DOMINANTS OF MIGRATION CAPITAL ACCUMULATION: A PROJECTION OF THE DEVELOPMENT OF UKRAINE’S DOMESTIC CONSUMER MARKET

Abstract

The article examines the modern dominants of migration capital accumulation and their impact on the development of Ukraine’s domestic consumer market under conditions of wartime and post-war economic transformation. The study emphasizes that, in the current crisis environment, migration capital functions not only as a source of financial inflows in the form of migrant remittances, but also as a comprehensive strategic resource encompassing the human, intellectual, investment, and entrepreneurial potential of Ukrainian migrants and the diaspora. It is substantiated that the effective capitalization of migration resources is capable of supporting domestic consumer demand, fostering the development of small and medium-sized enterprises, stimulating local markets, strengthening the economic resilience of the state, and creating prerequisites for Ukraine’s post-war recovery. Particular attention is paid to the analysis of the key dominants of migration capital accumulation, including migrant remittances, the intellectual potential of the Ukrain-ian diaspora, the development of transnational entrepreneurship, the digitalization of financial services, migrants’ in-vestment activity, human capital, mechanisms for migrant reintegration, and modern state migration policy. Their impact on Ukraine’s domestic consumer market is examined through the mechanisms of stimulating purchasing power, expand-ing domestic demand, developing the entrepreneurial environment, and intensifying economic circulation. The article proposes the author’s concept of the “migration multiplier,” which considers migration capital as a factor generating a comprehensive multiplicative effect within the national economy. An original economic and mathematical model for the capitalization of migration capital has been developed, enabling the assessment of the impact of migration resources on the level of economic resilience, investment activity, employment, and the development of Ukraine’s domestic consumer market. The study also proposes conceptual approaches to the formation of a modern state policy for migration capital management focused on stimulating the investment use of migration resources, developing digital financial infrastructure, supporting transnational entrepreneurship, and creating a favorable environment for the return and reintegration of Ukrainian migrants. The practical significance of the research lies in the formation of modern mechanisms for integrating migration capital into the system of strategic development of the national economy, strengthening the domestic consumer market, and ensuring Ukraine’s economic security under conditions of global socio-economic instability.