Любов Крестьянполь, Станіслав Новачевський, Микола ХРАНОВСЬКИЙ
Незамінні токени (NFT) представляють одну з найважливіших технологій у просторі Web3. Завдяки NFT цифрові або фізичні активи можна токенізувати, щоб представляти їх власність за допомогою смарт-контрактів і блокчейнів. Перше покоління цієї технології під назвою NFT 1.0 розглядає статичні токени, описані набором метаданих, які неможливо змінити після створення токена. Статичний характер перешкоджає їх широкому розповсюдженню, оскільки вони не підтримують жодної значущої взаємодії з користувачем. З цієї причини була запропонована його еволюція, яка називається NFT 2.0, щоб зробити токени інтерактивними та динамічними та покращити взаємодію з користувачем, відкриваючи можливість використовувати NFT у більшій кількості способів і сценаріїв. Об’єкти культурної спадщини знаходяться під загрозою зникнення або пошкодження через відсутність публічності та фінансові проблеми. Технологічний прогрес може зіграти певну роль у їх збереженні та просуванні. Збереження та поширення культурної спадщини є серйозним викликом, особливо в епоху цифрових технологій. Невзаємозамінні токени (NFT) пропонують багатообіцяюче рішення для управління та автентифікації цифрових активів. Використовуючи технологію блокчейн, NFT можуть допомогти зберегти та сприяти видимості цих важливих культурних артефактів. Це дослідження спрямоване на створення системи захисту культурної спадщини на основі блокчейну. Культурні активи перетворюються на унікальні цифрові елементи за допомогою технології NFT. Смарт-контрактами забезпечена автономна робоча система. Прихильники проекту роблять пожертви, щоб отримати свою частку прав на захист і підтримку обєктів культурної спадщини. Використання NFT у цій сфері ставить важливі питання збереження, оцифрування та популяризації української культури. Метою статті є аналіз технології блокчейн, яка використовується для NFT, розробка унікальної колекції цифрових активів та розміщення її на маркетплейсі.
The article examines decentralized models of general secondary education management in Poland and Germany. It was revealed that reforming the system of public administration in the field of education became a component of preparation for European integration. However, the specific steps of the transformation of the management system in today's conditions involve not only the introduction of elements of European models of education management into domestic education, but also a comprehensive analysis of their positive and negative impact on the functioning of the educational system. It was determined that many countries of the European Union consider the idea of introducing a decentralized model of education management to be progressive, therefore, studying the experience of the functioning of mechanisms of public management of the education system of European countries is instructive for the post-war development of the education management system in Ukraine. The article notes that in Poland, the management of reform processes and activities of secondary education institutions is carried out by self-governing bodies. Here, the powers of the public regarding control over the activities of educational institutions of local communities are maximally expanded, which are strengthened by the organizational and financial responsibility of local authorities for the development of education. Financing of school education in Poland is carried out from the state budget, and local self-government bodies set the rules for paying teachers, are responsible for investing in education, and set the rules for receiving and using private funds by schools. It is noted that the decentralized system of education management in Germany is determined by its federal structure: each state conducts its own educational policy. It was concluded that the democratization of the society of Poland and Germany is characterized by the search for such options of education management that would most successfully ensure the support of educational institutions from the local community. In these countries, it was considered expedient to abandon the system of centralized management of the network of educational institutions and transfer responsibility to the local executive authorities in whose territory they are located. The considered experience of functioning of the decentralized model can be useful when introducing similar models in Ukraine.
The article analyzes the modern crypto industry market, examines its role, significance, dynamics and possibilities of further application in our country. The history of the cryptocurrency concept is presented. The development path of the domestic cryptoindustry from complete non-recognition to attempts to regulate this sphere by law is illustrated. The advantages and disadvantages of cryptocurrency as a payment were studied, the trends of its development in Ukraine and in the whole world were considered. The research identified three main groups of digital currencies and assets: cryptocurrencies, stablecoins, and digital currencies of central banks. The first group includes traditional cryptocurrencies, that is, those that are not backed by other assets and have a decentralized register of owners (Bitcoin, , Ripple, Ethereum). The second group of digital currencies and assets includes stablecoins — cryptocurrencies backed by one asset or a basket of some assets. The third group includes digital currencies of central banks, which are currently issued in a limited way as part of pilot projects, or government-issued cryptocurrencies. An analysis of the cryptocurrency market was conducted; a conclusion about the positive dynamics of the use of cryptocurrency in our country was made. The dynamics of the ratio of the cryptocurrency market capitalization to the indicators of GDP are estimated. The impact of military events on the cryptoindustry development was studied. The contribution of the global crypto-community to Ukrainian charitable foundations was studied. The advantages of the latest technologies in the war conditions are indicated, in particular, the speed and efficiency of transaction processing, the absence of restrictions inherent in classical finance. The domestic and global experience of cryptocurrency regulation is analyzed. It is noted that it is necessary to develop further measures to regulate the cryptocurrency market in a legislative manner. It is proposed to create associations consisting of IT lawyers, cyber police and blockchain developers. This stimulates the emergence of new methods of combating terrorism and the development of a new legislative model. Possible directions of cryptocurrency development and prospects for their development are proposed.
Розібрано інвестиційне ДАО, як один з типів децентралізованих автономних організацій. Розглянутомеханізм роботи інвестиційних децентралізованих організацій. Окремо у статті розкрито, позитивні танегативні аспекти ДАО, а також проведена категоризація ДАО. Звернуто увагу на те, що найважливіше вДАО це ком’юніті, а не технології. Визначено, що ДАО є новим форматом онлайн ком’юніті, в якому члениможуть взаємодіяти заради спільних інтересів. ДАО буде чекати велика кількість оновлених версій, дляінтеграції їхніх ідей з реальним світом, а також низка нормативних актів, які будуть створені длярегулювання діяльності ДАО.
 Ключові слова: DAO, Blockchain, decentralized, autonomous, organization, блокчейн, децентралізована,автономна, організація, управління, ДАО, смарт-контракти.
The results of reforming the system of interbudgetary relations in Ukraine are studied in terms of the degree of local self-government participation in solving regional development problems. Normative and legal acts, which introduced changes in the functioning of administrations in wartime and changed the procedure for budget planning and reporting, are singled out. The paper offers options for dividing the country into functional types of territories to stimulate their direct financing. Emphasis is placed on the established norm regarding the mandatory preparation of a development strategy for each community. Attention is focused on the need to strengthen interstate partnership in the process of post-war reconstruction of the country and the implementation of European experience in the legislative regulation of regional development. The possibility of applying the European concept «S3» in Ukraine as a policy of determining priorities for the development of regions on the basis of smart specialization is outlined. The changes in the sources of revenues to the local budgets of Ukraine and the directions of their use for the purposes of post-war reconstruction are clearly presented and substantiated. Incomes and expenditures of local budgets for 2018—2022 have been analyzed. The interbudgetary transfer line items are singled out with the provision of proposals for the implementation of the system of vertical-horizontal equalization of communities’ capacity. The community sector’s levers of influence on the processes of local budget funds allocation in order to strengthen social ties and increase the social capital of territorial communities are determined. An assessment of changes in the structure of local budgets’ own revenues and in the composition of financed programs is carried out. Subsidization trends have been systematized and the subsidy level of community budgets has been determined. The advantages of the carried out budget decentralization reform and its next steps are argued. Proposals for measures to improve the communication policy in relations between state authorities, local self-government bodies and territorial communities are provided.
The article examines and systematizes the directions and scope of the impact of the full-scale invasion of Russia on the budget system of Ukraine, in particular, on the structure and volume of budget revenues and expenditures, the growth of the budget deficit and public debt, changes in the public finance legislation, and the decrease in financial capacity of the regions. It was determined that due to the social and military orientation of a large part of budget expenditures, as well as numerous tax incentives, the possibilities of budget financing in areas that contribute to the economic development of the country are limited.The experience of foreign countries, in particular Poland, Israel, Georgia, Germany, and Japan, regarding the economic recovery and budgetary reformation after the end of the wars is summarized in the article. Priority measures to improve the budget system of Ukraine and exit from the budget crisis are proposed, which must be taken both during the war and immediately after its end. In particular, among the main measures of the wartime, support of small and medium-sized businesses, cancellation of temporary tax benefits, reform of the customs service, protection of investors rights and guarantees, financing of priority expenses such as defense, security and social protection, attraction of grant financing, use of fundraising tools and continued digitization of the economy are mentioned.After the end of the war, it was proposed to shift the direction of economic policy towards the active involvement of investors, development of export-oriented production and strategically important competitive industries, restoration of budget reforms (decentralization, medium-term planning, program-target method, expenditures review, digital services) and fiscal rules, reduction of debt burden with simultaneous social protection support of the population affected by the war. JEL classification: E62, N44, O52, H61, H62, H63
Marta Ciarko, Greta Poszwa, Agnieszka Paluch-Dybek, Mustafa Caner TİMUR
During times of technological development, many aspects of everyday activities have been digitalized while traditional forms of payments have stepped back in the name of more innovative methods such as cryptocurrencies. This article focuses on analysing the emergence, functionality, and future role of cryptocurrencies, particularly Bitcoin. By interpreting the theoretical aspects of money, the emergence of cryptocurrencies, and blockchain technology, the authors tried to determine whether cryptocurrencies have the potential to become the money of the future. In the article, the analysis of cryptocurrencies’ functioning in the modern world focuses on the role of technological development and innovations in their use and popularity. SWOT and speculative analyses of cryptocurrencies, which have been touted as the money of the future, were also carried out. The results obtained from the research show that cryptocurrencies have many advantages over traditional payment methods. Elimination of intermediaries, low transaction costs, safe storage of data, limited increase in monetary supply, globalization, and privacy are stated as the most important of these opportunities. In addition, energy use, inaccessibility without the internet, high volatility, and cyber-attacks were seen as the most important threats and weaknesses. When developments in the world follow, it can be seen that there are many blockchain-based opportunities or threats. Despite this, blockchain technology offers great opportunities. As a result, countries and individuals should turn to this technology now to benefit more in the future. At this point, it is very important for all other educational institutions, especially universities, to implement educational programs that will meet the needs of the age.
The development of cryptocurrencies by banking institutions operating in the online environment provides for the purchase and sale of cryptocurrencies on stock exchanges, not on crypto exchanges, allowing the use of cryptocurrencies as a means of payment and investment. The aim of the article is to determine the impact of cryptocurrency on the investment market based on the analysis of key environmental factors that affect the correlation of these variables. The issue of cryptocurrency by banking institutions also ensures its stability, thus expanding the investment potential of this financial instrument. The above contributes to the formation of the cryptocurrency investment market in the structure of the stock market.The development of cryptocurrencies of banking institutions operating in the online environment, provides the purchase and sale of cryptocurrencies on stock exchanges, and not on crypto exchanges, allowing the use of cryptocurrencies as a means of payment and investment. Among the factors that indicate the negative impact of cryptocurrency on the investment market are the following: the lack of a stable value of cryptocurrency and its volatility, dependence on fluctuations in the world economy and macroeconomic factors, in particular demand; as a result of the first factor, cryptocurrency as an object of investment activity is quite risky. Further research should be devoted to the issues of central bank digital currencies and their potential impact on competition in the market of private digital currencies based on blockchain technology.
Олександр Валерійович Корнійчук, Марина Сергіївна Граф
У роботі детально досліджуються існуючі механізми для системи прийняття рішень Proof-of-Stake і Proof-of-Work у блокчейнах та проводиться їх порівняння. Розглянуто методи знаходження консенсусу як процесу погодження нового блоку, що згодом додається до блокчейну всіма учасниками. В досліджених механізмах виявлено схожість: передбачені правила, що стосуються всіх учасників – майнерів або валідаторів. У разі порушення цих правил на учасників накладаються штрафи. Після успішно доданого блоку учаснику, що розв’язав математичну задачу, передбачається отримання нагороди за активну участь. Суттєвою різницею між механізмами є формування нових блоків, вимоги до обладнання учасників та механізми нагород і штрафів. Розглядаються тенденції держав у впровадженні блокчейнів у державні реєстри та майданчики для державних закупівель. Було виявлено, що блокчейни можуть зменшити рівень корупції та змов лише за правильного їх впровадження та подальшого використання. У результаті дослідження припускається можливість використання саме Proof-of-Stake механізму для інтеграції в майданчики, що проводять державні закупівлі.
Today, the main threat to the security of the country in general and its regions and territorial communities in particular is still the armed aggression of the Russian Federation. This requires the concentration of efforts of state and local authorities, military administrations in this direction. Despite all the problems caused by the war, local self-government bodies respond to unforeseen challenges in a timely manner, ensuring the restoration of destroyed objects, providing services to the population, creating jobs for internally displaced persons, attracting investments, etc. The Law of Ukraine “On the Legal Regime of Martial Law” defined the modes of functioning of local self-government bodies and their interaction with military administrations. During the war, military administrations perform the powers of local state administrations and, partially, local self-government bodies, defined by current legislation.The article analyzes the main measures to protect the population from possible emergency situations at the level of territorial communities. It is noted that local authorities are making efforts to restore destroyed housing, schools, kindergartens, hospitals, critical infrastructure facilities, etc. In the conditions of war, decentralization makes it possible to strengthen the potential of territorial communities, to strengthen the initiative of citizens in solving issues of social and economic development. On this path, the State Fund for Regional Development, international partnership between communities, new subventions, and additional sources of income for local budgets demonstrated their success. The article emphasizes that communities have shown their ability to effectively increase and manage the received financial resources. Despite this, the funds received from international donors and grants for the reconstruction of destroyed objects should be partially used to finance the country’s reconstruction projects.
Вступ. Криптовалюти, такі як Bitcoin, Ethereum та інші, з’явилися на світовому фінансовому ринку близько десяти років тому і з тих пір стали предметом великої уваги. Ці цифрові валюти привернули увагу не лише інвесторів, а й фахівців з фінансів та економіки, які досліджують їх вплив на міжнародні фінансові ринки. Мета. Аналіз впливу криптовалюти на міжнародні фінансові ринки. Наукова новизна. Полягає у всебічному аналізі впливу криптовалюти на міжнародні фінансові ринки в контексті регулювання та регуляторної політики урядів та міжнародних організацій. Робота містить нові результати, які були отримані завдяки аналізу останніх досліджень та статистичних даних, що забезпечує її важливість у розумінні взаємозв’язку криптовалюти та міжнародних фінансових ринків. Результати дослідження. В результаті дослідження було встановлено, що регулювання криптовалютного ринку має значний вплив на міжнародні фінансові ринки. З одного боку, регулювання може забезпечити більшу стабільність на ринку криптовалюти та знизити ризики для інвесторів, що може позитивно вплинути на загальний фінансовий ринок. З іншого боку, неправильне регулювання може призвести до великих коливань цін на криптовалюту та зростання ризиків для інвесторів, що може негативно вплинути на міжнародний фінансовий ринок. Дослідження також показало, що регулювання криптовалютного ринку відрізняється в різних країнах та може мати різний вплив на міжнародний фінансовий ринок. Деякі країни активно регулюють криптовалютний ринок та намагаються забезпечити більшу стабільність на ньому, тоді як інші країни намагаються заборонити криптовалюту або дозволяють торгівлю на незареєстрованих біржах, що може призвести до збільшення ризиків для інвесторів. Також було виявлено, що криптовалюти можуть мати значний вплив на загальний міжнародний фінансовий ринок, зокрема на біржові курси валют та інші фінансові інструменти. Водночас, криптовалюта також може використовуватись як інструмент для захисту від інфляції та інших ризиків на міжнародному фінансовому ринку. Отже, результати дослідження показують, що регулювання криптовалютного ринку має значний вплив на міжнародні фінансові ринки.
The article considers the possibility of optional implementation of financial and educational decentralization approaches in Ukraine. The strategic role of CMU Order No. 333-r dated April 1, 2014 on the approval of the Concept of Reforming Local Self-Government and Territorial Organization of Power in Ukraine as a conceptual measure of financial and educational transformations is outlined. The legal status and legal options of educational self-government at the level of OTG are defined in accordance with the national "normative basis of decentralization": the Law of Ukraine "On the Voluntary Association of Territorial Communities" No. 157-VIII, the Law of Ukraine "On the Principles of State Regional Policy" No. 156-VIII, etc., as well as relevant legislation (the Law of Ukraine "On Education" No. 2145- VIII of the Law of Ukraine "On Higher Education" No. 1556-VII, etc.).
 A terminological distinction between the concepts of "power decentralization" and "financial decentralization of the region" is proposed. The problem of budgetary and educational provision of scientific and educational facilities is conceptualized spheres in Ukraine through the prism of the Budget Code of Ukraine No. 2456-VI.
 Examples of foreign decentralization-educational (management and financial) support are presented and implementation methods of its application in Ukraine are proposed.
 The ideological problem is that the decentralization of power presupposes, among other things, the financial independence of the region (one of the principles of decentralization is the transfer of resources from the ODF to the OMS), and the issue of its provision is problematic for a country that is used to building financial and economic relations by the "vertical" principle, i.e. "from top to bottom".
 Taking into account the dependent connection of the educational sphere in Ukraine on the accompanying and sectoral legislation, such trends, without having a direct impact on the volume and expenditure mechanisms of scientific and educational support from the State Budget of Ukraine, create a precedent of institutional and jurisdictional inconsistency.
 The issue of financial support for higher education and directly – institutions of higher education (HEIs) has several problems, among which “financing of expenses for the maintenance of HEIs, not the actual cost of the educational process” stands out; calculation of budget transfers only in the amount of "educational needs" (without cultural and sports and social assistance initiatives of the development and education self-government); inadequate financial and logistical support of vocational education as a subcomponent and pregenerator of higher education in Ukraine.
Purpose: In this paper, we analyze the impact of the war in Ukraine on the price and volume volatility of bitcoin. Design/methodology/approach: We apply a two-stage methodology, to explore whether bitcoin price and volume were affected by the Ukraine war event, and to analyze the magnitude of this effect. Findings: Our results show that the Ukraine war affected more bitcoin volume, than bitcoin price. Practical implications: We explore whether the effect of a major political event, such as the war in Ukraine, is differentiated between bitcoin price and volume respectively, and we show that volume is affected much more than price. This has important practical implications for traders and investors in the crypto-market, since bitcoin is gradually perceived as an asset that can bear portfolio diversifying features. Originality value: Our results are surprizing since prior event literature shows that bitcoin price is heavily affected by major political and economic events, but is in line with the only to-date study of Bitcoin price and Ukraine war (Yatie, 2022).
The article is devoted to the consideration of automated decentralized programs on the blockchain, which are a modern tool for processing transactions without the help of a trusted third party. The purpose of the study is to generalize and systematize information on the requirements for smart contracts, as well as review the vulnerabilities of smart contracts at the Solidity code level. The blockchain architecture was studied and the advantages of smart contracts compared to conventional contracts were determined, namely: risk reduction, reduction of administration and maintenance costs, and improvement of business process efficiency. A thorough analysis of current literature has been carried out and the current problems faced by users and developers of smart contracts have been identified. It is noted that the process of developing smart contracts is not sufficiently standardized and it is advisable to create a system of recommended requirements for smart contracts used in various subject areas. The requirements for smart contracts have been collected and analyzed for areas related to healthcare, education, business, project management, data analysis, software development, trading, logistics, and jurisprudence. It is determined that the mandatory requirements for all these subject areas are security, process transparency, determination of conditions and criteria for success, and automation of work. The rest of the requirements are analyzed and the concepts of the measure of coincidence and uniqueness of requirements for a particular subject area based on the corresponding functions are introduced. The coincidence and uniqueness measures were calculated for the considered subject areas. The proposed measures will allow in the future to obtain a quantitative assessment of templates for gathering requirements for programs, taking into account the used subject area. The article reviews and systematizes the types of vulnerabilities of smart contracts at the level of Solidity code on the Ethereum platform. The best practices to avoid such vulnerabilities and possible examples of their exploitation by attackers are identified. It has been shown that increasing the reliability of smart contracts will help increase trust in the blockchain among users.
Alina Yuriivna Yakymchuk, Olena Panukhnyk, L Horal, S Hrynkevych · 5 authors
Abstract The development of efficient local governance and establishment of comfortable conditions for the living activity are the major strategic tasks of the public governance and authorities’ decentralization system modernization that is currently underway in Ukraine. The complicated socio-environmental and economic situation faced by Ukraine due to the deployment of military and political events, the collapse of the national currency, the deformation of industrial infrastructure, the depletion of natural capital, the exhaustion of natural resources, the spread of coronavirus infection COVID-19, and other destabilizing factors constitutes an incredibly high threat to the socio-political and economic security of the state as a whole and of each territorial community (TC). In this perspective, each element of the complex national economy system is important and should be translated into the principles of intellectualization in a strategic perspective. Today, the economic systems of both the state and the TCs are largely supported by international organizations – mainly through the provision of international loans and grants. The harmonization of national legislation on the preservation and reproduction of natural capital with European directives is the priority area of the foreign policy of Ukraine. Cooperation with international organizations sets a number of requirements for Ukraine, including the transparency of financial flows and natural capital accounting. Clear regulation of accounting, storage, and reproduction of natural capital is an urgent task of the public administration system. Taking into account the fact that climate security is a global problem, adaptation of national standards to European directives will make it possible to unify the information support of public finances and form a strategy for the development of natural capital. The main factors of economic efficiency in the Republic of Poland and Ukraine are compared. The research verifies the regression relationships between budget funding of territorial communities and the population of these territorial communities and provides conclusions about the efficiency of TCs’ funding in Ukraine.
The pandemic and subsequent changes in various spheres of human activity have also transformed consumer behavior, particularly in the cryptocurrency market. The article is aimed at identifying the priority directions of transformations taking place in the cryptocurrency market in the conditions of the Covid-19 pandemic under the influence of certain groups of factors. System and network approaches to understanding the cryptocurrency market have been identified. The cryptocurrency market is considered from a functional and institutional point of view. From a functional point of view, the cryptocurrency market is a set of economic relations in cyberspace regarding cryptocurrency mining, initial coin offering (ICO) and circulation of cryptocurrencies based on the laws of supply and demand. From an institutional point of view, the cryptocurrency market is a set of participants in the virtual currency schemes who carry out cryptocurrency transactions. The following signs of cryptocurrency market segmentation are justified such as those depending on the market capitalization of the cryptocurrency; on the nature of the crypto assets movement; on operations carried out on the market; on the region; on consumers of services. Factors which influence the functioning of the cryptocurrency market are systematized according to the following groups: macroeconomic, price, environmental, geographic, market, behavioral and technological. The influence of gold, oil prices, the daily number of Covid-19 cases and deaths from Covid-19, the MSCI ACWI global stock index, the iShares MSCI All Country Asia ex Japan ETF, the Wilshire 5000 Total Market Index on the Bitcoin exchange rate is revealed. The trends in the cryptocurrency market development in the post-war period are justified, namely the growth of investors’ interest in cryptocurrencies against the background of the initial coin offering collapse; growth of payments in cryptocurrencies; strengthening the regulatory landscape on a global and national scale; integration of the cryptocurrency market with traditional finance; attracting non-typical participants to the cryptocurrency business; expansion of participants in the infrastructure of the cryptocurrency market due to the rapid cryptocurrency market development, in particular, due to the production of equipment for its operation.
The prerequisites and principle of the formation and development of the social sphere in Ukraine have been studied. It was pointed out that despite the multilevel and multichannel nature of the social infrastructure financing, the state and local budgets are the main source of the financial resources that ensure the social sphere functioning and development. It was specified that the budget expenditures for financing the social sphere are versatile and have both state and local financing source and differ according to their functional, departmental and target designation. This factor complicates the social sphere financing system, decreases the level of coordination between individual institutional components and levels, and increases the costs of maintaining and management of the social sphere institutions. It is clarified that the priorities of the state policy and their financing depend on the current financial possibilities. The most problematic aspect of the social sphere financing is still the system of the inter-budgetary transfers. The important directions for improving efficiency of the social sphere financial support are: harsher punishment for the non-purpose use of the funds; optimization of the authority pertaining to the distribution of expenditures between authorities at all levels; involvement of the non-governmental organizations in provision of social services with a view of improving their quality, etc. The general conclusion is that it is expedient to set up conditions for integrating all kinds of social support so as to make a unified complex system; adhere to the program management method of budgetary planning and social sphere financing; ensure transition from the model of financing institutions to the model of service financing; diversify the social sphere sources of financing; implement the practices of social service procurement and mechanisms of the public private partnership; extend autonomy of the local self-government so as to provide social services in accordance with the principles of decentralization of funding; and facilitate the development of the social services market using the legal and economic tools, etc. Provided the indicated activities are adhered to, it becomes possible to develop modern, advanced and effective methods of the social sphere financing.
The essence of the work is the study of political influence and its selfish manifestations by the people’s deputies of Ukraine on the process of formation and functioning of united territorial communities. In our work, political influence is revealed as an element of indirect political agitation of deputies in the district through the mechanism of financing and allocating state subventions from the state budget of Ukraine to communities, which is a very popular and effective tool of direct influence on residents of united territorial communities. The first section of our study is devoted to the study and interpretation of the concept of political influence, and the methods by which it can be explored. The second section attempts to analyze the gaps in decentralization reform that have made it possible to spread such selfish political influence. The third section contains the empirical part of our study, where we obtained the results of the interdependence of political influence of people's deputies with the volume of issued state subventions of communities in 2020.
ЦИФРОВІЗАЦІЯ ФІНАНСОВОГО СЕКТОРА: ІНСТИТУЦІЙНІ ЗМІНИ Й ПЕРСПЕКТИВИЦифровізація формує ексклюзивні виклики і можливості.Сьогодні «бути цифровим» є необхідністю професійної й побутової компетенції, це вже не довільна опція.Цифровізація стала каталізатором змін економіки, інвестиційної поведінки людей як норма і форма міжособистісного спілкування.Конкуренція на міждержавному та корпоративному рівнях постійно потребує використання технологічних інформаційно-сервісних новацій.У розрізі секторів економіки передові цифрові технології знаходяться у фінансовому секторі, в космічній сфері та в сфері гонки цифрових озброєнь.До них дотичним є виробництво товарів подвійного призначення (військово-цивільного, літакобудування, наприклад).У фінансовому секторі криптовалютні ринки стали фокусом цифровізації.Це проявилось у швидкому інструментально-цифровому розширенні заощаджувальнорозрахункових можливостей приватної інвестиційної діяльності.Цифрові фінансові активи, такі як державні (CeFi -Centralized Finance) та децентралізовані (DeFi -Decentralized Finance), забезпечують операційну свободу вільного перетоку капіталу.Нова фінансова картина світу зародилася з появою в обігу децентралізованих криптовалют, коли поряд із традиційними видами валют з'явилися «нові гроші».Це приватні ініціативи майнінгу (не емісії) монет на основі блокчейну, які нерегульовані, нехеджовані з наступною фрагментацією спекулятивного грошового обігу, що спекулятивно забезпечує (допоки) «абсурдний дохід».Особиста свобода через криптовалютні фонтани її фінансування виявилась доступною для вдалих ентузіастів, але і двосічна як кураж фінансових спекуляцій.Більшість активів сектора DeFi -це лише продуковані частини програмного забезпечення, що мають вартість у межах початкових витрат енергії та супутніх елементів на їх майнінг.Тому приватні криптовалюти мають спекулятивну ціну, але практично не мають накопичуваної від початку і поновлюваної вартості.Центробанки країн світу дотепер виявляють зрозумілу стурбованість обігом нових замінників грошей як єдині емісійні центри фіатних валют.Позиція міжнародних фінансових організацій є аналогічною, застереження щодо «недостатнього тестування» приватних криптовалют в якості національних досить акцентовані.При необхідності модернізації грошового обігу центробанки запустили проєкти підготовки емісії власних цифрових валют (СВDC -Central Bank Digital Currency).Кількість проєктів СВDC наразі (осінь 2023 р.) реалізується у понад 100 країнах у різних формах (запуск систем, пілотний етап, дослідження).СВDC є основою цифрового сектора централізованих фінансів -CeFi.Оскільки пропорції між перевагами і ризиками цифровізації постійно мінливі, у цифровізованому грошовому обігу виникає дилема CeFivs -DeFi.Нові тренди управління капіталом в умовах цифровізації визначили два аспекти: а) зростаючу інституційну роль центробанків разом з іншими регуляторами
The article examines the relationship between the process of financial decentralization and the stability of the development function of regional economic systems based on the interdependence of these components of social transformation. After all, the motivational determinism of local finances activates the process of creating new jobs through the formation of the investment attractiveness of a particular region, the innovative progress of broad segments of the population, and the coordination of business, society, and subnational public authorities. The article reveals that the revival of the economy at the spatial level should be based primarily on the activation of innovative activities in the production and infrastructure sectors. Despite the decentralization of power functions, institutional bottlenecks, and the challenges and threats of decentralization, we believe that inclusiveness is quite high and is not conditioned by state regulation. The article states that the strengthening of the role of territorial communities gives rise to the need to reassess the place and function of each region in the coordinate system of the economic space, which must make institutional decisions that provide conditions for further development. Decentralization opens huge opportunities for the development of clusters of agro-industrial parks but provides an inclusive way for the development of the spatial economy, leveling the existing asymmetry and ensuring decent working and living conditions for the rural population. Proof of this is the EU agro-industrial complex, which convincingly confirms that land management within the framework of the Common Agricultural Policy of the third millennium means much more than food security and export growth, as this cannot be achieved without the simultaneous inclusiveness of sustainable development. A sound strategy for the development of a single national land community through the creation of industrial complexes and the integration of regional economic systems will allow us to move away from budgetary materialism to a paradigmatic strategy of financing spatial development and economic accumulation.
The study of the medical equipment market of Ukraine in the conditions of martial law is the basis for making management decisions regarding further processes of reforming the industry due to the introduction of management technologies and tools. The main issue regarding the purchase of medical equipment in Ukraine is the feasibility of costs, the quality of the equipment being purchased, as well as the need for specific equipment. In addition, the issue of decentralization and procurement by the National Health Service needs to be improved in order to save public funds during the procurement and delivery of quality and necessary equipment. The aim of the article is an analysis of the current state of development of the medical equipment market and the equipment procurement system in Ukraine. The article will use swot analysis methods for a strategic analysis of the strengths and weaknesses of the medical equipment market in Ukraine. In addition, a detailed analysis of medical equipment purchases by suppliers and customers of medical equipment in Ukraine will be conducted. Of the place of the public and private sectors in the field of health care, their interaction and further partnership relations. In addition, the result is an analyzed medical equipment sales market by the main suppliers on the medical equipment market in Ukraine. Conclusion. After analyzing the market of medical equipment from the beginning of 2022, it becomes clear that the market is currently running and operating despite the military aggression from the Russian Federation. The mechanism that allows the industry to move and develop in full has not been created, but right now we have many opportunities to create and implement new mechanisms of interaction between public hospitals and patients. It is necessary to increase the functioning of partner organizations in the field of health care. This is necessary in order for the private sector to work qualitatively and serve patients at the level of public insti- tutions. And state health care institutions, in turn, were qualitatively financed to increase the quality of the provision of medical services. It is appropriate to create a financing mechanism between the state and the private sector, because this advantage in the industry will provide an opportunity to quickly rebuild the field after our victory. By improving the field of health care and implementing the ideas of public-private partnership between health care institutions, the country will achieve impressive results in this area. In addition, decentralization must be returned to the form it had at the beginning of its implementation. This will make it possible to quickly elevate such an important sphere of human social life as medicine. It should also be noted that at this time and after the victory of our country in the war with Russia, the field of medical services, for example, such as rehabilitation, will have a greater demand than supply. It is necessary to ensure the opportunity to undergo rehabilitation at the expense of the state to all who will need it.
This paper studies the impact of financial decentralization on innovation activities in China based on the perspective of "finance-innovation". Using the data of China's industrial enterprises above designated size in 30 provinces from 2000 to 2019, this paper verifies the relationship between financial decentralization and innovation, reach conclusions that: Financial decentralization plays a significant role in promoting China's innovation ability; Financial decentralization has obvious regional heterogeneity, which has a positive effect on the improvement of innovation ability in the eastern and central regions with high economic development level, and a negative effect in the western regions.Meanwhile, it's found that the local financial decentralization is more obvious when the industrial structure is more perfect, and the financial decentralization contributes to the improvement of the local industrial structure.In the future, each region should choose the best degree of financial decentralization according to its different financial characteristics, and rationally use it to help local industrial innovation, to promote high-quality economic development.
Conceptual foundations for financing high-risk innovative projects based on the integration of financial theory, innovation theory, and risk management are substantiated. Specific characteristics of such projects are identified: information asymmetry between participants, J-curve cash flows, risk concentration at early stages, and the absence of tangible assets as collateral. Theoretical approaches to financing in the context of economic paradigm transformation are systematized. Current trends in the development of alternative capital attraction mechanisms based on digital technologies are analyzed: blockchain instruments (ICO, STO, IEO), crowdfunding platforms, smart contracts, and decentralized autonomous organizations. The specifics of forming a multilevel financing architecture using different types of financial instruments according to the stages of the innovation cycle are studied. The necessity of a comprehensive approach to financing high-risk innovative projects through the formation of a multilevel system that combines traditional and alternative sources of capital is proved. Strategic diversification of financial instruments allows balancing the interests of founders and investors, optimizing capital structure under uncertainty. Promising development directions are identified: formation of integrated financing ecosystems, transformation of state innovation support policy, institutionalization of meso-level structures, integration of ESG criteria, and development of artificial intelligence technologies to improve the accuracy of project potential assessment. The practical significance of the research lies in forming a conceptual basis for modernizing the financial support system for high-risk innovative projects through developing specialized financial instruments and risk assessment methods that account for information asymmetry and J-curve cash flows
The purpose of the study is to find a solution to problematic aspects of budget planning by analyzing the system of local finances and identifying opportunities for improving the budget planning mechanism. Because, in modern domestic science, in particular, considerable attention is paid to the issues of highlighting practical problems of the budget process and budget planning of local finances. However, there is no single definition of the concept of budget planning, its economic content, tasks and principles. To achieve the goal, general scientific methods were used: the method of scientific generalization ‒ to confirm the relevance of research in modern conditions; analysis and synthesis ‒ to understand the processes of reforming the territorial organization of power on the basis of decentralization as one of the key directions of systemic social transformations in Ukraine; scientific extrapolation and forecasting ‒ for further understanding that the local budget is gradually turning from a purely financial mechanism into a powerful means of influencing public opinion. The main results of the research, which form its scientific novelty, were: the search for a solution to problematic aspects of budget planning by analyzing the system of local finances and identifying opportunities for improving the budget planning mechanism, identifying the essence of the concept of «budget planning» and substantiating the organizational and legal foundations of budget planning; disclosure of local budgets as a link of the budget system with a presentation of the current state of the budget and budget indicators of the united territorial communities of Ukraine; coverage of the peculiarities of planning local budgets with a presentation of the problems of forming local budgets and ways to solve them. The practical significance of the obtained results is determined by the provisions of scientific novelty and the possibility of using research proposals and recommendations in the field of practical activities of local financial bodies of all levels, executive bodies of local councils, local state administrations, and relevant local councils.