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  THE GROWING ROLE OF SOVEREIGN WEALTH FUNDS IN MANAGING FOREIGN EXCHANGE

  Nowadays, almost all countries possess foreign currency reserves that are necessary for making both expected and unforeseen transfers abroad, specifically payments for imported goods and settling foreign debt. Looking back, these reserves were held in precious metals, dollar deposits, and other savings and debt instruments in convertible ... Nowadays, almost all countries possess foreign currency reserves that are necessary for making both expected and unforeseen transfers abroad, specifically payments for imported goods and settling foreign debt. Looking back, these reserves were held in precious metals, dollar deposits, and other savings and debt instruments in convertible currencies, and were managed by the central banks of the respective countries. However, in recent years, some countries, mainly developing ones, have accumulated reserves far above the necessary minimum that guarantees short-term payments and somewhat provides resources against unforeseen negative shocks. These surpluses are one of the reasons for the emergence of a new type of institutional investors in the form of sovereign wealth funds. Over the past twenty years, SWFs have experienced tremendous growth and therefore fall into the sights of fund managers and academic researchers. At the beginning of 2025, the assets they manage exceed 13.4 trillion dollars and are approaching the size of the foreign exchange reserves maintained by central banks, amounting to 16.8 trillion dollars. The object of analysis is the structural dynamics of the assets of sovereign wealth funds, public pension funds and foreign exchange assets of central banks. For this purpose, we use a coefficient for the direction of structural dynamics and aggregated data for each unit of the structure for the period 2000-2024.

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  THE ANTIDISSIPATIVE APPROACH TO OPTIMISING THE COSTS OF HOTEL BUSINESSES

  The costs incurred by hotel businesses are a key metric that, by influencing financial stability and revenue forecasting, determines the effectiveness of the revenue management system. The article states that the objectivity of costs arises from the objectivity of the factors that determine them. The issue of cost optimization involves a range of ... The costs incurred by hotel businesses are a key metric that, by influencing financial stability and revenue forecasting, determines the effectiveness of the revenue management system. The article states that the objectivity of costs arises from the objectivity of the factors that determine them. The issue of cost optimization involves a range of contradictions inherent in economic processes, which are clearly evident in the contradictions between limited resources and needs, as well as between the goal of maximizing revenue and the efficiency of business processes. Therefore, when determining scientific approaches to optimizing the costs of hotel businesses, it is advisable to rely on a methodology that enables the preventive identification of the prerequisites for cost dissipation at all stages of the hotel product production chain. Based on the results of the analysis of the state and trends of key performance indicators of hotel businesses, it has been established that: during periods of declining demand, it is natural for sales volumes to decrease and fixed costs to decrease, but at the same time, variable costs increase; crisis phenomena have negatively affected the profitability of hotel businesses, and the need to find ways to manage costs aimed at their optimisation, especially in turbulent internal and external conditions, is relevant from the perspective of the concept of revenue management. The principles of cost management have been defined, serving as fundamental rules that provide the basis for decision-making on cost optimization. The principles of cost optimization ensure objectivity, consistency, and reproducibility. The article analyzes the principles governing management decisions on cost optimization and has been ranked under the study's basic concept, "anti-dissipative approach". Therefore, the study of cost optimization principles has been deepened through methods that implement them in specific situations. At the same time, it has been proven that the expediency of applying an anti-dissipative approach lies in optimizing costs to prevent their dispersion at all stages of the production chain, focusing on enterprises with a hotel business in Ukraine.

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  FINTECH'S ROLE IN IMPROVING ACCESS TO FINANCE FOR SMALL BUSINESSES IN UZBEKISTAN

  This paper investigates the impact of financial technologies (FinTech) on bank lending to small business entities (SBEs) in Uzbekistan, with particular attention to the moderating role of bank size. Using regional panel data from 2015–2023, supplemented with projections for 2024–2025, and applying fixed-effects panel regressions complemented by ... This paper investigates the impact of financial technologies (FinTech) on bank lending to small business entities (SBEs) in Uzbekistan, with particular attention to the moderating role of bank size. Using regional panel data from 2015–2023, supplemented with projections for 2024–2025, and applying fixed-effects panel regressions complemented by fractional response and 2SLS robustness checks, the analysis shows that FinTech significantly increases SBE credit supply, but this effect is bank-size dependent: large banks benefit substantially, whereas small banks lose part of their traditional relationship-lending advantage. The main contribution lies in providing the first regional-level macro evidence on the size-dependent effect of FinTech on SBE lending in an emerging-market context, with direct policy relevance for Uzbekistan and similar economies.