WSPOLPRACA EUROPE. @TETIANA GIRCHENKO, OLEKSANDR YAROSHENKO DOI: https://doi.org/10.32070/ec.v2i46.80 Teratta Tipueno kaluar eKOHOMINHUX Hayk, npodecop Depxastuii smut HasyansHuis saKnan «Ynisepener 6ankiscbKo! cnpasi» (m. Kiiis) npodecop Kaheapn dinancis, Gavkiacekoi cnpasn Ta crpaxysantis Yepaina, m. Kua td@ubs.edu.ua ORCID ID: 0000-0003-0595-5482 Onexcanap ApowenKo maricrpanr Depxaanuii snuni Hasyansuni saknag Inctutyt GankiaceKux TexHonoriit Ta GiaHecy «Yuisepcutet Garikiacexoi cnpaau» (m. Kia) Yepaina, m. Kis iaroshenko.oleksandr@gmail.com ORCID ID: 0000-0002-6624-138x TIQXOMU 10 OIHAHCYBAHHA MI] YAC CBITOBUX KPU3 Aworauin. Docniaxerua ninxonie no divatcysaHa nig vac ceirosoi Kpuan 3ANNWAETECA akTYANHMM Yepes HOB! GakTOpH, Aki 3'ABNALOTECR Nig Yac KOXHO! HOBO! kpuau. ¥ 2020 poui ye nutans oHosMio CBO! akTyanbHicTs Yepes HeMoxsMBicTs euiKkopucratn ti cami eKOHOMiNHi Baxeni, ski BHKOPHCTOByBaNK ANA nopsTyHKy dinaHconoi cucremu nig ac kpuan, aka novanaca y 2008 poui epes i Tak peKopavo Hvabki cTaaky 3a KpeAUTAMN y PosBMHEHUX AepxaBaX, AKI axe HEMOXNUBO ONYCTHTH Hupkwe i OTPHMaTH 3HauHHi ecbexT Ha eKOHOMIKy. Crarra npnessuena pocniaxennio cpitosoi kp 2020, Tpenais Ta cnpsmysana dinancysanns nig vac kpua, Magemia koponasipycy npvasena go aynunkn 6araTbox GisHecia, posipaanHa rnoGanbHux naHuioris nocTavaHHa i cnosinsHeHHa exoHOMiKn, ocTaTouHni anane Ha sky Baxko NepepoaxnTu. Y caiToaiz; exoHOMiui ypraaMn Kain ta mixHaponHumn dikaHcoaumM opravizayinmn nnaHyioTecn 3axoqM BantoTHoro cTumyniosaHHe y GeanpeyjeneHTHix MacuiTaGax ana BiqHoBneHHA dikaHcoBNx puHKis Ta HefOnyujeHHAa NosHo! synnikn ycboro BupoGHiUTBA. Ha MOMeHT HanicaHHa craTti 3aTBepAKEHO NakeTH CTHMyMIOBAHHs eKOHOMIkH Ha cyMy 2,2 TpAnbiOHN Aonapis y CLA, 3 tpunwiionn eapo y EC ra Gnnaeko 400 minbapais aonapia y Kurai. Y crarti poarnanyto o6cTaaHHi KpuaH, AKA PO3rOpTAeTECA Ha TPLOX piBHiAX: y chepi OxOpoHn 3qopoa’a, y CKOpONeHHi NONUTY Ha ToBapM Ta NocAyrH, a TaKOx y 3B'R3Ky 3 cyrtesum BipTOKOM Kanirany, Takoxk npoakanizoaano ail yprpis CLUA, EC ra Kuraio y KOHTeKCTI BperynlosaHlis SHHMKNO! Kpu30Bo! cHTyaUTi. BAsHAYeHO, LUO Ana ycniwHoro BUXOAY 3 KPH3N HeoGxiqHo sanposaguTA npaswnHy KOMGiHayiIO ginaHcoBHx, MoHeTapHux Ta dickanbHHx aaxonis, yob 3a6esneunTu HactynHi MoKnMaOCTi: NOAA - aagoBonpuuty caci Gazoai norpe6u; GiaHecy - siguoantnca nicna HaipxopcrKiuol 32 Numer 2(46} 2020@ TETIANA GIRCHENKO, OLEKSANDR YAROSHENKO EUROPEAN COOPERATION av KpNaH, WO BHHKKNA BHacnigoK naHAemil KopoHa Bipycy; AepxaBi - sHaiTH dinancysanns, goctynHe 8 pamkax naketia CTAMymoBaHH® eKOHOMIKM. Kmovoni cnopa: Koponasipyc, aiquosneniin exonomiku, diHacyaana 8 ymoaax kpuau ®opmyn: 0, puc.: 1, ra6n.: 0, 6i6n.: 18 JEL Classification: A10, £22, G10 Tetiana Girchenko PhD (Economics), Professor Institute of Banking Technologies and Business Banking University (Kyiv) Professor of Finance, Banking and Insurance Department Ukraine, Kyiv td@ubs.edu.ua ORCID ID: 0000-0003-0595-5482 Oleksandr Yaroshenko Masters Student Institute of Banking Technologies and Business Banking University (Kyiv) Ukraine, Kyiv iaroshenko.oleksandr@gmail.com ORCID ID: 0000-0002-6624-138X APPROACHES TO FINANCING DURING GLOBAL CRISIS Abstract. The study of financing approaches during the global crisis remains relevant due to new factors that emerge during each new crisis. In 2020, this issue renewed its relevance due to the inability to use the same economic levers that were used to save the financial system during the crisis that began in 2008 because of the already record low interest rates on loans in developed countries, which could no longer be lowered to obtain significant effect on the economy. The article is devoted to exploring the global crisis of 2020, trends and direction of funding during crises. The coronavirus pandemic has led to a "major halt" in business, disrupted global supply chains and slowed the economy, the final impact of which is difficult to predict. In the world economy, Governments and international financial organizations are planning measures of monetary stimulation on an unprecedented scale to restore financial markets and prevent the complete shutdown of all production. Atthe time of this writing, 2.2 trillion dollars for USA, 3trillion Euro for the EU and about 400 billion dollars for China rescue / incentive packages were approved This article discusses the challenges posed by the crisis that has arisen from the spread of the coronavirus pandemic and how states respond to them, as well as where the funding from economic stimulus packages is directed. This article discusses the challenges posed by the crisis, which is unfolding at three levels: in the health sector, in demand reduction for goods and services, and in significant capital outflows. The actions of the US, EU and Chinese governments in Volum 2(46) 2020 33WSPOLPRACA EUROPE. KA @TETIANA GIRCHENKO, OLEKSANDR YAROSHENKO the context of crisis management are also analysed. It is determined that in order to successfully overcome the crisis, it is necessary to introduce the correct combination of financial, monetary and fiscal measures to provide the following opportunities: to people - to meet their basic needs; to business - to recover after the worst phase of the crisis caused by the coronavirus pandemic; to state - to find funding available under economic stimulus packages. Keywords: coronavirus, economy revival, financing during crisis Formulas: 0, fig.: 1, tabl.: 0, bibl.: 18 JEL Classification: A10, £22, G10 Beryn. Kopoxasipye niqutosxnys rnoGansHy ekoHomiky Ao peuecit icropvunnx posmipis i synnHns peKopaHo TpvBane spoctakHa punKis aKuilt. Konw inbexuii NowMpioloTbca B ycboMy cBiTi, eKOHOMI4Ha aKTHBHicTS cnamae, Big6ysacroca BinTiK kanitany 3 puikie, | nonitaku pearytors Ha ui nogil [Nathan 2020]. Kpvsa, aka 6yna cnposoKosaa NaHgemicio KopoHa sipycy, crpimKo nowmpunaca caitom, Habyna 3arposnuavx macusTaGia Ta 3a caoim” Hacninxamu i aTpatamu ans cBirosoi eKoHomixn ke cTana HaiiGinbwoi 3 Yacia Benukoi genpecii, xoua ii Moxnuea ranGuHa Ta tpusanicts Aoci sanvusaerbca Ao KIHUA He BU3HAYeHOIO. ZaGesneyeHHs dinancysaHHam nianpvemcrs 1a Hacenenna rpiuiMn Ans sagoBonenHs 6asoBnx noTpeG nig 4ac KPUSV Ue ocHoBononoxHi yMosn aGepexentia dyHkuloHysaHHa exoHOMikin yn AKO! Kpailin. Mera anoi crarti nonsrae 8 yrowHeHHi peakuii ypagia Kpait Ha Kpuay, snknkany naHemicio KopoHaaipycy 8 pisHuxkpaivax,aTakoxy avsHaveHHi HanpaMiasa6eaneveHHa BUKOpUcTaHHa cranoro meToy diHaHcysaHHa Kpail nig vac rnoBanbHnx Kpu3 3 MeTOIO NiaTPMMku Ta BigHOBNeHHA spocTaHHA HaicHansHol eKoHOMiKH. Avanis octanix gocnipxerb Ta noctaHopKa sapmaHHA. Y jocninxeniisx Gyno npoananisoeako niaxoan fo divacyaanus nig Yac ta nicna mukynol rnoSanbHol Kpv3n 2008-2009 poy, 30xpema Te, sk amininnaca notpeba 0 30aHiWHsoro iNaHcyaaHHA y Benukii Bputanii M. Koyniirom, JI. Beiixci, A. Slegxepom [Marc Cowling, Weixi Liu, Andrew Ledger, 2012], aki o6mexeHHs Gynu y Gakkis Ha nosuKK, posrnaHyTo Toprisenbii KpegVTH Ta anbrepHaTuBHe diHaHcyBaHHa Ha npuKnagi esponeliceKnx MCB y nocniaxennsx E. Kaces ta K. OTyni [Eddie Caseya, Conor M.O'Toole, 2014], ak Buriavo sanyyaTn dinaHcysaHHa Ha PHHKaX, Lo po3BuBaloTbcA Ta SHKOPUCTAHHA pisHHXx knacie akties ana sgeweanenia kpequtis nig vac peuecii poarnauyto y aocnioxeHHAX 2.Parxow ta C. Ketkapom [Dilip Ratha, Suhas Ketkar, 2001] Takox uikasim y KOHTeKCTI kpii3v 2020 euctynae gocnigxenis B. Merritca, B. Dotaka [William L. Megginson, Veljko Fotak, 2020] wogo norenuiany Ta noTeHUiHMx TpyYQHOWIB BAKOPHCTaHHA akUioHepHoro dinancysanis jepxasoio He nyGniuHnx nianpuemcrs. Pasom 3 THM Bennka YactaHa AocniAHMypKHXx pobit Gasyerbca Ha Aocsini Nuwe nonepeauix Kpua [Barrell, Davis 2008; Gengay, Gradojevic 2017; Grigorillev, Salikhov 2009; Grosse 2017; Yudaruddin 2017] ta He noKpnaae Hosi makpoexoHoMi4Hi yMoBin Ta TPMAbKOHHI NakeT CTAMynioBaHHs eKoHOMikn, ski BUAinAioTeCA y 2020 pou. Tomy fake AOcnipkenHA HacaMnepen aktyanbHe Yepes aHani3 HoBMX peanili Ta yMos, 3a KNX HeoGxiaNo nogonath GaratopisHesy KpM3y, AK y chepi OXoPOHM SOP’, TAK iy Hanpsimi nani cnoxBaubkoro nonuTy Ta sHa4Horo BiAToKy Kanitany, ulo ocobnNBO TocTpo nposienserecs y Kpailiax, Lio possveaioTecs 34 Numer 2(46} 2020@ TETIANA GIRCHENKO, OLEKSANDR YAROSHENKO EUROPEAN COOPERATION Peaynbratu pocniaxenna. 3a iciyiounmn exe Ha cboropHi nporHosamn, y 2020 pou caitoga ekoHoMika He NPOCTo aynMHiMTe CBOE 3pOCTAHHR, a CKOpOTHMTECA Ha 3 BIACOTKH Manin cknage 6,3% 3 cists 2020 poy, i ye Hansenuaitio cepiosHa amina 3a ayxe Koporknit nepion. fIna nopisuanus, nig vac divancoaoi Kpu3n 2008-2009 poxis napinia caitosoi exoHomikn cknano 0,1 sigcorka, Peyecia oxonuna yci kpain Ges eunatky. Cykynii stpaTn csirosoro BBM 3a 2020 i 2021 pokn sig naHpemisHoi KpusH MoxyTb cKsIACTH GANabKO 9 Tp¥NbiMoHiB Aoapie, a eKOHOMi4HI HacnigkH y cBiTi ByayT> sinuytHi ax Ao 2025 poy. Aina Yxpainw MBO npornoaye naginus Ha 7,7% y 2020 poui ta apoctanis Ha 3,6% y 2021 pou Hasepenmii ave pospaxyHok rpyHtyereca Ha Gazoaomy cyeHapii, aKnit nepenGavae, wo napemito COVID-19 6yae nogonaHo y apyrilt nonosuni 2020 poxy, i 3ax0QM, cnpaMOBaHi Ha CTPUMyBaHHA NOWMpeHHA Bipycy, 6yayT> nocrynoso sropHyTi Mannemis moxe He siactynutu ao Kixus 2020 poxy, Wo npnaeepe Ao abinbWeHHs tpueanocti nepioay ii crpvmysaHua, noripweHHs divaHcoanx yMos i noganbworo pydinysanHa rnoSanbHnx nanujoria nocrayaHus. Y Takomy annapKy cairoani BBM ckopouyaarumerecn we Ginkue. Mp necumictuyHomy cyexapii, ako enigemin npogoaxutecs i y 2021 poui, To rnobanbHy exoHomiky Vekae AopaTKose NapinHa Ha 8% [World Economic Outlook, April 2020: The great lockdown]. LlenTpanbii Gankn kpain sacrocoayiors incrpymentu sna saGeanevenns niksignocri Ha pilkax Ta snpoBapKyloTb cyTTesi MOHeTAPHi CTUMYAK ANA IHIDKEHHA HeraTHBHiKX peaynbratia kpvan, MixHapogui inctutyuii oronowyioTs HoBi nporpamu ¢iHaHcoaoi Aonomorn noctpaxaanum Kpaitam i rorosi nepernagaTn, pectpyktypysam Ta HaaiTe «npoGavatu» nesHi Gopru un ix vactku, To6To, suxig 3 KPU3H cynpoRoAKyBaTHMeTECA BVKOPUCTAHHAM AOMATKOBMK CyTTEBAX hitaHcoBux pecypcis. Benvaiino, Kpaiin 3 posBHHeHoIo exoHOMikoIo, Taki sk Cnonyyeni LLirarn Amepnkn, Anowis, Himewunna Ta psa iMWHX, Ha AKI NPYNagaE NpHOANSHO NoNoBMHa cBiTOBOFO BBN, - critkiwi a yMosax poaroptakia Kpuau, ane i Ha Hux VeKaloTe AyKe cKnapHi wacu, Kpaiu, aki posaveaioreca, ne Mewikae novan 80% HacenenHa nnaHeTH, GnuaeKo 5,2 minbapaia niogedi, - Ginsu apasnuai ao npobnem, nos’szaKvx 3 Kpu301K0, Maioun 3HauHo ripwnii cTaH posBHTKy MEqUUHOT ranysi, a signoBigHo ripwi yMosH nikysanis Ta cyrTeso o6mexeni GiHancoai Ta TexHiNHi MoxsMBOCTI ANS AlarHOCTHKM Ta HanAHHs Megu4Hol gonomoru Kpaivn, Wo poaeusaioTecA, AoAATKORO aiTKHYANCA 3 piakuM Ta aHauHMM BigToKOM Kanitany, 3HiDKeHHAM eKcnOpTHOro nonumy i BapTOcTi cMpoBMHHHX Torapie, 6pakom iHosemHo! aanwoTh | aGinsueHHAM TArapa sa6oprosakocti. Y 2020 poui, 3 novarky Kpu3u, iHBecTopn axe anseny 83 Minkapan aonapia CLUA 3 punkie, Uo possneaioreca. Takuit sigrik kanitany - ye HaliGinbwnis Konn-HeByns sahikcopannh sigrix kanitany [Georgieva 2020]. Beanpeuegextii aukniikn eumaraioTs GesnpeeaeHTHix, cyYacHix HecTaHgapTHinx ta KomnnexcHux ail ana edextnaHoro npotucrosHus. Ypran Kpaik, MixHapoaHi opranizayiia ycraHoay npawioioTs Han pospo6Ko1o Ta BTineHHAM NPorpaM 3 nogONaHHA kpviau, Koga 3 Takux nporpam He Moxe o6iliTica 6e3 inaHcoanx incTpyMeHTis, amKe peanbii ranysi exonomikn, 6isHecn, nioaM, y akHxNoripuMnoce MaTepianbHe cTaHoBMUYe, - yci norpeGyiorb divanconol nigrpumen. 36epert” xuTTs, sn0po8'a Mogeh, nisTpHMaTH caioay ekonomiky, sighosuTu crabinsHicte cairoaoi pitaHcosol cuctemn Ta piMaHcoanx cucTeM oKpeMMx Kpailt ~ 2aaqaHiia, 3 KUM NOTPIGHO Bnoparuca. Y aaiti npo dixancoay craGinsHicte 8 caiti Zeteca npo Te, wo nicns cnanaxy COVID - 19 yin Ha pusnKoai Volum 2(46) 2020 35WSPOLPRACA EUROPEISKA, @TETIANA GIRCHENKO, OLEKSANDR YAROSHENKO akrnen pyxHynn, a prHkoBa BonatunbHicts pisko spocna, Ovikysanna gedonria Npwaseno po apoctanHs aaprocti sanoamyenb. Kpait 3 PHHKOBOIO eKOHOMIKOIO, WYO opmyerecs, nepexusaiore Halipiakiwy aMiny noprdenbHuxx ipectHuimHux noToKis 3a acto ictopito. B peaynsrari diHaHcoai yMoaH craloTe KOpCTKiWMu 3 GesnpeyeAeHTHOIO uisuaKictio, LoS 36eperm craGinbiicts csiosol iNaHcool cuctemn i niatpumaTy csitosy eKoHoMiky, YeHTpanbHi GaHkn no Bcbomy cBiTy 3HaYHO NocnabunH rpoUIOBO- kpeanTiy nonitaky, sH13H@UIM OG niKOBI CTaBKH B KPaiHaXx 3 POsBMHEHOIO eKOHOMIKOIO AO icTopusHoro Mikimymy, Haganh 2omaTKoRy sikBignicTs piKaHcosit cucrei, sinHoBunH nporpamu, KoTpi sikopucrosysanuca nig 4ac csiroaoi ditancoso! Kpusi, a TaKOXK 3anycTHAN pag HOBUX WMpoKOMacuITa6HAX nporpaM, 8 ToMy wncni ANA Kyniani Ginbus pusnkonaninx aKtiaia, TakMx Ak KOpNopaTHaHi OGnirauil, EdbeKTHBHo auctynaioun B pont cnoxynuis octaHHbol iHcTaHuliy Ha WAX punkax | AonoMaraioNn cTpMMysata Tuck Ha papricts kpeamtia, UeHTpanbHi Balik rapaHryioT, L4o BoMauiMi rocnogapcrsa i Sipmn, fk i pakilue MaTHMyTe AocTyn Ao KpeaMTiE 3a AocTyNHoIO UiHOW. Ha cborogHiMHin AEH ueHTpansHi GaHKn oronocinn npo Anal 3 poaumpeHiis 3a6eaneveHHa nikBigHocri, 8 Tomy wncni 3a paxyHoK Kpepuria i noKynku akruaia, nk iKimyM Ha 6 TpunbioHia Aonapie CWA i saneinu npo rorosnicts Ha Ginsule, aKU4O Toro sMMaraTMMyTe oScraanHn [Global Financial Stability Report]. Y CLA Ha Moment HanvcaHHa crarti nignucaHo naker crumyniosanis Ha 2,2 qpunbiionn gonapia ans Gopors6u 3 ekoHoM4HMMN Hacnigkamn Koponasipycy. Mpnituare 2akonogaacrao y 28'A3ky 2 TAKUM naKeTOM nigTPUMKH eKOHOMikn 3acTocoBye GaratorpaHHuii nigxiq Ao aupiwena Kpuav, 3akoHoAaacTao, 30Kpema, nepenGavae Husky 3axoni8, cnPaMOBaHMx GesnocepenHbo Ha AONOMOrY NpauisHuiKkam, BKniovaioNn evinniaTn MinbioHaM ameprkaHyis Ta GinbW sHaYHi eunnaTn 3 Gespobirrs. TaKox nepepGarexo Aonomory GisHecy Hepes HaflaHHsa GeaiqcoTKoBMK Noank, NopaTKoBHK ninbr Ta inwnx cy6cngiii (puc. 1) [Stein 2020]. Nosnky senkomy 6istecy 1313 TT 50.4 Lrvoravony 6c y 377 MoPs0s 1) TNT 290 SwoxcHa GioHec no TT 20 Posuupenagcnomers: 62pc5ir 3 A 250 Empat na cxopony sacpce's TZ 180 Donomeraypaqan wistie 1a wicueenm yp. A 175 Alenosoraqna nogononns Hanseusiainix. Ml 45 Aporpama snaaui npoayerownx ranowie Ml 42 Inwienrpan Ml 35 Butparn Ha ccniry Ml 32 Ckopowennaccoucimnogankia #10 Pucynox 1 - Hanpamu dinaricyaanus 3 2.2 Tpunsiionnoro nakery crumynioaanna CLUA, minbapan aonapie CLUA 36 Numer 2(46} 2020@ TETIANA GIRCHENKO, OLEKSANDR YAROSHENKO EUROPEAN COOPERATION Maan akniovae aonomory Gishecy y «ranyasx, aki 3a3Hann sHayHnx npoGnem». Lis Aonomora 8 OcHosHoMy Mae dopmy NosHK Ta rapaHTii nig noauKn, Wo HapaloTecR Minictepcraom dinancia ta DegepansHol pesepaHoio cucremoio CLA. Cnouarky divancyaanua nonsrano 8 ocHoBHoMy 3 noaMk, ane 6yno poauiMpeHo i Ha npaMi rpaHTH Ana apiaxomnani, Lj rpowi akmouaiote 25 minkapais aonapis poTauili nacaxupceKuMm abiakomnaniam, 25 minbspais nonapis kpeautis ans nacaxupesknx asiaxomnanin, 17 minbspais gonapie ana Komnanii, ski BB@kaloTeCA KPHTMYHHMA ANIA HayionanbHol Geanexn Ta 425 minsspais gonapie ans iwinx nignpvemcra, ict ra wratie, amainenux 2a fonomoroio Mexanismia dinancyaanHa, craopexux Degepanbioio pesepaHoio cuctemowo, Maker crumyniosaHia Mae Ha MeTi QonOMOrTW HeBennkuM KOMNAaHiAM BUTPHMATH exonomiuny 6ypio. Miatpumxa saivicHiopaTumerbca Yepes 3HauHi NOSHKH 3 HyNbOBHMH sigcorkamn ans pipe is kinkicrio npauisinkip, menwoi 3a 500 moged. eaxi noanku 6yayts Kanani GesnosopotHo, aku Gipmu AOTPMMyBaTHMyTOCR BNSHAYEHHX y 3aKOHi ymoa, Hanpuiknag, sigcytHicte asinsHene npauiaHnkis, He seaxaioun Ha 3HavHnit poamip nporpamn nigtpumen, - ye nue vactka aia npu6nusHo 9,5 Tpunsiiowis gonapis Henorawexoro KopnopatHsHoro Gopry 8 CLA, 3HauHa YacTHHa skKOrO cknapaeTeCA 3 YINHAX Nanepis HarHiKYOrO iHBECTHUiAHOrO knacy 3 Ginsuinm pusnkom pehonry [Delevingne, Schneider 2020]. Kpainv-unenn €apocotosy axe cnpamysann Ha 2axoaM nigrpumkn rpomagsi, npomvenosocti i GiaHecy @ ymosax nargemii COVID-19 GeanpeuenentHy cymy, aka nepeanuye 3 Tpunsitonn eapo. Ha nouarky kaitHa 2020 poxy mikicrpu dinaricia kpaitt €C Tex nigrotysanu Ta y3ropnnu cao AOpOKHIO KapTy NogONaHHE Kpusv. BoHa nepenGauae: - supinenis 100 minbspaia capo Ha cyScuaysanna sapoGirno natu, aannn aGepexentin poGosnx mice; = cTaopexiia cneuianbHoro doxay Ana noponarHa KpusH y posmipi 2% BBN kpait- unenia EC, wo cknagae SnuseKo € 240 mnpa. Bix Gyge AoctynHuis ana ycix uneHia ESM ans nigtpumku sytpiuHboro ditalcysania npamnx i Henpamux avTpaT Ha oxopony snopos's, npodinaktnky i nikysannsa COVID-19; - craopentis Eaponeiicoxnm inwectHuidinnm Gankom 3aransHoeaponeticekoro KuyNTaD, NOKAMKaHOrO rapaHTyaaTa KpeAMTysaHHA Ha 200 Minbapaia capo 3 npupineHHam oco6smeoi yearn manum i cepeauim nignpuemcraam, €C Hanacts divaHcoay nigtpumky Kpaidam-naptHepam Ha cymy noHan 15,6 Minbapais espo 3 ichyiounx pecypcis. Peanisauin nakety moGanbHux 3axogie akmouae: - 502 minbiionn capo snaineno Ha ails pearyaanus Ha Hagsenuanni curyauti; - 2,8 minbapais capo Ha nigtpumxy gocniaxens, oxopoHn aqopoa's Ta cucrem aononocrayaniin - 12,3 Minsapaie eapo ans ycyHeHHa exoHoMivHinx | CoulanbHnx HacnigKia KpvaH. Cepen saxopia nporpamu nigtpumku nepepSavexo: = HafaHiA npaMoi 6loaxeTHO! niaTpuMKN Ta ninbrosoro dinaHcyBsaHKR Kpaibiam- NaptHepam ANA npoBeACHHA Peopm coulanbHo-eKoHOMiNHoro poseMTky Ta amenuienis pinta GiaHOcTi, a TaKOK 2axncTy NpauiaHinKie nig sac KPHIM; - HafaHia nigtpuMKn npueatHomy cexropy, ocobnuso manum i cepeavim nignpuemcraam (MCTI) ta camozaiiintam ocoGam 2a AonoMorow rapantiti, HanaHHA Volum 2(46) 2020 37WSPOLPRACA EUROPEISKA, @TETIANA GIRCHENKO, OLEKSANDR YAROSHENKO nixpiqnocti, rexnisnoi gonomorn, rapanti’ EaponediceKoro onay cranoro posurky Ha poanogin pyankis 3a kpeauTamu; ~ HapaHiia nosH4oK gepxaBHoro cektopa sig Eaponelicsxoro insectMuiiHoro Gabiky, aoKpema, Ha MeANUHe OSnapHaHHa Ta BUTpaTHi MaTepiany; = po6ora 3 MbkHapogHumu opravi3zauiamu Ta eBponevicbkumu KomnaHiamy ana creopentis cunbHux i crifikmx naniiorie aonanol saprocri y crparerivnnx cexropax i aa6eanevenns TpyAoBnx npan i KopnoparManoi coujanbHol aignosigansuocri; - cnpnaniis cnucanito Gopris, poarnaHyTux MBO a noctpaxpannx kpainax[Coronavi- rus: EU global response to fight thepandemic] B Toit vac ax CLUA ta EC poaroprynn wnpoKomacuira6Hi nporpamu nigTpumKu rpomapsi Ta GisHecy, y Kutai, ae novanoca nowmpeHHa sipycy Ta Kpy3v, ypRA 3anpoBamxye CyTTEBO MeHUi, XON i 3HAYHI MipH MoHeTapHoro cTHMynloBaHHs ekoHOMkH 8 poaMipi 2,8 Tpunditonie loania (~394 minbspan nonapia). Mpn ubomy, Aonomora rpomapavam KuTaio y aurnaai npamux nnatexia, Ha siamiry sig CC ra CLUA He nepenBavena. Lle aymoaneno Tum, Woy Kural- oqus a Halienuinx pisnia a0uaaxeHs Ha pywy HaceneHHs. Takum “MHoM Taka 6 RonoMora morna 6ytH 3HoAy BUKOPUCTaKA Ak 3a0ujanreHHA i He Mana 6 HeoGxiqHoro edexry cTHMynioBaHHA cnoxuBaHHA. A Ta fonomora, aka suginena rpomaasiam, 6yne nepeBaxno y opmi nepeannayennx Kynonia Ans cramyniosanns ranyseh, aki sasHasin HaAGinbUOrO HeraTMBHOro BIUINBY, HK Hanpuksiag, 2aknagn ny6nisHoro xap4ysaHis. Mpore, HaBitb 3a yMoa HaseHocti TaKoro KyNOHy, CKOpCTATHICA HUM MoxHa Oyze TinbkH 3a yMoa Kyniani nocayr 4n Toaapia Ha NesHHi MiHiMankHMii piseHb, 3 aKOrO 3a3HAveHMiA KyNOH NOKpHe Ginbuly YACTHHy, LYO 3xoay 2k TAK, BIAPI3HAETECA BIA NiAXoAY 3aXiQHUX Kpailt Maker gonomorn 8 Kutai 6yne 8 nepwy Yepry cnpsaMosaHn Ha nogonanHa npoGrem, now'ssaHnx 3 BiQHOBNeHHAM BMPOBHNUTBA Ha dabpuKax, aki Bynn aynuneHi 2aQNA NepeuIKoAXKaHHA NoUIMpeHHio KOpoHasipycy [China preps new coronavirus stimulus measures...]. IMWM HanpaMKom ana cTHmyniosanHa @ Kutai Gyayts rany3i, ki 3a6eanevyaatamyts nepexig Ao eKOHOMiku, choKycoRaHol Ha aucoKHX TexHonoriax Ta HananHi nocnyr, Kuali y ceo crpareril nepeabavae doxycyaaHHa Ha pos6ynosi «Hosoi! inpactpykTypHm, aka Gyne BuKOpUCTOBYBATUCA ANIA 3aGesneveHHA BUCOKOTEXHONOTINHUM OCHAWLeHHEM 8K Hapony, Tak i BAPOSHMUTS Ta ROCATHeHHs uineii cranoro poseurky. Lle, Hanpiknan, YeHTpH a6opy Ta o6poGKn BennKux AaHHx, inOpactpyxrypa 5G ta cranuji sapsaxn ana enektpusnux TpaxcnopTanx sacobis. lusectuuii 8 Taki rany3i, aignosiqaioTe ambiyiam ypapy Kura wopo nepexony aia 3a6pypHioio4ol, excnOpTHO-opicHToBaHol eKOHOMIKN QO sucoKoTexHonoriNHol Ta cepsicHoi. Akwo Kuali paviwe norpeGysas inbpactpyktypn ana nepemimenns Bennkol kinskocti moped Ta BennvesHnx kinokocTed ToBapie, To 3apas Kuraio norpiGHa inOpactpykrypa, aka ZonoMoxe eKOHOMiyi npawionaTy Bind edeKTHBHo Ta cTaGinsHo [Koty 2020} Buchoskn. Jlocniaxenun niaxonia ao divatcyaaHa nig vac ceitosoi Kpusu 3annuaetoca aktyanbHum epes HoBi bakTopHy Aki 3'RBNAIOTCA Nig Hac KOXHO! HOBO! kpuav. ¥ 2020 poui ye nuTaHis oHOBMNO cBOIO akTyaNbHicTs Yepes HeMoxa~MBicTS euKopucratn Ti cami eKoHOMiNHi Baxeni, ski BHKOPNCTOByBaN ANA NopsTyHKY divaHconol cucremu nig vac KpuaM, aka novanaca y 2008 poui 4epes i Tak pekopaHo Hvabki cTaBkyi 3a KPeAMTAMN y poaBMHEHNX AepxaBAX, AKI axe HeMOXNUBO ONYCTHTH Hupkve i oTPHMaTH 3Ha4Hui edpeKT Ha ekOHOMiky. La KP¥30Ra CUTyALIiA TAaKOX BUKNUKANA 38 Numer 2(46} 2020@ TETIANA GIRCHENKO, OLEKSANDR YAROSHENKO EUROPEAN COOPERATION Geanpeyenentink o6car enginenvx jepxasamn iHBecTHuii Ans nigTPUMKH eKoHOMKH ta GiaHecy. Hesigomo, 4n gocTaTHbo 6yge Takux 3axonis ans crabinisauil ekoHomikn i aki we eKoHOMisHi Ta noniTHHi KPoKH HeOBxigHo Syze apoGuTH ANA noponaHHA Hacnigkia kpuan, axa nowanaca y 2020. Hapaai mu aonopiemo inopmauieio ane npO 3annaHosaki KpoKH, npoTe 8 XOAi KPU3H Bdke ByAYTh 3'ABNATCR KOHKPeTHI pesynbTaTH okpemux Kpokis, ski OAHOSHAYHO sHaliayTs cB0e BigobpaxeHHa i Ha cBiToBMx puiikax kanitany. Tomy aktyanbHicrs qocnigexysanoi Tematuk nnwe spocratume y HaliGnuxuomy maiiGytHbomy. Takox y nopanbuimx Rocni@KeHHsx Gyno 6 aktyansHo npoavianiayaatn mexaviamn divancyaanHa GisHecy @ pamKax nakeria cTuMynioBaHHa eKOHOMIK, NOEAHAHHA No3MK Ta aKioHepHoro KaniTany, AepxasHo-npuBaTHOrO NaptHepcrea npu iNBectysaHki y Heny6nivHi nignpnemcrea, a TaKO% yMOBN HagaHHA dinancysanns GisHecy Ta akuM UinaM 3 TOUKM 30py AepxaBM SOHH BiANOSIAaIoTD. PeaynbraTu janoro Aocnisxenns - pinancysaHHs nig 4ac kpnau - MoxyT> AonoMorTH fk ypaam kpail ans avaniay peaynbratia nposesenol nonitukn iMWHMn pepxaeamn, tak i moxnusomy nepeiaTtio aoceiay y dixancyaanni GiaHecy Ta oKpemnx cexropia ekOHOMIKH, a TaKOXK CTUMynioRaHHi fi BigHOBneHHA References Barrell, R., & Davis, E. (2008). The Evolution of the Financial Crisis of 2007-8. National Institute Economic Review, 206, 5-14. https://doi.org/10.1177/0027950108099838 Casey, E., & O'Toole, C. M. (2014). Bank lending constraints, trade credit and alternative financing during the financial crisis: Evidence from European SMEs. Journal of Corporate Finance, 27(C), 173-193. https://doi.org/10.1016/}jcorpfin.2014.05.001 China preps new coronavirus stimulus measures, but some ask are they bold enough to work? Retrieved 18.04.2020 from hitps://www.semp.com/economy/china- economy/article/3077983/china-preps-new-coronavirus-stimulus-measures-some- ask-are Coronavirus: EU global response to fight thepandemic. Retrieved 18.04.2020 from https:// ec.europa.eu/commission/presscorner/detail/en/IP_20_604 Cowling, M., Liu, W,, Ledger, A., & Zhang, N. (2015). What really happens to small and medium-sized enterprises in a global economic recession? UK evidence on sales and job dynamics. International Small Business Journal, 33(5), 488-513. https://doi. org/10.1177/0266242613512513 Delevingne, L., & Schneider, H. (2020). U.S. stimulus package is biggest ever, but may not be big enough. Retrieved 18.04.2020 from https://www.reuters,com/article/ us-health-coronavirus-fed-stimulus-analy/us-stimulus-package-is-biggest-ever-but- may-not-be-big-enough-idUSKBN21HOE7 Gengay, R,, & Gradojevic, N. (2017). The Tale of Two Financial Crises: An Entropic Perspective. Entropy, 19, 244, https://doi.org/10.3390/e19060244 Georgieva, K. (2020). IMF managing director statement Following a G20 Ministerial Call on the Coronavirus Emergency. PRESS RELEASE NO. 20/98. Retrieved 18.04.2020 from _https://www.imf.org/en/News/Articles/2020/03/23/pr2098-imf-managing- director-statement-following-a-g20-ministerial-call-on-the-coronavirus-emergency Global Financial Stability Report: Chapter 1. Retrieved 18.04.2020 from https://www. imf.org/en/Publications/GFSR/Issues/2020/04/14/global-financial-stability-report- april-2020 Volum 2(46) 2020 39WSPOLPRACA EUROPEISKA, @TETIANA GIRCHENKO, OLEKSANDR YAROSHENKO Grigorev, L., & Salikhov, M. (2009). Financial Crisis 2008, Problems of Economic Transition, 51(10), 35-62. https://doi.org/10.2753/PET1061-1991511002 Grosse, R. (2017). The global financial crisis-Market misconduct and regulation from a behavioral view. Research in International Business and Finance, 41, 387-398. https:// doi.org/10.1016/j.ribaf.2017.04.056 Ketkar, S., & Ratha, D. (2001). Securitization of Future Flow Receivables: A Useful Tool for Developing Countries. A quarterly magazine of the IMF, 38(1). Retrieved 18.04.2020 from: httos://www.imf.org/external/oubs/ft/fandd/2001/03/ketkar.htm Koty, A. C. (2020). Why China's COVID-19 Stimulus Will Look Different Than in the Past. Retrieved 18.04.2020 from https://www.china-briefing.com/news/chinas-stimulus- measures-after-covid-19-different-from-2008-financial-crisis/ Megginson, W. L., & Fotak, V. (2020). Government Equity Investments in Coronavirus Bailouts: Why, How, When? SSRN. http://dx.doi.org/10.2139/ssrn.3561282 Nathan, A. (2020). Roaring into recession. Goldman Sachs, no 87, pp. 3-7. Retrieved 18.04.2020 from _ https://www.goldmansachs.com/insights/pages/roaring-into- recession.htm| Stein, J. (2020). What's in the $2.2 trillion coronavirus Senate stimulus package. Washington Post. Retrieved 18.04.2020 from https://www.washingtonpost.com/ business/2020/03/26/senate-stimulus-bill-coronavirus-2-trillion-list-what-is-in-it/ World Economic Outlook, April 2020: The great lockdown. Retrieved 18.04.2020 from https://www.imf.org/en/Publications/WEO/Issues/2020/04/14/World-Economic- Outlook-April-2020-The-Great-Lockdown-49306 Yudaruddin, R. (2017). The Global Economic Crisis and Its Impact on Bank Lending in Indonesia. Jurnal Keuangan Dan Perbankan, 21(4), 621-629. https://doi. o1g/10.26905/jkdp.v21i4.1513 Received: 15.04.2020 Accepted: 22.04.2020 Published: 30.04.2020 40 Numer 2(46} 2020