У статті досліджено теоретичні та практичні аспекти впровадження smart contracts у процеси розрахунків із постачальниками та кредиторами. Акцент зроблено на аналізі ключових характеристик смарт-контрактів, зокрема автономності, самовиконання та незмінності, що визначають їхню ефективність та надійність у сучасних фінансово-господарських відносинах. Розкрито технологічну основу функціонування смарт-контрактів, підкреслено визначальну роль блокчейну та децентралізованих систем у забезпеченні прозорості, безпеки та стійкості транзакцій. Проаналізовано ключові виклики та ризики, що перешкоджають широкомасштабному впровадженню смарт-контрактів, серед яких виділено правові бар’єри через відсутність уніфікованого законодавства, технологічні ризики, пов’язані з можливими помилками у коді та питаннями масштабованості блокчейн-мереж, складність інтеграції смарт-контрактів у традиційні бізнес-процеси, а також соціально-етичні аспекти, що стосуються впливу на ринок праці та необхідності розвитку нових цифрових компетенцій.
З. В. Квасній, Marta Olikhovska, Володимир Ярославович Оліховський, Юрій Володимирович Даниленко
The article deals with modern instruments of financial support for the development of territorial communities in the conditions of decentralization and strengthening the role of local self -government. The purpose of the article is to analyze modern instruments of financial support for the development of territorial communities, to determine their effectiveness and potential for the use in conditions of decentralization, as well as to substantiate directions of improvement of financial policy in order to strengthen economic capacity and improve the financial independence of local self-government. Classification of sources of financial support for internal (local taxes and fees, income from communal property management, payment for the provision of administrative services) and external (transfers from the state budget, international technical assistance, investment resources, grants). Innovative financial instruments that can be used by communities are identified: local trust funds, municipal bonds, public-private partnership, crowdfunding and social investment. Particular attention is paid to the assessment of the efficiency of the existing financial base of territorial communities and outlines the main problems: limited own income, uneven community development, dependence on state subsidies. The directions of improvement of financial policy at the local level, including expanding the possibilities of attracting investments, optimization of expenditures of local budgets, development of partnership forms of financing are proposed. The practical importance of the study is to identify tools that can ensure the financial sustainability and competitiveness of territorial communities in the long run.
The article examines the problem of entrepreneurial risks in the conditions of institutional uncertainty and analyzes the possibilities of applying blockchain technologies and strategic management to minimize them. Institutional uncertainty, manifested in the instability of regulatory requirements, unpredictability of regulatory decisions and lack of transparency, creates significant obstacles to business development, and traditional risk management methods demonstrate limited effectiveness in such conditions and forms a certain management philosophy and culture. It is substantiated that blockchain technologies, thanks to decentralization, transparency and security, offer an alternative approach to ensuring trust and reducing risks. Practical examples of blockchain application in various industries are studied: from finance to logistics, healthcare, real estate and energy. Strategies for introducing blockchain into business are systematized, including the use of smart contracts, decentralization of operations, partnerships with blockchain startups , creation of consortia, and personnel training. At the same time, blockchain limitations are also noted : technical complexity, regulatory risks, high implementation costs, cyberthreats and scalability issues. The research results show that the combination of strategic management and blockchain technology forms an effective toolkit for minimizing business risks in an unstable institutional environment. Such an approach allows companies to create sustainable business models, reduce dependence on unreliable institutions and increase competitiveness, which is especially relevant for regions with insufficiently developed institutional infrastructure.
This article examines the critical issue of ensuring the financial stability of Ukraine’s public finance system amid wartime challenges and national post-war recovery. The study aims to analyze key threats and vulnerabilities – such as the rapid rise in debt burden, sharp decline in budget revenues, and escalating needs for defense and social expenditures – and to propose conceptual, strategic approaches to developing a sustainable and effective state financial policy. The research argues for the importance of balancing various budget financing sources, strengthening the domestic government debt market, and enhancing transparency and institutional capacity within public finance management. In wartime and post-war contexts, financial stability must be viewed as a multidimensional concept, encompassing economic, institutional, and socio-political dimensions. Its achievement demands a combination of anti-crisis measures and a long-term, recovery-oriented modernization strategy. Based on the analysis, the article substantiates the need to revisit intergovernmental fiscal relations, develop instruments to reinforce public trust in institutions, and create financial tools capable of supporting sustainable post-war reconstruction. The findings underscore several unresolved challenges: the optimal mix between debt and internal revenues, the role of fiscal decentralization and local government autonomy, the effectiveness of tax administration, and combating corruption through enhanced oversight and civic engagement. The article highlights the strategic shift in budgetary priorities toward defense, recovery, and longterm development, and emphasizes the dual role of public finance – as both a crisis buffer and a catalyst for modernization, particularly through public–private partnerships and specialized recovery funds. The institutional dimension is decisive: robust mechanisms of control, risk management systems, digitalization of budget processes, and independent fiscal institutions are prerequisites for financial stability. The ability of Ukraine’s public finance system to maintain stability under extreme uncertainty depends on its resilience, multifaceted adaptability, and legitimacy. By diversifying revenue sources, reinforcing institutional frameworks, and guiding spending toward strategic recovery, public finance can become the foundation of long-term sustainable growth and societal trust.
The article aims to analyze the legal framework for cashless payments in cryptocurrency and provide proposals to overcome the problem of their legitimization by acts of Ukrainian legislation. The state's long-standing reluctance to legitimize non-cash payments in cryptocurrency is indicated. The state, represented by the National Bank of Ukraine and other central executive bodies, tried to protect the national currency, the hryvnia. Because of this, the state did not legitimize the circulation of cryptocurrencies. It is summarized that in times of war, the state needs a significant number of various resources. Cryptocurrency is also one of the strategic resources that can be used by the state. Legitimization of cryptocurrency transactions and amendments to the Tax Code of Ukraine will increase revenues to the state budget. It is noted that the legal regime of martial law in Ukraine is not a warning against the active legitimization of cryptocurrencies.It is predicted that after the legitimization of cryptocurrencies, the state budget will be able to replenish itself with additional revenues through tax collection, and thanks to the anonymity and irreversibility of cryptocurrency transactions, the volume of Ukrainian exports and imports will increase, and the parties to the agreements will be encouraged to properly, timely and fully fulfill their contractual obligations. Thanks to anonymity, third parties will not know the subject matter of the agreements, and therefore the structure of the means of waging war may unexpectedly change for the better. The methods of waging war may also unexpectedly improve. It is concluded that in the post-war period and with the restoration and development of the Ukrainian economy, the European economy, and the world economy in general, the importance of non- cash payments in cryptocurrency will increase. Therefore, the legitimization of such calculations will be continued in other regulatory acts of Ukraine. The acts mentioned in the article, in particular the Tax Code of Ukraine, will be permanently supplemented.
Financial support for local self-government is an integral part of sustainable development of territorial communities, which determines the effectiveness of resource management at the local level. In the face of dynamic changes, including war, decentralization is increasingly important, as it allows local authorities to increase their financial autonomy. However, this requires optimizing budget planning, attracting investments, and expanding the revenue base of communities. State transfers remain an important tool in this process, helping to balance the financial capacity of different regions, especially in times of crisis. The fiscal decentralization reform implemented before the war significantly strengthened the financial capacity of local budgets, but the war led to a temporary centralization of budget resources. In such circumstances, utilities play a critical role, facing financial difficulties due to outdated infrastructure and unregulated tariffs. To ensure the sustainability of these enterprises, budget funding is needed, as well as the effective use of grant resources and international technical assistance. The development of infrastructure and social initiatives requires the introduction of various financing mechanisms, such as local borrowing and investment. Restoration and improvement of decentralization in the post-war period should take into account new socio-economic challenges and meet European standards. The key task is to strengthen the financial self-sufficiency of territorial communities, which will help reduce their dependence on centralized transfers. Improving inter-budgetary relations and effective management of budgetary resources are important components of the country's economic recovery after the war.
Вступ. Активний розвиток цифрових технологій сприяв появі нових форм фінансових активів, серед яких особливе місце посідають криптовалюти. Їх децентралізований характер та високий рівень анонімності створюють як значні можливості для розвитку цифрової економіки, так і виклики для системи оподаткування. В Україні поки що відсутня чітка та всеосяжна система податкового регулювання операцій із криптовалютами, що ускладнює визначення правового статусу цих активів, бази та механізмів їх оподаткування. Отож, особливої актуальності набуває аналіз міжнародного досвіду у сфері оподаткування цифрових активів та адаптація ефективних моделей до українських умов. Мета – проаналізувати сучасний стан оподаткування криптовалют в Україні, визначити основні проблеми податкового регулювання цифрових активів та узагальнити міжнародний досвід для формування ефективної системи їх оподаткування. Результати. Визначено відсутність спеціального податкового законодавства щодо оподаткування цифрових активів в Україні, що створює правову невизначеність. Проведено систематизацію криптовалют за основними ознаками, розглянуто підходи до їхнього бухгалтерського обліку та оподаткування. Узагальнено міжнародну практику, яка свідчить про різноманітність підходів – від повного визнання криптоактивів як майна до їх часткової заборони. Висновки. Для ефективного оподаткування криптовалют в Україні необхідно розробити комплексну законодавчу базу, яка забезпечить прозорість фінансових операцій, визначить порядок обліку доходів і створить умови для належного оподаткування цифрових активів. Врахування міжнародного досвіду дасть змогу сформувати збалансовану систему податкового регулювання, що сприятиме розвитку цифрової економіки держави. Introduction. The active development of digital technologies has led to the emergence of new forms of financial assets, among which cryptocurrencies occupy a special place. Their decentralized nature and high level of anonymity create both significant opportunities for the development of the digital economy and challenges for the taxation system. In Ukraine, there is still no clear and comprehensive framework for the taxation of cryptocurrency transactions, which complicates the determination of their legal status, tax base, and taxation mechanisms. In this context, analyzing international experience in the taxation of digital assets and adapting effective models to Ukrainian conditions becomes particularly relevant. The purpose of the article is to analyze the current state of taxation of cryptocurrencies in Ukraine, develop the main problems of tax regulation of digital assets and summarize international experience to form an effective system of their taxation. Results. Violations of special tax legislation on the taxation of digital assets in Ukraine were identified, which creates legal uncertainty. Cryptocurrencies were systematized according to the main features suitable for their accounting and taxation. General international practice, which has a choice of a variety of approaches – from full recognition of cryptoassets as property to their partial ban. Conclusions. For effective taxation of cryptocurrencies in Ukraine, it is necessary to develop a comprehensive legislative framework that ensures the transparency of financial transactions, determine the procedure for accounting for income and create conditions for proper taxation of digital assets. Taking into account international experience will allow to form a balanced system of tax regulation, which will contribute to the development of the state’s digital economy.
The article provides a comprehensive analysis of the development of Ukraine’s digital economy, emphasizing the critical role of the IT sector, innovative capitalization strategies, and the transformative impact of digital technologies on economic growth. The authors highlight the significant achievements of the Ukrainian IT sector. This growth is supported by a robust educational system producing skilled IT professionals and government initiatives such as the Ministry of Digital Transformation, the “Diia” project, which have revolutionized e-governance and digital public services. The article delves into innovative capitalization strategies, including the adoption of blockchain technologies, decentralized finance (DeFi), venture capital, and angel investments, which are reshaping investment landscapes and enabling rapid scaling of digital businesses. The authors also explore the role of international partnerships and foreign direct investments (FDI) in fostering Ukraine’s digital economy, particularly through collaborations with global tech giants and initiatives like the EU’s €50 billion Ukraine Facility program. Despite these advancements, the article identifies several challenges, including insufficient investment in digital infrastructure, brain drain, cybersecurity threats, and regulatory uncertainties. To address these issues, the authors propose a multifaceted approach, including enhancing digital literacy, modernizing educational institutions, and fostering a competitive innovation culture. The article concludes by emphasizing the importance of balancing innovation with risk mitigation to ensure sustainable growth in Ukraine’s digital economy. By leveraging its strengths in IT and digital services, Ukraine is well-positioned to become a leading digital hub in Eastern Europe, driving economic resilience and global competitiveness. Additionally, the article underscores the potential of emerging technologies like artificial intelligence (AI) and the Internet of Things (IoT) to further accelerate digital transformation. The authors call for increased collaboration between the public and private sectors to create a supportive ecosystem for startups and scale-ups, ensuring that Ukraine remains at the forefront of the global digital economy.
Introduction. At the outset of the twenty-first century, the global economy has been undergoing a multidimensional transformation in which technological innovations overlay geopolitical shifts in the world order. Disruptions to global value chains, intensified geo-economic fragmentation, and the accumulation of “polycrises” (security, energy, climate, macro-financial, and cyber) have exposed the limits of the Bretton Woods construct of international finance and the effectiveness of classical institutions of global governance. At the same time, rapid digitalization – specifically the development of central bank digital currencies (CBDC), decentralized finance (DeFi), open banking, asset tokenization, and algorithmic supervision (RegTech/SupTech) – is reshaping the mechanisms of value creation and distribution in finance, undermining established models of monetary/financial sovereignty, international liquidity, and trust in reserve currencies. As a result, a new financial architecture is emerging that relies on data governance as a strategic asset and on the interoperability of digital infrastructures, while simultaneously foregrounding challenges of cyber-resilience, regulatory arbitrage, and the extraterritoriality of compliance. The purpose of the article is to substantiate the systemic determinants of the formation of a new financial architecture in the context of the digitalization of the global economy and the transformation of the world order, and to identify directions for Ukraine’s adaptation to the new geo-economic and geopolitical realities. Results. Drawing on an interdisciplinary methodology and combining comparative-institutional, systems, and scenario approaches, the paper refines the concept of a “new financial architecture”, identifies the key drivers of its formation (technological, institutional, security-related, and geo-economic), and proposes strategic guidelines for public policy. Particular attention is paid to Ukraine as a case of an open economy operating under conditions of war and European integration. A scenario analysis (inertial vs. accelerated) substantiates the feasibility of an accelerated course entailing the digitalization of finance and the development of a cyberfinancial industry and digital infrastructure. The paper shows how accelerated regulatory modernization and deeper integration into the European and global financial space can reduce vulnerabilities, strengthen macroeconomic resilience, and reinforce financial sovereignty within the new configuration of the world order. Conclusions. The digitalization of the global economy and the transformation of the world order make a transition to an inclusive, technologically interoperable, and resilient financial architecture inevitable. For Ukraine, this represents an opportunity to bolster macroeconomic resilience and financial sovereignty through investments in data and infrastructure, regulatory modernization, enhanced cyber-resilience, and deeper integration with the European and global financial space.
The article explores current trends in the development and regulation of the cryptocurrency market in the global economy, considering the transformational processes of the financial system and digitalization. The authors examine the nature and classification of the main types of cryptocurrencies, including bitcoin, Ether, stablecoins, altcoins, and tokens, which serve as means of payment, investment instruments, and components of decentralized finance. The article analyzes the dynamics of the cryptocurrency market, its capitalization, and the number of cryptocurrency owners within the regional structure, using statistical data from leading international organizations and analytical agencies. Particular attention is paid to regulatory models in different regions of the world: the legislative practices of the European Union, approaches in the USA and Canada, the United Kingdom, Switzerland, as well as the experience of developing countries, where cryptocurrencies have become popular as a tool to protect against inflation, safeguard investors from fraud and manipulation, and to build trust, thereby promoting financial inclusion. The Ukrainian context has been analyzed, including the adoption of the Law «On Virtual Assets», as well as the role of cryptocurrencies in financing humanitarian and defense needs during periods of military challenges. Key issues have been identified, including the lack of globally unified rules, money laundering risks, cyber threats, and market volatility. The prospects for the development of the cryptocurrency market are substantiated in terms of combining innovation and security through the harmonization of regulatory standards, the development of international cooperation, and the integration of crypto instruments into the legal financial system. The obtained results contribute to a better understanding of the role of cryptocurrencies in the modern economy and provide a foundation for effective State policy in the field of financial innovations.
The post-war recovery of Ukraine requires the implementation of innovative financial technologies that ensure transparency, efficiency, and sustainability of reconstruction processes. Modern instruments such as digital platforms, blockchain-based solutions, and fintech applications can facilitate the mobilization of domestic and international resources, improve accountability, and strengthen trust among stakeholders. These technologies enable the creation of decentralized funding mechanisms, enhance monitoring of financial flows, and support public–private partnerships. By integrating advanced financial innovations into recovery strategies, Ukraine can accelerate infrastructure rebuilding, stimulate economic growth, and attract long-term investment, thereby laying the foundation for resilient development.
Open access
Economic Issues in Ukraine
Environmental and Biological Research in Conflict Zones
The fields of education, science, and sports are fundamental pillars of social infrastructure and represent a priority direction of Ukraine’s budget policy, especially in the context of ongoing decentralization and post-crisis recovery. The aim of this study is to examine the principles of funding for public institutions in these sectors based on assessments and analysis of short-term trends in their financing from the general fund of the State budget. The study presents the structure and management of budget expenditures in accordance with the provisions of the Budget Code of Ukraine, with particular emphasis on examples of institutions in the Odesa region for the period from 2022 to 2024. Methodologically, the study employs a combination of comparative analysis, synthesis, generalization, and methods of logical reasoning (induction and deduction), scientific research methods, and the tabular method. Budget data for local and regional institutions, including educational institutions, research organizations, and municipal sports enterprises, are analyzed to assess funding trends and identify systemic patterns. The study results show an overall positive trend in the increase of funding for education, science, and sports at the regional level. However, the analysis also reveals uneven community development: while some receive considerably larger expenditures to support infrastructure development and program expansion, others exhibit slower but more stable growth, likely due to differences in institutional maturity or strategic planning capacity. In particular, the sharp rise in expenditures for sports facilities in smaller communities may indicate deliberate government efforts to promote inclusive development and the decentralization of public services. The practical significance of the study lies in its potential to inform policymakers and local administrators about the effectiveness and fairness of existing budget allocation mechanisms. The study highlights the importance of improving the efficiency and transparency of government expenditures, enhancing planning tools, and aligning budget policy with the actual needs and capacities of local institutions.
Financial decentralization plays a key role in ensuring the economic stability of cities by enhancing the financial autonomy of municipalities, enabling efficient resource allocation, and mobilizing investments. The article analyzes modern approaches to financial decentralization, its impact on the stability of urban economies, and the main challenges faced by local authorities. The global experience of financial decentralization is examined, particularly models in Germany, the United States, and Scandinavian countries, allowing for an assessment of their potential application in Ukraine. The study highlights the specifics of decentralization reforms in Kyiv, analyzing the dynamics of budgetary indicators, tax revenues, expenditure structure, and investment attraction mechanisms. It is established that financial decentralization contributes to the development of small and medium-sized businesses, increases the transparency of financial flows, and ensures the stability of local budgets. Key threats are outlined, including the risks of excessive debt burden, corruption factors, and tax base instability. The article concludes that expanding alternative sources of municipal financing, such as bond issuance, public-private partnerships, and international financial programs, is essential. Practical mechanisms for strengthening Kyiv’s financial stability are proposed, including tax policy improvements, budget process digitalization, and investment activity stimulation. A comparative analysis of Kyiv’s budget policy with other European capitals has identified key areas for improving local financial management. It is determined that increasing the capital’s financial independence requires active investment attraction, the introduction of flexible tax instruments, and enhanced public control over budget allocation. The study’s findings can be used to develop strategic solutions in municipal financial management, optimize budget planning, and improve resource efficiency within the context of financial decentralization.
With Facebook officially changed its name to Meta in Oct. 2021, a new stage of digital revolution has begun, as the metaverse has become a new norm of social networks. Blockchain and NFTs, or non-fungible tokens, happened to be the cornerstones of the modern era. The thesis examines the influence of the two technologies on digital market. Key models such as Play-to-Earn and Create-to-Earn are analysed and their impact on virtual commerce is being highlighted. By reviewing the implementing modern ideas and of legal aspects, the thesis forms an idea of how the global economics would look like.
M. Hordyskyi, M. Zborovskyi, O. Kamniev, Y. Pidhorniy
The article is devoted to the study of decentralization's role in improving public finance management. Theprocess of decentralization, which involves the transfer of powers and responsibilities from central to local authorities, is aglobal trend aimed at improving governance, public service delivery, and local economic development by bringing thedecision-making process closer to communities. The article emphasizes that effective financial management, includingbudgeting, debt management, revenue generation, and transparent reporting, enables local governments to meetcommunity needs, maintain fiscal stability, and ensure accountability. The article examines vital legislative reforms inUkraine that have expanded the powers of local authorities, giving them greater control over budgets, taxes, and financialresources. Although decentralization offers significant opportunities, the study identifies challenges such as regionaldisparities, administrative constraints, and conflicts between central and local governments. Potential challenges confirmthe importance of institutional frameworks, financial resources, technological integration, and citizen participation toensure a successful decentralization process. Thanks to reliable financial practices and transparent management, localauthorities can improve the quality of public services and contribute to the state's economic growth and sustainabledevelopment.
У статті розглянуто концептуальні основи впровадження RWA-токенізації як закономірного етапу еволюції веб-технологій до децентралізованої архітектури інтернету – Web 3.0; висвітлено еволюцію інтернету від Web1 до Web3; запропоновано концепцію RWA-токенізації; представлено структурно-компонентну модель дизайну RWA-токену; виокремлено переваги смарт-контрактів для RWA-токенізації, розглянуто хронологію розвитку токенізації активів; наведено схему процесу RWA-токенізації, що демонструє, як реальні активи перетворюються на цифрові токени, відкриваючи нові горизонти для інвестицій та фінансових інновацій. Встановлено, що в контексті цифрової трансформації економіки України, особливо у повоєнний період, RWA-токенізація може стати потужним інструментом, який здатний сприяти відновленню економічного потенціалу держави завдяки залученню інвестицій, трансформації традиційних економічних моделей та забезпеченню прозорості інвестиційних процесів.
В умовах стрімкої глобалізації, цифрової трансформації та зростання економічної нестабільності сучасні підприємства стикаються з необхідністю адаптації до змінних ринкових умов, вдосконалення бізнес-процесів та підвищення рівня економічної безпеки. У цьому контексті сучасні технології управління відіграють важливу роль у забезпеченні ефективності діяльності організацій, створенні гнучких стратегічних моделей та мінімізації ризиків. Дослідження Bain & Company та інших авторитетних джерел демонструють актуальність та ефективність використання новітніх управлінських інструментів і трендів, що охоплюють різні аспекти функціонування бізнесу. У статті розглядаються основні категорії управлінських інструментів і трендів. Цифровізація є ключовим драйвером трансформації підприємств, і у цій категорії найпоширенішими інструментами є управління клієнтським досвідом, ШІ та машинне навчання, Agile-менеджмент, Web3 і блокчейн та дизайн-мислення. Високий рівень задоволеності впровадженням цих технологій свідчить про їхню ефективність у підвищенні продуктивності, автоматизації процесів та покращенні взаємодії з клієнтами. Організаційна структура та управління персоналом є критичними факторами стабільності компаній, і у цій категорії найчастіше на підприємствах використовують системи залучення співробітників, програми управління змінами, гнучкі моделі роботи та заяви про мету, місію та бачення. Використання цих інструментів сприяє підвищенню залученості персоналу, ефективному управлінню змінами та формуванню сильної корпоративної культури. Операційна ефективність залишається одним із головних чинників конкурентоспроможності підприємств, і забезпечується такими інструментами та трендами, як управління ланцюгами поставок, загальне управління якістю, реінжиніринг бізнес-процесів, Lean Six Sigma, зменшення складності та бюджетування на нульовій основі, які дозволяють оптимізувати операції, знижувати витрати та забезпечувати стабільний розвиток компаній. Гнучке стратегічне планування та ефективне управління фінансами є необхідними умовами стійкого розвитку бізнесу, і базується на використанні динамічного стратегічного планування та бюджетування, цілях та основних результатах, сценарному аналізі і плануванні на випадок непередбачених ситуацій, збалансованій системі показників, стратегіях зацікавлених сторін та корпоративному венчурному капіталі.
Introduction. The implementation of the decentralization reform in Ukraine led to an increase in public interest in the indicators laid down in the budgets of territorial communities and the results of their execution. Problem Statement. Availability and openness of information about budgets as a prerequisite for effective control over public finances of territorial communities. Purpose. Analysis of legal acts that establish requirements for disclosure of information about local budgets, providing recommendations for ensuring compliance in practice with the principle of publicity and transparency of the budget process as an important prerequisite for effective control over public finances. Methods. General scientific methods are used, namely: description, comparison, monographic, theoretical generalization. Results. The legal documents regulating the implementation of the principle of publicity and transparency of the budget process in Ukraine are analyzed, the contradictory and ambiguous norms contained in such documents are outlined, the mistakes made by the authorized persons of local councils when disclosing information about budgets are emphasized, the possibilities that provided by the state web portal Open budget, methods of raising the state of awareness of interested persons on issues of budget formation and execution are substantiated. Conclusions. Part of the public data on issues of formation and execution of budgets of territorial communities still remains inaccessible to information users. Increasing the transparency of budgets with the creation of opportunities for full-fledged control of public funds will become possible under the condition of legislative consolidation of norms on the obligation of managers to publish information on budget and financial reporting on the execution of local budgets within the terms and according to the forms approved by the current orders of the Ministry of Finance of Ukraine, disclosure of information on budget expenditures and lending operations, grouped, among other things, by departmental classification, which will be a prerequisite for researchers to have a holistic view of spending budget funds. Public information about budget indicators on the websites of local councils should be systematized, submitted in formats that allow further processing of the published data with the possibility of simple and unlimited access to them.
This study examines blockchain technology (BCT) firms’ ownership structure and cash holding (CH). Using GMM on a sample of firms indexed on Blockchain50 in China during 2009–2022, findings show that Largest-shareholders minimise CH, indicating corporate expansion. Due to their monitoring motive, Top10-shareholders allow corporations to maintain large cash. To prevent currency misuse, institutional ownership and CH are negatively related. Managerial ownership favours, while the chairman ownership lowers CH, supporting the interest alignment theory. Pre- and post-BCT index period analyses demonstrate a weak post-index period influence. The BCT adaptation lessens information asymmetry and aids in reducing agency issues through quick information flow, limiting owners’ influence. This study adds empirical evidence on ownership structure and CH. The study's findings may apply to developing market enterprises employing BCT's corporate governance structures.
Ensuring economic growth is a necessary condition for the successful socio-economic development of the country as a whole. This requires the activation of the role of public finance and public investment for the development and activation of processes in local self-government bodies, the state and local business as a key factor that determines the dynamics of capital in the economy and has an impact on the pace and nature of economic growth. At the same time, public investment can be considered as a management tool for promoting sustainable development. In conditions of socioeconomic instability, public finances are an important component of the financial system, which cannot adapt to changes automatically. The inertia of public finances generates additional risks notonly for the resource provision of the state's functioning, but also leads to a number of negative phenomena of a macroeconomic and social nature. Under these conditions, the budget is not only an important instrument of the state, through which monitoring of the state of public production and provision of social guarantees to the population is ensured, but also stabilization of the financial system as a whole is carried out. The article proves that an important determinant of socio-economic development of regions is financial decentralization, which contributes, on the one hand, to reducing the role of the state in their financial support, and on the other hand, creates opportunities for strengthening the autonomy of local budgets. The article substantiates the main methods of attracting public investment in the region, namely: regulatory and legal support; allocation of priorities for the selection of investment projects; definition and use of mechanisms for supporting investment activity; development of an investment passport; creation of a separate investment promotion service. A comprehensive analysis of the current state of the public finance system makes it possible to derive some limitations and criteria for the organization of relations between the fiscal and monetary systems in the context of current tasks of socio-economic development
Full-scale hostilities have had a significant impact on the budget system due to increased spending on defense, reconstruction, and humanitarian assistance to vulnerable groups, which has affected the accumulation of budgetary resources. The article examines the impact of extraordinary challenges and threats on the national budget system, in particular, on the structure and volume of budget revenues and expenditures, the growth of the budget deficit and public debt, changes in regulation in the field of public finance, and the potential of financial capabilities of the regions. The purpose of the article is to make a scientific and practical assessment of the problematic aspects related to the transformation of the budget system, to outline the ways of attracting financial resources that can be used for the purpose of distribution and redistribution to perform the functions of the State, to identify the main areas of influence of emergency challenges and threats on the budget system of Ukraine and the priority areas and measures of budget policy in wartime.The authors conclude that the strategic and main directions of Ukraine's development need to be improved in the strategy of public finance management and financial and economic security as part of the implementation of the Memorandum of Economic and Financial Policies by the IMF. At the same time, the relevant legislative changes to the state budget for 2023 that meet the needs of Ukraine are studied, and the implementation of the first preparatory stage for the development of the National Revenue Strategy is analyzed. The authors emphasize the positive impact of decentralization on local self-government and the financial sustainability of local budgets. It is proposed to empower communities through monitoring the implementation of local budgets. In the context of defense needs, the possibility of including defense expenditures during martial law in local budgets is considered.
The purpose of the article is a theoretical review of the formation and development of the latest marketing technologies and their practical adaptation to the entrepreneurial activity of Ukrainian business entities. The main marketing technologies developed by different markets and used by business structures of medium-sized businesses are considered. It is detailed that when conducting office research, marketers use Big Data technology as a technology for processing large volumes of structured and unstructured data for their further use in order to solve various tasks. It is specified that effective marketing technologies such as SMM (Social Media Markitang), SEO (Search Engine Optimization), Tableau technologies, Google Data Studio, Microsoft Power BI, TRI*M, digital advertising and CRM technology are in the arsenal of marketers for conducting field research. . The main new marketing technologies are separated, namely: NFT technology (Non-Fungible Tokens), AR/VR (augmented reality/virtual reality) technology and artificial intelligence technology. According to the conducted studies, it was established that CRM technology is currently used by all business structures, digital advertising technology - 95%, SMM technology - 85%, TRI*M and SEO technologies - 75%. It is detailed that artificial intelligence technology is used by large and medium-sized business companies in the following areas: personalized automation, omnichannel, omnichannel marketing, the field of brand community formation and creation of texts, images for its promotion, etc.
Iryna Dashko, Олександр Череп, Liubomyr Mykhailichenko
The definition of the concept of cryptocurrency (bitcoin) is revealed, which is based on cryptographic methods, and as a rule, its accounting is decentralized. The general state of the crypto market in modern conditions is investigated. The price determinants are substantiated and grouped, in particular: market forces, i.e., supply and demand factors; macro-financial factors; public and investor interest; and news coverage (popularization). The author analyzes the main factors that directly affect the price of cryptocurrencies are attractive to investors and determine public interest in the media. The dynamics of prices for the three most popular cryptocurrencies over the past few years are analyzed. It proves that the price of bitcoin can be influenced by the macroeconomic index and the asset price index. The main reasons for the fall of cryptocurrencies in early 2022 are identified. The market capitalization for 2019–2022 is analyzed. Based on a study of the general situation in the cryptocurrency market, the author reveals significant price volatility due to the general global situation and crisis phenomena that have a negative impact on this market. It is noted that today the legalization of cryptocurrency is one of the most important breakthroughs not only in the global economy but also in Ukraine. A comparative analysis of the capitalization of cryptocurrencies and cryptocurrencies of 2019–2022 is made. The regulation of the cryptocurrency market in the example of the EU is analyzed. The author analyzes the «big breakthrough» in the field of digital governance – the draft law «On Electronic Assets»and defines its purpose. It is substantiated that the draft Regulation is the result of the active spread of cryptocurrencies, which began in 2017 and caused a surge in public and political interest and additional investment in cryptocurrencies. The purpose and main significance of the draft EU Regulation are determined. The categories of crypto assets are defined. It is substantiated that, according to the researchers, the draft EU Regulation is aimed «at ensuring certainty in terms of legal regulation of cryptoassets which are not covered by current EU financial services legislation and at establishing common rules for service providers and issuers at the EU level». It is noted that the draft EU Regulation is intended to address the issues of legal regulation in the field of stablecoin circulation, as well as the activities of Crypto Asset Services Providers (CASPs). The main objectives of the EU Regulation in the field of cryptocurrency regulation are revealed. The author identifies three categories of crypto assets based on the draft Regulation, in particular: asset-related tokens; electronic money tokens; other crypto assets. Conclusions on the peculiarities of cryptocurrency regulation in the EU are provided.
The system of social protection of the population serves as an indicator of the stable development of society. Therefore, in the context of decentralization reform, local authorities have acquired powers to provide social protection and have become direct providers of social services to ensure that citizens (community residents) have an adequate level of social protection in accordance with established norms and standards. The scientific publication provides a general theoretical analysis of the concept of "decentralization" and its characteristic features. It is emphasized that ensuring an adequate level of social protection for the population remains a priority for Ukraine, especially as the number of people in need of such protection is only increasing due to the ongoing war. It is noted that the centralized model of social protection involves the provision of social services through intermediary structures, while the decentralized model involves direct financing of social services, where, in the process of decentralization of budgetary powers, part of the state's functions for providing social protection is transferred to territorial communities. The conclusion is made that the Law of Ukraine "On Social Services" is a reformist law aimed at improving the system of providing social services, taking into account the real needs of community residents. Some aspects of the organization and provision of activities of the territorial community in the areas of social protection of the population and child protection are highlighted.