Blockchain Papers

O. O. Avhustоva

No abstract is available for this record.

Oleksii Drozd, Oleg Basai, Hanna Churpita

The aim of the article is to study the theoretical and legal possibilities of using cryptocurrency in purchase and sale contracts, to determine the specificities of such a phenomenon as cryptocurrency (Bitcoin) from the perspective of jurisprudence, and to draw attention of legal scholars primarily to possible further scientific researches on the introduction of this phenomenon in the modern civilian legislation of Ukraine. The subject of the study is the specificities of using cryptocurrency in contracts of purchase and sale. Methodology. The research is based on an analysis of legal acts on the legal regulation of cryptocurrency in Ukraine. By means of the comparative legal method of investigation of certain provisions of Ukrainian legislation, the possibilities and limits of the use of cryptocurrency in contractual relations, in particular, contracts of purchase and sale are determined. The results of the study revealed that the cryptocurrency regime in Ukraine and in many countries is in a legal vacuum. Such a conclusion is based on the lack of clear legal clarification and consolidation of the concept and types of cryptocurrency in the relevant rules of the tax, banking, civil, and commercial law. In case of eliminating this gap, it is advisable to review the state policy on Bitcoin and its analogues. Practical implications. It is necessary and appropriate to introduce a corresponding license for cryptocurrency activities that can minimize the laundering of proceeds from crime or terrorism financing. It is suggested that eventually the relations concerning the digital currency will be regulated in Ukraine, but most likely, it will copy the experience of another state, which may have negative consequences. Relevance/originality. Analysis of a possible use of cryptocurrency in contracts of purchase and sale can become the basis for the development of the most promising directions of domestic civil law in contractual relations.

Anatoly Yakovlevich Zaporozhan

The article is devoted to the causes of the origin, the consequences of the functioning of the crypto currency and the prospect of restructuring the modern financial system on the basis of blocking technology. The article shows that the crypto currency emerged as an evolutionary stage in the development of the world payment system, that the modern financial system is developing in a dead-end direction, that the use of crypto currency and its derivatives in practice can destroy the world payment system and world financial market from within. It is suggested that, based on the technology of the block, a modern financial system can be restructured.

Aleksandr Berdyshev

The history of creating bitcoin cryptocurrencies has been considered, the main features of cryptocurrencies and cryptocurrency market have been identified. Based on the identification of features of the blockchain technology, the possibilities of making settlements outside the traditional financial system have been determined. Special attention has been paid to the issue of legal regulation of cryptocurrency in various countries. According to the results of a study of current trends in the cryptocurrency market, in the conditions of a significant decline in the market value of bitcoin in 2018, as the flagship of the cryptocurrency market, prospects for its development have been determined

V.Yu. Petrov, A.V. Bortsova

.., ..

Myroslava OLIEVSKA

Introduction. Reconstitution of human capital and education and science financing is a strategic factor in sustainable development of region, a significant element in strengthening the competitiveness of our enterprises, a prerequisite for rising incomes and improving living standards of the population. Purpose. The article aims is to determine the directions of the regional policy of Ukraine for the development of human capital and education financing on the basis of foreign countries experience in the conditions of the development of decentralization processes. Results. The main tendencies of education financing in Ukraine have been investigated. The experience of foreign countries development of decentralization processes in the organization of the financing of education has been systematized. On the basis of the conducted research, we have proposed directions of the region policy in the field of education financing of in Ukraine depending on the budget capacity.

Denys Titov

The article is devoted to the assessment of the state of implementation of the decentralization reform of public administration, aimed at ensuring, first of all, the financial and social self-sufficiency of the united territorial communities. The development of the regional economy, as well as the implementation of decentralization reform, are priority areas for the current government. During the period since the beginning of the reform, certain results have been achieved, in particular, the profitability of local budgets has increased significantly, and a number of regulations have been adopted in this area. However, despite all the positive results of the reform, the established organizational and economic mechanism for the development of rural territorial communities is not ideal and needs to be improved to ensure further development in the already formed rural united territorial communities. The purpose of the study is to highlight the main achievements that have been achieved since the implementation of decentralization reform, as well as to identify problematic issues of development of territorial communities. Particular attention is paid to proposals to improve public policy measures aimed at promoting community support and their capacity for future development. In writing the article used general scientific research methods such as analysis, synthesis and generalization, in particular, they were used in the division of communities into categories, determining the level of their refinement and profitability. The indicators of development of the united territorial communities are analyzed and the main sources of their financing are determined. The study pays special attention to intergovernmental transfers, in particular, it was possible to identify the regularity of their reduction from year to year, shows an increase in local budget revenues. The main problems of decentralization implementation in Ukraine, especially in rural areas, are studied. This research serves as both a practical and theoretical example of building the financial capacity of communities and will allow them to optimize the process of filling local budgets with sufficient financial resources needed for their proper functioning and development of rural areas, in particular. Guaranteeing financial capacity will allow the community to develop confidently in the future and accelerate the process of solving existing problems.

Volodymyr Кorneev, Oksana Cheberyаko

Essence of cryptocurrencies is considered in the article, their risks and prospects of development in Ukraine and world. Advantages and disadvantages of crypto currency are described. Positions of foreign central banks and other financial regulators are lighted up in relation to cryptocurrencies and markets of cryptocurrencies. It is offered, that the experience of Japan, Switzerland, the United States and England in this question should be used as a fairway. It is marked that corresponding activity and financial services must be licensed by the state as a type of professional activity on the stages of formation of cryptocurrency (mining) and support of its circulation (trading and financial consulting).

Anna Marchuk

Introduction.The objective reason for the existence of an institution of local budgets is an increase in the efficiency of the provision of public services guaranteed by the state due to the proximity of such services to the immediate consumer. This process is based on the principle of subsidiarity, requires a sufficient level of financial security of local budgets and demonstrates the basic idea of the concept of fiscal decentralization. The decentralization reform is systematic and involves structural changes in various spheres of public life. The object of research of this article is the impact of changes in tax and budget laws aimed at decentralization on structure and dynamics of income and expenditures of local budgets. Purpose.The purpose of the article is to identify trends, priorities and unresolved issues in financing local budget expenditures, compare dynamics of expenditures with dynamics and structural changes in local budget revenues. Results. In the course of the research, the expenditures and revenues of local budgets of Ternopil region during 2004-2017 were analysed, comparison with trends in Ukraine was made. It has been established that due to slowed down economic growth and a systematic decrease in the share of own revenues in recent years, the amount of funding for institutions and activities in the social and cultural sphere has been reduced and the transfer of important functions to the local level was not accompanied by the transfer of sufficient amount of financial resources. Conclusions.The strategic goal of decentralization is to ensure the availability and proper quality of public services for all categories of the population. The decentralized budget system should function on the basis of a coordinated, unified national cooperation policy for many independent institutions, each of which has a legislatively defined sphere of autonomy. Since tax revenues form the main volume of own revenues of local budgets, the issue of improving the efficiency of tax administration comes to the forefront in the context of decentralization changes. Therefore, on the way to ensuring the increase of tax revenues, the strategic goal of local authorities should be to promote economic development of regions.

Nikolay Mrochkovsky

The technology of the distributed registry creates new opportunities for changing the management system, which are discussed in the article. The use of the blockchain allows building a decentralized autonomous commercial organization on a network basis. With the help of p2p technology, it is possible to radically reorganize the structure of organization and management, and reduce the management and transaction costs inherent in the traditional hierarchical structure of the firm. The analysis of the steps by means of which real enterprises can be transferred to the blockchain is provided, and the role of smart contracts is analyzed.

Maria Rippa

Introduction. The state of financial provision of social protection at the expense of budgetary funds is an important issue for each state. Purpose. The purpose of the article is to scientifically substantiate the theoretical foundations of social protection of the population and the sources of its financial support. Results. Expenditures on social protection of the population occupy a significant place in the state expenditures of Ukraine. Through the system of social protection during 2010–2016, about 23% of GDP was allocated. A tendency towards a decrease in their share (in 2016 – 18,2%) was revealed. Budget financing takes the lead in the system of sources of financial support. Due to the budget system, 10.8% is distributed, while in the structure of total expenditures of the Consolidated Budget expenditures on social protection and social security make up 59,6%. A comprehensive analysis of the dynamics of volumes and structure of budget financing during 2007–2017 was conducted. A tendency towards annual growth of expenditures on social protection has been established, and it has been found that their growth rates during the investigated period significantly exceeded GDP growth rates. A significant level of centralization is established. Such a situation requires the optimization of budgetary expenditures on social security and social security and the modernization of sources of their financial support. Conclusions. The main vectors for improving the budget financing of social protection and social security in Ukraine are: – decentralization of budget financing of social protection and social security; – provision of social transfers based on the verification of the property and financial status of the recipients; – the targeted nature of social assistance; – monetization of subsidies; – optimization of the state policy in the labor market with a view to its rapid adaptation to structural changes taking place in the economy; since socially-market economy is aimed not only at social protection, but also the creation of such an organizational and economic mechanism that would contribute to reducing the part of the population that needs state paternalistic care (social assistance).

Vasyl Rossikhin, M. Yu. Burdin, Oleg Mykhalskyi

The aim of the article is a comparative legal study of laws and regulations that determine the legal principles for the regulation of cryptocurrency circulation in some foreign countries and in Ukraine and, on this basis, a definition of ways to improve domestic legislation in this sphere. The subject of the study is an interrogation of legal regulation issues of cryptocurrency circulation in Ukraine. Methodology. The study is based on a legal comparison of the regulation of cryptocurrency circulation in Ukraine and in foreign countries. Based on a comparative legal study of certain provisions of Ukrainian legislation, the possibilities and limits of implementation of positive foreign experience in this sphere are determined. The results of the study revealed that to implement foreign experience for the legal regulation of cryptocurrency circulation, it is necessary to postpone the final transition to a floating rate regime by reinforcing state interference. Moreover, it is necessary to strengthen currency control not only for currency transactions with cryptocurrency but also for the activities of entities that determine the state policy on cryptocurrency regulation, as well as operate respectively using instruments provided for by the regulations of the current legislation. Practical implications. The positive experience of the formation of the foreign exchange market in other countries demonstrates that the gradual transition to cryptocurrency circulation is the beginning of the natural market rate, the balance of payments and gradual liberation of the national economy from the pressure of administrative and corruption restrictions. Relevance/originality. The legal analysis of the regulation of cryptocurrency circulation in Ukraine and the definition of problems is the basis for developing the most promising directions for the development of domestic legislation in this sphere.

Oksana Cheberyаko, Maryna KULISH

Introduction. Local budgets are the most numerous link of the budget system, the financial base of local authorities, which plays a decisive role in implementing regional policy through financing public expenditures and are the key to the emergence of a capable and efficient local government. However, the unsatisfactory results of the local authorities functioning in previous periods have led to the objective need to reform existing structure of local finances through fiscal decentralization. Purpose.To characterize the essence of financial decentralization from the point of view of its necessity for the economy of territorial and administrative units development and to analyze the success and risks of its implementation in Ukraine. Methods. In the course of writing the article, several methods were used. Among them were the method of analysis and synthesis, scientific comparison, formal logic and dialectics. Results. It has been determined that since the beginning of financial decentralization, the share of local budgets in the consolidated budget of Ukraine has doubled. The local budget revenues has increased in 2.8 times. Facts above indicate increasing in financial resources available to local authorities and, accordingly, more equal distribution of powers and opportunities of local and state authorities. The financial capacity of local budgets is evidenced by the balance of funds on accounts, which at the end of 2017 were amounted to 78.1 billion UAH. As a result, due to the accumulated resources of local budgets, more expenditure responsibilities has been given to local authorities. In addition, since the beginning of 2015, the formation of united territorial communities has begun, of which 699 had been formed by the end of 2017, but only 159 of them are fully operational. However, despite of the results achieved, significant financial, administrative and political factors threaten to continue fiscal decentralization. Conclusion. Despite the successful implementation of financial reform for local budgets, neglecting obvious risks can have a significant impact on the budgetary system of Ukraine. Therefore, the state and local authorities should further strengthen the requirements for the quality of community associations, control over their implementation and more objective planning and analysis of the results achieved, as the shortcomings in the reform will tend to be strengthened and may have a synergistic effect.

Mykola Inshyn, L. V. Mohilevskyi, Oleksii Drozd

As soon as the usage of cryptocurrency in the last few years has been gaining popularity all over the world, and this global trend has affected Ukraine, the purpose of the paper is to examine the essence of cryptocurrency, to identify the issues of its legal regulation in Ukraine, as well as using the analysis of world experience in this sphere, to identify ways of the improvement for relevant domestic legislation. The authors have indicated that the cryptocurrency market (or "virtual" money) operates successfully and provides an opportunity to analyse dynamics of the cost, supply, and demand of about 90-100 different cryptocurrency. Problem's setting. The authors of the paper have emphasized that despite increasing popularity of cryptocurrency in Ukraine and throughout the world, there is no single clear definition of this concept. Therefore, the authors of this article state that cryptocurrency is a digital decentralized currency, a unit of which is a coin cryptographically protected against tampering since it is encrypted information that cannot be copied, while all information about transactions is stored in the blockchain system. Methodology. The study primarily uses comparative methods for the purposes of examination of the approaches taken under different jurisdictions towards cryptocurrency. Additionally, analysis of the body of theoretical literature on the matter was conducted. Results of the study allowed drawing several conclusions on the prospects of further development of the legal framework for cryptocurrencies in Ukraine since nowadays the country is neutral in the issue of using and regulating cryptocurrency and consequently it is losing precious time, because: first, potentially loses money, which could enter the state budget from individuals, who receive income from transactions on cryptocurrency markets; and secondly, the state runs a risk of citizens' rights violation because of no real instruments for their protection. Practical implications of these are proposals to adopt certain amendments to the current legislation in this sphere, including setting up control over brokerage of cryptocurrency, licensing of the industry, and legal definition of the cryptocurrency for the purposes of taxation, etc. Value/originality. The paper represents one of the first comprehensive studies of the current state and prospects of development of the legal framework for the cryptocurrency in Ukraine. Its conclusions provide both proposals for the development of legislation in this sphere and may serve as a basis for the future studies of this topic.

Tetiana Vasylieva, Yuriy Harust, Nataliya Vinnichenko, Alina Vysochyna

This article generalizes arguments and counter-arguments within the scientific discussion regarding the determination of the optimal decentralization level, which will provide the country’s innovative development, since the key task of decentralization has to be not only to expand the income and expenditure powers of the subnational formations but also to understand the final goal of this process – qualitative transformation of the country’s economic system towards improving its innovativeness and competitiveness. Thus, the decentralization reform has to be the driver of the innovative economic development, which is the expected result of the managerial decision-making freedom increase at the local level, the subnational formations’ financial self-sufficiency increase and more effective spending policy (expansion of the innovative projects financing amounts that will promote the sustainable economic growth). Systematization of the scientific works on the above problems proves that there is no one idea regarding the decentralization impact on the country’s economic and innovative development among scientists. That is why it is urgent to continue the empirical searching in this area, that will enable to take into account the dual nature of consequences regarding the activation of the decentralization processes. The empirical study is carried out through using of the non-linear analysis form of dependence (GLM regression, which enables to identify the linear and nonlinear character of the relationship between variables) based on the panel data, formed for set of 23 states-OECD members (Austria, Belgium, Canada, the Czech Republic, Denmark, Estonia, Finland, France Germany, Greece, Hungary, Italy, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, Great Britain and the USA) during 2002-2015. The expenditure decentralization index, calculated as the ratio between the consolidated expenses amount at the subnational level and state consolidated expenses, expressed in parts of the whole, is chosen as the factorial variable model. The final variable (traditional for the economic growth models) is GDP per capita (dollars the USA). Besides, the set of control variables is added to this regression model (which explain the regularities of the resultative feature change and have a strong relationship with it). The control variables are selected on the basis of correlation analysis. The practical implementation of all stages in this research is performed using the software product Stata 12/SE. The results of the study confirm the non-linear character of dependence (the inverse U-shape) regarding the GDP change per capita on the expenditure decentralization level change, and also the maximum extremum of the function in the point with expenditure decentralization level 1.35. It means that excessive expenses load (above the specified norm) on the local budgets will be accompanied by inhibition of the innovative and economic dynamics, that should be taken into account by the relevant authorized executive bodies in investigation of the concrete measures regarding intergovernmental relationships reforming in direction of their decentralization, and in the formation of the well-balanced economic and innovative policies.

Олександр Михайлович Петрук, Оксана Сергіївна Новак

The research deals with the issue of reflection in accounting cryptocurrencies and the ways of solving it through determining the economic essence of such currencies. The purpose of the research is the analysis such economic phenomenon as cryptocurrency and formation of appropriate methodological approaches to its accounting reflection, that requires the identification of the object, the study of the methods of its assessment, the clarification of reflection on the appropriate accounts, the determination of place in reporting.The author generalizes the existed achievements of domestic and foreign researchers about the issues of accounting cryptocurrencies, differentiates between the concept of «cryptocurrency» and «electronic money», and proves that according to a set of features cryptocurrencies do not meet the requirements of the definition of «money», that is why, cryptocurrencies cannot be reflected into the enterprise balance sheet under article «Funds and their equivalents».Using the functional approach to the definition of cryptocurrency as the accounting object and the methods of comparison and analogy, the paper substantiates the order of its reflection as a variety of financial investments applying the special methods of accounting, such as assessment, accounts, and reporting.

Dmytro Klinovoi, Peter Rogov

<em>In the article considered the implementation problem an effective organizational and economic mechanism (algorithm) and ensuring the safety of the process of decentralization of management of natural resources is considered as an organized transfer of powers from the sphere of state management to water, land, forest and mineral resources to territorial communities.</em> <em>The concept of the mechanism of ensuring the security of the decentralization process in the system of management of natural resources with the participation of local communities is proposed.</em>

Natalia G. Vovchenko, А. В. Андреева, A.S. Orobinskiy, Y.M. Filippov

Modern economy is developing in a process able format, gradually turning into a virtual economic system. Digital economy serves as the new paradigm of economic development and reformats business relationship on the basis of the use of information.New information and network technologies are becoming major factors of globalizing economy production and contribute to rapid transition of economic agents from real sector to a network one, ensuring digital economy development and innovative business processes formation.The blockchain technology implements competitive advantages of financial contracts based on reduction of the costs on economic agents' interaction, provision of information transparency and effective control over operational risks. The blockchain technology contributes to financial security of the modernization operations of business processes and high organized centralized structures of the blockchain technology.The blockchain application for financial transactions allows providing high quality of the contracts implementation between the digital economy's economic agents.

Mychailo Tarasiuk, Dmytro Babin

With the rise of the modern technologies and wide implementation of digital systems, establishment of cashless economy is perspective trend in Ukraine. In contrast to the traditional kinds of money, which can be considered as a payment facility in online deals too, smart currencies have advanced level of security from cybercrime. These factors induce new “e-money” epoch and “cryptocurrency” term is extensively discussed. The aim of the article is to justify the perspectives of using cryptocurrencies for payment operations guided by historic aspect of research. The study is based on the use of historic and analysis and synthesis methods of research. The principles of cryptocurrency functioning and the essence of “blockchain” technology are analyzed. Formed the potential possibilities of blockchain bank integration. Previous conditions of origin and main stages of cryptocurrency development are determined. The essence of digital currency is revealed and Its main kinds are described. The history of development and functioning of cryptocurrency is divided into seven periods. Its proved, that cryptocurrency is not a full-fledged money but highly liquid asset, which perspectives on a worlds capital market are undeniable.

Vladimir A. Tyurnin

The article addresses some aspects of finance, a sufficiently complicated economic category that is insufficiently developed in modern scientific literature. According to the author, the holistic view of the finance is closely related to the study of genetic and functional aspects of finance, their interdependence and interaction. The author made an attempt to look on the finance from the genetic point of view. The finance as an economic category is considered from different perspectives: as the object and subject of utilization (consumption), in terms of its nature, its role as a subject in social reproduction, as well as its functionality. As a synthetic economic category, the finance is connected with definite steps of the reproduction process at all levels of the economy, represents a complex of economic relations in terms of formation, distribution, re-distribution and use of centralized and decentralized funds as well as non-fund forms of accumulation in the process of establishment, distribution, re-distribution and use of the gross domestic product and the national income of the state.

A. Mikhaylova

The article presents the results of a study of a business-engineering project for a commercial bank. The technique of the international standard of business analysis practice BABOK GUIDE v3 (SWOT-Analysis) is used to identify internal and external factors that affect the organization. The commercial bank «Home Credit» was chosen as the object of the study. The aim of the research is to achieve the leading position of a commercial bank among the world's credit institutions by developing a program for the transformation of the enterprise architecture segment. Business process «Lending« was subject to reengineering and reoriented to increase the share of solvent customers through the implementation of the Masterchain platform in the organization's activities. The potential results from the introduction of the «Blockchain» into the business process «Lending» are defined.

I. A. Belarev, A. S. Obaeva

The article focuses on the advantages of distributed ledger technology in view to apply it within existing financial system. The article is highly relevant as the technology is a perfect opportunity to develop the financial system in terms of reducing costs and improving efficiency. The authors suggest a few brief definitions of such terms as distributed ledger, block-chain, bitcoin and mining. The article points out and describes special features of distributed ledger technology. Based on the definitions, the article outlines operation principles of the distributed ledger, block-chain, bitcoin and mining. Also, it compares cash against cryptocurrency - bitcoin. The article examines the possibilities of using distributed ledger technology in clearing, payment and settlement processes including ways of money transfer, payments for goods, securities and derivative financial instruments. Also, the article provides statistical data on the use of cryptocurrencies considering the cases of their capitalization, price, money supply and numbers of transactions submitted within 24 hours, 7 and 30 days. The article emphasizes the increase in volume of such transactions in the US, China, Ukraine and at the same time points to the decline in this type of transactions in Russia. In addition to statistical data, the article provides information on the types of distributed ledger systems along with comparison between different types of systems. The article describes processes of transferring money, as well as transactions with goods, securities and derivative financial instruments in modern infrastructure environment. For illustrative purposes, the authors outline how the process would proceed if distributed registry technology was implemented. The authors conclude that advantages of distributed ledger technology overweight its shortages if one takes into account operational, technical, financial and legal aspects. Application of distributed ledger technology would increase efficiency of payments, clearing and settlement, and in the long term, distributed ledger technology could eliminate most shortages of the system existing nowadays on the financial market.

Тарас Вікторович Вдовиченко

Вдовиченко Т. В. Соціальна та професійна адаптація звільнених військовослужбовців як об’єкт фінансового забезпечення. Деталізовано структуру соціальної та професійної адаптації звільнених військовослужбовців за основними компонентами. Сформульовано власне визначення вказаної адаптації як об’єкта фінансового забезпечення. Розроблено типологію джерел фінансових ресурсів для соціальної та професійної адаптації колишніх військовослужбовців. Умовно виокремлено чотири типи моделей фінансування згаданої адаптації: централізовану (бюджетну), децентралізовано-ендогенну, децентралізовано-екзогенну та інтегративну (змішану). Обґрунтовано, що в Україні переважає децентралізовано-екзогенна модель фінансування, виявлено її особливості та недоліки. Вдовиченко Т. В. Социальная и профессиональная адаптация уволенных военнослужащих как объект финансового обеспечения. Детализировано структуру социальной и профессиональной адаптации уволенных военнослужащих по основным компонентам. Сформулировано собственное определение указанной адаптации как объекта финансового обеспечения. Разработана типология источников финансовых ресурсов для социальной и профессиональной адаптации бывших военнослужащих. Условно выделены четыре типа моделей финансирования упомянутой адаптации: централизованная (бюджетная), децентрализовано-эндогенная, децентрализовано-экзогенная и интегративная (смешанная). Обосновано, что в Украине преобладает децентрализовано-экзогенная модель финансирования, выявлены ее особенности и недостатки. Vdovychenko T. Social and professional adaptation of transferred to reserve military servicemen as an object of financial support. Introduction. Nowadays there are no active governmental instruments to finance the activities associated with social and professional adaptation of former military servicemen. The implementation of such programs is mainly carried out at the expense of limited foreign assistance. Insufficient elaboration of theoretical fundamentals and practical aspects of financial supply to sustain the mentioned adaptation in Ukraine predominantly explain it. Objectives. One has to identify the semantic differences in scientific approaches to determination of essence of social and professional adaptation of transferred to reserve servicemen, suggest authentic definition of this notion from the viewpoint of its financial supply, systemize, generalize and deepen the theoretical & conceptual fundamentals of financing the mentionedabove events and programs of adaptation. Results. The author critically analyzed the number of definitions of social and professional adaptation of transferred to reserve servicemen and specified the structure of mentioned adaptation due to its main components. The updated definition of social and professional adaptation of transferred to reserve servicemen as an object of financing was determined. On the basis of generalized global and national experience there was developed a typology of financial sources for social and professional adaptation of former servicemen according to three criteria: level of formation, location and financing model. The author conditionally grouped four types of models of its financing due to available financial sources: centralized (budget), decentralizedendogenous, decentralized-exogenous and integrative (mixed). The author has also substantiated the fact that decentralized-exogenous model of financing of social and professional adaptation of former servicemen prevailed lately in Ukraine and identified its peculiarities and disadvantages. Conclusion. The suggested typology of financial sources for social and professional adaptation of transferred to reserve servicemen facilitates selection of optimal financial sources and models taking into account the national specificity. Under modern domestic conditions of social and economic development it is recommended to apply the integrative (mixed) model of financing that is based on the principle of social partnership and assumes the participation of all economic sectors in financing of program events of social and professional adaptation of transferred to reserve servicemen: municipal, business and non-governmental (public) ones

Н. В. Корень

Radical transformation processes in the economy, administrative reform and modernization of the public relations system entail the need for building adequate regulatory mechanisms to eliminate influences of negative factors, stabilize and sustain the development dynamics in the conditions of limited resources. The prolonged prevalence of situational analysis for purposes of administrative decisions making on budget-related issues prevented from effective setting and implementation of strategic objectives, which, once coordinated, would enhance the effectiveness of reforms in the budget system in the whole and the mechanism for interbudget relations in particular. Their high effectiveness is a key and complicated objective of public finance administration in a country. Solutions of problems related with stabilization of economic dynamics, overcoming of consequences of financial and economic crisis require advanced theoretical approaches to enhancing the effectiveness of inter-budget relations as an important component of budget control. The amendments to the budget legislation, adopted in 2014-2015, are supposed to provide for anew model for financing of local budgets and inter-budget relations and the guidelines for reforms of budget and taxation decentralization. The practice of budget control in 2015 shows that the current legal system for control of inter-budget relations had many unsettled issues which calls for its further improvement. Further implementation of the reform of budget decentralization and enhancement of inter-budget relations effectiveness requires extension of rights of local governance bodies, enlargement of their budget autonomy and clearly specified responsibilities.