Migration processes are gaining momentum on a global scale. This is evidenced by numerous reports, by strategic documents adopted at the country level etc. At the same time, there is insufficient coverage and analysis of the impact of the money transferred by migrants to Ukraine, and its role in the enhancement of society’s economic foundations, in particular, in the establishment of economic-law order.

The article aims at making a deeper analysis of today’s legal policy of Ukraine which has defects of formulation and implementation entailing a low level of implementation of measures through which the State forecasts the impact of money transfers on the country’s economic and social development.

Under the conditions of the deteriorating national economy and the decreasing payment balance of the country, worsening living standards of Ukrainians and increasing emigration processes, this type of financial investment should have a positive impact on the sustainable development of the recipient State. Modern studies give controversial results of such interrelation with sustainable development of the country. There is growing evidence of the remittance trap which, on the contrary, entails not only a slower growth but also a greater increase of emigration processes.

Given the ambiguous impact this type of investment has on sustainable economic development, and with a view to minimizing possible negative consequences of an increase or, conversely, a decrease in its amount, public authorities should assess and forecast these processes and develop strategic plans relating thereto. However, today there is imperfection in the mechanism by which such a form of economy management may be implemented. Remittances made by citizens significantly exceed direct investment and create threats to the country’s sustainable economic development. Therefore, urgent problems in various sectors of the Ukrainian economy should be resolved on a program-forecast basis, with due regard for the strategic course of the country’s development. In order to improve the legislation in this area, it is advisable to supplement it with provisions which would define the list of participants to forecasting and to the development of economic and social development programs.

Besides, an increasing importance for the prevention of a negative impact of remittances is seen in the comprehensive measures, in particular, those aimed at enhancement of the quality of material infrastructure, improvement of the education system and reduction of the cost of doing business, and also at boosting of the competitiveness of industries which encounter foreign competition. The monetary policy of Ukraine’s Central Bank can play an active part in stimulating the establishment of new enterprises through the introduction of preferential lending programs, including by allocating remittances to relevant industries. It is also advisable to review the terms of the inflation targeting regime and efficient allocation of the budget funds.

Bibliography

Edited and translated books

1. Ukrainske suspilstvo: mihratsiinyi vymir: natsionalna dopovid [Ukrainian Society: Migration Dimension: National Report] (Instytut demohrafii ta sotsialnykh doslidzhen im M V Ptukhy NAN Ukrainy 2018) (in Ukrainian).

2. Vaitszekker E ta Viikman A, Come On! Kapitalizm, nedalekohliadnist naselennia i ruinuvannia planety. Dopovid Rymskomu klubu [Come On! Capitalism, Shortsightedness of the Population and Destruction of the Planet. Report to the Club of Rome] (Sirosh Yu per z anhl, Samit-Knyha 2019) (in Ukrainian).

Journal articles

3. Kutsenko V, ‘Determinanty trudovoi mihratsii naselennia Ukrainy’ [‘Determinants of Labor Migration of Ukraine’s Population’] [2011] 3(54) Naukovyi visnyk Natsionalnoho universytetu DPS Ukrainy (ekonomika, pravo) 11-9 (in Ukrainian).

4. Zadykhailo D, ‘Model natsionalnoi ekonomiky v koordynatakh balansu ekonomichnoi vlady (pravovyi aspekt)’ [‘The National Economy Model in the Coordinates of the Economic Power Balance (Legal Aspect)’] (2018) 1 Ekonomichna teoriia ta pravo 124-36 (in Ukrainian).

Newspaper articles

5. Mamutov V ta Jushhik A, ‘Bez obshhegosudarstvennogo planirovanija jekonomiku i stranu ne podnjat’. (O novom podhode i problemam gosudarstvennogo upravlenija)’ [‘Without the National-Level Planning There is No Chance to Revive the Economy and the Country. (On the New Approach to the Issues of Public Administration)’] (Golos Ukrainy, 23 ijunja 2010) 8 (in Russian). 6. Soboliev Yu, ‘Postradianska Rosiia’ [‘Post-Soviet Russia’] (Dzerkalo tyzhnia, 4 bereznia 2011) <http://www.dt.ua/newspaper/articles/76834> (accessed: 20.05.2019) (in Ukrainian).

Websites

7. ‘Global Innovation Index 2018’ (Vsemirnaya organizatsiya intellektualnoy sobstvennosti) <https://www.wipo.int/publications/ru/details.jsp?id=4330> (accessed: 25.05.2019) (in English).

8. ‘Migration and remittances data’ (The World Bank Group) <http://www.worldbank. org/en/topic/migrationremittancesdiasporaissues/brief/migration-remittances-data> (accessed: 20.05.2019) (in English).

9. ‘Chomu perekazy z-za kordonu ne dopomahaiut, a shkodiat ekonomitsi – doslidzhennia MVF’ [‘Why Remittances from Abroad Do Not Help but Harm the Economy – IMF Study’] (Nachasi) <https://nachasi.com/2018/09/18/chomu-perekazy-ne-dopomagayut (accessed: 20.05.2019) (in Ukrainian).

10. ‘Kvartyrne pytannia: naskilky zrostut tsiny na zhytlo v 2019 rotsi’ [‘Housing Question: How Much Will Housing Prices Grow in 2019’] (112.ua) <https://ua.112.ua/statji/ kvartyrne-pytannia-naskilky-zrostut-tsiny-na-zhytlo-v-2019-rotsi-476502.html> (accessed: 20.05.2019) (in Ukrainian). 11. ‘Livan – personal’nye denezhnye perevody k polucheniju v tekushhih cenah (procent ot VVP)’ [‘Lebanon – Personal Remittances Receivable in Current Prices (Percentage of GDP)’] (Knoema) <https://knoema.ru/atlas/Livan/topics/Jekonomika/Platezhnyj balans-Schet-tekushhih-operacij/Personal’nye-denezhnye-perevody-k-polucheniju-vtekushhihcenah-percent-ot-VVP> (accessed: 20.05.2019) (in Russian).

12. ‘Livan – Valovoj gosudarstvennyj dolg’ [‘Lebanon – Gross National Debt’] (Knoema) <https://knoema.ru/atlas/Livan/topics/Jekonomika/Finansovyj-sektor-Gosudarstvennyefinansy/Gosudarstvennyj-dolg> (accessed: 20.05.2019) (in Russian).

13. ‘Natsionalnyi bank udoskonalyv metodyku pidrakhunku obsiahu pryvatnykh hroshovykh perekaziv v Ukrainu ta utochnyv yikh otsinky za 2015-2017 rr.’ [‘The National Bank Has Improved the Methodology for Calculating the Volume of Private Money Transfers to Ukraine and Has Detailed Respective Estimates for 2015-2017’] (Natsionalnyi bank Ukrainy) <https://bank.gov.ua/control/uk/publish/ article?art_id=66326691&cat_id=55838> (accessed: 23.05.2019) (in Ukrainian).

14. ‘Obrazovanie v Livane’ [‘Education in Lebanon’] (Vikipedija – svobodnaja jenciklopedija) <https://ru.wikipedia.org/wiki/Obrazovanie_v_Livane> (accessed: 20.05.2019) (in Russian).

15. ‘Osnovni pokaznyky zovnishnoi torhivli v Ukraini’ [‘Main Indices of Foreign Trade in Ukraine’] (Ukrainskyi klub ahrarnoho biznesu) <http://ucab.ua/ua/doing_agribusiness/ zovnishni_rinki/osnovni_pokazniki_zovnishnoi_torgivli_ukraini> (accessed: 20.05.2019) (in Ukrainian).

16. ‘Perekazy mihrantiv z-za kordonu ta mozhlyvi zakhody shchodo yikh zaokhochennia ta efektyvnoho vykorystannia: Analitychna zapyska’ [‘Remittances by Migrants from Abroad and Possible Measures for Their Encouragement and Efficient Use: An Analytical Note’] (Natsionalnyi instytut stratehichnykh doslidzhen) <http://old2.niss. gov.ua/articles/1276> (accessed: 23.05.2019) (in Ukrainian).

17. ‘Pererakhunok danykh shchodo pryvatnykh hroshovykh perekaziv v Ukrainu za 2015-2017 roky’ [‘Recalculation of Data on Private Money Transfers to Ukraine for 2015-2017’] (Natsionalnyi bank Ukrainy) <https://bank.gov.ua/doccatalog/ document?id=66364144> (accessed: 23.05.2019) (in Ukrainian).

18. ‘Pro shcho naspravdi ydetsia u mihratsiinomu pakti OON’ [‘What the UN Migration Pact Really Means’] (Deutsche Welle) <https://www.dw.com/uk/pro-shcho-naspravdiidetsiau-mihratsiinomu-pakti-oon/a-46663258> (accessed: 23.05.2019) (in Ukrainian).

19. ‘Reorhanizatsiia ta likvidatsiia’ [‘Reorganization and Liquidation’] (Natsionalnyi bank Ukrainy) <https://bank.gov.ua/control/uk/publish/printable_article?art_id=75535&showTitle=true> (accessed: 23.05.2019) (in Ukrainian).

20. ‘Zupynyty vidtik molodi mozhna lyshe yakistiu osvity’ [‘Only the Quality of Education Can Stop the Outflow of Young People’] (Osvita.ua) <https://osvita.ua/vnz/59118> (accessed: 20.05.2019) (in Ukrainian).