Yearbook

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  GLOBAL MONETARY INTEGRATION AND DETERMINATION OF STRATEGIC PRIORITIES FOR THE EXCHANGE RATE POLICY IN UKRAINE

  The internationalization and fragmentation of the world’s production, distribution, exchange and consumption is reflected in the currency system, which has long since been not exclusively determined by political boundaries. The purpose of the research is justification of the process of global monetary integration and determining in this context ... The internationalization and fragmentation of the world’s production, distribution, exchange and consumption is reflected in the currency system, which has long since been not exclusively determined by political boundaries. The purpose of the research is justification of the process of global monetary integration and determining in this context the priorities of exchange rate policy in Ukraine. Two types of monetary integration that fits best to developing countries are heighlighted: dollarization and currency board. The types and evolution of dollarization models are described. The accent is focused on advantages and disadvantages of dollarization for developing countries. The essence and theoretical backgrounds of currency board are considered. A classification of exchange rate regimes according to IMF is presented. The social and economic development of Ukraine and monetary factor in shaping the welfare of the state are marked. After twenty-five years of efforts, Ukraine seems to have encountered the same challenges that it had faced twenty-five years ago: the challenges of integration and participation in the globalized world. Even though the country has made substantial progress, there is still much to be done. Judging from the couple of crises the country has suffered, one is inclined to say that participation of the country in the international financial markets is a point which matters much for Ukraine. The country did not manage to reap the advantage of capital mobility. Today, the country suffers again from a severe currency and banking crisis, where the national currency, hryvnya, devalues on a daily basis, and many people see their balances deteriorating. The policy-makers, the authorities and especially the National Bank of Ukraine (NBU) have used measures that did not work. The society is anxious and frustrated; it has even started to think about solutions like those on the hard side of the ‘Bipolar View’ theory, such as the currency board and dollarization. Weighing the impact of voting for or against one of the models of the exchange rate regime in the Ukrainian economy reform, one must realize that they are not universal. However, choosing the currency board regime allows stabilizing the financial market and quickly offsetting the fall in the standard of living, which resulted from miscalculations, abuses and possibly fraudulent decisions in favour of certain corrupt oligarchic groups in the system of exchange rate policy.

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  SUSTAINABLE DEVELOPMENT – THEORETICAL AND PRACTICAL ASPECTS

  The present paper argues again that sustainable development is an objective need of people, which has no alternative. The paper examines a very small part of the ‘man-nature’ relationship. On the one hand, the major achievements in the implementation of the sustainable development are described and, on the other hand, the problems that need to be ... The present paper argues again that sustainable development is an objective need of people, which has no alternative. The paper examines a very small part of the ‘man-nature’ relationship. On the one hand, the major achievements in the implementation of the sustainable development are described and, on the other hand, the problems that need to be studied and solved by scientists, policy makers, practitioners and others are set out, since this concept requires an integrated approach. We consider that the implementation of sustainable development is the only option. Moreover, its implementation is imposed by the reality because we owe it to present and future generations.

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  ASSESSMENT OF EDUCATION AND EMPLOYMENT COOPERATION IN AZERBAIJAN TOURISM INDUSTRY

  The aim of this article is to investigate the university-industry cooperation influence on further tourism personnel potential development in Azerbaijan. Although tourism in Azerbaijan continues to grow it faces considerable challenges in the field of personnel potential. It is well-known that tourism industry has criticised tourism education for ... The aim of this article is to investigate the university-industry cooperation influence on further tourism personnel potential development in Azerbaijan. Although tourism in Azerbaijan continues to grow it faces considerable challenges in the field of personnel potential. It is well-known that tourism industry has criticised tourism education for not adequately training people for employment in the industry. Unfortunately today the majority of workforce in the tourism industry of Azerbaijan consists of foreigners and this proves that there is a gap between tourism education and industry in Azerbaijan. If there is a gap between the outcomes expected in the tourism industry and tourism education, sustainable development is impossible to be achieved in that sphere. In order to understand the reasons leading to that gap, the article analyzes the infrastructure of the existing tourism educational establishments in Azerbaijan and recommends that cooperation between education and industry be created. The survey involves tourism industry and education as well as the attitudes of students and tourism employees towards such a partnership. Students who study at tourism-related establishments and employees who work in the tourism sector were surveyed and their opinions and needs regarding the collaboration were analysed. The survey was conducted for both university students and tourism firms in order to obtain data and make a comparable analysis. The study shows that limited research in Azerbaijan, however, has systematically explored what the tourism industry needs, and the extent to which tourism higher education meets these needs. Consequently, the graduates and tourism industry representatives suggested that there should be a close collaboration between the educators and the industries. Representatives of the survey made suggestions related to cooperation such as relations between industry representatives and tourism enterprises, which have to be consultative, exchange programmes have to be implemented, and independent tourism awards have to be established.