International experience in innovative areas of financial and banking activities regarding investment lending

Анотація

Introduction and Problem Statement. Investment financing is an important element of the economy of any country. In the case of Ukraine, this problem is exacerbated due to the developed financial market and the lack of appropriate instruments, although international experience provides a sufficient number of examples that can be used in domestic practice. The purpose is to analyse the international experience of using innovative approaches and instruments that are developed for investment lending and to offer options for their use in Ukraine. Methods. General scientific and special methods were used: analysis, synthesis, description, comparison, theoretical generalization and abstract-logical. Results. This publication presents the experience of Mezzanine Finance and, in particular, Contingent Corporate Bonds. The author makes some important proposals for using the principle of contingent liabilities in case when their issuer can act as a state and shows the proximity of such approaches to the positions of supporters of Modern Monetary Theory (MMT). As another internationally recognized tool, the experience of using bonds for distribution among national communities abroad (“diaspora”) was analysed. These Diaspora Bonds can yield good results if the positive and negative experiences of other countries are taken into account. Finally, the experience of crypto-financing is analysed, including the latest ideas on the creation of official state reserves of cryptocurrency to finance public spending. Conclusions. International practice provides many examples of innovative approaches to financing investment spending that can be used in Ukraine. Thus, there are real opportunities to accumulate sufficient amounts of financial resources that are necessary for Ukraine’s Post-War Economic Recovery. However, their use in many cases requires legislative changes and the development of financial and stock markets.

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