The optimal taxation level and tax structure depend on numerous factors and enormously differ from country to country. However, the two mentioned tax policy instruments could ensure economic recovery and sustainable economic growth. This article aims to examine the effects of tax policy on economic development and evaluate the role of appropriate tax instruments in speeding up recovery. The results showed that tax level harms the GDP per capita growth rate in Central Europe and Baltic states over the 2000-2021 period. Another vital finding is the increase in both overall employment and investment to GDP ratio positively affected the real GDP per capita growth rates. In order to foster economic growth government might use tax cuts and other stimuli both for distortionary and non-distortionary taxes. The tax policy’s institutional potential should be improved to neutralize the adverse effects of COVID-19 impact and enhance macroeconomic sustainability. JEL Classification: H20, H21, O23

The aim of the article is to analyze current trends in the development of cyber insurance. The following methods of scientific research were used in the preparation of the article: generalization, correlation analysis, comparative analysis. The authors analyze in detail the main trends in the spread of cybercrime. The correlation analysis between the number of registered cybercrimes in a particular country and its GDP, the number of business entities, indicated the lack of correlation between the studied indicators. It states that the most common types of cybercrime are: hacking, unauthorized access, accidental exposure, insider and physical theft. The sectoral analysis of the distribution of cybercrime has revealed a decrease in the share of financial companies while increasing the share of health care companies. It is noted that cyber insurance is one of the effective preventive measures that minimize the negative effects of cybercrime intervention. The article presents segmentation of the cyber insurance market by geography and size of insurance companies. The results of the analysis showed the dominance of US companies in the cyber insurance market. It is stated that the sectoral distribution of cybersecurity policy purchasers in general follows the trends of the sectoral distribution of cybercrime. The volume of cyber insurance, expenses of insured legal entities is analyzed. The main trends in the development of cyber insurance have been identified. The factors that hold back the development of cyber risk insurance have been identified. The main ones include the following: high level of information entropy in the process of cyber risk assessment, lack of a single standard for filling insurance services in the field of cyber insurance. It is noted that in the medium term the cyber insurance market is prospective for insurance companies. This is caused by the increasing scale of cyber threats and the costs associated with cyberattacks.

This study revisits the globalisation–sustainability nexus by focusing on the divergence between formal policy commitments and realised integration. While the 2030 Agenda assumes coherence across the seventeen Sustainable Development Goals (SDGs), empirical evidence increasingly points to uneven progress and systemic trade-offs. We introduce the concept of the globalisation implementation gap, defined as the normalised difference between de jure commitments and de facto integration, and examine its impact on SDG performance. Using a panel dataset of 101 countries over the period of 2000–2023 (N = 2197), we construct gap indices based on the KOF Globalisation framework and estimate two-way fixed-effects models with Driscoll–Kraay standard errors. The results reveal a significant negative association between implementation gaps and overall SDG performance. However, this relationship is highly heterogeneous across goals. Larger gaps are strongly negatively associated with social outcomes, particularly poverty reduction (SDG 1), clean water and sanitation (SDG 6), and sustainable cities (SDG 11), while being positively associated with certain environmental outcomes, including responsible consumption (SDG 12) and apparent biodiversity protection (SDG 15)—the latter, however, is interpreted as associational only, given evidence of reverse causation in placebo lead-testing. Further analysis using panel threshold regression demonstrates that governance quality moderates this relationship non-linearly. Above a critical threshold of institutional quality, the magnitude of the negative gap–SDG association increases substantially, suggesting that stronger governance amplifies rather than buffers the association. In addition, Gaussian mixture clustering identifies three distinct country archetypes (Balanced, Informal, and Policy-Led Integrators). A diagnostic placebo lead test indicates that the SDG 15 association is associational rather than causal (likely reverse causation), and the result for SDG 15 is therefore reported with that caveat. Each is characterised by different gap structures and sustainability trade-offs. Overall, the findings shift the perspective from a uniform globalisation–SDG relationship to a goal-specific and governance-contingent framework. The study highlights the importance of aligning policy commitments with actual integration processes and provides policy-relevant insights for managing SDG trade-offs under conditions of globalisation. The headline gap–SDG association is conditional on the listwise sample of 101 countries with complete data and on Driscoll–Kraay variance estimation; sensitivity analyses show that the result attenuates under multiple imputation on the full 208-country panel and loses statistical significance under cluster-robust standard errors, while the political-channel decomposition and the governance threshold remain robust under both stress tests.

The financial system significant element is consolidated budget, which includes all levels budgets and certain types of centralized funds. The budget policy implemented through the system of budgetary mechanisms and should ensure budgetary equilibrium and effective impact on socio-economic processes. A budget is a powerful tool for influencing socio-economic processes, and it performs regulatory, stimulating, social functions that determine its economic purpose. The mechanism of the volume and structure of budget revenues and expenditures formation is an important part of the budget regulation for ensuring the comprehensive development of society. The authors analyzed and evaluated the consolidated budget of Ukraine for 2008-2017, determined the share of revenue and expenditure components in the structure of the gross domestic product and the consolidated budget of Ukraine. At the same time, the authors analyzed the share of major taxes in the revenues of the Consolidated Budget of Ukraine and evaluated their dynamics in the gross domestic product. The article examines the influence of the budget revenues formation for social and economic development. The budget revenues are the financial and economic basis for the relevant authority members budgeting and performance of functions and tasks of the public authorities. Budget expenditures are an important area of influence on economic and social processes. In the paper, the authors prove that the direction of public expenditures on population social security has a significant impact on the social and economic development of the country. In order to achieve the efficient allocation of budgetary resources in terms of their limitations, improving the quality of public services and the availability of budget for the society is important to use program-target budgeting method. At this stage of development, the important task is to determine priorities in allocating budget expenditures and increase their effective use. The mechanism for evaluating the effectiveness of budget expenditures requires further improvements involving central government, which form the financial policy.

Relevance of the research topic. In the context of transformation changes, it is important to identify the priority areas of debt policy as an instrument of socio-economic development of the country, the introduction of effective instruments for managing public debt in the institutional environment. Quite important is the study on the efficiency of debt policy. Formulation of the problem. In modern conditions, during the period of financial globalization, public debt is an integral part of the financial systems of most countries of the world. Particularly important are the priorities of debt policy for countries with a transformational economy, because they need to allocate a significant amount of financial resources to carry out and achieve effective results of reforms. It is important to develop and implement a coherent debt strategy, as well as to correct it for solving current problems. Analysis of recent research and publications. The issue of debt policy of the state is quite relevant today for the majority of countries of the world and are common in scientific works of the well-known foreign and domestic scientists. The following foreign scientists have made a significant contribution to the study of public debt and debt policy: R. Barro, D. Buchanan, A. Wagner, J. Keynes, D. Ricardo, P. Samuelson, J. Stiglitz, W. Thompson, F. Friedman and others. The theoretical and practical questions concerning the formation, management and maintenance of public debt under conditions of transformational changes in the economy are devoted to the work of such Ukrainian scientists as O. Vasylyk, I. Zapatrina, L. Lisyak, I. Lukianenko, A. Mazaraki, M. Pasichnyi, V. Fedosov, I. Chugunov and others. Selection of unexplored parts of the general problem. However, there are a number of underdeveloped issues related to the formation and repayment of public debt in the context of the transformation of the economy in both the medium and long-term periods. Setting the task, the purpose of the study. The research objective is to analyze the state debt of Ukraine as a result of the implementation of debt policy. The purpose of the study is to determine the main tasks of the debt policy of Ukraine. Method or methodology for conducting research. The combination of research methods were used in writing the article: systematic approach, statistical analysis, structuring, analysis and synthesis, and others. Presentation of the main material (results of work). Indicators of state and state-guaranteed debt in terms of repayment currencies, the structure of domestic government loans that were raised to the budget by placing bonds on the primary market were analyzed in the article. The priority tasks of the debt policy in the medium and long-term perspective were proposed. The field of application of results. The results of this study can be applied in the process of formation and implementation of Ukraine's debt policy. Conclusions according to the article. At the present stage of economic development it is important to increase the impact of the use of debt management methods based on the formation of the debt policy priorities for the medium and long term persrective. In carrying out an effective debt policy, the government should reduce the spread of crisis phenomena and debt risks, as well as reduce the total debt burden on the economy. The article defines the priority tasks of Ukraine's debt policy in the medium term.

Modern financial and economic transformations have intensified the need to ensure economic resilience, which is the ability of economic systems to adapt to exogenous and endogenous factors. In this context, examining the role of sustainable finance in strengthening the economic resilience of the state has become particularly relevant. The purpose of this study is to theoretically substantiate and empirically assess the role of sustainable finance as a macroeconomic factor in ensuring economic resilience under conditions of contemporary structural transformations. The study demonstrates that the impact of sustainable finance is implemented through sustainable finance instruments, which form a transmission mechanism operating along three interrelated vectors: financial-investment, debt-fiscal, and innovation-technological vectors. The proposed conceptual approach explains how sustainable finance contributes to strengthening macroeconomic stability, reducing economic vulnerability, and enhancing the adaptability of national economies to external and internal challenges. The empirical analysis revealed a statistically significant relationship between sustainable finance instruments and the innovation-technological component of economic resilience. The estimated regression model confirmed a statistically significant positive effect of green bond issuance on the Eco-innovation Index. The obtained results indicate that the development of the green financial instruments market contributes to strengthening the innovation-technological component of economic resilience. The study substantiates the integrated relationship between sustainable finance and economic resilience and identifies the main channels through which sustainable finance influences macroeconomic stability. The practical significance of the obtained results lies in their potential application to the formulation of state financial and economic policy aimed at developing sustainable finance instruments, promoting eco-innovation, and enhancing the economic resilience of the state under conditions of contemporary structural transformations.