Group Project

Determination of Financial Factors in the Latest Theories of Economic Growth … 49

UDC 332.1

doi: 10.15330/jpnu.7.3.49-59

DETERMINATION OF FINANCIAL FACTORS IN THE LATEST

THEORIES OF ECONOMIC GROWTH OF TERRITORIAL

COMMUNITIES

HALYNA VOZNYAK, KRYSTYNA PATYTSKA, TARAS KLOBA

Abstract. In today's modern circumstances ensuring the economic growth of territorial communities requires theoretical redefining and additional research, since new challenges have negatively affected the well-being of the population and ensuing progress.

The purpose of the article is to determine financial factors in the latest theories of economic growth of territorial communities.

Scientific approaches to the definition of “territorial community” are generalized, own approach is offered and the main features of territorial community (territorial, natural, social- psychological, historical-cultural, organizational-functional, political, economic) are substantiated. Emphasis is placed on the need for a new theoretical approach to the development of territorial communities based on the synthesis and combination of basic guidelines and principles of modern scientific concepts and models, their interpretation in the context of local development. The latest theories of economic growth are studied, including: the theory of endogenous growth, inclusive development and the theory of sustainable development (E. Ostrom's concept of community resource management is highlighted). It is substantiated that the model of endogenous growth is focused on reducing inequality of economic development through the use of internal factors, mechanisms of management and management of the territory. There are two vectors of achieving inclusive development of territorial communities: internal - maximum involvement of community members in the process of its development; external - ensuring access of members of the territorial community to the opportunities provided by more developed communities. It is emphasized that the key idea in E. Ostrom's research is to achieve efficiency and substantiation of ways of community management of common resources. Within the framework of the theory of inclusive development, a review of the concept of financial inclusion, which raises the issue of community development – “banking deserts”. The existence of interdependence of perception of members of territorial communities – “banking deserts” of opportunities and prospects of obtaining banking services is indicated, which requires the involvement of theoretical foundations of behavioral economics in the study of this issue. The factors of economic growth of territorial communities are systematized, which are united into five groups: natural, factors of human development; social, production and financial. The financial factors of economic growth of territorial communities include: budget; investment, inflation, monetary. The expediency of applying the ideas of the latest theories of economic growth in the process of analyzing financial factors is substantiated.

Keywords: territorial community, financial factors of economic growth, endogenous growth, inclusive development, sustainable development, common resources, financial inclusion.

JEL Classification: 011, 016.

Journal of Vasyl Stefanyk Precarpathian National University

http://journals.pnu.edu.ua

Vol. 7, No. 3 (2020), 49-59

50 Halyna Voznyak, Krystyna Patytska, Taras Kloba

1. INTRODUCTION

The new challenges caused by the consequences of the pandemic and the socio-economic crisis

had a negative impact on the welfare of the population, exacerbated a number of economic problems of

further functioning and progress of Ukraine as a whole and newly formed communities, that have

entered a fundamentally new phase of development (including through the reform of administrative

and financial decentralization). On the other hand, in Ukraine, ensuring the financial and managerial

capacity of territorial communities is significantly complicated by the deep institutional crisis and the

preservation of established hierarchical relations at all levels. The sensitivity of the economy of

territorial communities to these preconditions is increased by its underdevelopment and the problem of

situational motivation in the behavior and actions of economic entities, which is not focused on

strategic long-term community development and sustainable networking as the basis of its economic

and social development.

This actualizes the issues that were mentioned above and indicates the urgent need for

theoretical comprehension of the issue of economic growth of territorial communities in the new

conditions.

2. THEORETICAL BACKGROUND

Due to its socio-economic significance, the outlined topics are in the focus of scientific research of

representatives of economic and financial science. Thereby, one of the fundamental models of economic

growth of the territory in modern conditions is the theory of endogenous scientific and technological

progress of P. Romer, in which scientific and technological progress is “a factor of economic growth

generated by internal causes” [1], and economic growth directly depends on the amount of human

capital, concentrated in the field of knowledge acquisition. The factors of economic growth in this

theory are knowledge and information, which determine the development of innovation, scientific and

technological progress and the new state of human capital.

P. Romer's ideas were developed by World Bank experts D. Chen and H. Ki in the theory of

knowledge and endogenous growth [2]. Using a two-sector model of a closed economy (including the

manufacturing sector and the research and development sector), based on the application of the Cobb-

Douglas function, which reflects the dependence of changes in productivity on certain factors, the

authors link economic growth with increasing accumulation of financial resources in human capital

development.

The issue of using financial resources to increase the level of human capital as a basis for economic

growth of the territory is widely considered in recent decades and is the subject of numerous scientific

discussions. According to conclusions of the World Bank, “empowerment results in the ability of the

poor to influence government institutions that determine their living conditions by strengthening their

participation in political processes and decision-making at the local level. And that means removing

barriers – political, legal and socio-cultural – and increasing the assets of the poor so that they can

effectively enter the markets” [3].

Thus, the hypothesis of the impact of the level of human capital development on the economic

growth of the territory was developed by R. Birochy and M. Pozhebon in their proposed concept of

critical financial education in the context of improving the financial inclusion of the entities of the

community economy as one of its economic growth factors [4]. The empirical study was conducted by a

municipality in Brazil, where providing community residents with access to information and

communication technologies has resulted in significant socio-economic changes. After collecting data

through surveys and using the method of coding economic information, scientists have concluded that

financial education is the driving force of financial inclusion of low-income entrepreneurs and ensuring

their access to financial resources.

Theoretical and methodological development of the issues raised by foreign and domestic scientists

is carried out mainly at the regional, national and international levels. Despite significant

Determination of Financial Factors in the Latest Theories of Economic Growth … 51

developments, the theoretical aspects of the development of territorial communities, the definition of

the basic principles and factors of their sustainable progress in conditions of uncertainty have not been

properly presented, and therefore require in-depth study.

3. RESEARCH OBJECTIVE, METHODOLOGY AND DATA

The purpose of the article is to determine financial factors in the latest theories of economic growth

of territorial communities. The object of research in this article are the latest theories and factors of

economic growth and long-term development of territorial communities. The methodological basis of

this study are the fundamental provisions and principles of the theory of endogenous growth,

sustainable and inclusive development, a number of domestic and foreign empirical studies on this

issue. A set of specific methods of scientific knowledge, namely: logical generalization, analysis,

synthesis, scientific abstraction, historical approach provided the opportunity to realize the integrity of

scientific research.

4. RESULTS AND DISCUSSION

The decentralization reform has enabled territorial communities to become a full-fledged subject of

territorial management by obtaining the appropriate powers and resource base, which provides for the

responsibility of local governments for the socio-economic development of the territory.

The study of the theoretical foundations of the development of territorial communities necessitates

the definition of the essence of this definition. Therefore, the generalization of scientific approaches to

its understanding suggests that the territorial community should be understood as a naturally formed

human community organized in a certain area, characterized by a set of permanent ties and common

interests in their livelihood and socio-economic development. At the same time, emphasizing the role

of the territorial community in the context of its administrative-territorial determination as a subject of

administrative relations in the system of state formation, it should be considered as a primary subject of

local self-government with self-formed governing bodies endowed with the rights and responsibilities

to address issues of local significance, which is the representative of the local community in the political

arena and the owner of communal property in the relevant territory.

This approach to the interpretation of the category “territorial community” allows you to

systematize the set of its explicit features:

 territorial - a territorial community is formed on a certain territory;

 natural - territorial community is formed and developed on the basis of self-organization, social

and economic activity of its members and the need for constant development, following the principle of

self-regulation;

 socio-psychological - territorial community exists subject to self-identification of each member of

the community as part of it and awareness of the commonality of their interests. The community is first

and foremost a system of constant communicative connections between members of the community;

 historical and cultural - the community exists and develops over time, so when choosing the

direction of its development it is necessary to take into account the historical aspects of community

evolution, its cultural and customary features that significantly affect the psychological climate in the

community and endogenous relationships;

 organizational and functional - territorial community is a system with horizontal organization of

political and social networks, which operates based on democratic principles of development and

subject to the participation of its members in solving their livelihood issues with the possibility of self-

structuring and creation of internal organizational structures;

 political - the territorial community is a subject of legal relations and a representative of the local

community in the political arena;

 economic - the local community is the owner of communal property located on its territory, and

its members are payers of tax payments to the local budget. The community operates to provide its

52 Halyna Voznyak, Krystyna Patytska, Taras Kloba

members with quality public services, can be a participant in production processes and is a collective

consumer.

This emphasizes the priority of considering the territorial community as an economic system that

operates to achieve social welfare, political goals and economic growth, provided the effective use of

available territorial and spatial resources in the context of ensuring the triad of interests of the local

community, territory and individual members.

It should be noted that the problem of management and rational use of available resources and

opportunities to ensure economic growth of territorial communities, which in domestic conditions is

one of the key targets for the development of the territory, is at the stage of formation and search for

optimal solutions. Despite the significant number of scientific approaches and theories aimed at solving

local development issues, none of them provides a complete and systematic solution to the problems of

local communities and does not take into account current trends and features of their development and

condition. This requires understanding a new theoretical approach to the development of territorial

communities based on the synthesis and combination of basic guidelines and principles of modern

scientific concepts and models of local development.

Popular in recent decades and formed as an independent direction of the theory of economic

growth is the model of endogenous growth, aimed at reducing inequality of economic development

through the use of internal factors, mechanisms of management and governance. The development of

the theory was ensured not only by scientific research and the work of economists, but also by

representatives of geography and sociology, which resulted in the diversity of trends within the model

(P. Romer's theory of endogenous scientific and technological progress, “schooling model” and

“learning by doing”). Lucas, the concept of bottom development by K. Weaver, the decentralization

development of B. Planck, the concept of growing development of M. Basand, the theory of rise of

W. Rostow, the theory of convergence of J. Lafontaine and P. Idalo, the theory of local development

developed by F. Bouvet, Yu. Dion, P.-A. Tremblay, B. Pecur, etc.).

Analysis of numerous approaches and scientific concepts within the theory allows us to identify

three key principles that underlie endogenous growth and are common to all areas, namely:

1) territoriality - territory is the basis for endogenous development, which is characterized as integrated

because it is carried out in to a limited extent, and which has certain features of autarky;

2) interdependence - the achievement of endogenous growth is the result of the impact and efficiency of

use of each element of the limited space within which it is provided (natural, cultural, social, economic,

etc.); 3) democracy - endogenous growth is possible only under the conditions of existence and

appropriate level of development of democratic institutions in a given area and is based on meeting the

basic needs of the population (nutrition, education, health, work, etc.) through the use of local

economic potential.

In the context of our study, it is advisable to turn to the analysis of local development concepts that

stand out within the theory of economic growth. Given the rather wide range of concepts and models

of local development, which relate to finding ways to develop industrial areas, innovation circles, the

application of the principles of flexible specialization for economic development of administrative-

territorial formations, etc. [5], and differ primarily in emphasizing the superiority of one principle over

others [6], define the common ideas on which they are based. Thus, the initial conditions of the process

of endogenous economic growth at the local level are the production of innovation, the ability to adapt

and the ability to regulate. B. Pecur emphasizes this, noting the key role of the dynamism of the actors

in ensuring these conditions [7], as well as M. Bassan, I. Pedrazzini, F. Feinar and R. Peranjake, who

note that local development can be interpreted as a partnership agreement on creating favorable

conditions for the implementation of local initiatives in the context of community capacity building,

adaptation to new conditions, search for new forms and mechanisms of development, which

organizational and production methods will be aimed not only at economic benefits but also at solving

social, cultural and environmental issues character [8].

Interesting in the context of ensuring economic growth at the local level is the model of rural

development developed by DA McGranahan, T. Vojan and D. Lambert in the United States as a

Determination of Financial Factors in the Latest Theories of Economic Growth … 53

synthesis of the theory of endogenous growth and creative economy [9]. The authors of the model

identify three main factors of economic growth in rural areas: entrepreneurship, creative class and

recreational resources. The basis of the proposed model is the development of entrepreneurship and

the involvement of representatives of the creative class through the formation and supply of life in

rural areas. At the same time, scientists note that the application of the model is appropriate for the

local economy in terms of declining employment in traditional industries and reducing production,

which is characterized by the use of low-skilled labor.

Among domestic economists, the issue of endogenous growth has been studied by many scientists.

At the same time, analyzing the theory of endogenous growth, we agree with the conclusions of

J. Zhalil, who, studying the problem of endogenization of economic development, identified the main

areas of economic growth, which are fully consistent with modern conditions of territorial communities

in Ukraine:

 investment and innovation policy, in particular the financial tools of their implementation, which

set the institutional mechanisms for investment of financial resources;

 business development in the context of increasing the capitalization of economic potential;

 development of human capital in order to increase its productivity increase networking (in

particular, as proved by M. Vozhnyak, there is a clear positive relationship between the development of

education in a given area and the level of economic growth, and investment in education and health

have a positive impact on productivity of the community and activate its members to solve problems of

socio-economic nature [10]);

 development of communication environment and development of network relationships;

 decentralization of processes of identification and involvement in economic circulation of

available and potential resources of economic development [11].

Determining the directions of achieving economic growth of territorial communities requires taking

into account the influence of external conditions, the variability of political and economic conditions

and unforeseen factors, the number of which has increased significantly in the context of globalization.

In this context, it is appropriate to focus on the study of World Bank experts [12], who emphasize the

need to fully support the transformation of local economies during and after the Covid-19 pandemic for

long-term economic recovery and sustainability. Ensuring the economic growth of territorial

communities in rural areas, they propose to carry out in three directions: 1) search and development of

strengths and strengths of a particular area; 2) attracting investment for the development of the local

business environment; 3) development of basic infrastructure and provision of Internet access.

At the same time, due to an in-depth analysis of the economic development of local communities in

different countries during the Covid crisis, the categories of the population most “affected” by the

impact of measures to combat the pandemic were identified. Accordingly, the World Bank

recommends that local governments focus on supporting women, youth, the informal sector, and micro

and small enterprises on a more sustainable basis. That is, the World Bank emphasizes the need to

achieve economic growth while ensuring social justice, which meets the need to implement the Global

Sustainable Development Goals for 2015-2030.

The issue of inclusive development is widely represented in the research of foreign scholars, but

conceptually and theoretically it has not been developed. According to the UN, inclusiveness is based

on the involvement of all marginalized and excluded groups in the development process as

stakeholders [13]. The main principles on which the theory is based are: participation - maximum

involvement of all community members in the process of its development; accessibility and non-

discrimination - ensuring equal access to opportunities for all members of the community.

The issue of inclusive development is widely represented in the research of foreign scholars, but

conceptually and theoretically it has not been developed. According to the UN, inclusiveness is based

on the involvement of all marginalized and excluded groups in the development process as

stakeholders [13]. The main principles on which the theory is based are: participation - maximum

involvement of all community members in the process of its development; accessibility and non-

discrimination - ensuring equal access to opportunities for all members of the community.

54 Halyna Voznyak, Krystyna Patytska, Taras Kloba

It is worth noting that the progress of the theory of inclusive development took place in the context

of the development of the state, international relations and the individual. And only in recent years has

the theoretical foundations of inclusiveness been directed to the problems of local development. To

date, the most complete, in our opinion, definition of inclusive local development has been given by

J. Gupta, N. Pove and M. Ross-Tonen: it is a new dimension of development that focuses on the poorest

and most marginal members of society, taking into account economic, social and environmental aspects

and structural factors that prevent the poorest participants from participating in the development

process [14]. In this context, scholars also identify the components of inclusive development at the level

of territorial communities: providing equal opportunities for development and equitable distribution of

benefits; providing economic opportunities for community members; public participation;

environmental protection; adaptive capacity, which provides mitigation of the shocks of existence for

different groups within the community [15].

Thus, the inclusion of members of the territorial community in the context of economic growth

involves the most effective use of human capital in the direction of enhancing social, labor, managerial

and economic relations and the formation of the business environment. At the same time, it is also

designed to provide quality living space for all residents of the community. Therefore, we can

distinguish two vectors of achieving inclusive development of territorial communities: internal - the

maximum involvement of community members in the process of its development; external - ensuring

access of members of the territorial community to the opportunities provided by more developed

communities.

A component of the theory of inclusive development is the concept of financial inclusion, which

substantiates the problem of “banking deserts” - territorial communities whose members do not have

access to financial services [16]. Historically, the category of territorial communities – “banking deserts”

include poor communities, and lack of access to financial services, despite the factors of slowing

economic development, is an additional factor hindering economic growth and, consequently,

discrimination against the community [17, 18].

An interesting aspect, which was substantiated in the scientific research of researchers, is to identify

the reasons for the inefficiency of the branches of powerful banks in the so-called “banking deserts”. As

M. Baradan notes, banks “do not speak the financial language of the poor”, and therefore do not

understand that poor consumers “can not be offered banking services as if they were just rich people

with less money” [6]. Applying the scientific findings of the psychology of poverty to the theory of

financial inclusion reveals differences in the behavior and prerogatives of people in underdeveloped

(poorer) communities: poor consumers tend to be more community-oriented than wealthier; they are

more concerned with the needs and well-being of their community [17, 19]. This leads to the choice of

appropriate mechanisms for banking services to the population of such communities, including the

development of utility banks, as consumers of banking services in poorer communities often exaggerate

the importance of the utility bank for their community. Accordingly, researchers suggest that banking

institutions that “enter” the “banking desert” attract consumers, emphasizing the link between the

financial interaction of the consumer with the bank and the well-being of the community.

In general, the basis of the concept of financial inclusion is based on solving the following tasks: 1)

determining the role of financial services in an inclusive economy and the development of microfinance

models (rural savings and loan associations, self-help groups, credit unions) to ensure financial

inclusion of the community; 2) research on the financial behavior of low-income groups to develop

more appropriate financial products, especially savings, insurance, payment services, value chain

financing and innovative community-based financing models; 3) search for opportunities and ways to

establish links with private sector financial institutions, use of mobile banking, etc.; 4) development of

approaches to the integration of community-based microfinance models in empowerment strategies for

marginalized community members. The main advantages of financial inclusion include: at the level of

individuals, financial inclusion results in increased savings, investment in education and resilience to

financial shocks; at the community level - reducing financial inequality and economic growth in

general [20].

Determination of Financial Factors in the Latest Theories of Economic Growth … 55

To form a comprehensive approach to economic growth at the level of local communities, in

addition to taking into account the principles of endogenous growth and inclusive development, it is

necessary to focus on the guidelines of sustainable development, in particular the scientific concept of

Nobel Laureate E. Ostrom on rational use of shared resources.

By definition, shared resources are a “natural or artificial resource system” [21], which has the

following characteristics: exclusivity (access to a shared resource can be limited at minimal cost), rivalry

(competition for access to a shared resource), divisibility (the ability of a resource to be divided into

shares) and exhaustiveness. Having conducted numerous empirical studies, E. Ostrom came to a

significant conclusion: the management of shared resources by the community that uses them can be

characterized by much higher efficiency than when transferring them to private ownership or through

public administration; at the same time, methods of managing such resources should differ taking into

account territorial, economic, customary differences. Therefore, on the basis of the conducted

researches, the author has formed eight principles of effective management of common resources:

1) defining clear boundaries of the common resource;

2) formation of clear rules and norms for the use of common resources based on the needs of the

community and the conditions of its development;

3) democratization of the joint resource management process;

4) control over the use of shared resources;

5) formation of a mechanism of graduated sanctions against violators of the rules of using a

common resource;

6) formation of a mechanism for effective and rapid resolution of conflicts between users of the

resource;

7) formation of an effective effective system of joint resource management, starting from the local

level to the regional or state [22].

In the context of defining the concept of “common resources” by E. Ostrom and on the basis of

elaboration and supplementation of the classification of common resources of rural communities,

carried out by a team of authors led by V. Nelepa [23], we distinguish the main groups of common

resources, information and resources of the socio-economic sphere (Fig. 1).

Fig. 1. Types of common resources of territorial community and organizationalmethods

of their management. Source: compiled by the authors.

ORGANIZATIONAL MANAGEMENT METHODS OF COMMUNITY COMMON RESOURCES

COMMON RESOURCES OF TERRITORIAL COMMUNITY

NATURAL

RESOURCES OF

THE SOCIO-

ECONOMIC

SPHERE

SOCIAL FINANCIAL INFORMATIVE

Consumer’s

Association of

natural

resources,

environmental

groups

Local media,

radio,

television,

web pages,

information

booklets

Utility services Public organizations

Local budget Social enterprises

ECONOMIC

56 Halyna Voznyak, Krystyna Patytska, Taras Kloba

Thereby, the definition in the analysis of scientific theories and concepts of directions and principles

of development of territorial communities allows to systematize the factors of their economic growth,

which can be conditionally grouped into five groups: natural (including natural resources of the

territory); human development factors (including demographic and behavioral (knowledge, skills,

motivation, reactions) characteristics of community members); social (taking into account the

institutions that promote the development of human capital and determine the areas of management

and development of the territory (family, community, enterprises, public organizations, volunteer

organizations)); productive (material goods and fixed assets that contribute to the production process);

financial.

In this study, the main attention is paid to the group of financial factors of economic growth of

territorial communities, and therefore in the process of identifying guidelines for the development of

territorial communities in the analysis of economic growth theories, the main attention should be paid

to substantiating such factors (Fig. 2).

Fig. 2. Selection of financial factors of development of territorial communities in the context of theories of economic

growth. Source: compiled by the authors.

THEORY OF

ENDOGENEOUS GROWTH

The concept of local

development

THEORY OF SUSTAINABLE

DEVELOPMENT

The concept of common resource

management E.Ostrom

THEORY OF INCLUSIVE

DEVELOPMENT

The concept of financial inclusion

THE MAIN IDEA:

reducing inequality of economic

development through the use of

internal factors, mechanisms of

management and administration of

the territory

THE MAIN IDEA:

maximum involvement of community

members in the process of its development;

ensuring access of members of the territorial

community to the opportunities provided by

more developed communities

THE MAIN IDEA:

achieving efficiency and justification of

methods of common resource

management

PRINCIPLES:

territoriality, unity, normality, interdependence,

democracy, public participation, accessibility, non-

discrimination, efficiency, effectiveness, partnership,

subsidiarity

KEY CONDITION:

DYNAMISM OF SUBJECTS OF COMMUNITY

ECONOMY IN THE DIRECTION:

producing innovation

ability to adapt

ability to regulate FACTORS OF ECONOMIC GROWTH OF TERRITORIAL COMMUNITY

NATURAL

SOCIAL

HUMAN DEVELOPMENT FACTORS

PRODUCTIVE

FINANCIAL

Budget

Monetary

Inflation

Investment

THEORETICAL BASIS OF ECONOMIC GROWTH OF TERRITORIAL COMMUNITIES

Determination of Financial Factors in the Latest Theories of Economic Growth … 57

The financial factors of economic growth of territorial communities include:

 budget - includes features of formation and use of the local budget;

 investment - involves taking into account the investment policy of the self-government body and

identifying the features of the investment direction of the financial resource in community

development;

 inflation - a factor influencing changes in the general level of prices and purchasing power of

money on the economic development of the territorial community and economic entities in its territory;

 monetary - a factor that allows you to assess access to financial resources, as well as the turnover,

distribution and redistribution of money capital between economic entities.

5. CONCLUSIONS

The selection of financial factors of economic growth of territorial communities in the context of the

synthesis of the theory of endogenous growth, the theory of inclusive development and the theory of

sustainable development contributes to a comprehensive approach to determining the ways of

development of territorial communities. After all, the study of financial factors of territorial

communities in the context of the analyzed theories will be carried out from different angles: in the

theory of endogenous growth - from the standpoint of stimulating economic development and

overcoming economic and social inequality, in the theory of inclusive development - from the

standpoint of community involvement , which are in the risk group, in the concept of joint resource

management the finances of the territorial community are considered as one of the common resources

of the community, which requires finding an effective approach to its management.

Acknowledgements

The study was conducted under the grant 2020.02 / 0215 “Financial determinants of ensuring

regions and territorial communities' economic growth based on behavioural economy” with the

support of National Research Foundation of Ukraine.

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Address: Halyna Voznyak, Krystyna Patytska, Taras Kloba, SI “Institute of Regional Research named after

M. I. Dolishniy of the NAS of Ukraine”, 4 Kozelnytska St., Lviv, 79026 Ukraine.

E-mail: [email protected], [email protected], [email protected]

Received: September 25, 2020; revised: November 15, 2020.

_____________________

Determination of Financial Factors in the Latest Theories of Economic Growth … 59 Возняк Галина, Патицька Христина, Кльоба Тарас. Детермінація фінансових чинників у новітніх

теоріях економічного зростання територіальних громад. Журнал Прикарпатського університету імені

Василя Стефаника, 7 (3) (2020), 49–59.

В сучасних умовах забезпечення економічного зростання територіальних громад потребує

теоретичного переосмислення та додаткового дослідження, позаяк нові виклики негативно

позначились на добробуті населення та подальшому поступі.

Метою статті є детермінація фінансових чинників у новітніх теоріях економічного зростання

територіальних громад.

Узагальнено наукові підходи до визначення поняття “територіальна громада” запропоновано

власний підхід та обґрунтовано основні ознаки територіальної громади (територіальна, природна,

соціально-психологічна, історично-культурна, організаційно-функціональна, політична, економічна).

Акцентовано на потребі нового теоретичного підходу до розвитку територіальних громад на основі

синтезу і поєднання засадничих орієнтирів і принципів сучасних наукових концепцій і моделей, їх

трактування в контексті місцевого розвитку. Досліджено новітні теорії економічного зростання, серед

яких: теорія ендогенного зростання, інклюзивного розвитку та теорія сталого розвитку (виділено

концепцію Е. Остром про управління спільними ресурсами громади). Обґрунтовано, що модель

ендогенного зростання орієнтована на скорочення нерівності економічного розвитку через

використання внутрішніх чинників, механізмів господарювання і управління територією. Виділено

два вектори досягнення інклюзивного розвитку територіальних громад: внутрішній – максимальне

залучення членів громади до процесу її розвитку; зовнішній – забезпечення доступу членів

територіальної громади до можливостей, якими забезпечені більш розвинені громади. Акцентовано,

що ключовою думкою у дослідженнях Е. Остром є досягнення ефективності та обґрунтування

способів управління громадою спільними ресурсами. В межах теорії інклюзивного розвитку

проведено огляд концепції фінансової інклюзії, якою порушується проблема розвитку громад –

“банківських пустель”. Вказано на існуванні взаємозалежності сприйняття членами територіальних

громад – “банківських пустель” можливостей та перспектив отримання банківських послуг, що

вимагає залучення теоретичних основ поведінкової економіки до вивчення цього питання.

Систематизовано чинники економічного зростання територіальних громад, які об’єднано у п’ять

груп: природні, чинники людського розвитку; соціальні, виробничі та фінансові. До фінансових

чинників економічного зростання територіальних громад віднесено: бюджетний; інвестиційний;

інфляційний; грошово-кредитний. Обґрунтовано доцільність застосування ідей новітніх теорій

економічного зростання у процесі аналізу фінансових факторів.

Ключові слова: територіальна громада, фінансові чинники економічного зростання,

ендогенне зростання, інклюзивний розвиток, сталий розвиток, спільні ресурси, фінансова інклюзія.