The main focus of this article is the analysis of the global cryptocurrency market as an integrated system of cryptocurrencies and infrastructures that ensure their functioning. In particular, the general state of the cryptocurrency market and its current trends have been considered. The main part of the analysis was conducted on the structure of the global cryptocurrency market and its main components. Based on the indicator of cryptocurrency market capitalization, leading cryptocurrencies have been defined. They currently represent 80% of the world cryptocurrency market. These include Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, Litecoin and NEM. Key players in the cryptocurrency market infrastructure have been also determined, they support and contribute to the development of the market of almost every cryptocurrency. These include miners, full nodes, exchanges, wallets and payment companies. The main market indicators for each leading cryptocurrencies such as: the market share and its change over the year, the degree of influence of the cryptocurrency on the state of the global market, the dynamics of prices and their volatility have been analyzed. The infrastructure of the market of each cryptocurrency has been estimated on the basis of indicators of the reliability of the infrastructure and its trade opportunities. The study showed a high growth rate of Bitcoin and along with it a number of significant altcoins over the past year, which had a favorable effect on the state of the common cryptocurrency market. Almost every cryptocurrency showed positive trends. Ripple is the absolute record holder of price growth over the past year, followed by NEM. Bitcoin and Ethereum are the least financially risky ones in terms of volatility. In addition, Ethereum has the most reliable infrastructure, and Bitcoin has the most secured by exchanges and wallets. Cardano showed the highest growth rates in a short period of time. In general, these phenomena are positive forerunners for the cryptocurrency industry.
Introduction. At the present stage, Ukraine is steadfastly concentrating its efforts on fulfilling its international legal obligations, including on issues of development of local and regional democracy. An important role in these processes is played by the reform of local self-government and territorial organization of power in accordance with the basic provisions of the European Charter of Local Self-Government, which has become an integral part of the national legislation in this area. Purpose. The purpose of the study is to analyze the actual revenues of local budget revenues of the Ternopil region as a whole and the combined territorial communities and the city of Ternopil in particular. In addition, the task of analyzing the dynamics of individual sources of local budget revenues and determining the possible problems of budget formation in 2017 is set. Results. Summarizing the study, it should be noted that as a result of the decentralization reform, the system of financing has been changed in the country, and tools have been created that allow local authorities to effectively address and prevent problems on the ground. Conclusion. The further introduction of a decentralization policy should become an effective factor in stabilizing the socio-economic situation, overcoming the financial crisis, overcoming the contradictions between different levels of government, organizing relations between the center, regions and territorial communities on the basis of the division of responsibilities and competences, as well as partnerships in the area of providing citizens Ukraine with state and local benefits, and to increase the efficiency of using budget funds at all levels of government.
Urgency of the research. The objective need to popularize the foundations of sustainable development is due to an increase of anthropogenic impact on the environment. An important point is the formation of financial instruments for the sustainable development of rural areas and the development of ways of environmentalizing the agrosphere. Actual scientific researches and issues analysis. The scientific works of such scholars as M. Y. Malik, M. A. Khvesyk, O. M. Alymov, I. M. Lytsur, V. V. Mykytenko, E. M. Libanova and others deal with the financial support of sustainable development of rural territories. Uninvestigated parts of general matters defining. The scientists have not yet sufficiently developed the argumentation of the implementation opportunities of the priority areas of the formation of financial instrumentation for the sustainable agricultural development innovative approach. The research objective. The aim of this article is the substantiation of innovative approaches to the formation of financial instruments for sustainable development of rural communities. The statement of basic materials. The article deals with the features of the formation of financial instruments for sustainable rural development. The key role of the financial sector in the sustainable development of local natural and economic systems has been proved. We have calculated the resource of the local budget of Mukachevo district in 2014-2016. There have been defined the directions of expansion forms and sources of financing of the processes of reproduction of natural resources and improving environmental management through the rent relations in the process of financial providing of sustainable development management of rural communities. Conclusions. The concept of sustainable development, which covers the economic, social and environmental trends, needs to be prioritized. Strengthening the progress of the priority components of the concept of decentralized sustainable development, the possibilities of modernizing economic relations will be expanded on the basis of coordination of interests of communities with the interests of the authorities. It is also necessary to strengthen the development of the concept of a mutually integrated mechanism of accumulation and use of financial resources to ensure the economic basis of environmentally-oriented growth.
Blockchain technology has been raising enthusiasm over a variety of disciplines, from information technology and finance, to law and economics. Blockchain is a decentralized ledger, which facilitates trust and makes peer-to-peer transactions possible without a central third-party authority. Since 2008, cryptocurrency bitcoin has provided an example of how to implement a marketplace without a central authority by using blockchain technology . The fact that a broad range of economic and government activities rely on a centralized recording of the basic data of the economy makes this technology potentially significant. The utopian views of blockchain have argued that it will disrupt a wide range of markets by eliminating the need for intermediation. The objective of this thesis is to review the relevant literature related to the topic and provide a guide to what blockchain means in the field of economics. The published research is mapped through a three stage literature review, and based on this, it is organized in three main categories: monetary-, innovation- and governance-centred research. Even though the literature surrounding the topic is still in its infancy, the potential of blockchain technologies is recognized by the literature. From the monetary viewpoint blockchain gives unprecedented flexibility in designing the attributes of currencies in terms of supply, value and exchange. From the innovation viewpoint, blockchain can create both increased efficiency of existing markets but also profits through entirely new markets. From the governance viewpoint blockchain facilitates trust and can be instrumental in democratizing economy more towards peer-to-peer production and consumption. Rather than a single technology, blockchain should be understood as a part of a greater digital transformation. In this case, blockchain can play a role in unlocking the potential of digital commons as well as the sharing and platform economy through a decentralized, universal record-keeping system.
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
Introduction. Building an effective and fair system of public finance is an important stimulus for the dynamic development of economy of Ukraine. In this case, balance and rationality of financial resources of Ukraine will contribute to creating an enabling macroeconomic environment for business and investment growth and provide guaranteed stability in the system of social protection. However, imbalances and problems in public finances are able to form a threat to national economic development. According to this the article is devoted to coverage of topical issues of public financial management in Ukraine and defining their solutions via the implementation of a new model of government – the transfer of key business practices in public administration. Results. Main solution for issues in a public finance management should be the implementation of the new government model which is based on using main principles of corporate finance management in public area. New government model includes elastic system of compensation to public officers which is based on KPIs, decentralization of budget system and controlling by independent auditor. Conclusion. The implementation of a new model of public administration requires systematic and deep reforms, which required considerable significant time and financial resources.
The reforms of the education system that took place in many countries have an impact on the funding of education. Decentralization of the education governing
 resulted in uneven allocation of state investments and change in state participation in education. Comparison of international education financing indexes both in general and on its individual levels based on the four main indexes was carried out to define the features of education financing in the world. The problem of international comparison of education financing indexes lies in identification of the integrated index of resources’ provision on the one hand and various results of education system functioning on the other one. The research conducted shows that in order to transfer to the education model for innovative development of state and society, government of any country should make serious efforts at reforming the education system, including the change in the financing structure of education.
The article discusses the history of cryptocurrency, its positive and negative sides, legal status, the evaluation of the prospects for its use and investigates the possibilities of obtaining cryptocurrency, mechanism of operation and its impact on the development of the shadow economy.
Досліджено вплив процесів фінансової децентралізації на систему місцевих фінансів України. Визначено основні трансформаційні зміни системи місцевих фінансів внаслідок реалізації заходів реформи та шляхи її адаптації до нових умов. Розкрито базові характеристики зміни ролі державних органів влади та органів місцевого самоврядування, їх взаємозв’язків та відносин у системі, посилення участі населення в ухваленні рішень місцевого значення. Сформульовано основні вимоги до системи місцевих фінансів із урахуванням впливу процесів фінансової децентралізації, зокрема формування ефективної і стійкої бази для мобілізації фінансових ресурсів у межах кожної територіальної громади; забезпечення достатнього обсягу ресурсів для збалансованого і динамічного розвитку на місцевому рівні; підвищення ефективності управління місцевими фінансами із застосуванням процесного та проектного підходів. Запропоновано план заходів щодо зміни системи місцевих фінансів України в контексті фінансової децентралізації на п’ятирічний період. План заходів передбачає унормування регуляторних положень у сфері управління місцевими фінансами, підвищення кваліфікації посадових осіб місцевого самоврядування, розвиток ресурсного потенціалу, моніторинг та оцінювання ефективності діючої системи місцевих фінансів.
The aim of the research is to improve the management of innovative potential in the field of Housing and Communal Services (HCS) under conditions of establishment of decentralization of the regions and the formation of measures to provide reforms in this area. Theoretical and methodological basis of the research is the scientific papers and designs of local and foreign authors; the State program of reforming HCS. To achieve the set purpose, we applied general scientific, as well as comparative and analytical methods. The need to manage the innovative potential under conditions of growing competition among national manufacturers in their pursuit of integration into the world economic space was researched. The performed analysis found technical–technological and financial state of HCS in the regions unsatisfactory. Formation of measures to implement the State program of reforming and development of HCS was substantiated. It was demonstrated that the way to engage foreign investments stumbled into certain obstacles, related to the excessive centralization of financial resources and their insufficiency for economic freedom of the regions. Special attention is paid to the fact that innovation activity in Ukraine has low level of development that can be explained by insufficiency of financing of scientific activities (applied research, designs), as well as the lack of incentives for its implementation. Unfavorable macroeconomic situation and the activities of the government bodies to withdraw working capital, increasing taxation burden lead to decrease in innovation activity of enterprises. It was demonstrated that the priority fields of the economy of the state, which need stimulation of investment and innovation, also include HCS, which remains one of the most technically backward industries of the national economy. It was proven that the current state of technological infrastructure did not meet the requirements of a market-driven economy. The qualitative analysis of technological backwardness of HCS in Ukraine by the leading foreign specialists was cited, in particular by the Friedrich Ebert Foundation. The scientific novelty of the research lies in the need to improve the management of innovative potential and to develop proposals of consistent reforms in the area of HCS. Practical significance of the work is to provide recommendations to the urban residents regarding the implementation of the advantages of setting up ACMAB. The prospect of further research is the analysis of existing ACMAB in the regions and preparation of proposals for elimination of the shortcomings in their activity. Мета дослідження полягає в удосконаленні керування інноваційним потенціалом у сфері житлово-комунального господарства (ЖКГ) в умовах становлення децентралізації регіонів і формування заходів забезпечення проведення реформ в цій галузі. Теоретична та методологічна основа дослідження – наукові праці й розробки вітчизняних і зарубіжних авторів; Загальнодержавна програма реформування ЖКГ. Для досягнення визначеної мети застосовано загальнонаукові та порівняльно-аналітичні методи. Досліджено необхідність керування інноваційним потенціалом в умовах зростання конкуренції серед вітчизняних виробників у їх прагненні до інтеграції у світовий економічний простір. Проаналізовано та виявлено незадовільний техніко-технологічний і фінансовий стан ЖКГ у регіонах. Обґрунтовано формування заходів виконання Загальнодержавної програми реформування і розвитку ЖКГ. Продемонстровано, що на шляху активізації залучення іноземних інвестицій виникали певні перешкоди, пов’язані з надмірною централізацією фінансових ресурсів і їх недостатністю для економічної свободи регіонів. Акцентовано увагу на тому, що інноваційна діяльність в Україні має низький рівень розвитку, що можна пояснити недостатністю фінансування наукової діяльності (прикладних досліджень, розробок), а також недостатністю стимулів для її провадження. Несприятлива макроекономічна ситуація та заходи урядовців із вилучення обігових коштів, збільшення податкового навантаження призводять до зниження інноваційної активності підприємств. Продемонстровано, що до пріоритетних галузей економіки держави, які потребують стимулювання інвестиційно-інноваційної діяльності, належить також ЖКГ, що залишається однією з найбільш технічно відсталою галуззю національної економіки. Доведено, що сучасний стан технологічної інфраструктури не відповідає вимогам ринкової економіки. Указано на якісний аналіз технологічної відсталості ЖКГ в Україні провідними зарубіжними фахівцями, зокрема з фонду ім. Фрідріха Еберта. Наукова новизна дослідження полягає в необхідності удосконалення керування інноваційним потенціалом і в розробці пропозицій послідовного реформування у сфері ЖКГ. Практичне значення роботи – надання рекомендацій мешканцям житлового фонду стосовно використання переваг створення ОСББ. Перспектива подальших досліджень – аналіз діяльності діючих ОСББ у регіонах і розробка пропозицій щодо усунення недоліків їх діяльності. Цель исследования заключается в совершенствовании управления инновационным потенциалом в сфере жилищно-коммунального хозяйства (ЖКХ) в условиях становления децентрализации регионов и формирования мер обеспечения проведения реформ в этой области. Теоретическая и методологическая основа исследования – научные труды и разработки отечественных и зарубежных авторов; Общегосударственная программа реформирования ЖКХ. Для достижения определенной цели применены общенаучные и сравнительно-аналитические методы. Исследована необходимость управления инновационным потенциалом в условиях роста конкуренции для отечественных производителей в стремлении их к интеграции в мировое экономическое пространство. Проанализировано и выявлено неудовлетворительное технико-технологическое и финансовое состояние ЖКХ в регионах. Обосновано формирования мероприятий выполнения Общегосударственной программы реформирования и развития ЖКХ. На пути активизации привлечения иностранных инвестиций возникали определенные препятствия, связанные с чрезмерной централизацией финансовых ресурсов и недостаточностью их в рамках экономической свободы регионов. Акцентировано внимание на том, что инновационная деятельность в Украине еще находится на низком уровне, это объясняется недостаточностью финансирования научной деятельности (прикладных исследований, разработок), а также недостаточностью стимулов для производства инновационной деятельности. Неблагоприятная макроэкономическая ситуация и шаги правительства по отвлечению оборотных средств, увеличение налоговой нагрузки приводит к снижению инновационной активности предприятий. К приоритетным отраслям экономики государства, которые нуждаются в стимулировании инвестиционно-инновационной деятельности, относится также ЖКХ, которое остается одной из наиболее технически отсталой отраслью национальной экономики со многими проблемами. Современное состояние технологической инфраструктуры не соответствует требованиям рыночной экономики. Указано на качественный анализ технологической отсталости состояния ЖКХ в Украине ведущими зарубежными специалистами, в частности из фонда им. Фридриха Эберта. Научная новизна исследования основывается в необходимости совершенствования управления инновационным потенциалом и в разработке предложений последовательного реформирования в сфере ЖКХ. Практическое значение работы состоит в предоставлении жителям жилого фонда рекомендаций касательно использования преимуществ создания ОСМД. Перспектива дальнейших исследований – анализ деятельности действующих ОСМД в регионах и разработка предложений по устранению недостатков их деятельности.
Subject of research is fiscal decentralization. The goal of this research paper is the analysis of the dynamics and status of fiscal decentralization. Methods which were used in course of research: generalization, comparative analysis method, statistical method and other methods. Study results. Characterized and analyzed Application of results: Ministry of Finance of Ukraine, the Verkhovna Rada of Ukraine. Conclusions. Decentralization in terms of expansion of powers at the local level leads to high efficiency of public administration at the lowest level, and to improve the efficiency and quality of public services. But the significant transfer of powers and functions from state to local levels without adequate financial security can lead to negative financial results. It is therefore particularly important is finding the optimum between the volume of granted powers, and their support by adequate financial resources.
The genesis of the definition of the term of “local finance” in Ukraine and in the world is studied. The necessity of the development of local finance framework is justified in view of active processes of decentralization. The components of the local finance system are determined. The subject-object structure of relations in the local finance management in Ukraine is presented.
С. А. Корольков, Alexander G. Losev, Vasily V. Tarakanov
This publication belongs to case category. The main task of the research is to formulate methods and algorithms of financial analysis and teaching process management at the university. It suggests designing financial mathematical model of budget financing for university structural units on the basis of teaching and financial plans of teaching programs. This model is based on per capita financing of educational institutions acting upon state order. The authors of the article have already designed and presented practical implementation of original algorithms for forming salary funds for lecturers from the chairs. The article presents the main principles of the model analyzing main outcomes of its implementation and formulates possible challenges and ways of solving then. There has been a significant economic effect of introducing the model, absence of legal limitations for its implementation, perspectives of its development in the field of prognosticating university structural units’ financial position, implementing effective contracts, network form of training and individual educational trajectories. Developed method of budgeting for structural units can be used at any university on the basis of curricula analysis and making teaching and financial plans. Its implementation eliminates discrepancies between principles of business support of educational activities in general and its individual structures (chairs); creates an opportunity for calculating the costs of curriculum modules and components; improves efficacy of teaching process organization; formation of financial mechanism for implementing individual educational trajectories by the students and network forms of training, basic chairs functioning, decentralization of financial and economic management and creation of prerequisites for acknowledging a chair as the center of financial responsibility. The model is original and is in fact a natural continuation of per capita financing of university educational activities.
The article highlights the essence of budgetary control. The features of control in the public sector performance are grounded as well as the relationship between verifiability and the controllability. It is proved that the achievement of public finance management needs its controllability. There is no alternative verifiability by ensuring controllability of budget resources. The classification criteria of budgetary control types according to the different classification criteria are developed. It has allowed to distinguish its following types: scheduled, unscheduled, previous, current, next, state, municipal, specialized, departmental, public, external, internal, solid, selective, comprehensive, effective, ineffective, centralized, decentralized, legislative, realizable, further, active, passive, available, projected, intermediate, final, mixed. The purpose of the article is to provide a classification criteria of budgetary control development, taking into account the role and functions of control in public finance management. The subject of the study is a set of financial relationships arising during the budgetary control due to appropriation of financial resources. Methodology. The following methods have been used in the process of writing: cognition, induction, deduction, analysis and synthesis. Results of the survey. Thus, the main directions of budgetary control implementation we can consider the following ones: monitoring compliance with procedures for preparation, review and approval of state and local budgets; the implementation of revenue and expenditure of the budget at the national and local levels control; detection of theft of public funds, as well as their misuse; accuracy of accounting control; increasing the revenue base of the state budget detection; preventive measures to combat corruption and bribery in the public sector. The author’s approach to classification criteria of budgetary control types, unlike existing ones considers budgetary control as a complex in all its manifestations. It allows implementing budgetary control in full and at all stages of the budget process. It will significantly increase its efficiency and effectiveness. Value/originality is specified in the following items. Classification of budgetary control, which differs from previous approaches in more detail and grouping features has been improved according to: the degree of planning and subordination:, control entities, stages of implementation, level of activity, time direction, nature of action, implementation and assessment according to the timing, forms of implementation, the scope that makes more effective budgetary financial management control.
Issues of crypto currencies usage in international and domestic financial systems are considered in thearticle. Detailed review of crypto currency stages development in Ukraine and abroad was provided.Analysis of crypto currency nature was made. It was paid attention to the description of basic kinds ofcrypto currencies and specifications of their usage. Process of crypto currency implementation infinancial system of Ukraine was reviewed
The objective of the article is the accumulation and review of existing regulatory material regarding the decentralization process, namely the implementation of fiscal decentralization, and financial and legal analysis of the current state of local Finance and their legal regulation reform in modern conditions of development of Ukraine taking into account foreign experience. The relevance of the research topics is the need of the modern understanding of legal regulation of decentralization processes in public administration of Ukraine and the state of development of law in these processes. Doclet themes. The problem of decentralization of financial resources and authority devoted a lot of research scientists (N. Bykadorova, A. Bondarenko, N. Kaminska, I. Karchevsky, P. Kolody, B. Krajnik, I. Legkostup, J. Ostroshenko and others) both in Ukraine and abroad. The author explores the concept of decentralization, financial decentralization, the decentralization of power. Analyzed the legal value of laws of Ukraine: "On principles of state regional policy" and "On voluntary consolidation of territorial communities" for further reform actions in Ukraine. Analyzed components of the new system in the formation of profitable and account parts of local budgets, the determination of the principles of transfer policy and intergovernmental relations. The main objectives of such a system and ways of their implementation are as follows: 1. Ensure fiscal autonomy and financial independence of local budgets 2. The consolidation of local budgets in the stable sources of income and stimulate podatkovni communities. 3. Strengthening the responsibility of relevant ministries for the balance of financial resources and sectoral policies, in particular through the mechanism of providing educational and medical subsidies, subsidies for personnel training. 4. The expansion of spending powers of local authorities by transferring funding from the local budgets of individual budget programmes and agencies, which are now financed from the state budget. 5. The introduction of a new mechanism of budgetary regulation and equalization. In Ukraine the process of fiscal decentralization takes place quite actively, consistently, with a fairly full legislative regulatory the development of this process, which is a positive thing for Ukraine in the historical development of both areas and the state.
The aim of the article was to evaluate the risks of investing in Bitcoin cryptocurrency. Particular attention was paid to the risk of investment on the Polish exchanges: Bitcurex, BitBay, BitMarket.pl and LocalBitcoins. To evaluate the risk there was used VaR measure. There were compared the risk of investing in Bitcoin cryptocurrency and the risk of investing in the selected "traditional" currencies. There was also paid attention to the effect of day of the week on the Bitcoin’s exchanges. The investment in cryptocurrency was characterized by higher risk than investing in “traditional” currencies. The Polish Bitcoin exchange LocalBitcoins was characterized by the highest risk and highest average daily rate of return.
The article studies theoretical problems of decentralization of local government, local Finance. The decentralization of power and Finance allows each region the right to successful development. In the current situation, we have the excessive centralization of power and financial resources in one institution, which allows to concentrate all the financial resources at the top and redistribute them down in manual mode, places the region in a complete dependence from the center, making unbalanced system of local government, community, weak, not able to solve the issues of socio-economic development. Shows the macroeconomic indicators of Ukraine and their impact on economic development of regions. The main causes of the current situation and the basic directions and prospects of decentralization of local Finance: the adopted amendments to the Constitution of Ukraine, the extension of the tax potential of the regions, elimination of the "shadow" wages and small businesses avoid bankruptcy organizations, revenue mobilization, reduction of unjustified budgetary obligations, establishing order in the land and municipal property, effective management of local finances. These directions will contribute to the decentralization process, will enhance the role of the region, district, communities in addressing important issues of socio-economic development.
The article analyses the opportunities of financial decentralization in the light of the formation and functioning of the local self-government in Ukraine. The series of works devoted to the problem of decentralization are analyzed. The main trends and challenges for the development of the system of local finances in the transformation of the Ukrainian economy. Considered comprehensive and systematic measures for the development of the system of local finances in the transformation of the economy, the creation of financial autonomy of local authorities. set of interrelated measures for the establishment of fiscal policy, budget management, support local authorities in the system of local finance. Particular attention is paid to the principles of division of expenditure powers, fixing the problem of tax revenues at the local level. The necessity of improving the system of fiscal relations between the central and local authorities to improve the economic feasibility of the process of decentralization. Particular attention is paid to the principles of differentiation of spending authority, fixing the problem of tax revenues at the local level. Is expected to further the development of the level of decentralization in Ukraine, directions of development of local finance in the direction of fiscal autonomy of the regions.
The preconditions appearance Ukrainian phenomenon of "Dutch disease" and the transition of the national economy on a trajectory of "resource curse" that requires improving the system of fiscal regulation nature use and review priorities of increasing energy potential of territorial communities through integrated use of local natural resources are considered. Public-private partnerships agreements as a priority institutional form of realization of projects for increasing the energy potential of territorial communities in conditions of decentralization based on increasing the efficiency of processing of a waste of agricultural and forestry production and recovery capacity of small hydropower are defined. Stimulate the use of hydropower potential of small rivers based on introduction of a concession regime of use water fund lands is proposed. Advisability increasing of energy efficiency of land use based on processing of a waste of grain and industrial crops and not increasing cultivated areas of energy direction agricultural crops is proved. Creation of forest clusters based on subjects of forestry business, local governments and finance and credit institutions for creation conditions for reducing losses forest raw and manufacturing energy wood from recycled waste wood are proposed.
Considering the prospects of regional innovation systems in Ukraine, theoretically found the key organizational and institutional settings that allow the potential of regional innovation systems. A criterion for the onset of systematic innovation at the regional level. They are divided into infrastructure and under- structure parameters. The first question concerns the degree of infrastructure regional financial competence. This includes private and public finances. Where there is a regional stock exchanges, firms, especially small and medium-sized can find financial resources at the local capital market. Regional innovation management process assists in the interaction of the parties, including the competence of public and private resources. The revival of public-private investment in Ukraine can also help to build capacity, reputation, trust and reliability among regional partners. State regional budgets are also important in mobilizing regional innovation capacity. Three types of budget competencies. The first - the regions have the right to manage decentralized expenditure. For example, when the region is the channel through which funds are nation-wide. The second category is applicable in cases where the regions are competent in autonomous spending. This happens when regions determine how the grant will be spent allocated from the national budget. The third category - the regions have the power to collect taxes as well as for the autonomous distribution, which creates opportunities for regional innovation. The strongest basis for promoting regional innovation is found in regions with credit opportunities, and in the regions with autonomous expenditure and authority to collect taxes. The competence of regional authorities to infrastructure issues are divided according control and influence on investment: in 'hard' infrastructure projects such as transport and telecommunications and 'soft' - infrastructure knowledge, such as universities, research institutes, science parks and technology transfer centers. Most regions lack the budget to the most strategic of them, but many have the power to design and construction of such facilities.
The paper studies issues of strengthening the financial basis of regional development as a component of economic security policy and one of the most important areas of administrative decentralization in Ukraine. Main problems of regional development financing identified, ineffectiveness of inter-budget relations proved and the obstacles for accumulation of financial resources of local communities determined. It has been shown that main consequence of regional financial “weakness” was the inability to concentrate resources for prior investment projects and activities of regional development. The measures for strengthening of the financial security of regions in the context of regional policy objectives and according to the announced decentralization and fiscal reforms in regions offered. It is proved that for strengthening the financial base of support for regional development and ensuring self-sufficiency of territorial communities, in terms of the objectives of the new regional policy, it is necessary: to gradually expand the list of instruments used by local authorities to increase the amount of cool tools; disseminate program-target method of compilation and execution of local budgets with the aim of increasing transparency and efficiency of use of budgetary funds; to organize intergovernmental relations, to increase the share of targeted funding, to ensure the formation of horizontal intergovernmental relations; to provide for the expansion of the revenue base of local budgets, transfer of shares separate national taxes, the search for extra-budgetary financial resources.
In this article an attempt of analysis of peculiarities of the market of crypto currency is carried out, peculiarities of peer payment systems such as Bitcoin, Namecoin, Litecoin, PPCoin, Novacoin are analyzed. Attitude to crypto currency in the modern world is ambiguous, due to the pseudo anonymity of crypto currency the use of crypto currency may have fraudulent schemes, may be used for financing shadow sector, including terrorism and drug trafficking. Author explores possible links of crypto currency and shadow economy, highlights the main distinguishing characteristics of crypto currency and payment schemes with their use, the analysis of pros and cons of presence of competitive money in the economic cycle of the country is carried out.