Financial provision is one of the important elements of community resource provision. There is quite a number of bases of financial resources that territorial communities can take from, therefore, for their effective use, it is advisable to classify them, establish the appropriate features, and the possibilities of use them rationally. Currently, it is important for communities to be able to form the necessary amount of financial resources that will allow them to be financially capable. Also important is the legally defined powers of communities within which they carry out their activities and use accumulated funds. The publication analyzes the peculiarities of the formation of financial relations in territorial communities of Ukraine. The corresponding shortcomings in shaping the financial capacity of communities are singled out. The sources of filling the community budget are analyzed. It is found that today the majority of territorial communities need to provide appropriate investment financing of their projects for their sustainable development. Sources of filling financial resources of territorial communities are identified. It is proved that the main financial source of the territorial budgets is the activities of small and medium-sized businesses located in communities. It is determined that for the effective implementation of measures for the socioeconomic development of communities, the principle of their autonomy in matters of budget and tax activities should be implemented. The main directions of influence of financial decentralization on the socioeconomic development of the regions is formed. Based on the identified directions of development of territorial communities, the importance of public participation in decision-making on the implementation of projects on sustainable development of communities is determined. The need to form a favorable image of the territorial community, thanks to which it is possible to attract investment funds for the implementation of community development projects, is proved.
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.
The article analyzes the rating of Ukraine according to the Global Cryptocurrency Adoption Index. It is noted that out of the TOP-20 countries in the rating, there are ten countries with below-average income, eight countries with above-average income and two countries with high income. This trend demonstrates the dominance of developing markets. The dynamics of the bitcoin and USD exchange rate are analyzed. Forecasting of the bitcoin exchange rate was carried out using the exponential smoothing method, because this method showed the smallest mean absolute error. The forecast results show the growth of the bitcoin rate. The interdependence between exchange rate of bitcoin cryptocurrency and pairs of the most influential world currencies, world prices for precious metals and securities rates on the largest stock exchanges is determined using correlation-regression analysis. The advantages of using cryptocurrencies have been identified, including high speed of transactions, reduction of the number of intermediaries and low fees. Also defined the threatening nature of the development of the crypto-industry for the economic potential of the state, taking into accountavailable withcurrent global challenges such as cyber-attacks and fraud and data theft. Real fraud schemes in the field of cryptocirculation are considered. The main challenges to the functioning of the cryptocurrency industry are analyzed, including volatility, uncertainty, risk of loss, insecurity of owners, lack of guarantees, large number of cryptocurrencies, technical risk, fraud and data theft. It is noted that without determining the clear legal status of cryptocurrencies in the country, it is impossible to resolve the legal, accounting and tax consequences of these transactions. It was determined that for the legal circulation of cryptocurrencies, the creation of a financial institution or a special state body, which should exercise control over the circulation of cryptocurrencies, must be ensured as a minimum; introduction of taxation for companies whose activities are related to the crypto industry; establishing the obligation of users to declare their income and profits from income regarding crypto-assets in the national currency, etc.
Vasyl A. Holian, Nataliia Medynska, Liudmyla Kolosa, Oleksandr S. Zamlynskyi
It is substantiated that under wartime conditions, formation of a new global nature protection architectonics and decentralization of power, the solution of ecological problems of socioeconomic development passes into a new financial and investment dimension, which requires diversification of sources of financing of capital investments and current costs in environmental protection. It is determined that in the dynamics of the nominal amount of financing of capital investments and current expenditures in environmental protection in the context of the main nature protection measures in 2000–2020, in general, there is an upward trend, which is caused by inflation-devaluation processes, rather than a real increase in assignations to environmental projects both in the public and corporate sectors. It is identified that in 2000–2020 there was a significant difference between the amounts of financing of capital investments and current expenses in the direction of increasing the amount of financial support for the operation and maintenance of environmental infrastructure, rather than their renovation and modernization. It is substantiated that the chronic deficit of financial and investment support for solving ecological problems is caused by excessive unification of sources and methods of financing the renewal of the network of environmental infrastructure objects and rationalization of the use of natural raw materials, which requires diversification of fiscal, budgetary and credit investment instruments of the environmental protection industry. It is determined that increasing investment flows in the environmental sphere of Ukraine depends on the inclusion in the range of priorities of the national environmental policy of the dominants of international environmental conventions, primarily the New Climate Agreement, which will allow obtaining financial preferences from global environmental funds and foreign governments. It is substantiated that the intensification of environmental activities at the level of local self-government will become possible due to an increase in the share of deductions of the natural resource rent and environmental tax to special funds of budgets of territorial communities, which will ensure targeted linking of eco-resource payments to solving the most pressing ecological problems of territorial entities
A one-sided understanding of cryptocurrency in terms of the technical model of its functioning does not allow to reveal its essence from the point of view of economic science, which hinders the formation of adequate institutional support for the procedure of issuance and circulation of cryptocurrencies in general. The author defines the essence of cryptocurrency market institutions as a system which includes official (hard) restrictions (rules), unofficial (soft) restrictions (standards of behavior and stereotypes of thinking) and intuition, which ensure the achievement of optimal organization, coordination and stimulation of participants' behavior and lead to a reduction in transaction costs. The institutionalization of cryptocurrency markets implies that changes in hard restrictions (regu-lations) do not simply lead to evasion or adaptation to their implementation by their participants. Insti-tutional transformations in cryptocurrency markets are the process of formation and development of their participating institutions and other entities that implement their inherent institutions in financial transactions with cryptocurrencies; regulation of this activity through official (hard) restrictions on financial behavior with enforcement mechanisms in the presence of unofficial (soft) restrictions. The main components of institutional transformations in the cryptocurrency market in Ukraine are the im-portation of institutions and institutional transformations that can lead to institutional traps and con-gruence/convergenceof these institutions.As for the theories (concepts) in the field of cryptocurrency markets, many years of experience show that their implementation requires a long time to grow and root the relevant institutions in the mass consciousness for a certain set of ideal procedures. If successful, such theories become effective tools for cryptocurrency operations. The strategy of institutional reform of cryptocurrency markets should be systemic, i.e., along with economic transformations, shifts in morality, social and individual consciousness, etc. must be taken into account.
The purpose of the article is to identify the risks of agricultural development in Ukraine in the context of wartime, to substantiate the economic consequences of the impact of the Russian invasion and the introduction of martial law on the logistics system in the agrarian sector. In the context of the carried out study, the problems faced by agricultural producers in the context of the wartime situation in Ukraine (problems caused by the occupation and hostilities in a large part of the country; disruption of food supply chains and resources necessary for agricultural work; problems for the development of agricultural production as a result of the financial crisis; problems caused by the development of the energy crisis) are identified and systematized. Risks to the agricultural producers’ activities are identified (reduced supply and demand for food products; reduced liquidity of agricultural producers, difficulty in accessing financing; undermining of agricultural land and damage to crops as a result of hostilities; difficulty in purchasing seeds, breeding livestock and poultry, fertilizers, machinery, fuel and lubricants; disruption of value chains and logistics chains; shortage of labor in the agrarian sector). The article emphasizes the ways to mitigate the risks in the context of implementing mechanisms for preventing and/or overcoming such problems by establishing cooperation between Ukraine, the EU and international organizations. The author substantiates the need to change approaches to the further development of the agricultural sector in the areas of development of «short» value chains and logistics, to focus on the decentralized local food production systems, adaptation of conditions and traditions of agriculture to new conditions. Prospects for further research lie in a detailed analysis of the advantages and disadvantages of agricultural development in Ukraine, taking into account the elaborated guidelines.
Valentyna Panasyuk, Khrystyna R. Halchak, Volodymyr A. Bosyi
Over the past few years, the term «cryptocurrency» has firmly entered the public consciousness. Virtual assets are gaining popularity because of their main advantages: availability, anonymity, the ability to make quick money, etc. Cryptocurrency is a code in a large book called «blockchain». Owing to the fact that the technology of «blockchain» is inherently similar to an accounting book, the world’s leading scientists are studying the issue of its implementation in the accounting system. This would allow to record each transaction automatically, reduce the cost and increase the speed of transactions. The article discusses the issue of accounting for settlements in the field of e-commerce using speculative assets. The regulatory framework for taxation of transactions with cryptocurrencies in Ukraine is analyzed. Several approaches to accounting for transactions with risky assets in Ukraine are proposed. The results of the study provide a detailed assessment of the situation in the international trade market and the state of development of settlements using cryptocurrencies, highlights the problematic aspects of normative regulation and accounting for transactions with risky assets in Ukraine and over the world. The field of e-commerce includes all transactions carried out via the Internet. This is indeed doing business online, i. e., by means of websites, social networks or mobile applications. The introduction of a method of making payments with cryptocurrency will greatly simplify the processing of transactions. This payment in digital currency is delivered anywhere in the world, regardless of the place of departure without intermediaries. At this, the cost of the transaction, or the payment fee, is much lower than with a regular bank transfer. The cryptocurrency market is currently quite volatile, classifying transactions with digital assets as «high-risk». The introduction of cryptocurrencies as a full-fledged means of payment is impossible without market regulation by financial institutions. Until that happens, commodity prices in cryptocurrency can fluctuate up to 25% compared to the previous day. Trading under such price conditions is impossible. However, a type of cryptocurrency such as «stablecoins» is protected from market fluctuations, since their pricing principle is based on the exchange rate of the real currency. For example, the USDT stablecoin is pegged to the US dollar, so its value changes along with the value of the real currency. In this case, an electronic currency such as USDT can be considered a means of payment and used in e-commerce.
The rapid development of information technologies, the globalization of the world economy, and the formation of a digital economy in Ukraine lead to the transformation of socio-economic relations. The growth of digitalization of the economy, the large-scale introduction of information technologies into all spheres of human life contribute to the emergence of new industries, one of which is the crypto industry, with the appearance of which in 2008, the money market totally changed forever. More and more markets are collapsing, while more and more regulators from different countries are busy implementing legislation regarding the legalization, use and taxation of cryptocurrencies. The article is devoted to the study of the peculiarities of cryptocurrency legalization in Ukraine. The peculiarities of the law “ Pro virtualʹni aktyvy” and the stages of its implementation are considered. The draft law on amendments to the Tax Code of Ukraine regarding cryptocurrency taxation has been analyzed. The number of cryptocurrency users in Ukraine and other countries of the world, such as the USA, Venezuela, Kenya, North Africa, etc., was studied. The paper analyzes how countries such as Great Britain, the Netherlands, the USA, China, Japan and Canada regulate the cryptocurrency market and whether transactions with them are legalized at the legislative level. Conclusions were also made regarding the feasibility of legalizing cryptocurrency in Ukraine.So far, we have the Law, but for the final settlement of these issues, many different by-laws, instructions and documents still need to be developed. But already today it can be said that the State is dealing with the issue of cryptocurrency relations and is on the way to its settlement.
The digital transformation of public relations has become possible with the introduction of artificial intelligence, the Internet of Things, cloud computing, immersive technologies, and data analytics. These technologies make it possible to create a metaverse where communication, knowledge acquisition, work, business, investment, creativity, and much more are available to everyone. The article offers an in-depth analysis of the institutional legal framework governing the international financial architecture within the realm of digital transformation. It explores regulatory mechanisms and developmental trends within the legal and financial systems of both the European Union and the Republic of Poland. The study delves into instances of commercial fraud involving digital assets, thoroughly examining their implications on the traditional financial system. In the virtual world, the capital market has no borders and jurisdictions. False and unreliable information has become an instrument of manipulation by society and is actively used by market participants. The conventional financial system experiences a loss of control over its functions, particularly in the process of converting fiat funds into digital assets. Decentralized finance regulated by cryptocurrency can replace the Bretton – Woods system. Blockchain is “a technology of utmost honesty” in data transmission. The task of society is to be guided by ethical, social, moral, and environmental aspects in the initial placement of information. The effectiveness of legal regulation of the digital environment is possible only with the adoption of regulations, rules, and recommendations of international organizations in the legislation of each country. A single principle of legal regulation will allow us to build a more just world and its sustainable development.
Introduction. The digitization of the economy began back in the 50s and 60s of the 20th century, but the term "digital assets" began to be actively used by financial market participants and scientists only after 2008, the impetus for which was the appearance of the so-called distributed ledger technology and the creation of the first cryptocurrency - bitcoin. However, today there is no comprehensive definition of the concept of "digital financial asset" that would fully reveal the essence of this term. Moreover, there is sometimes terminological uncertainty and confusion regarding the terms "cryptocurrency", "digital assets", "cryptoassets" and "virtual assets", which can lead to gaps in their regulation. Therefore, clarification of the definition and types of digital financial assets is relevant. The purpose of the article is to clarify the definition of digital financial assets by revealing the essence and characteristics of digital assets and financial assets, as well as justify the classification of certain types of digital assets as financial assets. The research method (methodology) is based on the systematic use of methods of analysis, synthesis, generalization and comparison, using a complex approach to studying the problem. The results. It was determined that such a new type of assets as digital financial assets arose at the stage of digitalization of the economy associated with the emergence of distributed ledger technology. It is clarified that according to IAS, digital financial assets can be represented by instruments such as cash, equity instruments or contractual rights. It was determined that the concept of "digital assets" is identical to the concept of "electronic assets" or "virtual assets" in the domestic legal framework. The classification of types of digital assets according to various criteria is generalized. It is substantiated that digital financial assets include such groups of digital assets, which are represented by payment tokens and tokens in securities, and utilitarian tokens are not financial assets.
Purpose. The aim of the article is the determination of the normative and legal regulation of the cryptocurrency market, operations with cryptocurrencies; study of the main draft laws on the regulation of legal relations related to such assets; analysis of the activity of crypto exchanges in Ukraine and the world, prospects and possibilities of state control over trading operations as well as financial operations; studying the peculiarities of legal regulation and approaches to cryptocurrency. Methodology of research. The methodological basis of the article is an ordered system of general scientific methods of cognition, scientific deduction and induction, a method of comparison, abstraction and synthesis. Along with this, general scientific methods of research and special methods of scientific and legal knowledge were used in the article: descriptive and analytical, creative and critical, economic analysis. Analytical and synthetic, comparative and legal, hermeneutic, imitative and prognostic, phraseological methodological approaches are applied. This made it possible to find out the possibilities and legality of using virtual assets in entrepreneurial activity in Ukraine and the world; to analyse and compare the content of norms of international acts and norms that reflect the specifics of the legislative regulation of relevant relations; determine the prospects for legal regulation of the use of virtual assets; formulate conclusions, recommendations and suggestions. Findings. The development of the cryptocurrency market was considered. The essence of the main concepts and compliance with the rules in the field of normative and legal regulation of the cryptocurrency market and the activities of crypto exchanges in Ukraine and the world were studied. Features of the unification and consolidation of the legal regulation of crypto exchanges at the national and international levels are revealed. Ways of implementing regulatory and legal mechanisms for the stimulation and development of the cryptocurrency system in Ukraine at the current stage of economic development are proposed. Originality. An analysis of the legislation of Ukraine was conducted and the experience of foreign countries in the field of legal control over trading operations with cryptocurrencies and activities of crypto exchanges was substantiated for implementation in domestic practice. It is proposed to finalize the legislative framework for the regulation of the cryptocurrency market and the activity of crypto exchanges in Ukraine. Practical value. The results of the conducted research can become the basis for further scientific investigations regarding the normative and legal regulation and use of cryptocurrencies, the functioning of crypto exchanges in Ukraine for the harmonization and unification of legal norms at the national and international levels. Key words: cryptocurrency, cryptocurrency market regulation, virtual asset, digital economy, virtual assets, digital assets, civil rights object, money, means of payment, cryptocurrency, crypto market, law, bill, adaptation, financial circulation.
The purpose of the article is to disclose and deepen the theoretical provisions on the nature and role of the revenue side of local budgets in ensuring the socioeconomic development of territories. The State financial policy should be focused not only on solving urgent current problems and tasks, but also have a perspective character, which consists in creating the preconditions for socioeconomic development. The article conceptualizes the role of the local budgets’ revenues in ensuring the socioeconomic development of territorial communities. The main functions of local budgets are defined. The concept of sustainable development and a totality of indicators that characterize it are studied. The theoretical aspects of the impact of local budget revenues on socioeconomic development are revealed. The advantages of budgetary decentralization are determined, the indicators of budgetary decentralization in the field of revenues are considered. The provisions on the impact of decentralization on socioeconomic development are generalized. The authors applied a system approach. They also used the dialectical method, methods of synthesis and analysis, comparison and generalization. It is substantiated that local budgets play a significant role in regulating socioeconomic processes, performing both distributive and regulatory functions. Local institutions should have sufficient financial resources at their disposal to finance public services and infrastructure development. The transformation of interbudgetary relations is intended to increase fiscal responsibility and motivation to accumulate own budget revenues to cover expenditures. It is defined that fiscal decentralization is aimed at improving the quality of public administration and the formation of financially viable territorial communities. The decentralization processes are intended to improve the quality of public administration and form financially viable territorial communities in which the basic set of public services will be as close to the consumer as possible, and the quality of these services will meet the established criteria.
Introduction. The article explores the prospects of using smart contracts to optimize business processes, the activities of the Defence Forces, and government institutions in Ukraine under martial law. Key advantages of blockchain technology are identified, including decentralization, automation, transparency, and security, along with its potential to enhance efficiency in logistics management, financial flows, and supply chains. The study highlights major challenges, such as the immaturity of IT infrastructure, legal uncertainties, and the threat of cyberattacks. The aim of the article is to develop theoretical and methodological approaches for evaluating and implementing smart contracts in the business processes of Ukrainian enterprises and public administration under martial law, taking into account legal constraints, economic feasibility, and security challenges. Methodology. The study employs methods of analysis and synthesis to assess the potential of smart contracts; comparison to analyze the advantages and disadvantages of their implementation; generalization to formulate recommendations; and SWOT analysis to identify the strengths, weaknesses, opportunities, and threats associated with the use of blockchain technologies in various sectors. Results. It has been proven that smart contracts can significantly optimize business processes, the activities of the Defense Forces, and government institutions, including reducing transaction costs, accelerating settlements, increasing the transparency of supplies, and mitigating fraud risks. Recommendations are proposed for integrating smart contracts into financial operations, military logistics, and resource management in public administration. A cost–benefit analysis methodology is developed, taking into account the specific risks of martial law and heightened uncertainty.
The study determines the peculiarities of the development of the cryptocurrency asset market in the conditions of digitalization, their legal recognition and subsequent reflection in the accounting of transactions related to their circulation. The current system of regulatory legal and accounting support for the functioning of cryptocurrency assets in accordance with the requirements of national legislation has been analyzed. A critical assessment was made of draft legislative acts regarding the recognition of cryptocurrencies as an asset of the enterprise and the order of functioning of their market as a medium of exchange. The analysis of the definition of virtual assets and cryptocurrencies from the point of view of the legal aspect of their economic essence and recognition as an asset, as well as the implementation of accounting operations for the reflection and subsequent taxation of income and expenses in the calculation of financial results from operations with them, was carried out. The main trends in the development of the world market of virtual assets and cryptocurrencies in the conditions of digitalization of the economic space have been determined. The article presents different views of scientists regarding the procedure for displaying cryptocurrency assets in accounting, and also defines the main trends of the possibility of using cryptocurrency assets as electronic money when conducting settlement operations between business entities and related warnings from official governments and central financial regulators of the virtual assets market. It is emphasized the need to form a unified approach to the definition of the concepts of a virtual asset in domestic legal acts, as well as cryptocurrency from a legal and accounting point of view, with the application of the current instruction on the application of the Chart of Accounts for the accounting of assets, capital, liabilities and economic operations of enterprises and organizations, which would later meet the requirements of international accounting standards. The main recommendations for accounting transactions with virtual assets and cryptocurrencies are presented in accordance with the requirements of international accounting standards, depending on the purpose of holding such assets.
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.
Introduction. Despite the active military actions, a strategy for the further development of the Ukrainian state is being formed today. The strategy requires a specification of an effective mechanism for accumulating and allocating society's financial resources. Representatives of economic science and specialists of state authorities are working to calculate the quantitative parameters of such a financial mechanism. However, the qualitative characteristics of financial foundations for future social organization remain insufficiently transparent and understandable. Among them, the power factor plays a leading role. The purpose of the article is to substantiate the theoretical foundations of the role of finance in the post-war reconstruction of Ukraine through the prism of the functioning of the institution of power. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, theoretical generalization, and abstract-logical method. Results. As a result of the study, the necessity of identifying priorities for the development of Ukrainian society and the national economy from the standpoint of the formation and functioning of the centers of financial power is substantiated. These priorities include civil society, public administration institutions, local self-government bodies, business, as well as public and private, real and financial sectors of the economy. Balancing economic interests and capabilities of the centers of financial power requires purposeful changes in the areas of taxation and use of state financial resources, modernization of the real sector of the national economy on an innovative basis, and development of financially capable civil institutions and business communities. Conclusions. Taking into account the factor of financial power, main directions of the further development of Ukrainian society are democratization of social relations, deregulation and liberalization of economic relationships, decentralization of the process of distribution and redistribution of the GDP value, definancialization and full achievement of the goal of the fiscal decentralization policy.
Анатолій Карпук, Vasyl A. Holian, Rostyslav A. Butsenko
It is substantiated that the main capital of forestry economy includes the technical-technological, production-economic and natural-resource components, which requires the formation of a modern model of ecological and economic regulation of its reproduction to prevent the processes of exhausting and unbalanced forest use. It is determined that at the present moment the decisive influence on the paces, proportions and scale of reproduction of the main capital of forestry economy is exercised by the processes of European integration, digitalization and decentralization, which to some extent is reflected in the State Strategy for Forest Management of Ukraine until 2035. Studies have shown that in 2013–2021 in the dynamics of most articles of capital expenditures for the purchase of production equipment, cars, devices, machinery and mechanisms, there is an upward trend, owing to both the real growth of capital investments and devaluation-inflationary processes. It is revealed that in 2013–2021 there is a reduction in total capital expenditures for the purchase of road construction equipment, which reduces the ability of permanent forest users to develop a network of forestry roads. It is substantiated that deepening the digital transformation of the forest management system and the movement of forest products requires an increase in capital expenditures in the acquisition of modern software and other information and digital technologies, which will lead to an increase in the share of intangible assets in the structure of main capital of forestry economy. It is found that in recent years certain institutional prerequisites have been formed for diversification of sources of financial and investment support for the reproduction of fixed capital of forestry economy due to an increase in the volume of bank lending and additional attraction of foreign investments. It is proved that a perspective institutional form of diversification of sources of financing for the reproduction of main capital are public-private partnership agreements, which will ensure the consolidation of resources of the public and corporate sectors to accelerate the processes of expanded reproduction and economic development of the forest resource potential of the country.
Implementation of regional problems of socio-economic development of territories depends on the efficiency of local authorities. An important factor in the implementation of these programs is the sufficiency of their own financial resources at their disposal. This problem had to be overcome by the reform of budget decentralization, according to which each local authority should provide a decent level of primary and basic public services for the population. Russian military aggression added even more problems to local communities: causing mass migration and stopping business, the need to solve humanitarian, communal, migration problems, and rebuild destroyed housing. In 2015–2022, the structure of local budget revenues changed: the share of transfers in revenues and the share of subventions in the total amount of transfers decreased. This was influenced by the following factors: changes in the payment of a single tax, personal income tax deductions to local budgets, cancellation of medical and some social subsidies, cancellation of transfer of reverse subsidy. Factors that influenced the structure of the revenue base of local budgets also affected their spending part. The change in the composition of interbudgetary transfers is directly related to the reduction of spending powers of local authorities and the change in the mechanism of financing budget programs in the field of education, health care, social protection and social security. However, the decrease in the share of local budget expenditures on the social sphere occurred at a slower pace than the decrease in the amount of subventions to local budgets for these purposes. This indicates the growing role of local budgets in financing programs of local importance and is a positive result of the budget decentralization reform. The full-scale war of 2022 showed how financially stable local authorities are and whether they are able to withstand any changes in the financing of their powers with dignity. After all, the local government, in addition to continuing to provide public services at a high level, has taken on additional responsibilities: ensuring territorial defense activities, assisting the Armed Forces, supporting relocated businesses, assisting internally displaced persons, preparing shelters, etc. Of course, such opportunities were influenced by the reform of budget decentralization, which enabled local authorities to obtain their own sources of financial resources, which played a key role in facing challenges.
Central banks may shift their international reserve holdings in order to protect themselves ex-ante against the risk of financial sanctions by fiat reserve currency issuers. For example, from 2016 to 2021, countries facing a higher risk of US sanctions increased the gold share of their reserves more than countries facing a lower risk of US sanctions. This paper explores the potential for Bitcoin to serve as an alternative hedging asset. I describe a dynamic Bayesian copula model to simulate the joint returns of Bitcoin and other reserve assets under a wide range of plausible sanctions probabilities, quantifying the extent to which varying levels of sanctions risk increase optimal gold, renminbi, and Bitcoin allocations. I conclude that sanctions risk may diminish the appeal of US Treasuries, propel broader diversification in central bank reserves, and bolster the long-run fundamental value of both cryptocurrency and gold. • The paper simulates the returns of Bitcoin and other reserve assets. • The simulations balance expected return, volatility, and sanctions risk. • In the presence of sanctions, there is no completely safe asset. • The model shows that cryptocurrency can act as a form of insurance. • Sanctions risk may propel broader diversification in central bank reserves.
Introduction. Under the modern conditions of the Ukrainian society democratization and the reform of financial decentralization, the problems associated with increasing the effectiveness of the interaction of civil society and public authorities, primarily in the context of the modernization of public finance management in Ukraine, have been significantly updated. Therefore, the development of the methodological foundations of research in the field of public finance with the help of the latest approaches is highly demanded in the current domestic realities. One of such approaches is the application of the main principles and effects of the theory of behavioural finance in justification and interpretation of financial processes and phenomena occurring in the public sector of the national economy, since behaviour of all subjects of the public finance sphere is in the coordinates of political science, psychology, ethics, political science, etc., which is most clearly manifested primarily in the budget process. However, in Ukraine, the specified direction of scientific research needs active development, which determines the relevance of the scientific research topic. The purpose of the article is to substantiate the methodological foundations of research in the field of public finance in Ukraine through the prism of the concept of behavioural finance. Results. The article considers the main aspects of the functioning public finance in Ukraine from the standpoint of behavioural approach. Based on the study of existing points of view, theoretical approach to interpretation of the essence of public finance was formed, the main problems of interaction between citizens and public authorities in the context of public finance management were identified, and directions for their solution were proposed, taking into account the developments of the behavioural finance theory. Conclusions. The identification of key features and the most important problems of public finance functioning in Ukraine, as well as the analysis of the impact of the main effects of behavioural finance (in particular, the “framing effect”, “social influence effect”, “pushing effect”, “conservatism effect”, “trap effect”) made it possible substantiation of vectors for improving public finance management in the context of strengthening interaction between civil society and public authorities in Ukraine.
B a c k g r o u n d . Strengthening the financial basis of local self-government takes on archival importance, considering the economic circumstances of the wartime and post-war reconstruction of the territories of Ukraine. In this regard there is a need to improve the local finance management system and develop its institutional support in conditions of financial decentralization. Theoretical and practical aspects of management in the field of local finances, inter-budgetary relations, financial relations of local self-government bodies in the context of decentralization are considered in the works of domestic scientists: V. Bodrov, V. Vakulenko, I. Volokhova, N. Honcharuk, V. Gornyk, A. Degtyar. The strengthening of the financial basis of local selfgovernment in the process of the post-war recovery of the economy of Ukraine is studied in the works of Z. Varnalij, I. Vertsiuk, Ya. Zhalilo, M. Kosheliuk, I. Ozymok, O. Sokolova, U. Thomann and others. Implementation of financial decentralization, management of local finances is considered by such foreign scientists as: J. Buchanan, A. Wagner, R. Musgrave, W. Oates, P. Samuelson, J. Stiglitz, H. Zimmerman, F. Fukuyama, J. Schumpeter and others. It remains expedient to search for institutional mechanisms for further reforming the financial relations of local self-government bodies, models for managing inter-budgetary relations, sources of financing local budget expenditures, and expanding public control mechanisms in the process of managing local finances under conditions of decentralization. The purpose of the article is the scientific and theoretical justification of the institutional transformations of the local finance system of Ukraine and the development of practical recommendations regarding the mechanisms of its development in the context of the decentralization of state administration. The tasks of the article are to consider the existing problems and outline the prospects for ensuring the processes of financial decentralization, to propose mechanisms for the necessary institutional transformations in the system of local finance of Ukraine and tools for their implementation. M e t h o d s . The article was carried out with the help of modern theoretical and cognitive methods, the dialectics of the processes of public administration and local self-government in the conditions of financial decentralization and reforming of local finances. Methods of system analysis, synthesis and comparisons, historical, logical, deductive methods and modeling were also used. The research used the theory of public choice, public goods and the structural-functional approach to improve the management of budget funds in conditions of decentralization. R e s u l t s . It is claimed that the pre-war experience of active implementation of the decentralization reform in Ukraine gave positive results, from which it is necessary to move on, and further develop and improve this vector. It was determined that institutional transformations should take place within the framework of financial support system structural elements of local self-government – budgets of different levels. The mechanisms of the necessary institutional transformations in the local finances system in Ukraine and the tools for their implementation are proposed. In particular, such a method of improving the local finances system as budget cooperation is proposed. The Law of Ukraine norms "On Cooperation of Territorial Communities" have been analyzed and proposals have been made to expand the regulatory influence of the specified law regarding budget cooperation procedures. Attention was focused on the importance of training modern personnel of local self-government bodies that implement policies in the sphere of budget, finance and prices. The importance of the development of the institution of civil society is also emphasized. Emphasis is placed on the expansion of models and forms of self-organization bodies cooperation of the population in the processes of control and supervision of the local self-government bodies activities in the local finances field in Ukraine. C o n c l u s i o n s . Therefore, the goal of institutional transformations of the local finance system of Ukraine in the context of decentralization is to significantly expand the capabilities of local self-government bodies to independently manage all socio-economic processes at the level of territorial communities and to establish connections between regions, the symbiosis of which can bring the desired effect for the economy of the entire country. Such changes should be synchronized with the changes envisaged by the plan for Ukraine to acquire the status of an EU member state. Our proposals are designed to improve the quality of local self-government and encourage further scientific research in the field of local finance management in Ukraine.