art of all forms, and Russell West-Pavlov explains and interrogates the most important theories of temporality across a range of disciplines. The author explores temporality's relationship with a diverse range of related concepts, including: historiography psychology gender economics postmodernism postcolonialism Russell West-Pavlov examines time as a crucial part of the critical (...) theories of Newton, Freud, Ricoeur, Benjamin, and explores the treatment of time in a broad range of texts, ranging from the writings of St. Augustine and Sterne's Tristram Shandy, to Woolf's Mrs Dalloway and Stoppard's Rosencrantz and Guildenstern are Dead. This comprehensive and accessible guide establishes temporality as an essential theme within literary and cultural studies today. (shrink)

The present study is couched within Rachman's three-pathway theory of fear acquisition. Besides the direct contact with the objects of fear, this model also includes two indirect pathways to fear acquisition: negative information transmission and modeling. The study aims to explore the contribution of these three factors to the level of children's fear of COVID-19. The sample consisted of 376 children, aged 7–19, and one of their parents. The survey was conducted online during the COVID-19 national state of emergency in (...) the Republic of Serbia. The children assessed their fear of COVID-19, general fearfulness, negative information transmission, and modeling by their parents, as well as the level of exposure to negative information outside their home. The parents assessed their own fear of COVID-19 and trait anxiety. Parents' anxiety, children's age, and children's general fearfulness were used as covariates. The results of our path analysis provide support for Rachman's notion of indirect pathways. The more the parents were afraid of COVID-19, the more they expressed this, which in turn led to an increase in the children's fear of COVID-19. Furthermore, children's exposure to negative information related to COVID-19, provided by their teachers and peers or stemming from the media, directly contributed to the level of children's fear. The results of the study emphasize the importance of caregivers' behavior during global health crises and provide some clues as to what caregivers may do to protect their children's mental health in such circumstances. (shrink)

Machine ethics and robot rights are quickly becoming hot topics in artificial intelligence and robotics communities. We will argue that attempts to attribute moral agency and assign rights to all intelligent machines are misguided, whether applied to infrahuman or superhuman AIs, as are proposals to limit the negative effects of AIs by constraining their behavior. As an alternative, we propose a new science of safety engineering for intelligent artificial agents based on maximizing for what humans value. In particular, we challenge (...) the scientific community to develop intelligent systems that have human-friendly values that they provably retain, even under recursive self-improvement. (shrink)

The volume contains twenty essays devoted to the philosophy of mathematics and the history of logic. They have been divided into four parts: general philosophical problems of mathematics, Hilbert's program vs. the incompleteness phenomenon, philosophy of mathematics in Poland, mathematical logic in Poland. Among considered problems are: epistemology of mathematics, the meaning of the axiomatic method, existence of mathematical objects, distinction between proof and truth, undefinability of truth, Goedel's theorems and computer science, philosophy of mathematics in Polish mathematical and logical (...) schools, beginnings of mathematical logic in Poland, contribution of Polish logicians to recursion theory. (shrink)

In this paper we use proof-theoretic methods, specifically sequent calculi, admissibility of cut within them and the resultant subformula property, to examine a range of philosophically-motivated deontic logics. We show that for all of those logics it is a (meta)theorem that the Special Hume Thesis holds, namely that no purely normative conclusion follows non-trivially from purely descriptive premises (nor vice versa). In addition to its interest on its own, this also illustrates one way in which proof theory sheds light on (...) philosophically substantial questions. (shrink)