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The article substantiates that the most complete cartographic model, which comprehensively characterizes the objects and territories of the natural reserve fund (NRF) of Ukraine is the geo-ecological atlas. It is indicated that the basis for the creation of the atlas is its conceptual model, within the framework of the formulation of its provisions are defined: the object of modeling, structure and composition of the modeled system, the characteristics of its elements, as well as inherent in the system cause-effect relationships that are considered essential to achieve the purpose of modeling. The functions of the atlas of NRF are formulated. The formal features of its content are interconnected. The authors in the context of the formulation and use of methodological principles of atlas completing with maps (sequential-traditional; block-issue; combined) applied combined principle and determined the optimal thematic content of the atlas in the form of a list of maps, grouped by sections and blocks (three sections, each of which contains two blocks of maps). The types of maps included in each section / block are defined (mainly they are: analytical (inventory), analytical-synthetic (evaluation), synthetic (recommendation, forecast), for each of which the indicators of mapping and methods of cartographic representation are justified.

The impact of good governance on investment management and performance is immense. Several key factors contribute to good governance within pension funds, appropriate governance structures; well-defined accountabilities, policies, and procedures; and suitable processes for the selection and operation of governing bodies and managing institutions. Not surprisingly, good governance requires leadership by individuals with the expertise, professionalism, and integrity to navigate a fund's direction and withstand pressures from multiple constituencies. In the current context of aging populations in many countries, fiscal burdens on pension funds are increasing. At the same time, the necessity of delivering on pension commitments in contributory schemes means that governance, transparency, and accountability should be of utmost importance to pension fund managers. With these concerns in mind, part three of this book provides useful perspectives from senior managers of public pension funds, international pension authorities, and multilateral institution representatives on the structures, policies, and processes that aim to support good governance. Principally reflecting on the characteristics that have been conducive to good governance, including reform measures undertaken, they also consider policy and investment management measures taken to effectively manage fiscal risks, including those that emerged from the financial crisis.

During the past two years (2016–2017), the mass media was engaged in tense discussion about the status and flow of funds within the two reserves – the Reserve Fund of the Russian Federation and the National Welfare Fund. The Reserve Fund of the Russian Federation aroused especial worries among the experts. Its funds rapidly declined and by December 2017 they were fully used to cover the deficit of the domestic budget. In accordance with the law “On Amendments to the Budget Code of the Russian Federation in the Use of Oil and Gas Revenues of the Federal Budget,” from February 1, 2018, the Reserve Fund of the Russian Federation will cease to exist. For financial theory, this fact can serve as an illustration of the process of forming the foundations of budgetary financial security, their change over time, circumstances and options the government can take to modify them. At the same time, there are other types of financial resources within the federal budget. Their diversity necessitates their classification in order to identify groups and types with similar characteristics. However, in financial theory, many types of reserves are not described in detail, and some are not described at all. This article introduces the concepts of “perfect” and “imperfect” reserves, for their characterization as part of the federal budget. The Russian Reserve Fund and the National Welfare Fund (Sovereign Funds) are the examples of perfect financial reserves. Imperfect reserves comprise a large group of reserve funds that are included in the federal budget, for example, the Reserve Fund of the President of the Russian Federation and the Reserve Fund of the Government of the Russian Federation, the Reserve Fund of the Government of the Russian Federation for the prevention and control of emergencies and impact of natural disasters. The introduction of new typological features largely clarifies the situation with increased attention to one type of reserves and its absence to others.

Faced with the need to adjust public pension systems to meet changing demographic, economic and social conditions, most developed countries have created government reserve funds to ensure macroeconomic sustainability. This paper aims to study the importance that this reserve fund plays in the sustainability of the Spanish public pension system. Using data for the 2000 to 2019 period (20 observations) on the main variables impacting on the system, we calculate probabilities and other indicators of its unsustainability in relation to the reserve fund. Our model accurately reflects certain aspects of the data, and suggests that the probability of unsustainability is inversely associated with the size of the reserve fund, but that this relation is moderated by the heterogeneity of the members of the pension system. Moreover, the probability of unsustainability increases in line with the pension system deficit, the time elapsed until unsustainability is reached is shorter when the Reserve Fund balance falls, and the size of this fund at which the system becomes unsustainable diminishes with the probability of unsustainability.

The combination of negative effects of urbanization and climate change in large cities poses a real threat to environmental, economic, and social stability in the world. The intensification of climate change and the analysis of its negative effects in cities show that climate change causes special threats in cities that are not specific to other types of human settlements. Assessing the vulnerability of urban ecosystems to climate change and planning measures to adapt cities to climate challenges is an important element of spatial infrastructure planning. The goal was to analyze the green infrastructure spatial arrangements on the example of green zones in Lviv. According to the results of field research and analysis of cadastral data, it was determined that most of the green areas are in the municipal property of the city, the only exceptions are the sites of the nature reserve fund of national importance. The total area of parks and squares of the city is more than 1,069 ha, of which 24% are areas of nature reserve. The provision of the urban population with public green spaces is about 14.82 m .person . The green infrastructure is based mainly on objects – cores (e.g. parks and squares). There is also a reserve in the city to expand the boundaries of green areas. The combination of “cores” with green corridors and the use of point objects of green infrastructure will contribute to the continuity of the green spaces network, which in turn will provide more environmental and socio-economic benefits for the population.

The article discusses the problem of exceeding the planned cost of construction, sources of origin and ways to manage the risk of the need for additional financing of construction at the stage of project preparation. The possibilities of solving the problem by substantiating the reserve funds for unforeseen works and costs on the basis of the process approach and the digital model of distributed risk assessment are considered. In order to improve the reliability of determining the cost of construction, the dependence of the reserve funds for unforeseen works and costs, risk cost and risk degree is determined. An example is given of substantiating the reserve funds for unforeseen works and costs in the composition of the summary budget calculation of capital repair of the 1st Yelagin bridge over the Srednyaya Nevka river in Saint-Petersburg taking into account project design, production, technology, pricing, contractual and inflationary risk factors.

The digitalization of bank data and financial operations creates a large risk of loss. Losses due to the risk of errors in the bank’s digital system need to be mitigated through the readiness of reserve funds. The determination of reserve funds needs to be optimized so that there is no large excess of reserve funds. Then the rest of the reserve fund allocation can be used as an investment fund by the bank to obtain additional returns or profits. This study aims to optimize the reserve fund allocation for digital banking transactions. In this case, the decision variable is value reserved based on potential loss of each digital banking, and the objective function is defined as minimizing reserve fund allocation. Furthermore, some conditions that become limitation are rules of Basel II, Basel III, and Article 71 paragraph 1 of the Limited Liability Company Law. Since the objective function can be expressed as a linear function, in this paper, linear programming optimization approach is thus employed considering Extreme Value-at-Risk (EVaR) constraints. In the use of EVaR approach in the digital banking problem, it is found that the loss meets the criteria of extreme data based on the Generalized Pareto Distribution (GPD). The strength of reserve funds using linear programming optimization with EVaR constraints is the consideration of potential losses from digital banking risks that are minimized so that the allocation of company funds becomes optimum. While the determination of reserve funds with a standard approach only considers historical profit data, this can result in excessive reserve funds because they are not considered potential risks in the future period. For the numerical experiment, the following risk data are used in the modeling, i.e., the result of a sample simulation of digital banking losses due to the risk of system downtime, system timeout, external failure, and operational user failure. Therefore, the optimization model with EVaR constraints produces an optimal reserve fund value, so that the allocation of bank reserve funds becomes efficient. This provides a view for banking companies to avoid the worst risk, namely collapse due to unbalanced mandatory reserve funds.

In ensuring sustainable development an important role belongs to natural preservation areas with different functions and modes of preservation, where an important place is occupied by natural conservation territories and natural conservation objects that form the natural reserve fund. A system of management of natural reserve fund of Ukraine is associated with many problems and shortcomings. The authors have studied the experience of efficient management of similar institutions in other countries, such as the national natural and regional landscape parks. They have outlined prospects for the development of natural reserves in Ukraine in accordance with international standards and requirements. They have also outlined innovative tools for the protection of biodiversity. They have offered a range of measures to improve the efficiency of the system of management of natural reserves based on the best international practices (establishing standard expenses of the state budgetary financing, insurance, the use of geoinformation technologies, grant projects and programs, adaptive management, restructuring of management, improvement of the organizational structure, effective system of paid services, etc.).

The demographic transition in the Eastern Caribbean Currency Union (ECCU) now underway is rapid compared with international experience, and emigration is playing a particularly large role. This paper describes and quantifies several factors which could magnify the challenge of pension reform. First, for some ECCU countries, continued emigration at historical rates would considerably advance the projected date at which pension scheme assets are depleted. Second, there is a significant risk that assets will underperform, given the large exposures to the highly-leveraged public sector and to a lesser extent the record with private sector investments. Third, portfolio diversification away from the public sector could be complicated by age-related pressure for greater central government health spending.

'Catastrophe Risk Financing in Developing Countries' provides a detailed analysis of the imperfections and inefficiencies that impede the emergence of competitive catastrophe risk markets in developing countries. The book demonstrates how donors and international financial institutions can assist governments in middle- and low-income countries in promoting effective and affordable catastrophe risk financing solutions. The authors present guiding principles on how and when governments, with assistance from donors and international financial institutions, should intervene in catastrophe insurance markets. They also identify key activities to be undertaken by donors and institutions that would allow middle- and low-income countries to develop competitive and cost-effective catastrophe risk financing strategies at both the macro (government) and micro (household) levels. These principles and activities are expected to inform good practices and ensure desirable results in catastrophe insurance projects. 'Catastrophe Risk Financing in Developing Countries' offers valuable advice and guidelines to policy makers and insurance practitioners involved in the development of catastrophe insurance programs in developing countries.