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This paper evaluates the recent trends in international migration and different viewpoints (arguments and counterarguments) on global population movement and examines the impacts of the social, economic, ecological, and political determinants of regional and international migration. The paper aims to analyse and compare the causal relationships between international migration, on the one hand, and economic, ecological, and socio-politic dimensions of EU countries’ development, on the other. The authors consider the impact power of the above-mentioned dimensions on the long-term net migration for the potential candidates to access the EU. First, it identifies and justifies the object of research as the EU countries and the potential EU candidates. Second, the article provides a short literature review as the authors highlight that the EU countries had the highest share of all world migrants, according to the report of the U.N. Population Division. Third, it provides the background of materials collection and methods of the study of the analyses of the panel data for 2000–2018 using the FMOLS and DOLS. Fourth, it presents the results of the study having analysed the different concepts and theories, the authors single out the core economic, ecological, and socio-politic determinants of international migration: wages, unemployment rate, income inequality (measured by the Gini coefficient), corruption, and political stability (measured by World Government Indicators), CO2 emissions and material footprint per capita (measured by Sustainable Development Index). The discussion and conclusion section summarizes the findings of the research and evaluates the structural similarities and differences among the EU countries and potential candidates and if these similarities (or differences) cause them to respond similarly to the economic conditions and changes.

Purpose. To develop a model of investigating the link between the level of shadow economy and indicators of social development of the country. Methodology. The study of the relationship between the analyzed indicators was conducted using general and special research methods. The established hypotheses were tested using VAR/VEC modeling. Dickey-Fuller test, the Phillips-Perron test, Joansen test are used in the work. Findings. The paper identifies the risks of the shadow economy for social indicators of macroeconomic stability. Based on the analysis of the countrys social development indicators, indicators were identified that are most sensitive to changes in the level of the shadow economy which are: Gini coefficient, average income ratio of 10% of the richest to 10% of the poorest, average income ratio of 20% of the richest to 20% of the poorest sections of the population, Human Development Index, gross average wage. The EU countries and Ukraine are identified as the statistical base of the study and the assessment period is 20052020. The results of modeling proved the relationship between the level of shadow economy and indicator of social development. Originality. The approach to assessing the relationship between the level of the shadow economy and indicators of social development of the country by considering the indicators that most fully characterize the level of social protection and material well-being of the population has been improved. Practical value. The scientific contribution of the paper is that existing research on the impact of shadow economy on the level of social development of the countries remains fragmented, as well as studies assessing its effect on the macroeconomic stability. The impulse response function constructed by the authors may provide some insight into better understanding of the indicators of social development, the most sensitive to the shadow economy shocks. The results of estimation can be used for practical or scientific purposes.

In peacetime, the main contribution of monetary policy to macroeconomic stability is to ensure the stability of price dynamics through regulating money supply. During the war, the market principles of the economy and the formation of its prices are violated, monetary transmission mechanisms do not work adequately, the role of the state in ensuring the proper functioning of commodity-money relations increases. Therefore, the purpose of this paper is to generalize approaches to the formulation of monetary policy during the wartime and to substantiate the relevant recommendations for contemporary situation in Ukraine. Theoretical sources, advisory and research materials of international organizations and national macroeconomic regulators, statistical databases were used to achieve the stated aim. The generally accepted principle of modifying monetary policy during the wartime is the use by the central bank of instruments that expand the money supply – purchasing assets on the open market, outright purchase of government bonds on the primary market, special targeted refinancing of credit institutions. The paper suggest the design of the monetary regime of the war period, which provides for the modification of such aspects of the central bank performance as the target of monetary policy, the composition of interest rates on basic operations of the central bank, foreign exchange market regulation and regulation of capital flows, the relationships of the central bank and fiscal authority. It is argued that in the conditions of military economy, the main contribution of monetary policy to macroeconomic stability is achieved through ensuring the stable functioning of the government borrowing market and controlling capital flows.

The Kyrgyz Republic has made major strides in the past decade in its transition to a market-based economy. Its trade and investment policies are arguably the most liberal among the member countries of the Commonwealth of Independent States. Despite the generally progressive stance on structural policies and a sound record of macroeconomic management in recent years, economic growth has been modest, living standards are low, a large burden of external debt has accumulated, and integration into global production and trade remains limited. The growth agenda must address more carefully the constraints to greater supply-side response to ongoing reforms—an agenda that can facilitate a broad-based growth of economic activity and exports. Risks to sustainability of current growth rates and continued poverty reduction will otherwise remain high as will the economy’s vulnerability to external shocks. This report is aimed at assisting authorities fashioning this agenda by focusing on three key challenges:Identifying strategic options to strengthen prospects for medium- and long-term growth and poverty reduction; Assessing ways of leveraging domestic trade policy reforms and existing regional and multilateral trade agreements for further regional and global integration; and Identifying key areas where greater efforts are necessary to facilitate improvements in enterprise capability and productivity.

A well-capitalised bank system is a key element for securing macroeconomic stability. By applying a comprehensive approach to managing the capitalisation of banks, policymakers, regulators, and financial institutions can strengthen the resistance of the financial system, reduce system risks, and contribute to macroeconomic stability. The goal of the research is to develop an international functional benchmarking model for managing bank capital in the context of securing macroeconomic stability for 34 European countries with different population income levels from 2010 to 2022 based on World Bank data. The aim is achieved through the implementation of the defined stages of benchmarking modelling.The international functional benchmarking model for bank capital management in the context of macroeconomic stability has been developed by defining the qualitative and quantitative characteristics of the leading countries, chosen based on the corresponding ranking. The three groups of benchmarks are identified: institutional and innovative approaches (based on Swiss and Luxembourg practices), monetary and credit approaches (based on Sweden and Iceland’s practices), and preventive and regulatory approaches (based on Norway and Finland’s practices).The research results can be used in the processes of a bank’s risk management and formation and regulation of capital adequacy by bank management, as well as when developing state socioeconomic and financial policies.

The research objective is to assess the role of green financing and financial inclusion in developing a cleaner environment for macroeconomic stability in ASEAN economies. The study attempted to estimate the climate mitigation factor associated with a more sanitary environment between 2012 and 2019. Panel data analysis using the augmented Dicky–Fuller test, Phillip–Perron, and fully modified standard most minor square test provides long-term findings in panel data analysis. In addition, the vector error correction technique was also applied to infer study results. The findings indicate that climate change mitigation indicators have a significant impact on the gross domestic product of ASEAN economies. According to the data, a one percent rise in the green finance index results in a 0.321 percent increase in the amount of pollution removed from the environment. According to the research findings, environmental pollution must be decreased, and energy sources must be switched to more creative and ecologically friendly alternatives. Using study findings, several policy recommendations are offered and suggested for stakeholders for implementation. As per our best understanding, effective implementation of study findings and suggestions maximum chances are developing a cleaner environment and boosting macroeconomic stability in the ASEAN context.

The article deals with investigating the role of digital transformation in achieving competitive advantages of the economy. The paper identifies the benefits and risks of the digital transformation for macroeconomic stability of the economy. The comparison of the average level of the digital transformation and indicators of macroeconomic stability of EU countries for the period 2001–2020 allowed the authors to distinguish clusters of countries by the nature and direction of the relationship between the analyzed indicators. The results of VAR modelling on the example of EU countries proved the relationship between the level of digitalization of the economy and indicators of its macroeconomic stability. The paper simulates the responses of macroeconomic stability parameters to single and accumulated shocks of digital transformation. The results show the bidirectional causality between the digital transformation of the economy and indicators of its macroeconomic stability. The findings of the study are beneficial for authorities to form competitive advantages of the economy and its sustainable development.

The article explores the key aspects of the State policy for economic recovery in Ukraine in the context of the ongoing war and global instability. The authors highlight the systemic challenges faced by Ukrainian businesses: a shortage of qualified specialists, a lack of financial resources, inconsistency in the regulatory environment, low levels of investment confidence, and macroeconomic instability. Based on the results of a nationwide online survey conducted among business representatives as part of a partnership initiative, a sectoral analysis of access to bank loans and foreign investments was carried out. A pronounced sectoral differentiation was identified regarding funding levels and the inclination to seek external capital. The main barriers to accessing financial resources were identified, including high interest rates, currency risks, legal restrictions, and low levels of financial literacy. The necessity of implementing a comprehensive State strategy has been substantiated, which involves stimulating domestic investment, supporting small and medium-sized enterprises, digitizing financial services, and attracting international technical assistance. The proposed measures are aimed at improving the efficiency of the financial system, expanding lending opportunities, and enhancing the investment climate. The results of the study can be used to formulate adaptive economic policy focused on the post-war recovery of our country.

Although the growing body of literature that recognises a destabilising role of the trust crisis in the macroeconomic stability, the understanding of mediational pathways remains limited. The current paper fills the gap by contributing to the existing literature by examining closely the mediating effect of the trust crisis in the financial sector on the indicators of macroeconomic stability due to the anticipated impact of the financial intermediation development and the monetary policy transmission mechanism, as well as their combinatorial impact. A method of structural equation modelling was used to analyse the input data. It has been empirically confirmed that exacerbation of the trust crisis in the financial sector without the use of regulatory measures is detrimental to macroeconomic stability. The results of the mediation analysis show that transmission channels of the monetary policy mechanism and developed financial sector mitigate the harmful effects of deepening the trust crisis in the financial sector and lead to an increase in macroeconomic stability indicators. From a practical perspective, the findings revealed that interest, credit, and currency channels of the monetary policy transmission mechanism could be used to cope with the erosion of the trust crisis in the financial sector to macroeconomic stability.