The influence of globalization and the strengthening of Ukraine's aspirations to successfully integrate into the European Union and become a full member of the international community necessitate the reform of the health care system and the payment of considerable attention to primary health care. In this context, the issue of effective management of primary health care facilities, increasing the capacity of their managers and determining the role of local governments towards them takes on increasing importance. The purpose of the research lies in substantiating the theoretical and applied principles for studying the management of primary health care facilities in Ukraine and assessing the impact of decentralization reforms on them. The general and special methods of economic analysis have been used in the research, in particular as follows: scientific abstraction and historical method, analysis, synthesis, analogies, comparisons, systematization, generalization, graphic method. Regarding the results of studying the state and trends in the management of primary health care facilities in Ukraine and the impact of the decentralization reform on them, their direct interaction has been established, which consists in obtaining additional opportunities for the implementation of managerial functions based on accessibility, openness, timeliness and effectiveness. It has been revealed that the volume of financing primary health care in Ukraine in the amount of 13 283 800,00 thousand UAH in 2018, 15 314 892,9 thousand UAH in 2019 and 20 667 909,1 thousand UAH in 2020 is in deficit and constitutes an average 4,1 % of the country's GDP (in the Netherlands – 9,9 %; Denmark – 9,6 %; France – 9,0 %; Austria – 8,7 %; Germany – 8,6 %; the USA – 8,1 %; Sweden – 7,9 %; Great Britain – 7,8 %; Italy – 7,2 %; Poland – 4,7 %). It has been proven that the mechanism for managing primary health care facilities requires revision and improvement, which is proposed to be carried out taking into account the level of development of a particular region in which these institutions operate within the capabilities of local governments and their financial solvency.
This article is devoted to the study of the economic nature of cryptoassets, the development of their original classification, and the determination of the main directions of regulation of their turnover. These topics are the objects of modern discourse of international organizations such as the International Monetary Fund (IMF), the World Bank (MB), the Group of 7 (G7), the Group of 20 (G20), the World Trade Organization (WTO), the Organisation for Economic Co-operation and Development (OECD), the Bank for International Settlements (BIS), and the Financial Stability Board (FSB). The study reviews the modern discourse of international organizations regarding cryptoassets, presents an interpretation of cryptoassets as a new class of financial assets, justifies the classification of cryptoassets, and identifies the main types and economic characteristics of digital assets. The study was conducted using a system-functional and system-structural method. As a result of this study, it is concluded that the activities of international organizations are focused on developing recommendations and principles for regulating transactions with cryptocurrencies and global stablecoins, prudential supervision of their issuers, unifying approaches to taxation, and countering illegal transactions using cryptoassets. The study concluded that crypto-assets are private digital assets that are recorded digitally in a distributed ledger and can be used as a means of exchange and/or investment tool and/or means of access to goods and services of issuer. According to the authorʼs classification crypto-assets are divided into two main types: virtual currencies and digital tokens. Virtual currencies are a means of exchange or payment as well as a means of saving. The two main subtypes of virtual currencies are cryptocurrencies and stablecoins. Digital tokens are issued for specific investment functions or consumer purposes. Tokens can be divided into investment tokens and utility tokens. The study also finds that there is no international regulation of cryptoassets turnover. National regulation is significantly differentiated between countries due to the lack of common interpretation and classification of cryptoassets and different assessments of economic risks of their turnover for national financial systems. In most developed countries: the USA, EU countries, UK, Switzerland, etc. – a flexible approach to regulating various types of cryptoassets and their issuers prevails. In emerging market countries such as China, Turkey, and Russia, regulation is more stringent and characterized by the widespread use of prohibitive measures. The main problem of the legal regulation of cryptoassets in Russia is its fragmentation and the predominance of a prohibitive bias. Modern regime of regulation of cryptoassets in Russia is weakly related to their economic nature and is not equivalent to the risks of turnover of cryptoassets.
The article explores the organizational and methodological aspects of the assessment of financing of secondary education institutions in conditions of decentralization. The purpose of the article is to provide a scientific substantiation of directions for improving the methodology for assessing the level and effectiveness of funding of secondary education institutions in conditions of decentralization. It has been established that one of the main problematic aspects of such an assessment is that standard approaches of financial analysis cannot be applied in this case. After all, the result of secondary education does not have an obvious financial dimension. An important prerequisite for the stability and development of general secondary education is the improvement of the financing system. Optimizing the financing system of Ukrainian schools directly depends on the formation of a scientifically based methodology for assessing the level and effectiveness of financing of general secondary education institutions. Therefore, the article proposes to apply the approaches used to evaluate social projects to evaluate the financing of secondary education institutions. Such approaches are innovative and are used in the practice of evaluating the effectiveness of social projects in economically developed countries. This foreign experience needs to be studied and used, taking into account the specifics of the use of funds in secondary education institutions. Accordingly, the article proposes the following: to develop programs of development of secondary education institutions, which will become the basis for conducting an objective assessment of the effectiveness of their financing; combine the method of assessing the level of funding (by comparing the funding of different periods and different schools) with the method of assessing the quality of education; to develop an integrated universal methodology for evaluating the financing of secondary education institutions, which can be adapted to the different conditions of different schools.
Introduction. In the last decade, the cryptocurrency market has shown significant development. The active growth of this market has created significant investment opportunities for entrepreneurs. In order to form highly profitable investments, one should pay attention to the price behavior of cryptocurrency coins and their niche in the cryptocurrency market. Scientific research analysis. Despite the impact of investments in cryptocurrencies on the economic development of many countries, scientific research in the field of cryptocurrencies is still inconsistent. Investment activities on the primary and secondary cryptocurrency markets were analyzed in the scientific publications by M. Duchenko, T. Pavlenko, Z. Dvulit, H. Peredal, M. Rebryk, I. Gonak and other scientists. However, scientific research on cryptocurrency investing is at an initial stage since a significant number of aspects of their implementation have not yet been worked out and require systematic development due to the rapid transformation of both the cryptocurrency market and the legislative provision of their functioning in the conditions of dynamic geo-economic changes. The purpose and tasks of the research. The purpose of studying cryptocurrencies as an investment field is to find out the advantages of investing in cryptocurrencies in comparison with other investment objects, as well as to evaluate the effectiveness of such investment through the use of mathematical modeling methods. Research methodology and methods. The following special research methods were used: direct observation; applied information processing methods for the development of tables of linear dependence; to determine the closeness of the relationship between the dynamics of the value of the main cryptocoins, the method of conducting analytical work on the calculation of the correlation coefficient was used. Research results. Cryptocurrencies have taken an important place in the development of investment activities. As an investment object in the primary cryptocurrency market, it is advisable to mine the Ethereum cryptocurrency, and in the secondary market, it is advisable to buy Ethereum and Bitcoin for investments, which occupy two thirds of the cryptocurrency market and between which there is a significant correlation. Investing in cryptocurrencies is advisable due to the significant potential of mining, the growth of the value and limits of the cryptocurrencies use. Investing in cryptocurrency coins is advisable both in the short term and in the long term. There is an average (not high) correlation between the primary and secondary markets of cryptocurrency, so an investor is recommended to focus on one of the forms of investment in order to obtain a high profit, and to reduce risks, you can diversify your business by investing in the primary and secondary markets. Scientific novelty of the research results. The possibilities of cryptocurrency investment in short-term and long-term periods were considered, and a slight correlation between the primary and secondary markets of cryptocurrencies was revealed. Cryptocurrency is a relatively new object of savings and investment, therefore, with dynamic changes in the legal regulation of the cryptocurrency market, the transformed conditions for the attractiveness of cryptocoins will be formed, and this will require reflection in further scientific publications. Practical significance of the obtained research results. According to the authors, investing in cryptocurrencies is appropriate both in the primary and secondary markets of cryptocurrencies (although the correlation between them is not high) in both the short-term and long-term perspectives. The obtained research results will be useful for use in the practical activities of conducting cryptocurrency business. The article contains: formulas: 6, fig. 2, table 5, bibl. 24).
The article analyzes the correspondence of bitcoin, most common cryptocurrency, to the concept of "money". The analysis was carried out from the point of view of the possibility of explaining the origin of bitcoin from the standpoint of competing approaches (evolutionary, charter and debt theory) and the performance of bitcoin functions of money. It is concluded that despite the partial fulfillment of monetary functions, bitcoin is not a universal medium of exchange, i.e. money. Potentially it could reach such a state in the case if the state abandoned the monopoly on money and allowed free competition of all instruments of exchange, and bitcoin would win the competition from other possible applicants for the role of money.
The article explores the issues of school education financing in the context of decentralization in Ukraine. School education in Ukraine is funded from different sources. About a third of the total education budget consists of the education subvention for teachers' salaries, which is an inter-budget transfer from the state budget to local budgets. For the purpose of our research, we selected a network of schools in the Zaporizhia region of Ukraine and its financing for the period of 2014-2021. This region is typical, plain, and without significant geographical features (unlike, for example, areas with mountainous or inaccessible areas). To identify the framework of financing school education in Ukraine within the decentralization process, we utilized methods of empirical analysis of statistical indicators, as well simulation to assess the relationship between a number of indicators such as the number of students in the school, class size and the average costs of education per student using educational subvention. The purpose is to determine opportunities to increase the efficiency of budget expenditures on education. Our analysis of the use of educational subvention funds by the different types of local budgets shows that the schools financed from city budgets use these funds with the most efficiency. The schools funded from regional budgets and district budgets use the funds with the least efficiency. Our research is very valuable for improving theoretical and empirical aspects of the calculation of the projected amount of the educational subvention, as well as for the optimization of the school network.
Current decentralization and reform of the administrative and territorial structure of Ukraine, the issue of overcoming inequalities and disparities of territorial development in Ukraine by building an effective system of financial management for united territorial communities (UTCs) as basis for territories’ and country&s;s sustainable development becomes especially relevant. In the analysis, general scientific methods (analysis and synthesis, induction and deduction) and special methods of phenomena and processes analysis (abstraction, econometric and econometric-mathematical modeling) have been used. The study analyzes the effectiveness of intergovernmental fiscal relations system and income distribution within the united territorial communities in the context of inequalities and imbalances as a threat to the territories’ and country&s;s sustainable development. It has been proved that the current system of fiscal equalization of receipts and expenditure has some disadvantages related to basic and reverse subsidies. It has been proposed to determine the maximum allowable limits of reverse subsidy in relation to income growth rates per one UTC&s;s resident applying the logistical curve. Marginal value of the subsidy has been identified. 124 Current system of united territorial communities’ expenditures, which includes financing of education, culture, health care, social protection, housing and communal services, and infrastructure development has been analyzed in the study. It has been shown that in the current legal framework regarding united territorial communities, there are no effective guarantees of optimal, balanced budget allocation between UTCs settlements—members. To overcome current disparities in expenditure distribution of a UTC budget, it has been proposed to use economic and mathematical model based on the first-order differential equation, which allows to consider both the dynamics of UTC per capita income and changes in its population.
The article highlights analogues of traditional financial instruments - decentralized financial services (DeFi), their protocols and essence, it also explores the spheres and types of activities, crypto-financial operations, defines the concept of decentralized finance and reveals the essence of blocked capital and market making. Concepts and prospects for the development of decentralized stablecoins and stable assets, their interaction, disintermediation function and decentralization are considered. Current risks associated with the use and adoption of DeFi areanalyzed, including market manipulation, wrong incentives, excessive short-termism, systemic risks, fraud and money laundering issues. Implementation of a risk-oriented approach in the context of combating money laundering and terrorist financing (AML/CFT) by national state supervisory and law enforcement agencies and enterprises involved in activities on the virtual assets market, is a mechanism for preventing threats and developing a legislative framework for regulation crypto market and interaction on these issues at the international level.
Purpose. The aim of the article to work out the theoretical and practical aspects of the functioning and development prospects of the cryptocurrency market in Ukraine in the context of international monetary and credit relations.. Methodology of research. The theoretical and methodological basis of the research is the fundamental provisions of modern economic theory, scientific works of scientists. General scientific and special methods were used in the research process, in particular: dialectical, monographic and systemic analysis – to substantiate the essence of the cryptocurrency market; analysis and synthesis – for studying the object and subject of research; comparative analysis – to compare economic indicators in time and space; graphic – with a visual representation of the dynamics and structural changes of the cryptocurrency market; constructive and experimental – to form a decision with the help of analytical support; abstract and logical – during the formation of theoretical generalizations, assumptions, conclusions. Findings. The peculiarities of the development of the cryptocurrency market in Ukraine as a component of the financial market are considered. Ukraine's place in the Global Cryptocurrency Adoption Index has been studied and analysed. Originality. It has been proven that there is correlation dependence between the prices of Bitcoin and Ether cryptocurrency coins on the Ukrainian cryptocurrency market, and there is no multicollinearity between Ether and Litecoin coins. It was found that the correlation between cryptocurrency mining and their price is average. Prospective directions for the development of the cryptocurrency market in Ukraine are offered. Practical value. The main results of the conducted research will create favourable conditions for a better understanding of cryptocurrency as a new type of money, which will make it possible to use it more widely in the economic activities of economic entities and countries. Key words: financial market, cryptocurrency market, cryptocurrency, crypto coin, cryptocurrency coin, Bitcoin address, Bitcoin, Ether, Litecoin.
Relevance of the study is due to the need to implement tools of strategic municipal management in local self-government authorities in order to successfully complete the reform of decentralization. Foreign experience testifies that one such tool is the Balanced Scorecard (BSC) of Kaplan and Norton, which was evolved from a performance management tool for business to a dominant system of strategic management in the public setor. This tool allows use of non-financial indicators, take into account social aspects and environment as well as manage risks under uncertainty. The article argues that the BSC implementation in local self-government authorities will ensure the solution of the following tasks: 1) aligning the strategic and tactical goals with measures for their implementation; 2) increasing the institutional capacity of authorities (through development and motivation of personnel, formation of innovative organizational culture, introduction of performance management system, improvement of internal processes, development of information systems); 3) increasing the transparency and stakeholders confidence, in particular foreign investors, to attract financing in the post-war period. It was found that the structure of the BSC model and the algorithm of its implementation depend on the field of activity, size, tasks and features of the organization. An algorithm for developing the BSC model of the city council executive committee (its structural unit for the pilot project implementation) is proposed and the main strategies for the four components of this model (stakeholders, finance, internal processes, training and development) are identified. Based on the experience of Canada, Denmark, the Czech Republic and other countries, the main advantages, conditions of success and challenges of implementing the BSC concept in local self-government authorities are identified, taking into account political, organizational, financial and other aspects. It is proposed to define the ways to solve considered challenges using the design thinking methodology.
2021 marked the official start of a post-Brexit era for the European Union (EU) since the United Kingdom (UK) had only fully withdrawn when the transition period lapsed on 31 December 2020. The transition period prevented the EU and the UK from falling off a cliff before a mutual Trade and Cooperation Agreement (TCA) was to be ratified and implemented into UK law by Parliament before 1 January 2021. This cumbersome process marked the pinnacle of a three-decades long period of European integration which saw the political architecture of the EU gradually shift from a system characterized by integration to one that is more succinctly marked by differentiation. Using Brexit and the Covid-19 pandemic as cases in point, we argue that differentiation has become the system property of the EU's institutional polyarchic architecture. While differentiation has sometimes been conceived as being mostly temporary in nature, we may think of a differentiation of the EU's political order as a permanent and systemic property. Differentiation is both an empirical and a theoretical phenomenon. Empirically, it has been on the rise ever since the ratification of the Maastricht Treaty in 1992. As Euroscepticism progressively became more mainstream, disintegrative tendencies feature more prominently in Europe's political order (Bátora and Fossum, 2020; Gänzle et al., 2020). Membership withdrawals or centrifugal moves away from the EU, such as Brexit or Switzerland calling off negotiations on a partnership agreement in 2021, have therefore been coined conceptually as differentiated disintegration (Schimmelfennig, 2018). Similarly, reverse processes of ‘de-differentiation’, such as the Danish people's decision in May 2022 to revert the former opt-out in EU defence (Politico, 2022), have occurred, too. Prior to the landmark process of Brexit, European integration generally followed the ‘ever closer union’ model – as famously stated in the preamble to the Treaty of Rome of 1957. Even so, European integration was never truly uniform but shaped by mechanisms of differentiated integration (Leuffen et al., 2022). In addition to policy-centred vertical differentiation (that is, the variation in the level of centralization across policies), such as most prominently in Economic and Monetary Union (EMU), the EU has encountered various forms of horizontal differentiation. This includes an internal dimension with EU countries opting out from certain policies both de jure and de facto (Hofelich, 2022), as exemplified by Denmark and Sweden's non-adoption of the common currency as well as an external dimension with non-EU countries, such as Norway and Switzerland, opting into selected policies (Leuffen et al., 2022). Today, the EU can therefore be considered as an institutionally polyarchic architecture of concentric circles with a core of club members surrounded by countries that have managed to negotiate opt-outs from specific policy areas; countries willing to join; and various neighbourhood agreements involving both European and non-European countries (for example, Gstöhl and Lannon, 2018). Studies of European differentiation have underlined that it is paramount to conceive of differentiation as a comprehensive phenomenon that is not tied to specific directions of either integration or disintegration (Gänzle et al., 2020; Leruth et al., 2022; Olsen, 2007). Yet, while differentiation was initially considered as a temporary phenomenon (through the concept of ‘multi-speed Europe’), we nowadays witness the emergence of permanent forms of differentiated political order(s) within the EU, for instance through the form of opt-outs from the Eurozone. This study suggests that forms of macro-level differentiated political order in the EU may lead to transformations at the meso-level, which in turn may affect the institutional robustness of the EU. Ultimately, differentiation may serve as a vehicle for the long-term sustainability and institutional robustness of the EU. This argument is supported by studies showing that the survival of international organizations (IOs) is associated with the size of their executive capacity (Debre and Dijkstra, 2020). This also suggests how institutional features of IOs may assume a paramount role of robust global governance. It is also necessary to emphasize the attractiveness of studying the robustness of a differentiated European political system in turbulent times (Ansell et al., 2017). Clearly, the robustness of institutions may be taken for granted during periods of stability (Olsen, 2007). During periods of turbulence or crisis, however, established institutions may become subject to contestation, requests for reform, and objects of scholarly studies. Rather than leading to fragmentation and dissolution of institutions, we maintain that manifestations of differentiation foster resilience of the political order of the EU. After a concise conceptualization of differentiation, we examine how the EU has dealt with both internal and external differentiation at the meso-level using Brexit and Covid-19 as cases in point. Second, in our view, differentiation is and will continue to be prominent in the years to come, hence we sketch out an institutionalist research agenda which suggests how macro-level differentiation – for example, with respect to polity-level differentiation – may lead to meso-level institutional responses. Finally, we close by discussing implications for the post-Brexit and post-pandemic future of differentiation. As a strategy of integration, the roots of differentiation can be traced back to a report produced under the direction of Leo Tindemans (1975), which laid the conceptual foundations of a ‘multi-speed Europe’ (Stubb, 1996). Yet, scholarly debates on differentiated integration only started in the early 1990s – against the backdrop of the legally enshrined British and Danish opt-outs in terms of currency union and defence for example. With subsequent discussions on further constitutionalizing forms of differentiated integration, the enhanced cooperation mechanism was introduced in the Treaty of Amsterdam. Considering these developments, Stubb (1996, p. 283) defined differentiated integration as ‘the general mode of integration strategies which try to reconcile heterogeneity within the European Union’ in terms of time, space, and matter. From a theoretical perspective, other scholars also focused on the scope and limits of differentiated integration in the EU (for example, de Neve, 2007; Holzinger and Schimmelfennig, 2012; Leruth and Lord, 2015; Schimmelfennig et al., 2015; Sitter and Andersen, 2006). The financial and economic turmoil of 2007–2008, subsequently followed by socio-economic and political unrests of many kinds, brought the EU into a new multi-faceted poly-crisis (Riddervold et al., 2021). The future of European integration became increasingly questioned, as domestic Eurosceptic actors pushed for reducing the scope of core EU powers, opt-outs or even withdrawing from the Union as a whole. Brexit eventually opened a new chapter in the study of differentiation (Leruth et al., 2019). Some of the recent literature on crisis, disintegration and differentiation in Europe also combines explanations based on collective actors' cost–benefit calculations – such as the promotion of equality of opportunity among EU members (Jones, 2018) and institutionalist explanations focusing on how crises are channeled through and mediated by pre-existing institutional frameworks and resources (for example, Bátora and Fossum, 2020). Brexit thus largely reinvigorated differentiation as a central focus of research in EU studies. In contrast to previous iterations of differentiation – which were exclusively used to qualify forms and grades of integration – the term has now come to be applied in instances of both integration and disintegration. Both growth and reduction of the level, scope and membership of IOs remain unequal and therefore differentiated. Differentiation applies to the institutional, policy and territorial dimensions of such processes. With regards to the institutional dimension, differentiation is relevant for grasping the settlement of both emergent organizations and organized systems. Institutions and organized systems are temporary sets of rules and procedures, demography, locations, beliefs and norms. Different approaches to differentiation are particularly helpful in conceptualizing the settlement of emergent political orders such as the EU that involve multiple tiers of authoritative decision-making. The EU has been depicted in a two-pronged way both as ‘a conceptual battleground and an institutional building site’ (Olsen, 2010, p. 81) with a varied mix of organizational forms, governance patterns and ideas about legitimate forms and speeds of integration. Institutional differentiation was eventually understood as ‘new institutional spheres [that] have split off from older ones and developed their own identities’ (Olsen, 2010, p. 142). From an institutional theory perspective, differentiation ultimately ensures a form of interdependence that ties institutional spheres together. In such a highly dynamic process of institutionalization, de-institutionalization and re-institutionalization, European integration is constantly being reconfigured. Varieties of organizational structures and institutional norms in the EU contribute to institutional change within EU member states. It has been observed that both intergovernmental, supranational as well as non-majoritarian institutions tend to encourage patterns of institutional differentiation. Egeberg and Trondal (2017) demonstrate that EU agencies have become vehicles for integrating regulatory bodies also from non-EU member states. In addition, they document an acceleration in the creation of new decentralized agencies over time not only in terms of numbers but also in terms of powers and quality. The ‘agencification’ of both EU (non)member-states and the EU administrations serve as an institutional infrastructure for differentiated administrative integration (Trondal, 2014) through a differentiated inclusion of administrative bodies from member and non-member states in EU governance. Central agencies in Switzerland, EEA/EFTA countries, candidate and neighbouring countries are offered access to EU decentralized agencies' management boards, leading the latter to become privileged fora for external differentiated integration (Lavenex, 2022). During the Covid-19 pandemic, EEA countries coordinated their response strategies with the European Centre for Disease Prevention and Control (ECDC). Since agency officials generally enjoy a considerable degree of independence from their states' central administration, and that their involvement in EU networks is thus relatively insulated from political intervention form their governments, they are highly sensitive to governance processes at different levels of government (Egeberg and Trondal, 2009). The result is a differentiated and semi-autonomous polycentric patchwork of memberships and associations in EU administrative networks. In March 2020, the global Covid-19 pandemic eventually hit Europe; it affected most policy domains of the EU and substantially put solidarity amongst member states to a test. Although the EU has only limited competence on public health, which remains largely under the control of member states (European Court of Auditors, 2021), the EU was criticized for its lack of coordination, for not acting immediately concerning medical equipment for Italy and not reintroducing internal borders (Wolff and Ladi, 2020). The EU's immediate health policy responses mostly rested on the use of pre-existing resources and institutions: the ECDC, the health emergencies system, the Joint Procurement Program (JPP) and the RescEU civil protection mechanism. The initial EU response to the crisis was differentiated partly because the ECDC was dwarfed by the many national agencies it was supposed to coordinate, the lack of an independent budget line, and its sole support by an administrative agency with no independent legal basis (Consumers, Health, Agriculture and Food Executive Agency, CHAFEA). As a result, member states responded quite differently to the crisis, largely reflecting different government systems, governance traditions, policy styles, attention structures and pre-existing crisis routines within each country (Askim and Bergström, 2021; Zahariadis et al., 2021). On the issue of fiscal support to struggling EU member states, an existing political division lingering from the Eurozone crisis between so-called ‘frugal’ Northern countries and the Southern member states reemerged, yet with one crucial difference: Germany appeared to have changed its stance on the matter (Schulz and Henökl, 2020). This resulted in the approval of the unprecedented €750 billion NextGeneration EU recovery plan. With a view to violations of the rule of law in Poland and Hungary, the recovery plan included access clauses tied to the fundamental principles of the EU via the Rule of Law Conditionality Regulation, which acted as preventative mechanisms against further democratic backsliding in both countries, thereby implying that differentiation cannot be applied when it comes to these core values. Legal challenges were unsuccessfully launched by the governments of both countries, yet there were still major concerns over the inaction of European institutions to tackle democratic backsliding in Poland and Hungary. However, the Commission's decision to endorse Poland's recovery and resilience plan in June 2022 was met with strong skepticism, given the government's refusal to loosen control over the judicial system (The Guardian, 2022). Existing patterns of territorial differentiation led to institutional differentiation among national health agencies. Health agencies in Norway and Sweden, for example, activated different strategies first to combat the virus nationally and second in their adoption of advice and services from the ECDC. Contrary to the general observation of tight agency networks among the Nordic countries (Schrama et al., 2020; Stie and Trondal, 2020), the Norwegian and the Swedish health agencies adopted opposite strategies in both regards, for example regarding the implementation of lockdowns and with regards to their referral to the ECDC. Reflecting different domestic institutional designs and past choices, the Norwegian and Swedish governments differed in how they framed and managed the crisis – as a healthcare crisis (in Norway) and a public health crisis (in Sweden; Askim and Bergström, 2021). This observation moreover reflected general patterns of EU differentiation, in which administrative differentiation of the EU contributed to provide institutional architectures for meso-level differentiation (Leruth et al., 2022). One effect was that a non-EU member state (Norway) coordinated Covid-19 responses vis-à-vis the EU more extensively than an EU member state (Sweden). Subsequent internal differentiation occurred once vaccines were deemed safe by peer-reviewed studies: as the EU and the European Medicines Agency were criticized for initially slow-paced decisions to approve vaccines and organizing an effective rollout program, some countries such as Hungary and Slovakia relied on non-European Medicines Agency-approved vaccines such as the Russian Sputnik V (Politico, 2021). Brexit is a second illustrative case providing on how administrative networks in the EU resources for meso-level institutional differentiation. polity-level transformations as with the produced by Brexit, actors their in EU administrative while at the time some variation to institutional and 2021). 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In the UK on the with the EU, which further lead to between both and have at the both from the empirical and the of differentiation as a system property of the EU, we that there is a research agenda on differentiation that may be is a general of literature on institutional capacity which to how institutions and systems to and and which may studies of differentiation in the EU et al., 2020; 2021). Studies also provide on how different institutional institutions to to change (for example, and Although institutional are a conceived of as to organizational change and et al., et al., p. institutional theory may be used as a theory of differentiated governance responses. an institutional EU to the of European not with how but how be 2010, p. certain such as institutional resilience and robustness of the EU, be of The role of organizations and organizational however, is in the that institutional has largely the study of long-term and (for example, we as a to differentiation that for March and Olsen, March and famously that long-term of tend to be characterized by to in which tend to be applied to new to a in with an and as in they have not Yet, and of the EU and its institutional system, as with most institutions and is by many the of existing organizational institutional and and limited capacity to and a of previous that at time (for example, sometimes are sometimes characterized by the of that have taken and Olsen, p. or that processes involve and based on of and Olsen, The long-term of differentiated political such as the EU, has been observed to into (Bátora and Fossum, 2020). It thus be that the of a differentiated EU political order is not as a result of processes but subject to the of an institutional not that a political order in an and of the EU, each of which is may be by and may to form a of that therefore on intervention and change through the of organizational an institutional how decision processes and to a of organizational routines that may be and for are past in rules and in the organizational of a government (Olsen, 2017). are thus to and differentiation, some organizational more than – for example, – the organizational structures of the EU, the attention or the architecture of EU is also This that polity-level (that is, the macro-level of the are to the of to actors at the level of institutions (that is, the meso-level of EU institutions and organizational is on the that organizational may how institutions such as the EU and It that organizational are not an of and but in and processes by and and attention certain and certain more than and 2009). are given for it has been that the and effect of on and on studies of the European (for example, and Egeberg and Trondal, Trondal, 2006). Second, to other that in the policy is more subject to change and may thus be an (Egeberg and Trondal, and 2009). organizational therefore from the of EU thus conceive of as a which that of differentiation may be institutionally This implications that may be for in the EU. It may for example be that the institutional of a the of institutional at for institutional of the EU as a differentiated and we argue that the polity-level robustness of the EU is associated with of meso-level institutional differentiation, for instance among EU agencies and administrative networks In other the growth of EU agencies over time has the EU's internal robustness and opportunity to both member and countries in terms of administrative governance. has that the EU has in the of past such as and Brexit, by through established institutions, and Differentiation may as a for the Union to through While the of differentiation has been used and across these cases demonstrate p. quite most and even is not in with The years may the to which differentiation eventually to further the EU in the of future crises continue to a process a differentiated or are we to witness that may the process an The in initially discussions over the creation of new such as political which of a the of political a new dimension to debates over the of differentiation in the time, the Russian in since has a process of in as the Danish in of the defence opt-out in a on 1 June studies on differentiation examine mechanisms that may the emergence of and of differentiation. In we on studies to how differentiated EU for and crisis management et have established that crisis governance in the and within certain policy domains may long-term institutional long-term implications of crisis governance calling for further scholarly across policy and time as well as challenges to the EU's democratic crisis management tend to have that is as observed in the Covid-19 crisis that within one policy – such as public health – may in other policy or across systems 2021). the EU's crisis responses may have long-term and democratic implications and in when the EU to crisis through differentiated institutional and policy the EU's democratic may in the long since crisis responses tend to executive institutions and contribute to the of government decision This central institutions and institutions in processes are from crisis responses and at EU level may therefore a systemic executive and with long-term challenges not met with the support of and et al., 2021).
Today, in the world and in Ukraine, in particular, along with fiat money, there are cryptocurrencies in circulation. One type of cryptocurrency is non-fungible tokens (NFT). NFT is a type of digital asset created on the blockchain basis, which allows you to obtain ownership of a product that exists exclusively on the network (images, videos, animations). NFT opens up new opportunities for intellectual property objects. The purpose of the article is to research the theoretical foundations of cryptocurrency accounting, in particular one of its types, non non-fungible token (NFT). NFT framework is the ERC-721 (Ethereum Request for Comments 721) standard for issuing and trading non-fungible assets. The creation of legislative norms to regulate relations related to cryptocurrencies has just begun in Ukraine. The Law "On Virtual Assets" was adopted in Ukraine, but it has not entered into force. Accounting issues remain unsettled due to the lack of a regulatory framework.
І. М. Грищенко, Yurii Bondar, Svitlana Serohina, Ірина Бодрова · 5 authors
Decentralization is a common component of public finance development and reform strategies through efficiency, better governance and accountability. It has become particularly important for the local governments to recognize and test policies and practices that promote building the capacity of local communities by revealing their latent potential. The aim of the article was to identify and describe the current state of the decentralization process in Ukraine and in the EU, the problems and achievements of local communities. Observation and comparison were the leading methodological tools. The research found that the effective development of territorial communities of Ukraine requires further implementation of the relevant regional strategic planning of the European Union. The appropriateness and prospects of the LEADER/CLLD approach in the form of cooperation and partnership between urban and rural areas were established. Fiscal decentralization as a basic factor on the way to improving the level of regional development was determined through a comparative analysis of the factors of positive dynamics of development of territorial communities in the EU and Ukraine. A comparative analysis of the practice of Ukraine and EU countries in the implementation of LEADER/CLLD projects in the context of building the capacity of local communities by revealing their latent potential is a promising vector of further research.
The cryptocurrency market is rapidly gaining momentum and is becoming an alternative financial platform to the traditional financial trading market. Currently, cryptocurrency is of particular interest to criminals to make illegal profits, such as money laundering, terrorist financing, financing the proliferation of weapons of mass destruction, corruption. The main purpose of the study is to identify information signs that indicate the implementation of illegal financial transactions using cryptocurrencies. Empirical (observation, description) and theoretical (grouping, synthesis, abstraction) research methods were used for this research. According to the results of the study, it is established that the signs of illegal transactions with cryptocurrency are: non-transparent cryptocurrency contracts; encrypted cryptocurrency transactions; impersonal transactions; fragmented systematic transactions into marginal, limited amounts to avoid identification; transactions that do not comply with the approved transaction protocols; currency exchange transactions by unidentified traders; confusing cryptocurrency to other forms of electronic funds in order to withdraw such funds in cash. The authors of the article identify the main agents in the cryptocurrency economy (centralized and decentralized cryptocurrency exchanges, token issuers, distribution services, gaming services, cryptocurrency wallets). The paper describes software products for the identification of illegal cryptocurrency transactions. The results of the study are of practical value to national regulators in strengthening financial stability and combating illegal financial transactions. management of financial institutions to improve the system of counteraction to illegal financial transactions using payment cards, namely the creation of separate bodies for analysis and regulation of fraud in the banking sector, strengthening responsibility for fraud at the legislative level, establishing a single authentication standard for customers, development of open banking.
Lidia A. Terekhova, С.В. Терехов, Georgii T. Chanturiia, Natalia N. Lyublinskaya · 5 authors
The first cryptocurrency appeared in 2009 and since then, both the number of active cryptocurrencies and the number of owners of crypto accounts have been steadily increasing. Despite the lack of a unified position on the issue of its legalization and the legality of its use for settlements and transactions on a par with “real” money, more and more users, both among individuals and legal entities, are inclined to the prospects of cryptocurrency investments, as evidenced by the investment policy of a number of large Wall Street companies in 2020–2021. Thus, the relevance of the chosen topic is due to the need to analyze the dynamics of the young cryptocurrency market, which is developing according to its own laws, which differ from the mechanisms of functioning of traditional markets. The development of the cryptocurrency market is influenced by factors such as the number of investors and the degree of development of blockchain technologies. The purpose of the study is to identify the factors that control the dynamics of the cryptocurrency exchange rate and assess their impact on the current state of the cryptocurrency market. To achieve this goal, such scientific and practical research tasks were formulated as identifying factors affecting the popularity of cryptocurrencies in the world; describing the advantages and disadvantages of using cryptocurrencies; conducting a retrospective analysis of the world experience in regulating the cryptocurrency market and analyzing the dynamics of the value of cryptocurrencies, using Bitcoin as the first and most popular cryptocurrency in the world. Particular attention was paid to the problem of identifying the factor that influenced the downward dynamics of the value of cryptocurrencies since mid-September 2021. When writing the article, such methods as analysis of statistical information, analysis of the dynamics of individual elements of the market, a forecast based on consumer judgments, the study of global strategy directions, and others were used. The result of the study was the disclosure of the influence of a new factor on the cryptocurrency market – energy.
Gennady Shvachych, Borys Moroz, І. А Pobochii, О. P Timchenko · 6 authors
Purpose. To analyze the basic principles of blockchain technology implementation, highlighting the algorithms for reaching consensus in the blockchain network to ensure its reliability; to identify key problems in the implementation of such technology and suggest ways to overcome them; to perform a systematic analysis of the blockchain technology contradictions and suggest ways to eliminate them. Methodology. The research used the basics of economic analysis of economic entities to compare their managements centralized and decentralized models. This approach showed that another wave of transformation of business and social models has unfolded in recent years, caused by the next-generation digital technologies involving the economys transition to the digital area. Revealing the blockchain technology mechanisms is based on modern databases and peer-to-peer computer networks, covering in detail the main means of contradictions, application, and implementation of blockchain technology. Findings. The main results of these studies are obtained in the digital economy. The paper shows that digital technologies open up a wide range of opportunities for different sectors of the economy. The research highlights the features and principles of distributed registry technology (Blockchain) applications. It is shown that as a decentralized data registry, blockchain technology is the most discussed and relevant topic in the digital economy. Originality. The paper further developed the main component of the digital economy, which is progressing most intensively, the distributed ledger technology (Blockchain). The paper analyzed its strengths, such as cost reduction, increased security, and transparency of transactions that attracted the attention of various sectors of the economy. The authors approach for eliminating the revealed mechanisms of contradictions, application, and implementation of blockchain technology is presented. The definition of the digital economy, digital technologies in the economy, and end-to-end digital technologies have been improved to clarify the understanding of the economic management decentralization problems. That showed that the digital economy has several subtleties associated with insufficient research and comprehension of technical implementation and flexibility. Practical value. The research results will be useful for expanding ideas about the blockchain technology implementation in different sectors of the economy, accompanied by lower costs, increased security and transparency of economic entities, and improving their economic efficiency and development in digital technologies application. The blockchain technologies implantation at the enterprises of the mining and metallurgical industry allows making the production and sales of products more efficient and transparent, and at the same time significantly reduces the human factor.
The subject of the study is theoretical aspects and practical proposals regarding the strategic directions of development of enterprises and institutions of social infrastructure in the countryside under conditions of decentralization. The purpose of the article is to substantiate the theoretical principles and practical recommendations regarding the directions of development and increasing the efficiency of the functioning of enterprises of the social infrastructure of rural territorial communities in conditions of decentralization. The methodological basis of the article is the methods and approaches of economic, institutional and theory of sustainable development. In particular, historical, monographic, economic comparisons, statistical-economic, systemic-structural analysis and synthesis were used. Results of the article. As a result of the research, it was found that the main problems of the enterprises of the socio-cultural sphere, respectively, and the strategic directions of development relate to the optimization of their placement and ensuring operation and proper maintenance; expansion of the range of services and their optimization and new forms of provision; development of new sources of financing, motivation of personnel and intensification of community cooperation in socio-cultural activities. The directions of the development of educational institutions relate to improving the quality of educational services, improving the content and organization of training, financing, including and on the principles of implementing the "New Ukrainian School" concept; ensuring budgeting and filling of preschool education institutions with children; increasing the prestige and preserving the network of professional (vocational and technical) education institutions on the basis of duality of education, improving educational programs in cooperation with employers. The directions of development of medical institutions in the village relate to the spread of family and insurance medicine; improvement of primary medical care forms; introduction of innovations in all types of services and financial income "according to the patient". Field of application of results. Conclusions and practical recommendations can be used in the activities of social infrastructure enterprises; business and public organizations; territorial communities and their leadership; the educational process of institutions of secondary special and higher education. Conclusions. A comprehensive analysis of the problems of the development of enterprises and organizations and institutions of the main sectors of social infrastructure in the village (socio-cultural, educational, medical) made it possible to come to the conclusion that they were and in many cases remain acute and require an urgent solution; have different manifestations in accordance with sectoral and territorial characteristics; depend on the effectiveness of the management decisions of the management, community specialists, and the active civic position of all their members. Meanwhile, it is decentralization that allows them to be solved most productively, systematically and in a short time. The financial resources and authorities available to communities already provide and can provide in the future the main strategic directions of the development of social infrastructure enterprises: optimization of the number, placement and capacity of institutions and forms of service provision; introduction of innovations directly into the main activity, management and organization, investment and their modernization.
Introduction. The article studies the practice and methods of the municipal owned enterprises management in the EU, including methods of forming their capital. Problem. Ukrainian decentralization reform has increased the scientific interest in the problematic issues of municipal owned enterprises’ financing. Military aggression against Ukraine have raised these issues. The aim of the article is disclosure, systematization and generalization of European experience in the organization, management and financing of municipal in European countries and development of proposals for the use of best practices in Ukraine. Methods. Methods used: historical, generalization; analysis using tabular and graphical; inductive; abstract-logical. Results. The practice of the municipal owned enterprises capital formation is characterized by the two types of relations: full ownership of the municipality or mixed ownership. The number of the municipal owned enterprises in the EU has increased in recent years, but this growth has been uneven. Provision of financial support to such enterprises by local authorities is carried out in the following forms: grants, tax conditions, loans and direct financial support. Conclusions. There is no unified practice for the financing of municipal enterprises in the EU, as there is no significant diversity in terms of countries. There is also no significant trend towards total privatization, in many European countries the number of utilities is growing, which indicates the increasing of the public sector influence on the economic situation in the EU. The solution to the problems of our municipal companies must lie in the adoption of the best European practices. In particular, the provision of grants to finance socially significant enterprises or enterprises in financial difficulties can be considered as one of the best practice.
Introduction. Dynamic changes in the geo-economic and geopolitical spaces associated with the global financial crisis of 2008-2009, the coronavirus pandemic and the Russian-Ukrainian war have led to the accelerated development of fintech, in particular the emergence of cryptocurrencies. Problem. The high probability of widespread use of cryptocurrencies as a means of payment, circulation and investment with particular urgency raises questions about their regulation at the state and international levels. Purpose: an in-depth analysis of the strengths and weaknesses of cryptocurrencies in terms of their regulation within the respective models. The presentation of the material of the article. Cryptocurrencies (bitcoin and others), while not related to fiat money, still have a number of strengths, in particular, such as decentralized character. At the same time, they have many weaknesses, namely, the imperfection of blockchain technology; significant energy consumption of mining; high volatility; the presence of "bad actors" associated with laundering "dirty money"; displacement of national currencies. It is for their neutralization that the regulatory mechanism should be used. Currently, five models of cryptocurrency regulation have been clearly outlined: repressive, which implies a complete ban (Bolivia, etc.); conservative - allows them to buy and sell only to individuals (China); liberal - provides for most operations of their circulation (EU, Ukraine, USA, etc.); legal circulation (Switzerland, Japan, etc.); permitting, under which bitcoin is recognized as a legitimate means of payment (El Salvador). The formation of cryptocurrency regulation models is influenced by the actions of world and national regulators, international payment systems and stock markets.Results and its discussion. Conclusions. Despite significant restrictions, the global volume of cryptocurrency transactions is growing rapidly. Ukraine's cryptocurrency use index, including for the defense of the country, is one of the world leaders.
The article considers the main factors that have a positive effect on the quantity demanded for cryptocurrency, and information is the primary one. The authors separately consider the use of Bitcoin throughout 2020 as the leading cryptocurrency on the market. The position of the direct dependence of the value of other cryptocurrencies on the behavior of Bitcoin is given. The study shows that in the modern world, cryptocurrency is not only an investment tool but also a payment instrument which gathers momentum. This is evidenced by the annual expansion of the use of cryptocurrency in the market for goods, works and services. Despite the increasing demand for cryptocurrencies, the problem of infrastructure formation remains open. In modern times, cryptocurrency exchanges appear to be a key element of the infrastructure of the cryptocurrency market, their functioning cannot be stabilized in individual states, which leads to the formation of a shadow cryptocurrency market. A significant aspect of the functioning of cryptocurrencies is the difference in the key factors affecting the cryptocurrency market and the securities market. For the first market such a factor is information, for the second – financial position of the issuer of the securities. It shows investors the difference between these segments of the financial market. In the future, with the participation of all elements of the cryptocurrency market, it is possible to form a balanced system that will function steadily under the influence of external factors.
Fiscal decentralization has strengthened the capacity of governments to finance and provide public goods and services. Fulfillment of local government functions helps to balance the consumers’ individual preferences according to their needs. In Ukraine, each local authority should be entrusted with the management of the lands of relevant community in compliance with the principle of ubiquity as well as with the right to collect land tax. Local taxes on real estate and transport, typical for countries with capable local self-government, have also been introduced. Global challenges, international obligations, insufficient effectiveness of modern budgetary instruments of anti-crisis regulation make the improvement of property taxation necessary. Given new economic realities and the best world practice, it is necessary to reconsider the use of tools to support and stimulate regional development. The diversity of sources of payment and objects of taxation is one of essential problems in the collection of property tax. Its solution is the differentiated application of benefits, rates, deferrals, installments or to objects of taxation (according to the degree of participation of a property in the production process), or to entities (depending on their investment, social, environmental activity in the context of sustainable development). Such approaches are extremely important given the current trends of urbanization - their application will give the property tax an opportunity to perform the function of stimulating better use of funds and distribution of net income of enterprises and households in favor of budget revenues. Property taxes are progressive for those who have low incomes and can receive discounts when paying them. The spread of this approach during the post-crisis recovery of the national economy should be facilitated by the best practices of local authorities focused on the tax potential of SMBs. The main advantage of property taxes is a high degree of stability of the tax base. Further improvement of real estate taxation in Ukraine should focus on the prospects of its use in order to form stable sources of budget revenues and de-shadowing of property relations through the establishment of property owners. However, the risks of a low level of production incentives, as well as the understatement of the tax base through the transfer of property rights, still needs considering coordinated tax regimes for legal entities and individuals.
The importance of the study of the united territorial communities functioning and the identification of the main problems of organizational support of local budget management are substantiated. It has been studied that the issues related to the development of organizational support of local budget management are insufficiently researched in the domestic scientific literature. The paper clarifies that the decentralization of government should ensure the democratization of society, combine administrative, political, fiscal decentralization and involves the transformation of the interaction between governmental agencies and citizens, NGOs and businesses. The regulatory framework for the reform process is provided. Problems of united territorial communities development are identified. One of the first of them is the problem of proper implementation of the territorial community functions, which is intertwined with the filling of the UTC budget, the formation of financial resources sufficient to adequately finance the urgent social needs of communities based on the principle of subsidiarity, implementation of their economic and technological development. Conditions for the formation of able-bodied territorial communities are provided. The own and delegated powers of the united territorial communities in Ukraine are studied. The factors and subjects of ensuring the financial capacity of territorial communities are singled out and generalized. As a result, the well-established interaction of the subjects of financial relations under the influence of both external and internal factors will help meet the legitimate needs and interests of local communities. The basic legislative bases of the mechanism of voluntary association of territorial communities are generalized. It is determined that the current state of local budgets does not seem to be the best, which hinders the complex tasks assigned to local authorities: scarcity of their own sources of income, almost complete dependence on the state budget, lack of transparency of budgetary relations in providing financial assistance from the center, additional assistance revenues and economic expenditure of budget funds. According to the analysis conducted by the authors, a set of problems of organizational support of local budgets is proposed.
The purpose of the article is to study the process of digitization, in particular the use of Blockchain technology in accounting and auditing in modern business conditions. The methodology consists in the use of the following methods: dialectical, statistical, structural-analytical, method of observation, methods of analysis and synthesis, induction and deduction, modeling, method of generalization. The scientific novelty of the work is to improve the process of digitization of accounting and auditing and the formation of the algorithm Blockchain-technology, which will significantly reduce errors due to the human factor, reduce accounting costs, reduce the likelihood of falsification of records. Conclusions. In the conditions of globalization the high level of digitalization of world economic space acquires importance. Digitalization of business processes ensures stable development and achievement of strategic goals of enterprises and organizations of Ukraine. The use of modern information technology involves significant changes in the principles of management, external and internal communications, the processes of obtaining, processing and storing data on activities, the formation of new types and methods of accounting and auditing. The concept of Blockchain technology has been studied - a decentralized electronic database that can store and verify information, as well as set rules for updating this information in real time. The use of Blockchain technology in accounting and auditing involves the creation of records and recording the time of their creation, so all data will remain forever and unchanged. The basic principles of application of Blockchain technology in accounting and auditing are considered. Public and private Blockchain technologies are characterized. Promising areas of application of the Blockchain technology in accounting are identified. An algorithm for the application of Blockchain technology in accounting is proposed. The advantages and disadvantages of using Blockchain technology in accounting and auditing are highlighted. The main advantages of using Blockchain technology in accounting and auditing are the inability to falsify the transaction, which is already formed in Blockchain technology, access of all system participants to transaction information, reducing the cost of processing and storing information. That is why it is important to use Blockchain technology in accounting and auditing. Key words: accounting, audit; digitalization, business process, information technology, blockchain technologies.
The article deals with the peculiarities of the project management application in public administration of Ukrainian institutions. Changes in the financial management of Ukraine, reforms in the administrative, security, educational, medical, cultural, law enforcement sectors have led to the developments in the system of public administration. Decentralization reform has been a particularly important stimulus. Ukraine has developed and applied a regulatory framework for the development of strategies, programs, projects, with defined methods of calculation and investment support. As in the business environment, the project management in public administration uses the connection of projects, programs with the strategy of the state, communities and industries. The forms and directions of the project approach application have been expanded both at the state and local levels, which contributes to the change of management from the process approach to achieving results of public importance, strengthening the funds efficiency, and public involvement in control over public expenditures. Projects in public administration in Ukraine are used in the following forms: public investment projects, projects financed by ministries and departments (internal and distributed externally on the basis of competitions); public-private partnership projects; projects submitted for financing by international organizations, banks; participative public budgets. The base for financing projects has expanded with extensive use of international finance. Project management also affects the organizational structure of institutions. In Ukraine, project departments / offices have appeared in local governments, institutions, and ministries, which helps to expand the application of the project approach. The Cabinet of Ministers of Ukraine has an Office of Reforms of the Cabinet of Ministers of Ukraine to assist in the development and implementation of reforms in the country. The article identifies weaknesses in the application of project management, in particular the need to improve the training of public administration in the organization of teamwork, improve monitoring and project control, risk assessment; improving communication between state, local authorities and the public.