On the way to decentralization in order to achieve the goals of territorial development and local needs, local authorities can not do without having complete and comprehensive information on the full range of local resources and their effective management. Considering the resource potential of the region as a set of the whole range of resources that are formed in a given area and can be used in the process of socio-economic development and characterized by saturation of factors of production (natural resources, labor, fixed assets, infrastructure, etc.) and intangible factors, it is clear that it is a prerequisite for the implementation of development programs in the region. For the most part, the resource provision of the process of implementation of socio-economic development programs of the region is reduced to financial support, but in order to achieve the goals of such development, the use of non-monetary resources is no less important.The article identifies the components of resource provision of social protection at the local level, including: economic resources (financial and logistical); regulatory resources (regulatory framework, methodology); administrative resource; innovation resource; information resource. Problematic aspects of resource provision are outlined, among which: insufficient financing and low efficiency of budget funds use; lack of interest in finding additional sources of income; too extensive system of social benefits and privileges; disunity of institutions providing social services; insufficient integration and decentralization of services; low innovation of the sphere; insufficient use of information resources. Tools for improving the management of social protection resources are proposed.
The subject of the research is the sources of financing of secondary schools in Ukraine and the directions of their optimization are determined. The aim is to study the features of financing of secondary schools in the context of reorganization and to determine ways of economic stimulation of their activities on the basis of the principle “money follows the child”. Research methodology. The work was carried out on the basis of Article 53 of the Constitution of Ukraine, normative acts, legislative acts, financial reports, scientific research of domestic and foreign scientists and practitioners. Research methods: statistical, graphic, statistical and economic, methods of comparison, analysis. The results of the study of the current state of financing of secondary school institutions indicate that in order to solve the problems of the industry, it is necessary to develop a coherent system of measures that will be aimed at ensuring its effective development, taking into account the requirements of European standards. The study also indicates the need for a decentralization reform Scope of the study results. In the context of decentralization and administrative reform, investment in human capital is becoming a leading priority aimed at strategic actions aimed at the economic prosperity of the country. The study of the current state of financing of general education institutions proves that improving the material and technical base, decent wages of teachers make it possible to put the student in the center of attention and create conditions for his harmonious development, and this will provide an opportunity to create competitive human capital for the national economy. To achieve world standards in the field of education, it is necessary to carry out reforms that will provide an effective system of financing. Conclusions. Consequently, the budget deficit for secondary schools affects the decline in the quality and efficiency of educational services. The system of management and control over the activities of budgetary institutions should play a special role. To improve the situation in the field of education financing, it is necessary to form the implementation of budgetary expenditures based on a combination of domestic and international experience, partly from the experience of neighboring Poland, for this it is necessary to carry out an education reform.
The paper is devoted to the analysis of the practice and prospects of application of blockchain technology to provide the exercise of payment services. In particular, it is noted that this technology can be used in the architecture of payment systems, as well as as the technological basis of payment instruments. In addition, blockchain can be used in areas directly related to payment services (for example, for customer identification, currency exchange operations, etc.). The author defines a number of concepts, in particular “peering payment system”, “mining”, “cryptocurrency wallet”. The paper highlights the necessity to differentiate between the actual peering payment systems (networks) and payment services operating with the use of blockchain technology. The latter can be decentralized in terms of how information is transmitted, but not managed. The presence of an entity controlling, administering or otherwise managing individual processes within such a system does not allow it to be regarded as truly decentralized — peering networks are based on the equality of all participants. According to the results of the study, it is concluded that the blockchain technology indeed has a high potential of practical application in the payment field. Meanwhile, currently a cryptocurrency wallet has significant limitations of practical application for the organization of mass payments. Therefore, this technology should not be expected to replace traditional payment institutions in the nearest future. It can be predicted that blockchain will be just implemented into the existing payment infrastructure, rather than replace it completely.
Introduction. The active development of the international economy leads to the emergence of new financial instruments, which expands the capabilities of economic entities in carrying out efficient economic activities. However, cryptocurrency coins have become a relatively new, widely used financial instrument used by economic entities to increase the efficiency of payments and investments. The cryptocurrency market is growing rapidly and its capitalization is estimated at trillions of dollars. The main purpose of the article is to study the impact of cryptocurrencies on the international and national micro- and macroeconomics in the third decade of the XXI century. Methods. The theoretical and methodological basis of the article is the fundamental provisions of modern economics, the work of scientists. In the process of research, in particular, the following methods were used: analysis - to study the object and subject of research; abstract and logical (theoretical generalizations and formulation of conclusions on the impact of cryptocurrencies on national and international micro- and macroeconomics). Results. It has been established that cryptocurrency mining and trading has become an objective reality in the second decade of the XXI century, and at the beginning of the third decade already has a significant impact on the national and international economy, competing significantly with fiat money and, as far as possible, filling niches, filled fiat money. It has been proven that mining and trading of cryptocurrencies causes both positive and negative effects at both micro and macro levels, both in the international and national markets. It is noted that the circulation of cryptocurrencies is carried out mainly without legislative regulation (except for El Salvador, the United States and several other countries); however, self-regulation through the “invisible hand of the market” is quite effective. As long as there is no significant regulation of the cryptocurrency market, in our opinion, the cryptocurrency market will develop extremely actively, and its regulation by government agencies may hinder its development. Discussion. The obtained results can be used to expand knowledge about certain aspects of the impact of “mining” and circulation of cryptocurrencies on the activities of economic entities at the micro and macro levels. Keywords: mining, cryptocurrency, Monero cryptocurrency (XMR).
Introduction. Differences in the understanding of the main management and information and security approaches to the formation of an innovative cluster group of SME with large industrial enterprises indicate the ambiguity of ways to measure and evaluate such interaction and its scope, which in Covid-19 on the basis of sustainability, decentralization and European integration requires further study. Methods. The historical and logical method is used in the article; the method of systematization, classification and theoretical generalization; the method of institutional analysis; the method of system analysis; the method of logical analysis and synthesis; the method of graphical analysis. Results. It is proved that the cooperation of industrial SME with large industrial enterprises makes certain demands on them. Before attempting to cooperate with large and medium-sized industrial enterprises, manufacturing SME must have a clear idea of the state of their activities, their own potential and its use, the market position of goods and services relative to competitors. Therefore, the procedure of diagnostics of the state of activity of industrial SME is developed in the work, the leading one in which is the assessment of its solvency. The competitiveness of a production SME, its potential and sustainability are assessed using available methods. Production SME differ in scale and types of activity, policy of its financing, degree of integration into the economy of the region or production cluster, which determines the multiplicity of areas of their support. Discussion. Market support for manufacturing SME should be directed to intensify their activities - assistance in finding markets, customers and business partners, the use of mechanisms for adaptation of enterprises using the full range of opportunities for administrative support. Cooperation of manufacturing SME with large industrial enterprises as a kind of business partnership can take place not only in traditional forms, but also using its most common organizational and economic models - subcontracting, franchising, leasing and venture business. The use of such a range of organizational and economic models of cooperation will help meet the interests of each of its participants and strengthen the economy of the region. Keywords: modern management, information and security approaches, innovative cluster group, COVID-19, sustainability, decentralization, European integration.
Здійснено спробу розв'язати проблему визнання, бухгалтерської класифікації та подальшого обліку криптовалют. У межах цього дослідження побудовано логічну схему класифікації криптовалют як активу для цілей бухгалтерського обліку. Така схема охоплює питання, що є основою для прийняття рішень (професійного судження бухгалтера). Також проведено порівняння можливих моделей оцінки криптовалют на основі традиційних підходів до оцінки активів з МСФЗ/НП(С)БО. У результаті запропонована мультикласова модель обліку змін у ринковій вартості криптовалют, яка передбачає можливість багатоваріантного визнання криптовалют у бухгалтерському обліку в залежності від мети їх утримання: у складі еквівалентів грошових коштів, запасів (товарів або готової продукції) або нематеріальних активів. Така модель розв'язує проблему не тільки класифікації криптовалют, але й містить рішення щодо облікової оцінки криптовалют.
The author of the article studies specific features of the legal status of a amalgamated territorial community as a subject of fiscal legal relations. The author has a;so studied the reasons that led to the need of implementing administrative reform in Ukraine to decentralize power and to form amalgamated territorial communities. A parallel with the administrative reform of the Republic of Poland is drawn. The author has emphasized the main purpose of the decentralization reform: structural reorganization of local government with a clear definition of the competence of self-government units and financial reorganization to enable the provision of quality public services to the community. The points of view of scholars, representatives of economic and legal sciences on the formulation of the concept of “amalgamated territorial community” have been analyzed. Particular attention has been paid to the fact that scholars working in different fields of knowledge study certain aspects of the formation of an amalgamated territorial community. The emphasis has been made on the need to unite the efforts of scholars to formulate the most clear and complete concept of “amalgamated territorial community” in the legal norm in order to qualitatively regulate social relations. The author has offered to define the concept of “amalgamated territorial community” taking into account two key features – it is the association of two or more primary subjects of self-government and the financial solvency to provide services to their members. The place of the concept of “amalgamated territorial community” has been defined within one conceptual series with the categories of “primary subject of local self-government”, “territorial community”, “village territorial community”, “settlement territorial community”, “city territorial community” within local self-government institution, as well as the relationship with the categories of “local self-government budget”, “local finance”, “fiscal legal relations”. The author has analyzed the discussion of scholars on the features of an amalgamated territorial community as a subject of financial legal relations. The existence of differences of the amalgamated territorial community from other territorial communities that are subjects of fiscall legal relations has been established. It has been determined that the very subjective right to receive subventions from the state budget for the formation of appropriate infrastructure in accordance with the plan of socio-economic development of the territorial community, makes it a unique subject of fiscal legal relations.
The sphere of social protection of the population occupies an important place in the socio-political life of the country. For the qualitative development of the social protection system, it is necessary to ensure the priority flow of funds in this area. Budgetary funds, which are the main source of financing, are a financial guarantee for the citizens of the country to receive the necessary level of social services. The study analyzes the dynamics of financing social protection from budget funds. The problems of financial support in this area have been identified. The peculiarity of financing the system of social protection of the population in Ukraine is that it was conceptually and practically formed on the basis of a significant role of the state, thereby directing a significant part of the expenditures of budgets of all levels to this industry. The dynamics of changes in financing of social expenditures from all types of budgets of Ukraine and their structure has been investigated. Part of budget expenditures on social protection in the structure of total budget expenditures is growing much more slowly than total budget expenditures due to the stagnation of almost all of its components. In monetary terms, the gap between deductions for social protection of the population becomes even more noticeable. And although in recent years in Ukraine the size of public expenditures directed to social protection of the population has increased, many types of social benefits and allowances have turned out to be insufficiently ineffective. This increases the unproductive burden on public finances and creates significant distortions in social protection. The main directions for the further development of the sphere of social protection should be the optimization of powers for the implementation of expenditures between the authorities of all levels. Endowing local and regional authorities with revenues sufficient to finance the assigned powers through decentralization of budgetary funds will help to achieve a balance between regional and local budgets. This will help optimize the social security system and improve the quality of life of the Ukrainian population.
The relevance of the article is due to the process of progressive aging of the population, so it requires from society to find new ways to work with the elderly and their needs’ realization. The article characterizes the current state of the category of elderly people in Ukrainian society. It is noted that support for the elderly is provided through a variety of resources, for example, formal and informal support networks, volunteering, the state, family, community, and society in general. The formal support network is implemented through the social policy of the state, which is focused on assisting in ensuring the rights of the elderly to their social protection of constitutional rights and freedoms. The aim of the article is to reveal the peculiarities of the needs’ realization of the elderly through formal and informal support networks. Research methods applied: generalization − to study the formal network of support, which is implemented through the social policy of the state and focused on constitutional rights for the elderly and social protection; analysis − combining and representing connections of individual elements, parties, components of a complex phenomenon and so in the comprehension of the whole in its components’ unity. The directions of reforming the system of social services are aimed at an authoritative legal framework, where social protection of the elderly would be enshrined at the appropriate level. They includ: deinstitutionalisation through the creation of a wide network of services and facilities that can provide quality services in the community; involvement of non-governmental organizations in the provision of social services; approach of social services to the place of residence; decentralization of management processes, financing, location of services; empowering older people to choose services and participate in the process; increasing the effectiveness of the provision of social services through the study of needs at the individual level and within individual administrative-territorial units; introduction of quality improvement technologies, including monitoring, evaluation and control.
The subject of the article is a study of the formation, development and implementation of Fintech technologies in the context of ideologies of sustainable development and innovation DeFi (Decentralized Finance) [6], caused by the intensification of large-scale digital economy and global digitalization of all spheres of production and services. blockchain and prospects for the spread of the Internet of Things (IoT) in combination with artificial intelligence (AI). Results of work. Features of chronology and joint course of epochs of industrial evolution together with stages of development of the financial technologies based on a combination and integration of so-called, drivers of "Fintech for sustainable development" (FT4SD) are designated and characterized. The toolbox of FT4SD is shown to be a triad of blockchain, AI and IoT, which together provide a synergistic effect of "decentralized finance", creating a virtually unlimited investment resource for technological innovation in the digital economy within the processes of sustainable development. Conclusions. Despite the difficult economic and epidemiological situation in the world in general and in Ukraine in particular, it has been shown that the ideology of "decentralized finance" has had and will have a positive result.
Vladyslav Tipanov, О. В. Драчов, Світлана Ткаленко, Tetiana Mirzodaieva · 5 authors
Abstract. The essence of cryptocurrencies is considered and the definition of their legal status is offered. The experience of some jurisdictions regarding the opportunities and threats of using and regulating cryptocurrencies has been studied. The authors analyzed the cryptocurrency market. The factors that led to the widespread use of cryptocurrency, which include financial instability, significant currency fluctuations, limiting capital flows and inflation of the currency in the country. The problem of information protection using blockchain technology, which is solved by a combination of block design and cryptographic protection, is considered. The capitalization of TOP cryptocurrencies for the last three years is analyzed, among which the leading ones are Bitcoin (VTS), Ethereum (ETH), Tether (USDT) and others. Identified issues that need to be addressed in the field of finance and legal regulation. In the process of analyzing the experience of regulating cryptocurrency, we have found similar and distinctive features in some jurisdictions. First, each country, in view of the great potential of the blockchain technology, is trying in one way or another to create a favorable climate for its development. Secondly, the use of cryptocurrency goods is rapidly developing, and their impact on economic processes, both at the international and national levels is increasing, while states are faced with the problem of adapting their tax legislation to the current challenges of the digital economy, since the definition of the status of cryptocurrency does not directly lead to lack of funds to the state budget from operations with these assets. Thirdly, today there are more than 2,000 cryptocurrencies is traded through various trading platforms — stock exchanges and can be used to launder proceeds from crime. Thus, it is necessary to develop common standards for the regulation of cryptocurrency and the requirements for such crypto exchange counterparts, through the licensing of operations with cryptocurrencies. At the same time, the important question is what government bodies should exercise such control. Keywords: technology blockchain, cryptocurrency, virtual currency, legal regulation of cryptocurrencies, state functions, cryptocurrencies taxation. JEL classіfіcatіon F01, F20, K33, K34 Formulas: 0; fig.: 0; tabl.: 1; bibl.: 23.
The article considers the concept of cryptocurrency, its history, features, pros and cons, ways of distribution of cryptocurrency in the world and in Ukraine. The problematic issues of making virtual currencies are considered, in particular, why this issue is relevant today. Cryptocurrency is an opportunity to look at economic issues from a new angle. Its emergence is due to the needs of the time. Undoubtedly, this is an actual technical achievement. Opportunities and popularity are currently growing at a rapid pace. It is similar in characteristics to ordinary money but has a number of features that are becoming increasingly popular today. There are many ways to earn cryptocurrency and make a profit from it. Сryptocurrency is a new word in money circulation. We can assume that cryptocurrency may soon become an alternative to traditional means of payment.
The purpose of the article is to analyze the current state of foreign trade in the industrial blockchain of the steel industry, the existing digital platform has gradually formed a large-scale heterogeneous distributed environment. The problems of further development of the metallurgical complex of Ukraine in the world electronic system of international cooperation are determined. Methodology. The survey is based on a blockchain technology is an interlinked systematic chain of blocks that contains transaction history and other user data. It works under the principle of decentralized distributed digital ledger. Results. Experimental tests prove that production companies, logistics, international payments and consumers can participate in the information certification of steel products via the modern information system. Consumers can understand the real product manufacturing process, effectively avoiding of the incomplete information and low transparency in the traditional information traceability process, and effectively trace the quality of steel products. The system provides an effective payments scheme for promoting the transformation and upgrading of the modern technology steel industry. Practical implications. In view of the low transparency of information traceability of current steel products and the defects of information islands, in this article the blockchain-based steel smart contract payment technology quality traceability system is developed and adopted the alliance chain mode and the new digital blockchain platform. The article describes the use of smart payment technology in a full-fledged financial transaction as a transfer funds in cryptocurrency to electronic bank accounts, as well as the transfer of commercial information, including contracts. To do this, the assets and terms of the contract are encoded and placed in the block chain, then the contract is distributed is saved on a set of network nodes and is executed after the condition is triggered. The fulfillment of the obligations of the parties is checked automatically. It is worth noting that the fact that smart contracts only react to transactions. If the asset or the currency is transferred to the program, it starts monitor compliance with the terms of the contract. How as soon as they are fulfilled, the seller receives money, and the buyer is a shipment goods. Value/originality. Blockchain technologies enable the use of business information systems that are highly resistant to technical failures and malicious attacks. Costs and time of carrying out business operations are significant.
Maryna BILINETS, Андрій Буряченко, Tetiana Paientko
The development of higher education is characterized by new priorities, which necessitates the adjustment of higher education funding mechanisms in response to new challenges. The purpose of this article is to identify these key challenges in Ukraine and justify the possibilities to face them. The analysis of funding of higher education was conducted based on macroeconomic indicators for 2005 to 2020. It is also reviewed that financing of higher education in Ukraine is characterized by decentralization and diversification, which are characterized by an increase in the share of local budgets in the structure of higher education funding in Ukraine and the use of extra-budgetary sources of funding, in the form of tuition fees. The analysis has revealed the following key challenges of financing higher education: massification of higher education, which is characterized by the triad of "high availability - low price - low quality"; change in approaches to educational activities and decrease in the number of students as a result of the COVID-19 pandemic; inefficient model of financing higher education, which results in producing specialists with higher education that do not meet the needs and demands of the labor market. Overcoming the identified challenges can be achieved through reforming higher education models by aligning the structure, scope and quality of training with the needs of the economy and labour market, and its financing, through changing the cost-based approach to financing by results. This, in turn, would help align budget funding with institutional efficiency and curriculum effectiveness, and reduce the number of unclaimed specialists with higher education.
Cryptocurrency has attracted more attention recently. With the rapid increase in popularity of cryptocurrencies´ transactions it is necessary to adopt a unified approach to this novel, 21st century phenomenon. Since 2009, when the first cryptocurrency Bitcoin was created, thousands of other cryptocurrencies have appeared. As the transactions with cryptocurrencies have increased, national and multinational jurisdictions started to deal with issues concerning taxation and accounting for the cryptocurrency. Multinational jurisdictions and professional institutions differ in their opinions about cryptocurrencies. There are opinions considering cryptocurrency a financial asset, a financial instrument, cash, cash equivalents, inventories or intangible asset. As there is no accounting standard within IFRS specifically addressing cryptocurrency, it is necessary to look at the existing IFRS and apply a principles-based approach. The aim of the paper is to compare the accounting of cryptocurrencies in Slovakia with the requirements and/or recommendations by other standards setters and authorities. Slovakia is selected as it is one of the first countries launching accounting regulation for cryptocurrency. The analysis and comparison are used as the main scientific methods in this study. The IFRS IC in June 2019 concluded that IAS 2 applies to cryptocurrencies when they are held for sale in the ordinary course of business. If IAS 2 is not applicable, holdings of cryptocurrencies should be accounted for under IAS 38. The Slovak Republic is applying different approach to holdings of cryptocurrency, the cryptocurrency is considered the short-term financial asset. Difference between Slovak and multinational solution is even in questions of cryptocurrency´s measurement.
The article presents a sketch of the most important legal and normative problems and challenges that are directly related to the emergence and development of cryptocurrencies. The case study is Poland, where in the first phase of existence, Bitcoin and other altcoins were considered property rights. Since 2018, under the Act on counteracting money laundering and terrorist financing, thanks to the unification of European Union law, they are classified as virtual currencies. The challenges identified in the course of the analysis that must be addressed include: the problem of creating an effective regulatory framework for the functioning of cryptocurrencies and placing them in the legal system; the problem of regulating relations with state institutions as monopolists in the field of finance and the worldwide trend of abandoning cash in favor of electronic payments and the formation of a cashless society
L Deshko, O. P. Vasylchenko, I Sherbak, V.O. Galai · 5 authors
The article examines the international obligations of Ukraine to implement measures to protect public health and the role of local governments in implementation of health policy. Emphasis is placed on Ukraine's implementation of the Sustainable Development Goals being a member of the UN, the Association Agreement between Ukraine and the EU, and the commitment to develop cooperation in the field of health care undertaken by Ukraine, radical health care reform and decentralization reform in Ukraine. The purpose of the article is to determine the role of local governments in implementation of health policy in the context of decentralization reform and the second stage of health care reform in Ukraine, to identify shortcomings in Ukrainian legislation and the practice that lead to violations of regional communities residents' rights for health care and medical aid, as well as violations of the rights of medical personnel for labor. The object of the study is social relations that arise when the local authorities implement the health care policy. The methodological basis of the conducted research is the general methods of scientific cognitivism as well as concerning those used in legal science: formal logic, methods of analysis and synthesis, comparative law etc. The role of local governments on the implementation of health policy in the context of decentralization reform and the second stage of health care reform in Ukraine is defined: currently local governments are one of the key elements of the organizational and legal mechanism to ensure the rights of every resident for health care and medical aid. They develop and implement regional and local public health programs, directly influencing the state of the health care system. As a part of the decentralization reform, local self-government authorities have gained greater financial autonomy, and radical model of health care financing is being introduced as a part of radical reform of the health care system. Deficiencies in the legislation of Ukraine and the practice of its application, which lead to violations of the rights of residents of territorial communities to health care and medical aid, as well as violations of rights of medical personnel for labor: 1) inconsistency of Ukrainian legislation with the new system of administrative-territorial structure; 2) lack of clear delineation of powers, revenues and expenditures of local governments at the basic (regional), district and sub-regional levels, duplication of powers; 3) the absence of requirements to the content of regional plans for prevention and treatment of diseases that cause the greatest negative socio-demographic and economic impact within current legislation, as well as to the target programs of city councils, reports on their implementation. Emphasis is also placed onto inadequate and untimely funding for secondary link care facilities, existing barriers to the financial success of secondary health care facilities, and quality control of their medical services. Basing on the analysis of the case Law of the European Court of Human Rights, it is established that the stay of patients at medical institutions that are not supplied with the necessary equipment to ensure proper care, transfer of patients from one ward to another without an established diagnosis, failure to provide appropriate treatment because of difficult situation (lack of staff, malnutrition, poor living conditions in the hospital) is a violation of Article 2 of the Convention for the Protection of Human Rights and Fundamental Freedoms.
Introduction. The concept of inclusive growth is one of the most effective modern theories of socio-economic development. Given the problems in the Ukrainian economy and the lack of financial resources, in-depth research is needed to find mechanisms for financing projects and programs for inclusive growth, to adapt them to the conditions of decentralization and practical use in local government. The purpose of the research is to substantiate the feasibility of implementing the concept of inclusive development and to reveal the features of mechanisms for financing inclusive development programs to intensify the processes of socio-economic growth in Ukraine under decentralization. Results. The essence of the inclusive type of development is revealed and the necessity of its introduction in Ukraine is substantiated. The legislative bases of inclusive development in Ukraine are analysed. It is determined that the search for financial resources for the implementation of programs and projects aimed at achieving certain goals remains a problematic issue. Four main mechanisms for financing inclusive development projects and programs have been identified and characterized: budgetary; investment; credit; grant. The analysis of the financing of development programs for the period of decentralization is carried out. The structure of revenues of local budgets of Ukraine was assessed and it was established that tax revenues were of the greatest fiscal importance among own revenues. In order to create additional sources of attracting resources to local budgets, it is proposed to adopt the practice of self-taxation of residents of territorial communities. Conclusions. In order to ensure sufficient funding for inclusive development programs and projects, it is necessary to use all possible mechanisms to attract funds from local and state budgets, business entities, and international organizations. The main mechanisms for financing local socio-economic development programs are budget, investment, credit, and grant. The practice of self-taxation of residents of territorial communities can be an important source of additional resources for financing inclusive development programs. Keywords: inclusive development, financing, local budgets, inclusive development projects, financing mechanisms.
On the basis of a systematic approach, a meaningful analysis of the volume of capital investments in the context of the regions of Ukraine was carried out and the importance of increasing investment support for the territories that underwent decentralization changes was determined. The analysis of the sources of financial support for capital investments in the regions of Ukraine is carried out and it is shown that their overwhelming share is the own funds of enterprises and organizations, and in second place in terms of their share in the sources of financing of real investments are funds from local budgets. The analysis of own funds of enterprises and organizations in the sources of financing of capital investments in the regions of Ukraine was carried out. As a result of diagnostics of investment support of development of regions of Ukraine, the main factors of influence on this process are revealed.
Introduction. Current trends in the growth of demand for public goods at the local level increase the expenditures of local budgets for their financial support. Transformation processes in Ukraine to increase the role of local budgets necessitate a clear distribution of sources of tax revenues between the levels of the budget system in direct proportion to the financing of local budgets and the introduction of an effective mechanism for effective financing of local budgets through ensuring the socio-economic development of regions.The purpose of the research is to substantiate the scientific and practical basis of the role of expenditures of local budgets of Ukraine in ensuring the socio-economic development of regions.Research methods are based on the dialectical method of scientific knowledge and a systematic approach to the study of local budget expenditures of Ukraine in terms of budget decentralization using methods of scientific abstractions and analogies, analysis and synthesis, economic and statistical analysis to study the role of local budget expenditures in ensuring socio-economic development of the regions.Results. The directions of activity of local authorities in the context of regulation of social and economic development of regions are considered and defined. The system of indicators according to which the monitoring of socio-economic development of regions is carried out is researched. Expenditures of local budgets of Ukraine of social orientation and expenditures on economic activity in the context of determining their impact on the socio-economic development of the regions are analyzed. The role of regional target programs as an important means of effective application of program-targeted budgeting is determined. The directions of growth of influence of expenses of local budgets in definition and maintenance of priorities of social and economic development of regions are outlined. Prospects. Further research is important to focus on increasing the efficiency of expenditure of local budgets in the context of ensuring the socio-economic development of the regions.
The article deals with economic and statistical research on the latest trends in local budget’s revenues caused by the decentralization reform, as well as the identification of its key problems, such as: significant differentiation in the regions’ fiscal capacity, arising due to a number of factors (social, geographical, resource, legislative ones); the regions’ dependence on central authorities due to the lack of effective mechanisms for devolution, hampering the efficiency and reducing the expediency of delegating certain functions; the insufficient level of the regions’ fiscal capacity; and finally, finding the ways of solving the abovementioned problems. These problems can be solved by creating conditions for increasing the local budgets’ own revenues in the face of limited budget funds. The state regional policy, having been carried out for decades, has created the regions’ deep dependence on the center and their lack of incentives to develop on their own by designing mechanisms to use the potential of Ukraine’s regions effectively. The recent decentralization policy is aimed at eliminating these negative trends. The success of this policy can only be ensured by improving and reforming the local government financing system. Local budgets are the main tool by which local authorities implement the program of social and economic development of a region. But at present, the mechanism of local budget formation is inefficient. This statement can be confirmed by the fact that the amount of financial assets in the local budget is insufficient to conduct an independent program of social and economic development. The structure and composition of local budget revenues have been studied on the basis of statistical information, their impact on the social and economic development of Ukraine’s regions has been determined. The research allows to conclude that successful implementation of the decentralization policy requires an individual approach to the formation of each administrative and territorial unit, a thorough study of economic sufficiency and independence of this unit, as well as research on social and economic development of this unit, as a whole.
The extensive use of financial technologies and innovations in the provision and utilization of financial products and services causes new risks that require constant attention. The article aims to improve innovation risk management methods to increase the operational stability of financial institutions in Ukraine. By generalizing international practice, the types of innovation risks are classified, and their impact on the activities of financial institutions and consumers is characterized. The attention is drawn to the control strengthening over the impact of operational and regulatory risks, based on important theoretical provisions contained in WBG, BIS, BCBS, and FSB documents. An organizational scheme for the interaction of a financial institution and an IT company is proposed to conclude “smart contracts” based on the use of a cloud service and blockchain technology. The authors propose additional methods of insurance protection and compensation for losses caused by the implementation of risks of using ICT and innovation based on creating the Collective Risk Insurance Fund of financial institutions; offer approaches to the calculation of variable and fixed parts of the contribution to the insurance fund for certain groups of financial institutions. It is concluded that to maintain the proper operational stability of financial institutions in Ukraine, it is necessary to introduce additional collective compensation methods for the risks of innovation and the strengthening of cyber threats.
The article investigates the modern conditions and problems of forming local budget revenues in Ukraine. It is determined that local budgets must function as a well-oiled machine ensuring the equivalence of financial resources and planned allocations under conditions of financial decentralization. Approaches to ensuring budgetary independence are substantiated, outlining the tools necessary for local self-government bodies to ensure their capacity to develop. It is established that increased emphasis on independence of local budgets can become one the levers used for ensuring the local finance system complies with the principles of the European Charter of Local Self-Government and Law of Ukraine «On Local Self-Government in Ukraine». For this purpose, local self-governments are recommended to establish a sufficient and stable revenue base by introducing their own taxes and fees, expanding the non-tax revenue sources, changing the distribution of the revenues from the income tax and corporate tax between government budgets of different levels, creating community funds of economic development, balancing subsidies and subventions. It is argued that budgetary independence is an economic ideal that local self-government bodies should strive for. Its antipodes are rigid financial dependence of local budgets on state budgets, lack of own revenues, and ineffective distribution of funds between budgets of different levels. Additionally, the revenue sources specified in the legislature do not allow the authorities to sustain expenditures with the levies at local level. It is substantiated that territories with independent local budgets can create the state economic environment that corresponds to the principles of financial decentralization.
The article is devoted to the study of blockchain technology in the financial sphere of Ukraine, as well as accounting and audit of their application in domestic and international practice. The article contains data on the prospects of blockchain development in the world and in Ukraine, as well as information on the peculiarities of the use of such technologies in the perspective areas – accounting and audit. The article argues that the development of blockchain technology will enable the transition to more modern methods and techniques, which in turn will allow to modernize the accounting and auditing system. The principle of triple entry as a major component of blockchain technology in accounting is emphasized. One of the most promising areas of application of blockchain is accounting for accounts payable and receivable, tax accrual and payment, record keeping and documentation. The article highlights the advantages and disadvantages of using blockchain technology in the financial sphere of Ukraine.