METHODS OF FINANCIAL SUPPORT FOR INNOVATIVE RECONSTRUCTION OF THE COUNTRY'S ECONOMY
Authors:   Chernivtsi Institute of Trade and Economics of SUTE, Maliarchuk Oleksii 
Published: April 2024

The relevance of the study lies in the need to develop and improve effective financial instruments for the innovative reconstruction of the country's economy. In the current conditions of rapid technological changes and global competition, the effective implementation of innovations becomes a key factor in sustainable economic development. One of the main obstacles to innovation development is limited financial resources. The research is aimed at identifying effective mechanisms for attracting and allocating funding to support innovative initiatives. Investors often have limited interest in innovative projects due to their high risk. The research aims to develop mechanisms to incentivize investors to participate in innovative initiatives. Determining the optimal balance between public and private funding to support innovation, as well as developing partnership mechanisms between them, also encourages seeking solutions to these issues and developing effective financial strategies for innovation to achieve sustainable economic development in the country. The goal of the research is to study, analyze, and determine optimal financial instruments that contribute to stimulating and supporting innovative development in the economy of Ukraine. During the research, general scientific theoretical methods were used, including systemic analysis to disclose key research categories, abstract-logical method for formulating theoretical generalizations and conclusions about the essence of the synergistic effect and its assessment, and graphical method for illustrating theoretical and analytical material related to the main characteristics of the synergistic effect in innovative clusters. The research included an analysis of various instruments used to provide financial support for the innovative sector of the economy. The primary focus was on mechanisms that determine the success of the country's innovative development. The analysis allowed assessing the effectiveness of different financial instruments and their impact on economic progress. It identified mechanisms that contribute to the growth of innovative potential and those that may be less successful. Key issues and challenges facing the financial system in implementing innovative projects were also identified. Their potential impacts on overall economic development were revealed, and directions for further research were determined. The article serves as a crucial tool for increasing understanding, developing strategic approaches, and promoting innovative reconstruction of the country's economy. It can be valuable for scholars and professionals studying or working in the fields of economics, finance, and innovation, providing them with knowledge and tools for further research and professional development. Further investigation into specific financial instruments, such as grants and financing, considering the impact of the political and social environment on the effectiveness of innovative financial instruments, can enrich understanding and help contextualize decisionmaking. Analyzing the interaction between innovative financial instruments and other areas, such as education, science, and entrepreneurship, may reveal additional opportunities for creating synergy.