| Abstrakt: |
Migration processes are gaining momentum on a global scale. This is evidenced by numerous reports, by strategic documents adopted at the country level etc. At the same time, there is insufficient coverage and analysis of the impact of the money transferred by migrants to Ukraine, and its role in the enhancement of society's economic foundations, in particular, in the establishment of economic-law order. The article aims at making a deeper analysis of today's legal policy of Ukraine which has defects of formulation and implementation entailing a low level of implementation of measures through which the State forecasts the impact of money transfers on the country's economic and social development. Under the conditions of the deteriorating national economy and the decreasing payment balance of the country, worsening living standards of Ukrainians and increasing emigration processes, this type of financial investment should have a positive impact on the sustainable development of the recipient State. Modern studies give controversial results of such interrelation with sustainable development of the country. There is growing evidence of the remittance trap which, on the contrary, entails not only a slower growth but also a greater increase of emigration processes. Given the ambiguous impact this type of investment has on sustainable economic development, and with a view to minimizing possible negative consequences of an increase or, conversely, a decrease in its amount, public authorities should assess and forecast these processes and develop strategic plans relating thereto. However, today there is imperfection in the mechanism by which such a form of economy management may be implemented. Remittances made by citizens significantly exceed direct investment and create threats to the country's sustainable economic development. Therefore, urgent problems in various sectors of the Ukrainian economy should be resolved on a program-forecast basis, with due regard for the strategic course of the country's development. In order to improve the legislation in this area, it is advisable to supplement it with provisions which would define the list of participants to forecasting and to the development of economic and social development programs. Besides, an increasing importance for the prevention of a negative impact of remittances is seen in the comprehensive measures, in particular, those aimed at enhancement of the quality of material infrastructure, improvement of the education system and reduction of the cost of doing business, and also at boosting of the competitiveness of industries which encounter foreign competition. The monetary policy of Ukraine's Central Bank can play an active part in stimulating the establishment of new enterprises through the introduction of preferential lending programs, including by allocating remittances to relevant industries. It is also advisable to review the terms of the inflation targeting regime and efficient allocation of the budget funds. [ABSTRACT FROM AUTHOR] |
