Home /Archive /2019, Volume 15 /15(5) /Coordination of Counteraction to Turmoil in the Economic Space of the Black Sea Region

Coordination of Counteraction to Turmoil in the Economic Space of the Black Sea Region

TitleCoordination of Counteraction to Turmoil in the Economic Space of the Black Sea Region
Publication TypeJournal Article
Year of Publication2019
AuthorsYefymenko, TI
Short TitleSci. innov.
DOI10.15407/scine15.05.005
Volume15
Issue5
SectionGeneral Problems of the Modern Research and Innovation Policy
Pagination5-20
LanguageEnglish
Abstract
Introduction. The scientific substantiation of the updated institutional framework for the interaction of the countries of the Black Sea Economic Cooperation Organization (BSEC) in the context of its gradual transformation into a multilateral integration structure is an urgent issue of today, since in the new reality there are threatening tendencies of market imbalances due to geopolitical factors, higher destabilization risks in the economic activity space.
Problem Statement. The current state of the hybrid world order is accompanied by restructuring international, state and social institutions. Manifestations of uncertainty, conflicting relationships in the Black Sea countries complicate the implementation of European integration reforms aimed at supporting sustainable development.
Purpose. To Identify the most urgent areas of necessary social transformations in the BSEC countries, taking into account sovereign interests regarding possible external and internal threats and impacts. The economic sphere primarily involves such issues as ensuring employment, solvency of participants in contractual relations, etc.
Materials and Methods. The systematic approach, sequential processing of interconnected trends of statistical indices and methods of situational analysis and synthesis are used for the analysis.
Results. The ways of strengthening counteraction to the destabilization of region's economy are shown. Considering its strategic role, it has been proposed to focus on the issues of shaping the future, taking into account the principle of the coordination of scenarios and actions of the BSEC countries.
Conclusions. Collaboration of global and regional players aimed at common strategic thinking, must be focused on finding the means and tools to transform the Black Sea from the zone of confrontation into the space for the peaceful convergence of the values of civilization. It is worth harmonizing consistent efforts aimed at reducing territorial tensions with the comparatively low rates of societies’ perception of the need for appropriate reforms on implementing the sustainable development goals.
KeywordsBlack Sea region, economic security, national priorities, peaceful relations, sustainable development
References
1. Horbulin, V. (2018, June 15). Volcanic syndrome. 
URL: https://dt.ua/internal/vulkanichniy-sindrom-280772_.html [in Ukrainian] 
(Last accessed: 12.07.2019).
2. IMF. (2017, September). Finance & Development. 
URL: http://www.imf.org/external/pubs/ft/fandd/2017/09/pdf/fd0917.pdf 
(Last accessed: 12.07.2019).
3. Stiglitz, J. E. (2010). The Stiglitz Report: Reforming the International Monetary and Financial Systems in the Wake of the Global Crisis. New York: New Press.
4. Reinhart, C. M., Rogoff, К. (2011). This Time Is Different: Eight Centuries of Financial Folly. New York.
5. Krugman, P. (2009). The Return of Depression Economics and the Crisis of 2008. New York: W. W. Norton & Company.
6. Heiets, V. M. (2003). Threats to the Development of the National Economy and Their Avoidance. Economy of Ukraine: Strategy and Policy of Long-Term Development. Kyiv: NASU Institute for Economics and Forecasting: Phoenix 136–154. [in Ukrainian].
7. Heiets, V. M., Kvasniuk, B. E. (1999). Concept of economic security of Ukraine. Kyiv: Logos [in Ukrainian].
8. Heiets, V. M. (Ed.). (2006). Modeling of economic security: state, region, enterprise. Kharkiv: INZHEK [in Ukrainian].
9. Kyzym, M. O., Ivanov, Y. B., Hubarieva, I. O. (2018). Evaluation of the level of economic security of Ukraine and EU countries. Finanse of Ukraine, 4, 7–19 [in Ukrainian].
10. Bilorus, O. H., Iefymenko, T. I. (Ed.). (2015). Financial globalization and European integration, 13–29. Kyiv: SESE “The Academy of Financial Management” [in Ukrainian].
11. Tanzi, V. (2005). Social Protection in a Globalizing World. 
URL: http://www.rivistapoliticaeconomica.it/2005/mar-apr/Tanzi.pdf (Last accessed: 12.07.2019).
12. Faux, J. (2016, November 30). U.S. Trade Policy – Time to Start Over (Report). 
URL: https://www.epi.org/publication/u-s-trade-policy-time-to-start-over/ 
(Last accessed: 12.07.2019).
13. U.S. International Trade Commission (USITC). (n. d.). USITC Interactive Tariff and Trade DataWeb. 
URL: https://dataweb.usitc.gov/scripts/user_set.asp (Last accessed: 12.07.2019).
14. IMF. (2018, July). Statement by the IMF’s Managing Director on the G20 Finance Ministers and Central Bank Governors meeting in Argentina. 
URL: http://www.imf.org/en/News/Articles/2018/07/22/pr18302-argentina-stateme...
(Last accessed: 12.07.2019).
15. Schumpeter, J. A. (2011). The theory of economic development: an inquiry into profits, capital, credit, interest, and the business cycle. Kyiv: Kyiv-Mohyla Academy [in Ukrainian].
16. Embling, D. (2018, July 26). EU breathes sign of relief over transatlantic trade row. 
URL: http://www.euronews.com/2018/07/26/eu-breathes-sign-of-relief-over-trans...
(Last accessed: 12.07.2019).
17. Samuelson, P., Nordhaus, W. (1998). Economics (16th ed.). Boston, MA: Irwin/McGraw-Hill.
18. United Nations. (2012). World Economic Situation and Prospects 2012. New York. 
URL: http://www.un.org/en/development/desa/policy/wesp/wesp_archive/2012wespu...
(Last accessed: 12.07.2019).
19. World Economic Forum. (2016). The Global Risks Report 2016. 
URL: http://www3.weforum.org/docs/GRR/ WEF_GRR16.pdf (Last accessed: 12.07.2019).
20. Stiglitz, J. E. (2016). The Euro. How common currency threatens the future of Europe. New York.
21. De Sousa, L. (2012, August). Understanding European Cross-border Cooperation: A Framework for Analysis. Journal of European Integration, 1-19. 
URL: http://repositorio.ul.pt/bitstream/10451/6856/1/ICs_LSousa_Understanding...
(Last accessed: 12.07.2019).
22. Kushnir, O. (2017). Ukrainian policies in the Black Sea littoral: history, current trends and perspectives. Journal of Contemporary European Studies, 25(2), 163-179.
https://doi.org/10.1080/14782804.2016.1219845
23. Kushnir, O. (2014). From the BSU to the BSEC: Evaluating Interwar Geopolitical Fantasies. The Central European Journal of International and Security Studies, 8(4), 90-111 [in Ukrainian].
24. Proedrou, P. (2018, May). In quest of governance: the failures of regionalism, a pan-European security architecture and 'bigemony' in Black Sea Politics. Journal Southeast European and Black Sea Studies, 18(3), 439-456.
https://doi.org/10.1080/14683857.2018.1470743
25. Siskos, E. (2004, December). Export-biased growth and problems of domestic market in post-socialist countries of the Black sea economic cooperation. Journal of European Economy, 3(4), 374-387.
26. Triantaphyllou, D. (2009). The 'security paradoxes' of the Black Sea region. Journal of Southeast European and Black Sea Studies, 9(3), 225-241.
https://doi.org/10.1080/14683850902934143
27. Hajizada, M., Marciacq, F. (2013). New regionalism in Europe's Black Sea Region: The EU, BSEC and changing practices of regionalism. East European Politics, 29 (3), 305-327.
https://doi.org/10.1080/21599165.2013.807800
28. Hajizada, M. (2018). Challenges and opportunities for establishing a security community in the wider Black Sea area. Journal of Southeast European and Black Sea Studies, 18 (4), 529-548.
https://doi.org/10.1080/14683857.2018.1516333
29. European Commission. (2017). Sustainable Blue Economy Finance Principles. 
URL: https://ec.europa.eu/maritimeaffairs/befp_en .
30. Vespremeanu, E., Golumbeanu, M. (2017, November). International Cooperation in the Black Sea Basin. The Black Sea, 125-133.
https://doi.org/10.1007/978-3-319-70855-3_10
32. Stanciulescu, G. C., Molnar, E. I. (2018). European implication in tourism regarding Sustainable development around the Black sea. International Multidisciplinary Scientific Conference on Social Sciences &Arts SGEM, 5, 275-282. 
URL: https://www.sgemsocial.org/ (Last accessed: 12.07.2019).
https://doi.org/10.5593/sgemsocial2018/1.4/S04.035
33. Chiţiba, C. A. (2016). Black Sea Economic Cooperation Organization Short and Medium Term Prospects. Knowledge Horizons – Economics, 8(1), 14–17.
34. United Nations. (2015, October 21). Transforming our world: the 2030 Agenda for Sustainable Development. 
URL: https://sustainabledevelopment.un.org/post2015/transformingourworld 
(Last accessed: 12.07.2019).
35. IMF (2018, October). World Economic Outlook. Challenges to Steady Growth. 
URL: https://www.imf.org/en/Publications/WEO/Issues/2018/09/24/world-economic...
(Last accessed: 12.07.2019).
36. IMF (2019, April). World Economic Outlook. Growth Slowdown, Precarious Recovery. 
URL: https://www.imf.org/en/Publications/WEO/Issues/2019/03/28/world-economic...
(Last accessed: 12.07.2019).
37. Harvard University, ”Mihai Viteazul” National Intelligence Academy, Administraţia Prezidenţială. (2018). SBSR. Security in the Black Sea Region. Shared Challenges, Sustainable Future Program. Bucharest, May 28–31, 2018. 
URL: http://www.sbsr.ro/wp-content/uploads/2018/06/SBSR-2018-Outcome.pdf/ 
(Last accessed: 12.07.2019).
38. IMF. (2018, April). World Economic Outlook Database. 
URL: http://www.imf.org/external/pubs/ft/weo/2018/01/weodata/weoselgr.aspx 
(Last accessed: 12.07.2019). 
39. IMF. (2015, April). World Economic Outlook Database. 
URL: http://www.imf.org/en/Publications/WEO/Issues/2016/12/31/Uneven-Growth-S...
(Last accessed: 12.07.2019).
40. OECD. (2015). New Approaches to Economic Challenges: A sustainable and inclusive growth agenda: OECD Yearbook 2015. 
URL: www.oecd.org/naec (Last accessed: 12.07.2019). 
41. OECD. (2018). The Framework for Policy Action on Inclusive Growth. Paris, 30-31 May 2018. 
URL: https://www.oecd.org/mcm/documents/C-MIN-2018-5-EN.pdf (Last accessed: 12.07.2019).
https://doi.org/10.1787/9789264301665-en
42. UNCTAD. (n. d.). Data Center. 
URL: http://unctadstat.unctad.org/EN/Index.html (Last accessed: 12.07.2019).
43. Iefymenko, T. (2016). Fiscal and Monetary Security of National Economy. Kyiv: SESE “The Academy of Financial Management [in Ukrainian].