Economy, finances, management: topical issues of science and practical activity

SCIENTIFIC JOURNALS OF VINNITSA NATIONAL AGRARIAN UNIVERSITY

Issue №: 1 (71)

Published: 2025.05.14

DOI: 10.37128/2411-4413-2025-1

Description:
The journal deals with the issues of efficiency of functioning of the national economics and organizational forms of management of the national economy. Attention is paid to the problems of marketing, management and efficiency of production and economic activity of agrarian enterprises. The issues of public administration and administration, accounting and taxation, banking and insurance, forecasting and modeling of economic processes, foreign economic activity, commodity flows of economic entities and their infrastructure support.

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THE IMPACT OF MONETARY POLICY ON THE GRAIN MARKET CONJUNCTURE AND THE FINANCING STRATEGY OF AGRICULTURAL PRODUCERS IN UKRAINE AND THE U.S.A.

DOI: 10.37128/2411-4413-2025-1-7

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MAKOHON Vitaliy – Candidate of Economic Sciences, Associate Professor, Associate Professor of the Department of Finance, Banking, and Insurance, State Biotechnology University (61002, Khvarkiv, 44 Alchevskikh Str., e-mail: witmak.ua@gmail.com).

ZABOLOTNYI Denys – Postgraduate Student of the Second Year of Study of the Department of Finance, Banking and Insurance State Biotechnology University (61002, Khvarkiv, 44 Alchevskikh Str., e-mail: den.zabolotnyi@gmail.com).

Annotation

The modern transformation of global financial markets and the increasing volatility of the agricultural sector highlight the need to study the relationship between monetary policy and agricultural commodity prices. In particular, interest rate instability and inflation expectations in Ukraine and the U.S. significantly influence wheat price formation, which is crucial for determining the effective financial strategies for agricultural producers. The purpose of this study is to identify the nature and magnitude of the impact of monetary policy instruments on wheat price dynamics in Ukraine and the U.S., both in the long-term and short-term, and to justify financial decisions for agribusiness enterprises based on the identified patterns. The study employs an autoregressive distributed lag model, enabling a differentiated analysis of both short-term and long-term relationships between variables. Unit root tests were applied to assess stationarity in time series, while graphical residual analysis and error correction model (ECM) specification were used to evaluate model stability. The research findings reveal the significant cross-country differences in how monetary indicators affect wheat prices. In the U.S., the long-term effect of interest rates is statistically significant and negative, confirming the restrictive role of monetary policy in curbing agricultural inflation. Conversely, in Ukraine, the relationship was less stable, with the short-term effects prevailing, driven by fragmented monetary policy and high dependence on external factors. Furthermore, the reaction of wheat prices to monetary policy shocks in the U.S. is faster and more predictable, whereas Ukraine exhibits inertia and delays in response. Calculated error correction coefficients confirm the existence of an equilibrium adjustment mechanism after short-term fluctuations, but only in the U.S. model. The practical significance of the study lies in providing an analytical framework for agribusinesses to make informed strategic decisions, particularly in investment planning, risk management, and monetary policy adaptation. The findings can also contribute to the development of macro-financial policies aimed at enhancing the resilience of the agricultural sector to monetary shocks.

Keywords: ARDL model, monetary policy, price conjuncture, interest rates, ECM model, cointegration, volatility, market adaptation, financial strategy

List of references

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About the journal

Topics of the journal:

С1 Economics and International Economic Relations (by specialization)

D1 Accounting and Taxation

D2 Finance, Banking, Insurance and Stock Market

D3 Management

D4 Public Management and Administration

D5 Marketing

D7 Trade

J3 Tourism and Recreation

Keywords: economics , international economic relations , accounting , taxation , finance , banking , insurance , stock market , management , public management and administration , marketing , trade , tourism and recreation

Key information:

ISSN (print): 2411-4413

DOI: 10.37128

All-Ukrainian scientific and production journal “Economics, finance, management: topical issues of science and practical activity” is a peer-reviewed open-access journal that publishes original research, theoretical articles and reviews on a wide range of economic and business issues. The articles, which have scientific and scientific-practical significance, highlight theoretical and methodological aspects of the development of agrarian sector of economy and related industries, the results of fundamental and applied research.

The purpose of the journal is to highlight the results of fundamental and applied research in the field of economic sciences, aimed at developing modern approaches to managing economic processes, financial support for enterprise activities and increasing the efficiency of economic systems. The publication is focused on creating a scientific environment for the exchange of research results between scientists, higher education students and practitioners in economic sphere, as well as on the dissemination of modern scientific and methodological approaches to solving current economic and management problems. The journal contributes to the development of the research in the field of enterprise economics, finance, accounting, auditing, management, marketing, entrepreneurship, trade, tourism and recreation, public management and administration, economic development and international economic relations, which meets the modern needs of the socio-economic development of the state.

The journal’s objectives are:

• publishing the results of fundamental and applied research in the fields of economics, international economic relations, finance, management, public administration, accounting, marketing, tourism and recreation, and entrepreneurship;

• promoting the development of modern methods of managing enterprises and organizations, increasing the efficiency of using financial and material resources;

• supporting the research aimed at improving the economic mechanisms of enterprise functioning, developing innovative activity, and increasing the competitiveness of economic structures;

• ensuring the scientific exchange of research results between higher education institutions, scientific institutions, and business entities;

• developing methods of economic analysis, forecasting, and modeling of socio-economic processes;

• disseminating of modern approaches to financial management, accounting, taxation, and control of economic activity;

• promoting the development of interdisciplinary research related to the economic support of the development of agrarian sector of economy and rural areas;

• integration of scientific research results into the international scientific space and increasing the level of scientific communication.

Publisher: Vinnytsia National Agrarian University

Link to the journal on the publisher’s website: ”Economics, finance, management: topical issues of science and practical activity”

Frequency of issue: 4 times a year.

Language of publication: Ukrainian, English.

Editor-in-Chief: Inna Honcharuk

State registration: Decision of the National Council of Ukraine on Television and Radio Broadcasting No. 1337 and No. 1178. Media identifier – R30-05171. Publisher registration number (EDRPOU) 00497236.

Publisher’s ROR: https://ror.org/05m3ysc06 Publisher’s DOI prefix: 10.37128 ISSN (print): 2411-4413

Publisher DOI prefix: 10.37128 ISSN (print): 2411-4413

The scientific journal is included in category "B" of the List of scientific professional publications of Ukraine, in which the results of dissertations for the degree of Doctor and Candidate of Sciences in the specialties C1 (051) - Economics, D1 (071) - Accounting and Taxation, D2 (072) – Finance, Banking, Insurance and Stock Market, D3 (073) – Management, D5 (075) – Marketing, D7 (076) – Entrepreneurship and Trade, (241) – Hotel and Restaurant Business, D4 (281) – Public Management and Administration (Order of the Ministry of Education and Science of Ukraine dated March 17, 2020 №409)

History of journal:

Founded in 1997 under the name ”Bulletin of Vinnytsia State Agricultural Institute”. In 2010-2014 it was published under the name “Collection of Scientific Papers of Vinnytsia National Agrarian University”. Since 2015 “Economics, finance, management: current issues of science and practical activity” (Certificate of State Registration of Mass Media No. 21154-10954 PR dated 12/31/2014).