The article considers the possibility of optional implementation of financial and educational decentralization approaches in Ukraine. The strategic role of CMU Order No. 333-r dated April 1, 2014 on the approval of the Concept of Reforming Local Self-Government and Territorial Organization of Power in Ukraine as a conceptual measure of financial and educational transformations is outlined. The legal status and legal options of educational self-government at the level of OTG are defined in accordance with the national "normative basis of decentralization": the Law of Ukraine "On the Voluntary Association of Territorial Communities" No. 157-VIII, the Law of Ukraine "On the Principles of State Regional Policy" No. 156-VIII, etc., as well as relevant legislation (the Law of Ukraine "On Education" No. 2145- VIII of the Law of Ukraine "On Higher Education" No. 1556-VII, etc.).
 A terminological distinction between the concepts of "power decentralization" and "financial decentralization of the region" is proposed. The problem of budgetary and educational provision of scientific and educational facilities is conceptualized spheres in Ukraine through the prism of the Budget Code of Ukraine No. 2456-VI.
 Examples of foreign decentralization-educational (management and financial) support are presented and implementation methods of its application in Ukraine are proposed.
 The ideological problem is that the decentralization of power presupposes, among other things, the financial independence of the region (one of the principles of decentralization is the transfer of resources from the ODF to the OMS), and the issue of its provision is problematic for a country that is used to building financial and economic relations by the "vertical" principle, i.e. "from top to bottom".
 Taking into account the dependent connection of the educational sphere in Ukraine on the accompanying and sectoral legislation, such trends, without having a direct impact on the volume and expenditure mechanisms of scientific and educational support from the State Budget of Ukraine, create a precedent of institutional and jurisdictional inconsistency.
 The issue of financial support for higher education and directly – institutions of higher education (HEIs) has several problems, among which “financing of expenses for the maintenance of HEIs, not the actual cost of the educational process” stands out; calculation of budget transfers only in the amount of "educational needs" (without cultural and sports and social assistance initiatives of the development and education self-government); inadequate financial and logistical support of vocational education as a subcomponent and pregenerator of higher education in Ukraine.
Purpose: In this paper, we analyze the impact of the war in Ukraine on the price and volume volatility of bitcoin. Design/methodology/approach: We apply a two-stage methodology, to explore whether bitcoin price and volume were affected by the Ukraine war event, and to analyze the magnitude of this effect. Findings: Our results show that the Ukraine war affected more bitcoin volume, than bitcoin price. Practical implications: We explore whether the effect of a major political event, such as the war in Ukraine, is differentiated between bitcoin price and volume respectively, and we show that volume is affected much more than price. This has important practical implications for traders and investors in the crypto-market, since bitcoin is gradually perceived as an asset that can bear portfolio diversifying features. Originality value: Our results are surprizing since prior event literature shows that bitcoin price is heavily affected by major political and economic events, but is in line with the only to-date study of Bitcoin price and Ukraine war (Yatie, 2022).
The article is devoted to the consideration of automated decentralized programs on the blockchain, which are a modern tool for processing transactions without the help of a trusted third party. The purpose of the study is to generalize and systematize information on the requirements for smart contracts, as well as review the vulnerabilities of smart contracts at the Solidity code level. The blockchain architecture was studied and the advantages of smart contracts compared to conventional contracts were determined, namely: risk reduction, reduction of administration and maintenance costs, and improvement of business process efficiency. A thorough analysis of current literature has been carried out and the current problems faced by users and developers of smart contracts have been identified. It is noted that the process of developing smart contracts is not sufficiently standardized and it is advisable to create a system of recommended requirements for smart contracts used in various subject areas. The requirements for smart contracts have been collected and analyzed for areas related to healthcare, education, business, project management, data analysis, software development, trading, logistics, and jurisprudence. It is determined that the mandatory requirements for all these subject areas are security, process transparency, determination of conditions and criteria for success, and automation of work. The rest of the requirements are analyzed and the concepts of the measure of coincidence and uniqueness of requirements for a particular subject area based on the corresponding functions are introduced. The coincidence and uniqueness measures were calculated for the considered subject areas. The proposed measures will allow in the future to obtain a quantitative assessment of templates for gathering requirements for programs, taking into account the used subject area. The article reviews and systematizes the types of vulnerabilities of smart contracts at the level of Solidity code on the Ethereum platform. The best practices to avoid such vulnerabilities and possible examples of their exploitation by attackers are identified. It has been shown that increasing the reliability of smart contracts will help increase trust in the blockchain among users.
Alina Yuriivna Yakymchuk, Olena Panukhnyk, L Horal, S Hrynkevych · 5 authors
Abstract The development of efficient local governance and establishment of comfortable conditions for the living activity are the major strategic tasks of the public governance and authorities’ decentralization system modernization that is currently underway in Ukraine. The complicated socio-environmental and economic situation faced by Ukraine due to the deployment of military and political events, the collapse of the national currency, the deformation of industrial infrastructure, the depletion of natural capital, the exhaustion of natural resources, the spread of coronavirus infection COVID-19, and other destabilizing factors constitutes an incredibly high threat to the socio-political and economic security of the state as a whole and of each territorial community (TC). In this perspective, each element of the complex national economy system is important and should be translated into the principles of intellectualization in a strategic perspective. Today, the economic systems of both the state and the TCs are largely supported by international organizations – mainly through the provision of international loans and grants. The harmonization of national legislation on the preservation and reproduction of natural capital with European directives is the priority area of the foreign policy of Ukraine. Cooperation with international organizations sets a number of requirements for Ukraine, including the transparency of financial flows and natural capital accounting. Clear regulation of accounting, storage, and reproduction of natural capital is an urgent task of the public administration system. Taking into account the fact that climate security is a global problem, adaptation of national standards to European directives will make it possible to unify the information support of public finances and form a strategy for the development of natural capital. The main factors of economic efficiency in the Republic of Poland and Ukraine are compared. The research verifies the regression relationships between budget funding of territorial communities and the population of these territorial communities and provides conclusions about the efficiency of TCs’ funding in Ukraine.
The pandemic and subsequent changes in various spheres of human activity have also transformed consumer behavior, particularly in the cryptocurrency market. The article is aimed at identifying the priority directions of transformations taking place in the cryptocurrency market in the conditions of the Covid-19 pandemic under the influence of certain groups of factors. System and network approaches to understanding the cryptocurrency market have been identified. The cryptocurrency market is considered from a functional and institutional point of view. From a functional point of view, the cryptocurrency market is a set of economic relations in cyberspace regarding cryptocurrency mining, initial coin offering (ICO) and circulation of cryptocurrencies based on the laws of supply and demand. From an institutional point of view, the cryptocurrency market is a set of participants in the virtual currency schemes who carry out cryptocurrency transactions. The following signs of cryptocurrency market segmentation are justified such as those depending on the market capitalization of the cryptocurrency; on the nature of the crypto assets movement; on operations carried out on the market; on the region; on consumers of services. Factors which influence the functioning of the cryptocurrency market are systematized according to the following groups: macroeconomic, price, environmental, geographic, market, behavioral and technological. The influence of gold, oil prices, the daily number of Covid-19 cases and deaths from Covid-19, the MSCI ACWI global stock index, the iShares MSCI All Country Asia ex Japan ETF, the Wilshire 5000 Total Market Index on the Bitcoin exchange rate is revealed. The trends in the cryptocurrency market development in the post-war period are justified, namely the growth of investors’ interest in cryptocurrencies against the background of the initial coin offering collapse; growth of payments in cryptocurrencies; strengthening the regulatory landscape on a global and national scale; integration of the cryptocurrency market with traditional finance; attracting non-typical participants to the cryptocurrency business; expansion of participants in the infrastructure of the cryptocurrency market due to the rapid cryptocurrency market development, in particular, due to the production of equipment for its operation.
The prerequisites and principle of the formation and development of the social sphere in Ukraine have been studied. It was pointed out that despite the multilevel and multichannel nature of the social infrastructure financing, the state and local budgets are the main source of the financial resources that ensure the social sphere functioning and development. It was specified that the budget expenditures for financing the social sphere are versatile and have both state and local financing source and differ according to their functional, departmental and target designation. This factor complicates the social sphere financing system, decreases the level of coordination between individual institutional components and levels, and increases the costs of maintaining and management of the social sphere institutions. It is clarified that the priorities of the state policy and their financing depend on the current financial possibilities. The most problematic aspect of the social sphere financing is still the system of the inter-budgetary transfers. The important directions for improving efficiency of the social sphere financial support are: harsher punishment for the non-purpose use of the funds; optimization of the authority pertaining to the distribution of expenditures between authorities at all levels; involvement of the non-governmental organizations in provision of social services with a view of improving their quality, etc. The general conclusion is that it is expedient to set up conditions for integrating all kinds of social support so as to make a unified complex system; adhere to the program management method of budgetary planning and social sphere financing; ensure transition from the model of financing institutions to the model of service financing; diversify the social sphere sources of financing; implement the practices of social service procurement and mechanisms of the public private partnership; extend autonomy of the local self-government so as to provide social services in accordance with the principles of decentralization of funding; and facilitate the development of the social services market using the legal and economic tools, etc. Provided the indicated activities are adhered to, it becomes possible to develop modern, advanced and effective methods of the social sphere financing.
The essence of the work is the study of political influence and its selfish manifestations by the people’s deputies of Ukraine on the process of formation and functioning of united territorial communities. In our work, political influence is revealed as an element of indirect political agitation of deputies in the district through the mechanism of financing and allocating state subventions from the state budget of Ukraine to communities, which is a very popular and effective tool of direct influence on residents of united territorial communities. The first section of our study is devoted to the study and interpretation of the concept of political influence, and the methods by which it can be explored. The second section attempts to analyze the gaps in decentralization reform that have made it possible to spread such selfish political influence. The third section contains the empirical part of our study, where we obtained the results of the interdependence of political influence of people's deputies with the volume of issued state subventions of communities in 2020.
ЦИФРОВІЗАЦІЯ ФІНАНСОВОГО СЕКТОРА: ІНСТИТУЦІЙНІ ЗМІНИ Й ПЕРСПЕКТИВИЦифровізація формує ексклюзивні виклики і можливості.Сьогодні «бути цифровим» є необхідністю професійної й побутової компетенції, це вже не довільна опція.Цифровізація стала каталізатором змін економіки, інвестиційної поведінки людей як норма і форма міжособистісного спілкування.Конкуренція на міждержавному та корпоративному рівнях постійно потребує використання технологічних інформаційно-сервісних новацій.У розрізі секторів економіки передові цифрові технології знаходяться у фінансовому секторі, в космічній сфері та в сфері гонки цифрових озброєнь.До них дотичним є виробництво товарів подвійного призначення (військово-цивільного, літакобудування, наприклад).У фінансовому секторі криптовалютні ринки стали фокусом цифровізації.Це проявилось у швидкому інструментально-цифровому розширенні заощаджувальнорозрахункових можливостей приватної інвестиційної діяльності.Цифрові фінансові активи, такі як державні (CeFi -Centralized Finance) та децентралізовані (DeFi -Decentralized Finance), забезпечують операційну свободу вільного перетоку капіталу.Нова фінансова картина світу зародилася з появою в обігу децентралізованих криптовалют, коли поряд із традиційними видами валют з'явилися «нові гроші».Це приватні ініціативи майнінгу (не емісії) монет на основі блокчейну, які нерегульовані, нехеджовані з наступною фрагментацією спекулятивного грошового обігу, що спекулятивно забезпечує (допоки) «абсурдний дохід».Особиста свобода через криптовалютні фонтани її фінансування виявилась доступною для вдалих ентузіастів, але і двосічна як кураж фінансових спекуляцій.Більшість активів сектора DeFi -це лише продуковані частини програмного забезпечення, що мають вартість у межах початкових витрат енергії та супутніх елементів на їх майнінг.Тому приватні криптовалюти мають спекулятивну ціну, але практично не мають накопичуваної від початку і поновлюваної вартості.Центробанки країн світу дотепер виявляють зрозумілу стурбованість обігом нових замінників грошей як єдині емісійні центри фіатних валют.Позиція міжнародних фінансових організацій є аналогічною, застереження щодо «недостатнього тестування» приватних криптовалют в якості національних досить акцентовані.При необхідності модернізації грошового обігу центробанки запустили проєкти підготовки емісії власних цифрових валют (СВDC -Central Bank Digital Currency).Кількість проєктів СВDC наразі (осінь 2023 р.) реалізується у понад 100 країнах у різних формах (запуск систем, пілотний етап, дослідження).СВDC є основою цифрового сектора централізованих фінансів -CeFi.Оскільки пропорції між перевагами і ризиками цифровізації постійно мінливі, у цифровізованому грошовому обігу виникає дилема CeFivs -DeFi.Нові тренди управління капіталом в умовах цифровізації визначили два аспекти: а) зростаючу інституційну роль центробанків разом з іншими регуляторами
The article examines the relationship between the process of financial decentralization and the stability of the development function of regional economic systems based on the interdependence of these components of social transformation. After all, the motivational determinism of local finances activates the process of creating new jobs through the formation of the investment attractiveness of a particular region, the innovative progress of broad segments of the population, and the coordination of business, society, and subnational public authorities. The article reveals that the revival of the economy at the spatial level should be based primarily on the activation of innovative activities in the production and infrastructure sectors. Despite the decentralization of power functions, institutional bottlenecks, and the challenges and threats of decentralization, we believe that inclusiveness is quite high and is not conditioned by state regulation. The article states that the strengthening of the role of territorial communities gives rise to the need to reassess the place and function of each region in the coordinate system of the economic space, which must make institutional decisions that provide conditions for further development. Decentralization opens huge opportunities for the development of clusters of agro-industrial parks but provides an inclusive way for the development of the spatial economy, leveling the existing asymmetry and ensuring decent working and living conditions for the rural population. Proof of this is the EU agro-industrial complex, which convincingly confirms that land management within the framework of the Common Agricultural Policy of the third millennium means much more than food security and export growth, as this cannot be achieved without the simultaneous inclusiveness of sustainable development. A sound strategy for the development of a single national land community through the creation of industrial complexes and the integration of regional economic systems will allow us to move away from budgetary materialism to a paradigmatic strategy of financing spatial development and economic accumulation.
The study of the medical equipment market of Ukraine in the conditions of martial law is the basis for making management decisions regarding further processes of reforming the industry due to the introduction of management technologies and tools. The main issue regarding the purchase of medical equipment in Ukraine is the feasibility of costs, the quality of the equipment being purchased, as well as the need for specific equipment. In addition, the issue of decentralization and procurement by the National Health Service needs to be improved in order to save public funds during the procurement and delivery of quality and necessary equipment. The aim of the article is an analysis of the current state of development of the medical equipment market and the equipment procurement system in Ukraine. The article will use swot analysis methods for a strategic analysis of the strengths and weaknesses of the medical equipment market in Ukraine. In addition, a detailed analysis of medical equipment purchases by suppliers and customers of medical equipment in Ukraine will be conducted. Of the place of the public and private sectors in the field of health care, their interaction and further partnership relations. In addition, the result is an analyzed medical equipment sales market by the main suppliers on the medical equipment market in Ukraine. Conclusion. After analyzing the market of medical equipment from the beginning of 2022, it becomes clear that the market is currently running and operating despite the military aggression from the Russian Federation. The mechanism that allows the industry to move and develop in full has not been created, but right now we have many opportunities to create and implement new mechanisms of interaction between public hospitals and patients. It is necessary to increase the functioning of partner organizations in the field of health care. This is necessary in order for the private sector to work qualitatively and serve patients at the level of public insti- tutions. And state health care institutions, in turn, were qualitatively financed to increase the quality of the provision of medical services. It is appropriate to create a financing mechanism between the state and the private sector, because this advantage in the industry will provide an opportunity to quickly rebuild the field after our victory. By improving the field of health care and implementing the ideas of public-private partnership between health care institutions, the country will achieve impressive results in this area. In addition, decentralization must be returned to the form it had at the beginning of its implementation. This will make it possible to quickly elevate such an important sphere of human social life as medicine. It should also be noted that at this time and after the victory of our country in the war with Russia, the field of medical services, for example, such as rehabilitation, will have a greater demand than supply. It is necessary to ensure the opportunity to undergo rehabilitation at the expense of the state to all who will need it.
This paper studies the impact of financial decentralization on innovation activities in China based on the perspective of "finance-innovation". Using the data of China's industrial enterprises above designated size in 30 provinces from 2000 to 2019, this paper verifies the relationship between financial decentralization and innovation, reach conclusions that: Financial decentralization plays a significant role in promoting China's innovation ability; Financial decentralization has obvious regional heterogeneity, which has a positive effect on the improvement of innovation ability in the eastern and central regions with high economic development level, and a negative effect in the western regions.Meanwhile, it's found that the local financial decentralization is more obvious when the industrial structure is more perfect, and the financial decentralization contributes to the improvement of the local industrial structure.In the future, each region should choose the best degree of financial decentralization according to its different financial characteristics, and rationally use it to help local industrial innovation, to promote high-quality economic development.
Andrea VADKERTIOVÁ, Jaroslava Gburová, Daniela Matušíková, Lenka MIKLE
Technological progress is the driving force behind significant changes in the world economy. Even money, monetary aggregates, payment systems and the exchange of goods and services did not avoid these changes. The rapid expansion of internet commerce and mobile technologies, advances in encryption and network computing, and the emergence of new business and communication platforms have also fuelled the emergence and development of digital currencies and cryptocurrencies. Cryptocurrencies, such as Bitcoin, Ethereum and others, have seen an increase in popularity in recent years and have become an important part of the world’s economic system. This “cryptocurrency” trend is not avoided in Slovakia either, and it is becoming part of the financial and investment portfolio of many consumers. From a civic point of view, cryptocurrencies have become interesting not only for investment enthusiasts and technology gurus, but also for ordinary consumers. The aim of the paper is to examine and analyse significant differences in the perception of the level of awareness of cryptocurrencies depending on the age and gender of the surveyed respondents. To achieve this, we conducted a thorough analysis and used a combination of quantitative and qualitative methods. The paper provides a detailed look at the relationships between age, gender and perceptions of cryptocurrencies and assesses how these factors influence individuals’ attitudes towards this new development in finance. The paper seeks to provide a deeper insight into these relationships and assess how these factors influence individuals’ attitudes towards this new form of finance. The results of the presented paper can contribute to a better understanding of the relationship between age, gender and the perception of cryptocurrencies, thereby providing useful insights for further research and practical applications in the field of finance and digital activities.
Conceptual foundations for financing high-risk innovative projects based on the integration of financial theory, innovation theory, and risk management are substantiated. Specific characteristics of such projects are identified: information asymmetry between participants, J-curve cash flows, risk concentration at early stages, and the absence of tangible assets as collateral. Theoretical approaches to financing in the context of economic paradigm transformation are systematized. Current trends in the development of alternative capital attraction mechanisms based on digital technologies are analyzed: blockchain instruments (ICO, STO, IEO), crowdfunding platforms, smart contracts, and decentralized autonomous organizations. The specifics of forming a multilevel financing architecture using different types of financial instruments according to the stages of the innovation cycle are studied. The necessity of a comprehensive approach to financing high-risk innovative projects through the formation of a multilevel system that combines traditional and alternative sources of capital is proved. Strategic diversification of financial instruments allows balancing the interests of founders and investors, optimizing capital structure under uncertainty. Promising development directions are identified: formation of integrated financing ecosystems, transformation of state innovation support policy, institutionalization of meso-level structures, integration of ESG criteria, and development of artificial intelligence technologies to improve the accuracy of project potential assessment. The practical significance of the research lies in forming a conceptual basis for modernizing the financial support system for high-risk innovative projects through developing specialized financial instruments and risk assessment methods that account for information asymmetry and J-curve cash flows
The purpose of the study is to find a solution to problematic aspects of budget planning by analyzing the system of local finances and identifying opportunities for improving the budget planning mechanism. Because, in modern domestic science, in particular, considerable attention is paid to the issues of highlighting practical problems of the budget process and budget planning of local finances. However, there is no single definition of the concept of budget planning, its economic content, tasks and principles. To achieve the goal, general scientific methods were used: the method of scientific generalization ‒ to confirm the relevance of research in modern conditions; analysis and synthesis ‒ to understand the processes of reforming the territorial organization of power on the basis of decentralization as one of the key directions of systemic social transformations in Ukraine; scientific extrapolation and forecasting ‒ for further understanding that the local budget is gradually turning from a purely financial mechanism into a powerful means of influencing public opinion. The main results of the research, which form its scientific novelty, were: the search for a solution to problematic aspects of budget planning by analyzing the system of local finances and identifying opportunities for improving the budget planning mechanism, identifying the essence of the concept of «budget planning» and substantiating the organizational and legal foundations of budget planning; disclosure of local budgets as a link of the budget system with a presentation of the current state of the budget and budget indicators of the united territorial communities of Ukraine; coverage of the peculiarities of planning local budgets with a presentation of the problems of forming local budgets and ways to solve them. The practical significance of the obtained results is determined by the provisions of scientific novelty and the possibility of using research proposals and recommendations in the field of practical activities of local financial bodies of all levels, executive bodies of local councils, local state administrations, and relevant local councils.
Introduction. Despite the active military actions, a strategy for the further development of the Ukrainian state is being formed today. The strategy requires a specification of an effective mechanism for accumulating and allocating society's financial resources. Representatives of economic science and specialists of state authorities are working to calculate the quantitative parameters of such a financial mechanism. However, the qualitative characteristics of financial foundations for future social organization remain insufficiently transparent and understandable. Among them, the power factor plays a leading role. The purpose of the article is to substantiate the theoretical foundations of the role of finance in the post-war reconstruction of Ukraine through the prism of the functioning of the institution of power. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, theoretical generalization, and abstract-logical method. Results. As a result of the study, the necessity of identifying priorities for the development of Ukrainian society and the national economy from the standpoint of the formation and functioning of the centers of financial power is substantiated. These priorities include civil society, public administration institutions, local self-government bodies, business, as well as public and private, real and financial sectors of the economy. Balancing economic interests and capabilities of the centers of financial power requires purposeful changes in the areas of taxation and use of state financial resources, modernization of the real sector of the national economy on an innovative basis, and development of financially capable civil institutions and business communities. Conclusions. Taking into account the factor of financial power, main directions of the further development of Ukrainian society are democratization of social relations, deregulation and liberalization of economic relationships, decentralization of the process of distribution and redistribution of the GDP value, definancialization and full achievement of the goal of the fiscal decentralization policy.
B a c k g r o u n d . Strengthening the financial basis of local self-government takes on archival importance, considering the economic circumstances of the wartime and post-war reconstruction of the territories of Ukraine. In this regard there is a need to improve the local finance management system and develop its institutional support in conditions of financial decentralization. Theoretical and practical aspects of management in the field of local finances, inter-budgetary relations, financial relations of local self-government bodies in the context of decentralization are considered in the works of domestic scientists: V. Bodrov, V. Vakulenko, I. Volokhova, N. Honcharuk, V. Gornyk, A. Degtyar. The strengthening of the financial basis of local selfgovernment in the process of the post-war recovery of the economy of Ukraine is studied in the works of Z. Varnalij, I. Vertsiuk, Ya. Zhalilo, M. Kosheliuk, I. Ozymok, O. Sokolova, U. Thomann and others. Implementation of financial decentralization, management of local finances is considered by such foreign scientists as: J. Buchanan, A. Wagner, R. Musgrave, W. Oates, P. Samuelson, J. Stiglitz, H. Zimmerman, F. Fukuyama, J. Schumpeter and others. It remains expedient to search for institutional mechanisms for further reforming the financial relations of local self-government bodies, models for managing inter-budgetary relations, sources of financing local budget expenditures, and expanding public control mechanisms in the process of managing local finances under conditions of decentralization. The purpose of the article is the scientific and theoretical justification of the institutional transformations of the local finance system of Ukraine and the development of practical recommendations regarding the mechanisms of its development in the context of the decentralization of state administration. The tasks of the article are to consider the existing problems and outline the prospects for ensuring the processes of financial decentralization, to propose mechanisms for the necessary institutional transformations in the system of local finance of Ukraine and tools for their implementation. M e t h o d s . The article was carried out with the help of modern theoretical and cognitive methods, the dialectics of the processes of public administration and local self-government in the conditions of financial decentralization and reforming of local finances. Methods of system analysis, synthesis and comparisons, historical, logical, deductive methods and modeling were also used. The research used the theory of public choice, public goods and the structural-functional approach to improve the management of budget funds in conditions of decentralization. R e s u l t s . It is claimed that the pre-war experience of active implementation of the decentralization reform in Ukraine gave positive results, from which it is necessary to move on, and further develop and improve this vector. It was determined that institutional transformations should take place within the framework of financial support system structural elements of local self-government – budgets of different levels. The mechanisms of the necessary institutional transformations in the local finances system in Ukraine and the tools for their implementation are proposed. In particular, such a method of improving the local finances system as budget cooperation is proposed. The Law of Ukraine norms "On Cooperation of Territorial Communities" have been analyzed and proposals have been made to expand the regulatory influence of the specified law regarding budget cooperation procedures. Attention was focused on the importance of training modern personnel of local self-government bodies that implement policies in the sphere of budget, finance and prices. The importance of the development of the institution of civil society is also emphasized. Emphasis is placed on the expansion of models and forms of self-organization bodies cooperation of the population in the processes of control and supervision of the local self-government bodies activities in the local finances field in Ukraine. C o n c l u s i o n s . Therefore, the goal of institutional transformations of the local finance system of Ukraine in the context of decentralization is to significantly expand the capabilities of local self-government bodies to independently manage all socio-economic processes at the level of territorial communities and to establish connections between regions, the symbiosis of which can bring the desired effect for the economy of the entire country. Such changes should be synchronized with the changes envisaged by the plan for Ukraine to acquire the status of an EU member state. Our proposals are designed to improve the quality of local self-government and encourage further scientific research in the field of local finance management in Ukraine.
Purpose: The aim of this article is to present the concept of Decentralized Autonomous Organizations in the context of the evolution of organizational structures. The article presents the current state of knowledge about DAOs, taking into account the principles of their functioning and the current state of development. The roles of individual actors involved in the DAO were also discussed and typical features of the DAO organization were indicated. Design/methodology/approach: The main method used in this article is a literature review supplemented with an analysis of online industry sources and reports of consulting companies. The analysis included a review of the characteristics of the DAO organization against the background of traditional structures and the ways of functioning of the DAO. Findings: The article describes the characteristics of organizations managed with smart contracts created thanks to the use of blockchain technology. The stages of the formation of DAOs and the main principles of their functioning based on the possession of digital tokens of a given organization, as well as the right to participate in voting on decisions made in the DAO, were indicated. The basic advantages and risks associated with the functioning of DAOs were also indicated. Originality/value: The originality of this article lies in the confrontation of the theory and practice of DAOs with traditional, hierarchical organizations with specific features. The current literature in the field of DAOs is not very extensive, especially in relation to the issue of organizational structures, as demonstrated in the Materials and Methods section of this article. Keywords: decentralized autonomous organization, organizational structure, blockchain technology, smart contracts. Category of the paper: literature review.
Yuriy Ivanov, Olga Ivanova, O. Y. Poliakova, Viktoriia Shlykova · 5 authors
The article is devoted to solving the urgent problem of the spatial development of territorial communities on the basis of self-sufficiency and self-financing. The purpose of the article is to develop a methodology for substantiating the directions of development of territorial communities based on the ability of territories to self-development, taking into account resource availability, management capacity, financial capacity, and types of territorial community in the context of fiscal decentralization. The objectives of the study are to substantiate the priority directions of territorial communities' development; substantiation of the criteria for choosing the directions of territorial communities' development depending on their types; determination of directions depending on the components of self-development of territorial communities: self-government, self-sufficiency and self-financing on the basis of fiscal decentralization.A methodological approach to determining the priority directions of stimulating the development of territorial communities has been developed. It provides for the consistent development of methodological approaches to the analysis of resource endowment of the territory, identification of problems of development of territorial communities; modeling of the development of territorial communities based on the method of fuzzy sets; substantiation of the directions of the spatial development of territorial communities by the method of hierarchy analysis.It has been established that the spatial development of territorial communities foresees: the availability of natural, labor, production, environmental and other resources, the effective use of which leads to the formation of new and strengthening of existing advantages of the community; the formation of community development zones is impossible without the presence of effective organizational and management mechanisms in the community; the availability of a resource base for development and effective management mechanisms does not ensure the development of the territory without financial support. It is important to form own financial resources through development projects or through the cooperation of territorial communities. It is proved that self-sufficiency, self-government, and self-financing are the main components and at the same time conditions for the spatial development of territorial communities. The resource base of the territorial community is a sufficient condition for development, but the inefficiency of its management leads to a decrease in the self-sufficiency of the territory and reduces the financial capacity of the community.
The article is devoted to the research of the impact of the phenomenon of “corruption” in the state authorities on the functioning of the healthcare system in Ukraine. The article considers not only the impact of corruption on the functioning of the healthcare system in general, but also such issues as state regulation of medical institutions, redistribution of management functions in the healthcare system, granting autonomous status to medical institutions (autonomization), and financing of the healthcare system in general. The article describes the Ukrainian legislative anti-corruption regulators, institutional levers of the Cabinet of Ministers of Ukraine, local administrations and executive authorities. The author presents an organizational and economic mechanism for preventing corruption in the healthcare sector. The mechanism is based on the system of institutional and legislative regulators, and also reveals their subordination and sequence of influence. The main elements of the organizational and economic mechanism for preventing corruption in the healthcare sector are anti-corruption legislation, legalization of the healthcare market, decentralization of the healthcare management system, autonomy of healthcare institutions, openness of financial and economic activities, and transparency of information and communication activities. The presented scheme of the mechanism reflects the elements of regulatory prevention of corruption, as well as the subordination and sequence of activation of elements in healthcare management. the proposed mechanism for preventing corruption in healthcare allows for effective and anti-corruption management of healthcare institutions at all levels of subordination to state and local authorities. The author formulates conclusions regarding the possibility of corruption’s impact on the functioning of the healthcare sector. The author analyses the possibility of creating and implementing a rational organizational and economic mechanism for preventing corruption in public authorities in the context of ensuring effective regulation of the healthcare system.
Ministry of Digital Transformation of Ukraine, Yuliya PARKHOMENKO
Introduction. Сryptocurrency as a component of Ukraine's digital war against Russia. Rapid collection of funds from all over the world to help Ukraine.The USA imposes sanctions on the Russian Federation. Russia is looking for methods to circumvent sanctions. The purpose of the research work is to develop proposals for greater effectiveness of international sanctions and to find new useful methods of using cryptocurrency for Ukraine, which is part of the international financial system. Problems. Sanction packages are applied to various sectors of the economy, and following the implementation results, the following packages of sanctions are produced by the countries, so, according to the results of the implementation of sanctions, certain Russian banking institutions have been circumvented by using crypto market tools and operators that interact with sanctioned Russian banks, companies, and individuals. The use of traditional financial services, financial technologies and alternative payment services is a more effective way of circumventing sanctions in terms of volumes and costs than the use of crypto-assets.Goal. Development of proposals to increase the influence on the implementation and effectiveness of international sanctions, the need to take quick and optimal actions to eliminate the activities of many Russian cryptocurrency tools for circumventing sanctions. Materials and methods. General scientific and research methods are used: analysis, theoretical generalization, synthesis, description, comparison, observation and study of foreign mass media articles. Results. Attention was focused on Ukraine's new positive use of cryptocurrency, which is part of the international financial system, unprecedented use of new digital assets to raise funds to support Ukraine during the war. Conclusions. Crypto assets have become Ukraine's deadly weapon against Russia. Taking into account the advantages of the circulation of cryptocurrencies and virtual assets in general, the private sector in Ukraine organized charitable funds for the accumulation of resources, among which crypto funds took a leading place and were able to quickly cover the needs of defenders of Ukraine, citizens who suffered from Russian military aggression, supported socially vulnerable Ukrainian citizens. At the same time, IT specialists and amateurs organized themselves into an IT army, which was able to completely or for significant periods stop the activity of the infrastructure of the aggressor states, which slowed down the flow of resources for the continuation and escalation of military operations.
Aim . The presented study aims to assess the impact of modern development trends on the sharing economy. Tasks. The authors analyze the development of the sharing economy across different periods; formulate and test hypotheses about the impact of technological and social trends on the development of the sharing economy; substantiate the division of the examined period into four stages; describe the revealed patterns using single factor regression models. Methods. The study includes four stages: data selection and processing, trend elimination and division of the analyzed stage into periods, verification of the formulated hypotheses for each of the periods, and quality control of the obtained models. The information basis of the study includes a list of thematic indexes calculated by the Indxx agency (USA). Results. During the identification of periods of development of the sharing economy, the influence of global events on the dynamics of the sharing economy is determined, which is confirmed by the dynamics of the values of the sharing economy index during the pandemic and postpandemic period. Testing of the hypothesis shows that the most significant factor for the development of the sharing economy is the development of fintech and decentralized finance. That said, in the period from October 2018 to December 2019, there is a correlation between the development of the sharing economy and companies whose activity is focused on generation Y. Conclusions. The revealed patterns confirm the leading role of digital technologies in the development of the sharing economy.
Purpose: The article aims to measure the impact of the voluntary amalgamation approach applied in Ukraine in the course of the decentralization reforms undertaken over a period of five years, and assess how much these reforms have been successful in improving the local government fiscal situation. Ukraine began a long-delayed decentralization process in 2015 through amalgamation based on a voluntary approach, with an emphasis on improving the fiscal resources of the amalgamated units. The decentralization reform was based on three pillars: (1) voluntary amalgamation of the territorial units, (2) enhanced financial resources through own source revenues and infrastructure grants, and (3) utilization of inter-municipal cooperation to support improved service delivery.Methodology: A time series of fiscal data from amalgamated territorial communities in selected regions of Ukraine have been analysed to measure the impact of the amalgamation policy on the amalgamated territorial units.Findings: The fiscal improvements anticipated by the amalgamated territorial units have not been demonstrated by the statistical data analysis and no significant improvement in local government finances appears to have been realized through the application of a voluntary merging approach. There have been significant regional and urban/rural variations based on the population segments and access to financial resources.Academic contribution to the field: While there has been considerable research on the impact of merging or amalgamating local governments, there has been very little, if any, on the voluntary approach to amalgamation.The study seeks to address this problem and present evidence of the advantage of utilizing a voluntary over a mandatory approach to amalgamation.Significance: The study provides a unique opportunity to measure the impact of amalgamation process in Ukraine over a five-year period based on the voluntary approach to amalgamation and determine how much this approach and the accompanying policies have been successful in improving the local government fiscal situation.
The study is based on the example of Ukraine, which in 2014 has implemented decentralization reform and become a follower of globalization basic concept, based on subsidiarity and decentralized financial regional development. The study's main purpose is to identify the positive and negative aspects of the development of local self-regulation in the process of global transformation in Ukraine. To this end, a study was conducted based on the latest published statistics on regional production, population, average income, international trade, and foreign direct investment. As a result, it allowed identifying the main areas that form the potential for economic development based on foreign direct investment activity. It should be noted that the main aspect of regional development quality is financing, so an analysis of the entrepreneurial activity of the regions, an analysis of the funding for the regional development support fund, and the main areas of financing by international funds was conducted. The main problems of quality of economic development related to globalization were also identified, which relate to the uncontrolled activities of Transnational corporations, which reduces the resource potential of Ukraine and reduces the level of economic security.