№ 2/2018

Fìnansi Ukr. 2018 (2): 72–92https://doi.org/10.33763/finukr2018.02.072

FINANCIAL AND ECONOMIC REGULATION

KORNIEIEVA Iuliia ¹

¹SESE "The Academy of Financial Management"
OrcID ID : https://orcid.org/0000-0002-1823-7618

Institutional framework for promotion of export and investments: export credit agency

The article is devoted to the analysis of institutional bases of stimulation of investment activity of enterprises belonging to the public sector, by creating an export-credit agency. The importance of the activity of export-credit agencies is emphasized not only in stimulating the country’s escort potential, but also in attracting investment, forming an investment climate in the country, reducing information asymmetry, simplifying the processes of internationalization of enterprises, and stimulating capital investments. The author eemphasizes the importance of ECA in creating conditions for attracting financial resources on favourable terms for state corporations, which seek to purchase foreign expensive equipment that do not have analogues on the domestic market. The role of ECA for state-owned enterprises in promoting their products to foreign markets, the attraction of financial resources and implementation of foreign investments are noted. The ECA’s ability to invest at the expense of its own financial resources attracted on the international financial markets through debt securities is highlighted. The author presents proposals for improving the plan of measures for the implementation of the Strategy for Reforming the Public Finances Management System for 2017-2020 in Ukraine on points related to the management of fiscal risks, public investment management and public debt management. The importance of establishing the register of state-owned enterprises which will be included into the ECA’s program in cooperation with IMF, WB, EBRD and other IFOs is emphasized. The author proposes new financial instruments, which with support from international donors will contribute to the effective activity of ECA in Ukraine. These include the instrument of the provision of guarantees to the national EСA for the entry into international capital markets – ECA’s emission guarantees; guarantees of support of EСA’S projects that will facilitate the cooperation with foreign financial institutions; as well as financial instruments that will perform the compensatory function of equalizing market interest rates for large projects and for long time periods.

Keywords:export-credit agency, investment, state-owned enterprise, guarantees, international donors, international financial organizations

JEL: F19, F43, G15, G22, G23, N24

Kornieieva I. . Institutional framework for promotion of export and investments: export credit agency / I. Kornieieva // Фінанси України. - 2018. - № 2. - C. 72-92.

Article original in Ukrainian (pp. 72 - 92)

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