Abstract This chapter discusses the Albanian model for the equalization of financial disparities between urban and rural municipalities, especially after the 2014 Territorial and Administrative Reform (TAR). This reform reduced the number of local governments, merging 373 rural and urban entities into 61 larger municipalities. It aimed to streamline and harmonize service provision across regions and municipalities, but challenges persist due to the limited financial resources of local governments. The chapter explores the country’s intergovernmental financial framework, including recent reforms, which enhanced municipal responsibilities and financing. Despite reforms Albanian municipalities are heavily reliant on intergovernmental transfers, with unconditional grants playing a crucial role in equalizing financial resources. While the stability and allocation of the unconditional grants has improved since 2017, rural municipalities still struggle due to higher service costs and lower fiscal capacity compared to urban centers. There are also major differences between larger urban areas and the capital, Tirana. The chapter concludes that while Albania has made strides in decentralization, further reforms are necessary to address the ongoing fiscal inequalities between urban and rural local governments, underscoring the need for more robust equalization and financing mechanisms to bridge the gap between urban and rural municipalities.
The research explores the features of administrative-territorial reform in Ukraine within the context of European integration and active decentralization processes. The author examines the legislative framework for local self-government reform, including the Concept of Local Self-Government Reform and the Implementation Plan, as well as practical measures aimed at territorial consolidation and strengthening the financial capacity of newly established territorial communities. Special attention is given to improving resource management efficiency, developing municipal services, enhancing the organizational and institutional capacity of local government bodies, and ensuring citizen participation in decision-making at the local level, including expanding practices of direct democracy. The research analyzes the dynamics of local budgets, the growth of capital expenditures, and the level of public support for the reform, demonstrating the effectiveness of the implemented measures. The role of international assistance and inter-municipal cooperation in enhancing community capacity is highlighted, along with the importance of professional training and development of local officials. The research emphasizes the relevance of a comprehensive approach to creating financially autonomous and effective territorial communities, including the development of methodological foundations for assessing their capacity to manage local finances and socio-economic development. This research is valuable for scholars, local government practitioners, and international experts interested in decentralization, administrative-territorial reform, and the improvement of municipal financial sustainability.
The article is devoted to the study of the current legal regulation of virtual assets in the Federal Republic of Germany. The author analyses the advantages and disadvantages of the relevant regulatory framework, decisions taken to harmonise legislation in accordance with the new Regulation of the European Parliament and of the Council, as well as the possibility and expediency of implementing the most successful decisions into Ukrainian legislation. Due to the lack of relevant in-depth studies that would combine the main regulatory norms and definitions, as well as provide a general overview of this regulatory system, it became necessary to conduct a detailed study of the current regulatory framework of the Federal Republic of Germany in this area, which is one of the most complex among known jurisdictions in the field of virtual assets. The following list details the responsible regulators, as well as the legally established definition of virtual assets and their classification. The Federal Republic of Germany has developed an original classification system and a hybrid approach to defining asset categories in order to apply the provisions of MiCA. Currently, not all objects created on the basis of blockchain technology are subject to regulation, primarily non-fungible tokens, which is in line with MiCA provisions. The licensing system for service providers in the field of virtual asset circulation, the specifics of the transition period and the new classification of licence classes in accordance with MiCA were also examined. An analysis of the requirements for initial coin offerings (ICOs) in accordance with the regulatory framework of the Federal Republic of Germany and MiCA was conducted. The issues of virtual asset mining regulation and taxation were examined. It is concluded that the Federal Republic of Germany has found a way to regulate many more assets than provided for by MiCA, which gives competitive advantages to the national economy. Ukrainian legislation needs to borrow the approach to building such a regulatory system, which can be harmonised with European Union legislation, while preserving the advantages of its own legislation.
The relevance of the study is determined by the need for in-depth study and systematization of innovative decision-making methods that Web3 technologies offer to the modern business environment. In the context of global digital transformation, traditional approaches to management and finance are proving insufficient to ensure the competitiveness and sustainable development of organizations. The purpose of this article is to analyze Web3 tools, in particular blockchain, asset tokenization, decentralized finance (DeFi), and decentralized autonomous organizations (DAOs), as a basis for forming new, more transparent, secure, and effective methods and models for management decision-making. The paper applies a comprehensive methodology that includes a systematic analysis of the functional capabilities of Web3 technologies and a structural-logical approach to classifying their impact on corporate governance and financial management. The use of case studies has made it possible to illustrate the practical aspects of integrating these tools into the activities of large companies. The results confirm that Web3 is not only a technological trend but also a new paradigm that provides managers with qualitatively different tools. It has been established that blockchain creates a foundation for trust and data security; tokenization and DeFi radically increase the flexibility and liquidity of financial management; and DAOs transform corporate governance into a collective and inclusive process. In addition, the integration of AI agents into routine operations allows managers to effectively refocus their attention on strategic planning. The practical value of the article lies in providing organizations with clear recommendations for implementing Web3 technologies: from the need to start with pilot projects to test systems and processes to the mandatory investment in the development of internal competencies. The materials in the article can serve as a basis for developing innovative strategies that will help business organizations minimize technical and regulatory risks and secure leadership in today's digital market.
Inna Kovalchuk, Victoria Melnyk, Tamara Novak, Anna Pakhomova · 5 authors
The article examines innovative approaches to state support for agribusiness through the implementation of virtual asset technologies in the Ukrainian legal field, taking into account international experience. The relevance of the topic is due to the need to modernize the existing mechanisms for financing the agricultural sector in the context of the digital transformation of the economy and the development of the global crypto-asset market. The authors analyzed the current state of legal regulation of virtual assets in Ukraine, in particular in the context of the Law of Ukraine "On Virtual Assets" and its implementation. Also, it was outlined the main problems and obstacles to the introduction of innovative financial instruments in the agricultural sector including: instability of the regulatory framework, insufficient integration of digital solutions into state support programs, as well as low technological readiness of small and medium-sized agricultural producers. The authors studied the international experience of using blockchain technologies to support the agricultural sector in countries such as the USA, Australia, Singapore and the countries of the European Union. In particular, the authors paid attention to the analysis of legal models of tokenization of agricultural assets and the use of smart contracts to optimize the processes of state subsidies. Based on the analysis, the authors proposed a comprehensive model of integration of virtual asset technologies into the mechanisms of state support for agribusiness in Ukraine. The key elements of this model are: the creation of special legal regimes for agricultural tokens and NFTs, the formation of infrastructure for the digital interaction of farmers with state institutions, the implementation of blockchain solutions for the transparent distribution of subsidies, as well as the development of a legal framework for agricultural digital cooperatives. The authors substantiated the need to amend the legislation of Ukraine, in particular the Law of Ukraine "On State Support of Agriculture of Ukraine", the Tax Code and relevant regulations on virtual assets. Also, the authors identified the potential risks and advantages of the proposed innovations for both agricultural producers and the state. The results of the research are of theoretical and practical importance for the formation of state policy in the field of the agro-industrial complex of Ukraine, taking into account the global trends in digitalization and the use of distributed ledger technologies to ensure the efficiency, transparency and accessibility of state support for agribusiness. Keywords: virtual assets, blockchain, smart contracts, state support for agriculture, tokenization of agricultural assets, agricultural sector, digital transformation.
The purpose of this article is to study the peculiarities of the functioning of Ukraine's public finance system under martial law, identify key challenges associated with high levels of economic and social uncertainty, and justify possible ways of adapting budgetary and financial policy to ensure the sustainability, balance, and efficiency of public resource management. The article analyzes the current state of public finances in Ukraine under martial law, describes the main trends in the formation of revenues and expenditures of the state budget, the impact of military actions on the tax system, interbudgetary relations, and financial decentralization. It identifies the main challenges facing the state's financial system, including a sharp increase in military and social spending, a reduction in budget revenues due to a decline in economic activity, a growing budget deficit, and the need for external financing. Particular attention is paid to the role of international financial assistance in maintaining macroeconomic stability, ensuring the solvency of the state, and financing critically important sectors of the economy. The problems of effective public finance management during wartime are highlighted, in particular the issues of transparency of budgetary processes, targeted use of funds, risks of corruption, and restrictions in the area of financial control. Directions for improving public finance management mechanisms in conditions of uncertainty are substantiated, including the digitization of financial processes, strengthening anti-crisis planning, optimizing budget expenditures, improving the effectiveness of financial control, and developing strategic forecasting. Recommendations are proposed to improve the country's financial stability in the medium and long term, which include aligning domestic financial capabilities with external support, improving the efficiency of budget resource use, developing effective public debt management mechanisms, and enhancing financial security as a component of national stability.
The article examines the legal mechanism for regulating the circulation of virtual assets in Ukraine and the regulatory and legal support for countering illegal activities with various types of cryptocurrencies. The provisions of the Law of Ukraine “On Virtual Assets”, amendments and additions to civil legislation in terms of introducing the concept of “digital thing” are analyzed. It is proven that the provisions of the European Regulation “Markets in Crypto-Assets” (“MiCA”) are essential for the legal regulation of the circulation of virtual assets and countering illegal activities with them. The classification of virtual assets contained in the European Regulation “MiCA” is disclosed in order to understand the essence of various types of cryptocurrencies. The peculiarities of the circulation of such crypto-assets as Bitcoin, Ethereum are disclosed and noted; the concepts of “blockchain”, “validator”, “service token”, “crypto-asset issuer”, etc. are investigated. The role of a number of state bodies in countering the illegal circulation of virtual assets in Ukraine is highlighted. It is argued that the coordination of analytical work and the detection of risky transactions is provided by the State Financial Monitoring Service of Ukraine. It is substantiated that the detection of criminal schemes and ensuring the prosecution of those guilty of offenses with virtual assets is entrusted to the National Police, the Security Service of Ukraine, the State Bureau of Investigation, the Bureau of Economic Security, and the Prosecutor’s Office. Such bodies as the National Bank of Ukraine, the National Securities and Stock Market Commission, and the Ministry of Digital Transformation of Ukraine form a regulatory framework that should prevent the use of crypto-assets for illegal purposes. It is established that countering the illegal circulation of virtual assets in Ukraine is carried out both through preventive measures, analytical work and improvement of the regulatory and legal framework, and through operational-search and criminal-law jurisdiction. This comprehensive model allows responding to the latest challenges, in particular, the use of decentralized finance, anonymous technologies, and cross-border schemes for the illegal circulation of virtual assets.
The article is devoted to the theoretical and methodological justification of the impact of decentralization reform on the financial capacity of rural communities using the example of Zakarpattia Oblast in the context of martial law and profound socio-economic transformations. The content of decentralization as a key element of multi-level public administration is revealed, and its role in redistributing powers, resources, and responsibilities between the central government and local self-government, as well as in the formation of capable territorial communities, is clarified. Based on the Constitution of Ukraine, the fundamental laws on local self-government, and strategic documents of state regional policy, the institutional foundations of financial decentralization and the formation of local budgets’ revenue base are analyzed. A methodological approach to assessing the financial capacity of communities is proposed, based on the use of an integral index and a system of eleven indicators (revenues, expenditures, budget structure, share of transfers, capital investments, etc.), considering data from the ULEAD with Europe program and the specifics of the war period. Based on empirical data from 2023–2024, differences in financial capacity across rural, settlement, and urban communities were revealed. Trends in the share of communities with high, optimal, satisfactory, low, and critical levels of capacity were outlined, including a decrease in the share of critically weak communities and a gradual strengthening of individual rural communities. Specific attention is paid to the analysis of the financial situation in the communities of Zakarpattia Oblast, where both deterioration in indicators for individual territories and positive examples of capacity growth through intermunicipal cooperation, participation in international projects, and the intensification of local economic development have been recorded. The expediency of using an integrated financial capacity index as a tool for monitoring and justifying targeted state and regional policy measures to support rural communities is demonstrated. Keywords: decentralization, capacity, socio-economic development, finance, rural areas, territorial communities, competitiveness.
The full-scale war in Ukraine has exposed critical vulnerabilities in centralized energy grids, driving the urgent need for decentralized renewable energy solutions. This study investigates the economic efficiency of state financial and investment support for the advancement of distributed green energy systems in Ukraine, particularly through concessional financing initiatives such as the "5-7-9" program. The decision-making analysis focuses on small and medium-sized enterprises investing in 10-, 20-, and 30-kW hybrid wind-solar photovoltaic systems accompanied by storage facilities. Financial viability was assessed using key indicators, including Levelized Cost of Energy, Net Present Value, Internal Rate of Return, Profitability Index, and Discounted Payback Period. Results indicate that with preferential financing, the considered projects achieved strong economic performance, while traditional commercial loans offered by commercial banks rendered small-scale decentralized renewable energy solutions financially unfeasible. Based on this, it has been demonstrated that strategic public-private collaboration and effective financial policy frameworks are critical for scaling renewable energy adoption and accelerating Ukraine’s green and digital transition. The article presents developed strategies and a roadmap for integrating decentralized power systems into Ukraine’s digital economy, which, during and after the war, will help strengthen energy resilience, reduce operational risks, and foster the country’s sustainable growth. However, limitations include assumptions of stable macroeconomic conditions and a focus solely on internal energy consumption. Future research should investigate tailored financial mechanisms for different business types and explore the broader socio-economic impacts of investments in decentralized green power systems, as well as the sensitivity of projects’ economic indicators for optimal decision-making.
The article is devoted to the study of the problem of harmonization of Ukrainian legislation in the field of crypto-asset market regulation in the context of the implementation of the provisions of the new European Regulation 2023/1114 of May 31, 2023. Given Ukraine’s status as a candidate for membership in the European Union, the task of unifying legal approaches to the definition and classification of digital assets is becoming increasingly relevant. The article provides a comparative analysis of the evolution of the conceptual and categorical apparatus in the European Union, using the provisions of Directive 2018/843, which focuses mainly on combating money laundering, and Regulation 2023/1114, and examines the transition from the term “virtual currency” to the systematic, expanded, and functionally oriented concept of “crypto-asset,” which includes both digital value and digital rights. Particular attention is also paid to the analysis of Ukrainian legislation and recent legislative initiatives, in particular the Law of Ukraine “On Virtual Assets” No. 2074-IX and draft laws No. 10225 and No. 10225-1. In the context of these documents, a detailed comparison of the definitions of “virtual asset” used is carried out and attempts to gradually adapt the Ukrainian conceptual framework to European standards are revealed, including by referring to the technological criterion (use of distributed ledger technology) and expanding the functional content of assets. Discrepancies between the Ukrainian and European approaches have been identified in both the basic terminology and the classification system for crypto-assets. A comparison of classification models has been carried out: the basic three-level structure enshrined in Regulation 2023/1114, which includes asset- referenced tokens, electronic money tokens, and other tokens, and the options proposed in Ukrainian draft laws, which attempt to adapt European categories to national specifics. Attempts to directly transpose the classification model of Regulation 2023/1114 into the Ukrainian legal system and the challenges associated with adapting certain categories of crypto-assets, taking into account the existing legal regime in Ukraine, are analyzed. Proposals are made on the advisability of revising the terminology and further work on the development of a national classification of crypto assets in line with European Union legislation.
Introduction. In the context of global crises, military aggression, and decentralization reforms, the transformation of budgetary policy has become a key factor in ensuring the sustainable development of territorial communities in Ukraine. Particular importance is attached to enhancing the adaptability, transparency, and strategic orientation of public finance systems under security and climate challenges. The purpose of the paper is to substantiate the conceptual foundations of budgetary policy transformation, taking into account fiscal decentralization, digitalization, green economy priorities, and the need for financial resilience of territorial communities. Results. The paper systematizes theoretical approaches to understanding the essence and structure of budgetary policy based on classical and modern financial theories. A conceptual model of budget policy is developed, including key structural components: methodological basis, principles, institutional architecture, information infrastructure, and implementation tools. The authors highlight six modernization vectors: institutional-regulatory, financial, managerial, socio-economic, environmental, and security-oriented. Particular attention is paid to digital solutions, open financial data, participatory budgeting, and the integration of environmental indicators into local budget planning. Conclusions. A comprehensive transformation of budgetary policy at the local level, aligned with strategic priorities of sustainable development, will strengthen fiscal autonomy, improve financial governance, and enhance the long-term resilience of territorial communities.
This article explores the innovation management strategies employed by Ukrainian IT companies during the ongoing war and global instability. In response to unpredictable circumstances, such as infrastructure destruction, cyberattacks, labor migration, and economic uncertainty, Ukrainian IT firms have exhibited extraordinary flexibility and innovation capacity. The study investigates structural transformations in organizational models, including the shift to decentralized management, the formation of autonomous R&D teams across different time zones, and the utilization of virtual collaboration hubs. The adoption of agile frameworks and remote-first policies has enabled rapid adaptation and continuity in development cycles despite adverse conditions. Particular attention is paid to the role of emerging technologies—such as artificial intelligence (AI), machine learning, generative models, and low-code/no-code platforms—in maintaining operational efficiency and fostering product innovation. These tools have become essential for automating customer service, enhancing cybersecurity, and optimizing internal logistics, especially in the context of humanitarian initiatives. The research also analyzes sociological surveys, including those conducted by DOU and Lviv IT Cluster, indicating a rise in R&D investment and innovation engagement across the sector. Case studies of MacPaw, Reface, and Ajax Systems exemplify successful adaptation strategies, from geographic relocation and contingency infrastructure to participation in global digital resilience initiatives. The findings emphasize the importance of integrating innovation with strategic foresight, psychological resilience, and legal frameworks such as Diia.City. Key recommendations include fostering mental health support, increasing R&D funding through public-private partnerships, deepening EU digital integration, and expanding innovation-focused regulation. The conclusions provide actionable insights for developing crisis-resilient innovation strategies, particularly relevant for digital industries operating under prolonged stress. This research highlights how the Ukrainian IT sector, despite extraordinary hardship, can become a global model for innovation-led recovery and sustainable transformation.
Introduction. In the current context of the digital transformation of society, there is a growing need to rethink the role of public finance as a tool not only for fiscal regulation but also for strategic development. Traditional models of budget administration are proving insufficient to ensure transparency, accountability and efficiency in the management of public resources. At the same time, the rapid development of digital technologies, such as blockchain, big data, and artificial intelligence, opens up new opportunities for modernizing the financial system. In this context, the study of the digital transformation of public finance is extremely relevant, as it meets the challenges of the innovation economy and the need to increase trust in public administration. Methods. The methodological basis of the study is a combination of systemic and structural-functional approaches, typological analysis, case method and visualization methods. The empirical basis is based on examples of the implementation of digital platforms in public finance in Ukraine, Georgia, the Baltic States, and Canada. The chronological scope of the study covers 2015-2024. The source base is formed on the basis of data from open budget portals, regulations and international reports (IMF, World Bank, OECD). Results. The article presents a classification of digital solutions into four generations: from open data portals to blockchain platforms with smart contracts. A comparative analysis of the functionality, legal integration and scalability of the OpenBudget, ProZorro and GovChain platforms is carried out. Discussion. The results obtained can be used as an analytical and methodological basis for further research in the field of digital design of budget ecosystems, as well as for the development of regulatory approaches to the integration of decentralized technologies into public financial management. Keywords: public finance, digital transformation, blockchain, smart contracts, ProZorro, OpenBudget, GovChain.
Ministry of Youth and Sports of Ukraine, Alina Hrushyna
The main mechanisms of targeted financing in Ukraine are revealed, and their role in ensuring socio-economic development under martial law is defined. The article analyzes the effectiveness of the implementation of active state targeted programs up to 2023, particularly in terms of the fulfillment of planned funding from both the state and local budgets, as well as the achievement of performance indicators. The key shortcomings in the system of program design, financing, and effectiveness evaluation are identified. The paper proposes ways to improve the effectiveness of program implementation, including through decentralization, enhanced monitoring, and independent auditing. Particular emphasis is placed on the importance of adapting programs to the challenges of war and national recovery, as well as the expediency of long-term programs in periods of limited public financial resources.
The article studies the theoretical and methodological foundations of the functioning of cryptocurrency as an innovative financial instrument in the system of economic potential of an enterprise. The essence of cryptocurrency is revealed from the point of view of its role in the formation of financial resources, ensuring solvency and increasing the competitiveness of business entities. The author's definition of the term "cryptocurrency" is provided. The criteria for classifying cryptocurrencies have been expanded. The expediency of using cryptocurrencies in entrepreneurial activities in the context of digitalization of the economy has been substantiated. The analysis of the advantages and risks of integrating cryptocurrencies into the financial strategy of the enterprise is carried out, as well as methodological approaches to assessing their impact on the overall economic potential are proposed. The authors offer practical recommendations for effective management of cryptocurrency assets, taking into account the current regulatory framework and technological changes.
The article is devoted to the development of a methodological approach to managing the scientific component of the budget process at the municipal level under the conditions of power decentralization in Ukraine. Given the increasing complexity of the socio-economic environment, the need for balanced local finances, and the focus on sustainable development of territorial communities, the author emphasizes the significance of scientific and analytical support in the budget process. The aim of the study is to develop a methodological approach to managing the scientific component of the municipal budget process, taking into account modern challenges, institutional specifics, and international experience. The research methods include systems analysis, structural-functional approach, institutional-comparative analysis, as well as logical and formalized modeling methods in the field of scientific support of the budget process. The article explores the theoretical foundations of scientific support for the budget process, analyzes the current state, and identifies key issues in managing the scientific component within Ukrainian municipalities. It reveals the essence and functions of the scientific component in budget management – from research planning and analytical database formation to the evaluation of decision effectiveness and forecasting the influence of external factors. The key principles of effective management are defined: scientific validity, interdisciplinarity, adaptability, openness, and institutional interaction. The opportunities for integrating scientific institutions, independent analytical centers, and digital tools into municipal budget management are systematized. Results. A conceptual model for managing the scientific component is proposed, encompassing the following stages: strategic planning of scientific and analytical support, coordination of stakeholder actions, organization of institutional cooperation, provision of resource support, and implementation of control and evaluation mechanisms. It is argued that systematic management of the scientific component improves the quality of managerial decisions, ensures transparency in the budget process, and strengthens citizens’ trust in local self-government authorities. The research findings can be applied in the development of municipal development strategies, the design of institutional cooperation mechanisms with scientific institutions, and the digitalization of public finance management at the local level.
The financial system of sub-Saharan Africa is heavily dependent on foreign and international capital. The external debt of Sub-Saharan Africa is more than 60% of the total GDP, in some countries, that is about 95%. In the last decades, there has been an expansion of the influence of pan-African financial groups and central/national banks in the monetary policy of African states. Sub-Saharan Africa shows exponential growth in electronic mobile payments and the digital currency of central banks and crypto assets depends on distributed ledger technology. Regional financial centers have emerged, shaping the growth and development of African finance. The structure, specifics and main trends in the development of the financial system of sub-Saharan Africa are described in the context of the challenges facing the global financial system. The need for integration processes for the countries of the continent, the role of central banks and Pan-African financial institutions are substantiated. The possibility of implementing the concept of leapfrogging in the transition of the monetary and credit system of the African continent to national digital currencies and the use of distributed register technology are considered. The author considers the credit and monetary system of Sub-Saharan Africa as a place of financial innovations that can identify the development of the global financial system for decades to come.
Open access
Economic Issues in Ukraine
Economic Development and Digital Transformation
Economic, Social, and Public Health Issues in Russia and Globally
The article analyzes the foundations of Ukraine's state regional policy for digital transformation, including the regulatory framework, strategic documents, and regional informatization programs. It is determined that implementing digital technologies is a key direction of state policy aimed at creating conditions for the development of an information society, integrating modern technologies into public administration, and ensuring the competitiveness of regions. Considering the decentralization of power, conditions are being created to align regional development policies with key areas of digital transformation, including the digitalization of regional governance, the development of the digital economy, the implementation of innovative technologies, process automation, the expansion of e-government, and the formation of e-democracy tools, among others. The study found that the primary tool for ensuring digital transformation at the regional level is regional informatization programs developed by the standard project for such programs approved by the Ministry of Digital Transformation of Ukraine. As of January 1, 2025, 16 regions of Ukraine have adopted these programs, which cover the implementation of e-government, digital infrastructure, cybersecurity, digital literacy, and more. Disparities in financing and levels of digital maturity among regions have been identified, requiring improved coordination mechanisms and ensuring the balanced development of digital infrastructure at the regional level. The study's results emphasize the need to synchronize regional programs with national priorities, integrate European digitalization standards, and implement a monitoring system to assess program effectiveness. These aspects are crucial for the harmonious development of a digital state, ensuring equal access to modern technologies and improving the efficiency of public administration.
The article examines topical aspects of financial support for sustainable development of local communities in decentralization, martial law, and institutional transformation of the public administration system. The concept of internal and external sources of financing that constitute the resource base for local economic development is revealed, and the need for their balanced use to ensure social stability, infrastructure modernization, and economic autonomy of territorial communities is justified. The primary forms of internal resources are structured revenues to local budgets, income from communal property, own services, and the potential of external sources — interbudgetary transfers, grant programs, investments, loan instruments, and public-private partnerships — outlined. Emphasis is placed on the importance of developing human, social, and institutional capital as key intangible resources of local self-government bodies that ensure the effective implementation of strategic initiatives. Particular attention is paid to modern mechanisms for attracting financing, including municipal bonds, crowdfunding, voucher mechanisms, preferential lending, and corporate social responsibility. It was emphasized that increasing the financial capacity of local communities requires local self-government bodies to have high managerial competence, openness to partnerships, strategic thinking, and the ability to mobilize both internal and external resources. The article substantiates the feasibility of applying a comprehensive approach to forming a resource base for local development, combining financial, organizational, managerial, and communication aspects. The study results are of theoretical importance for deepening the scientific foundations of regional development and practical value for the formation of strategies to increase the financial self-sufficiency and investment attractiveness of communities in conditions of crisis transformations. Keywords: territorial communities; local economic development; financial security; internal resources; external sources of financing; budget autonomy; investments; grants; municipal finances; credit mechanisms; social capital; management capacity; decentralization; public administration; sustainable development.
The article explores the transformation of public administration mechanisms in the healthcare system under conditions of decentralization. The study aims to analyze the impact of decentralization on the transformation of public administration in the healthcare sector of Ukraine and to identify the challenges and directions for improving its management processes. The research examines current healthcare reforms being implemented in Ukraine, particularly the introduction of the National Health Service, the electronic healthcare system, new financing mechanisms through the Medical Guarantee Program, and the decentralization of powers to the local level. The dynamics of healthcare funding in Ukraine for 2023–2024 are analyzed, indicating the continued prioritization of the sector amidst public administration reforms. A positive trend has been observed in the increased budget allocations for specialized care, centralized procurement of medicines, emergency response, and other key areas. The analysis of international experience shows that the effectiveness of decentralization depends on the fiscal autonomy of communities, managerial capacity, transparency in decision-making, and precise coordination between levels of government. The study substantiates that decentralization opens new opportunities to improve the efficiency and accessibility of healthcare services but is accompanied by several challenges: staff shortages, lack of unified medical service standards, and inequality in access to healthcare. To address these challenges, the paper justifies directions for transforming public administration mechanisms through enhancing professional capacity, standardization, digital transformation of management processes, and developing a culture of accountability. The proposed directions for transformation will help ensure equal access to medical services, strengthen the managerial capacity of local self-government bodies, reduce administrative risks, increase transparency and public trust, and promote the innovative development of the healthcare sector through digitalization. Keywords: public administration mechanisms, decentralization, healthcare, public administration, budgetary fundings.
М. А. Абрамова, С. В. Криворучко, Oleg V. Lunyakov, Алим Борисович Фиапшев
The sphere of decentralized finance is the subject of widespread debate as the ways of providing services in the financial market. Using distributed registry technologies, smart contacts and a decentralized format of cooperation, it is capable, to a certain extent, of replacing traditional financial intermediaries in some product segments of the financial market. The authors set the task of identifying possible markers of liquidity flow into the sphere of decentralized finance, as well as assessing the scale and dynamics of its development compared with segments of the financial sector of the economy. The purpose of the study is to form a system of comparable indicators, based on which national regulators will be able to objectively assess the scale and dynamics of development of the DeFi sector. To achieve the goal, the article conducted a quantitative analysis of the relationship between changes in the money supply and the total value locked of crypto assets in the DeFi sector; a comparative analysis of various segments of the DeFi sphere and the financial sector of the economy was carried out. As the main methods, the authors used methods of regression analysis, systemic and logical methods, induction and deduction, methods of economic statistics, which made it possible to identify tendencies in the development of the sphere of decentralized finance against the background of indicators of development of the financial sector of the economy. The source data consisted of statistical databases on key indicators of the development of the financial sector of the economy at the international level, as well as databases on services provided by participants of decentralized finance. As a result of the study, the impact of changes in money supply on total value locked in DeFi is evaluated, as well as tendencies and scale of development of the sphere of decentralized finance in comparable indicators of the financial sector of the economy are identified. It is concluded that the scale of the current development of decentralized finance is not significant. However, according to a number of comparable indicators, this sphere already represents a certain parity with the financial sector of the economy. First of all, this applies to the trading turnover of decentralized exchanges and the volume of trading in crypto derivatives. The results of the study can be used by national regulators when assessing the scale of development of the sphere of decentralized finance under certain monetary and financial conditions.
The topic of financial resilience of territorial communities has gained significant relevance in the context of full-scale war, which has substantially affected public finances in Ukraine.The decentralization process granted new financial autonomy and decision-making possibilities to local powers.However, ongoing military actions have led to decreasing of financial flows, destruction of infrastructure and population displacement, which negatively influenced the financial sustainability of communities.This article aims to explore theoretical approaches to defining financial resilience of territorial communities, analyzing its key determinants and formulating an author's approach.The research identifies that financial resilience is a multidimensional concept incorporating self-financing capacity, effective resource management, debt burden control and adaptability to economic shocks.Additionally, resilience extends beyond financial stability to include proactive risk mitigation strategies that enhance the long-term sustainability of local powers.The morphological and functional analysis of the term "financial resilience" reveals its critical role in ensuring balanced economic and social development, particularly in crisis conditions.Key determinants influencing financial resilience include resource potential, financial inclusion, financial literacy, social capital, and strategic budget planning.Empirical observations suggest that communities with diversified income sources, sound financial planning, and efficient financial control mechanisms demonstrate higher levels of resilience.Moreover, interactions with external support systems, including governmental assistance and international funding, play an important role in maintaining financial stability.The study emphasizes that financial resilience is not solely dependent on internal financial management but also on broader socio-economic factors and governance efficiency.In the context of post-war recovery, financial resilience will serve as a foundation for rebuilding and strengthening local economies.Future 4(14) 2025 271 research should focus on refining financial resilience assessment models and developing targeted policies to support communities in navigating economic uncertainties and structural changes.
The paper explores the complex issue of accounting and taxation related to digital means of payment, with a particular focus on cryptocurrency. The growing importance of the topic is evident from two main factors: firstly, the rapid increase in cryptocurrency trading volumes worldwide, and secondly, the insufficient technical capabilities of tax authorities to effectively monitor and regulate such transactions. Despite the growing global interest in cryptocurrencies, the taxation and accounting of these digital assets remain a significant challenge, primarily due to the absence of universally recognized and established approaches to their regulation. The study highlights a critical gap in understanding the nature of cryptocurrency. It is unclear whether cryptocurrency should be considered a currency, a commodity, or a form of payment or exchange. This ambiguity contributes to the challenges faced in both legal enforcement and taxation. Without a clear legal definition or status for cryptocurrencies, it becomes extremely difficult to implement consistent taxation policies that can be applied universally. The paper emphasizes that the current regulatory framework for cryptocurrency transactions is fragmented. While a range of legal and regulatory acts exists, they fail to provide a cohesive, standardized approach to governing these digital currencies. In addition to addressing these theoretical issues, the paper systematically analyzes the experiences of various countries in the field of cryptocurrency tax regulation. This comparison reveals certain global trends in the taxation of digital currencies, showcasing both successful models and ongoing challenges. The study also delves into the specific characteristics of cryptocurrency taxation in Ukraine, drawing attention to the unique challenges faced by the country in aligning its tax policies with global standards. The paper identifies several key problems in the taxation of cryptocurrency transactions, such as the lack of comprehensive tax guidelines, the difficulty of tracking transactions, and the challenges in categorizing cryptocurrency for tax purposes. It also discusses the potential future developments in cryptocurrency taxation, both in Ukraine and internationally. The study assesses the prospects of creating a more effective and unified tax system for digital currencies, emphasizing the importance of international collaboration and the need for updated legal frameworks to address the growing role of cryptocurrencies in the global economy.
The purpose of this article is to explore the key aspects of cryptocurrency exchange systems, including their role in storage, exchange, and token staking. By examining the characteristics and features of these exchanges, cryptocurrency users can make informed decisions about how to allocate and store their funds effectively.There are two main types of cryptocurrency exchanges: centralized exchanges (CEX) and decentralized exchanges (DEX). Centralized exchanges are governed by a central authority that manages user funds, providing a more streamlined and user-friendly experience. However, this centralization creates security risks, as users must trust the exchange with their assets. If the platform is compromised or experiences technical failures, users may suffer significant losses. Moreover, centralized exchanges often require identity verification and other regulatory procedures, which can be a barrier for those who prioritize privacy or anonymity in their transactions. On the other hand, decentralized exchanges (DEXs) operate without a central governing body, allowing users to retain control over their funds and trade directly with each other using smart contracts on a blockchain. This decentralization reduces reliance on intermediaries and enhances privacy, but it also presents challenges. DEXs tend to be more complex to use and may require greater technical expertise.Future research should examine how various groups – ranging from individual investors to large financial institutions – are incorporating cryptocurrency exchanges into their financial strategies.