Economic policy adjustments amidst military conflict: strategies for sustaining economic and financial stability
DOI:
https://doi.org/10.56294/sctconf2024.1135Keywords:
circular economy, closed-loop economy, financial sector, business, entrepreneurship, territorial community, sustainable development, digitalizationAbstract
Introduction: In the context of military conflict, a country's economic policy and financial system become particularly vulnerable to numerous challenges, requiring immediate and comprehensive measures to ensure their resilience and subsequent recovery. Objective: This work aims to analyse and assess the effectiveness of economic policy reforms implemented during the military conflict to ensure the resilience of the economy and the financial system. Methods: The research employed methods of analysing literary sources, statistical data, generalization, and systematization. To evaluate the impact of reforms on economic resilience during the war, a survey of expert scientists in economic (Group 1) and legal (Group 2) fields was conducted. Correlation analysis was used to identify the relationship between the implemented reforms and the issues of restoring economic stability. Results: According to the research results, correlation analysis showed a significant relationship between the decline in financial stability and the reform of the financial sector (r=0.514 at p>0.050), the reform of the energy sector (r=0.425 at p>0.114), and measures to improve the business climate (r=0.473 at p>0.075). The research found that the issues of declining financial stability, increasing emissions of harmful substances into the atmosphere, energy blackmail, and deteriorating investment climate are the most relevant for the country's economic stability during the military conflict. Conclusions: In this context, the reform of the financial sector, the energy sector, and the implementation of measures to improve the business climate have the most significant impact on ensuring the resilience of the Ukrainian economy and the financial system in military conflict.
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