Financial Security and Guidelines of the Strategic Development of Ukraine

(Pages 1264-1277)

Leonid Melnyk1,*, Iurii Gudz2, Viktor Synchak3, Yuliia Makarenko4 and Viktoriia Duma5
1Department of Finance and Economic Security, National University of Water and Environmental Engineering, Rivne, Ukraine.
2Department of Management, European University, Kyiv, Ukraine.
3Department of Management, Finance, Banking and Insurance, Leonid Yuzkov Khmelnytskyi University of Management and Law, Khmelnytskyi, Ukraine.
4Department of Finance, Banking and Insurance, Oles Honchar Dnipro National University, Dnipro, Ukraine.
5Department of Enterprise Economics and International Business, National University of Water and Environmental Engineering, Rivne, Ukraine.


The article examines the special conditions for ensuring financial security and guidelines for the strategic development of Ukraine on the basis of evaluating qualitative changes while maintaining stable rates of expanded reproduction and opportunities for self-determination of national interests in conditions of external influences. A methodology has been developed and a simulation-analytical model of financial security has been substantiated, based on established functional relationships between macro-financial factors, which, under the conditions of targeted interaction of identifiers of threatening symptoms of the imbalance of the financial system, provide guidelines for the country’s strategic development. A static approach is used to determine the threatening symptoms of the financial system, which under the influence of crisis situations (especially during martial law in the country) are investigated using dynamic methods. The relationship between macro-financial factors and signs of the country’s financial security is justified. Identifiers of typical macro-financial factors influencing the level of financial security of the country with an orientation to the development strategy are presented. The impact of banking, non-banking financial market, debt, budgetary, currency and monetary credit factors on the financial security of Ukraine in a discrete period is analysed. The relevance of the study lies in the creation and presentation of a simulation-analytical model of the estimated actual and projected volume of foreign exchange reserves of the financial pyramid of Ukraine, which embodies a balanced financial system, to cover the budget deficit and strategic development of the country.


Macro-Financial Factors; Banking Sphere; Non-Banking Financial Market; Currency Market; Financial Pyramid.

JEL Codes:

F52; F65; L1.

How to Cite:

Leonid Melnyk, Iurii Gudz, Viktor Synchak, Yuliia Makarenko and Viktoriia Duma. Financial Security and Guidelines of the Strategic Development of Ukraine. [ref]: vol.20.2022. available at:

Licensee REF Press
This is an open access article licensed under the terms of the Creative Commons Attribution Non-Commercial License ( which permits unrestricted, non-commercial use, distribution and reproduction in any medium, provided the work is properly cited.