The democratic development of society has shown that the growth of the welfare of the overwhelming majority of the population through the implementation of effective social and economic policy in the country positively influences public attitude to the government and increases the level of trust in the public sector. A successful mechanism to address the social needs of citizens is the development of an affordable housing financing system for the population. The purpose of the study is to analyze the state of affordable housing financing in Ukraine and determine its relationship to trust in the public sector. The article examines the use of state-administrative mechanisms for realizing the housing rights of Ukrainian citizens. Analysis of the current state of implementation of affordable housing programs is proposed, considering the size of mortgage payments and the volume of housing financing. The analysis highlighted the existence of a housing crisis in Ukrainian society as a result of the extremely low level of funding for the sector. The study provides a comparative analysis of the housing affordability index and the level of trust in government in Europe, according to the Global Value Survey. This has helped determine the place of social housing policy in the system of trust relationships between government, local governments and citizens. According to the sociological monitoring platforms, a dynamic analysis of the balance of trust-distrust of the population of Ukraine to the state apparatus and local government bodies was conducted. Based on a comprehensive and critical assessment of the leading affordable housing programs in the country and trust indicators, this study found that the distribution of powers, incentives, responsibilities, and budget funds within the framework of the decentralization process between the central government and local authorities, contribute to the achievement of the main goals of the state's social policy regarding affordable housing, which positively affects the level of citizens trust in local authorities. As a result, it was determined that during periods of economic and political uncertainty, financing of affordable housing is quite important, because due to such actions the state reduces the level of uncertainty, forms positive expectations of citizens, promotes the increase of stability and trust necessary for sustainable economic and social recovery.
Ігор Брітченко, Олена Михайлівна Пахненко, Pavlo Mykolaiovych Rubanov, Olga Girzheva · 6 authors
Scientific sources demonstrate different attitudes of researchers to cryptocurrencies because they treat them as a category of currency, virtual money, commodity, etc. Accordingly, the relation to the valuation and risk of cryptocurrency as an investment object is different. The purpose of the article is to identify cryptocurrency value formation factors and determine the risks of investing in cryptocurrency. Cryptocurrency is simultaneously considered a currency, an asset with uncertain income, and a specific product, the price of which is determined by the energy costs for mining new cryptocurrency blocks. Thus, the paper examines the risks of investing in cryptocurrency from several positions. First, the study identifies the factors of formation of the value and risk of cryptocurrency as ordinary money based on comparing cryptocurrency with traditional money. Unlike traditional money, cryptocurrency is not tied to the economic performance of a particular country; also, central banks do not control or regulate their mining. Instead, the cryptocurrency emissions depend on the computational capacity of the equipment used for their mining. As a financial asset, cryptocurrency can be a “financial bubble” because their value increasing often exceeds the cost of mining. On the other hand, given the emergence of cryptocurrency as a phenomenon of the information economy, the paper analyses the impact of specific technical features (cryptographic hashing algorithm, the complexity of creating new blocks, the technology of verification of mining operations, etc.) on the risk of investing in cryptocurrency assets.
Active use of virtual electronic information environments – metaverses is the most perspective way of information and communication technologies development. In the meta-environment, traditional accounting objects undergo significant changes due to their intangible interpretation, which requires improving their accounting and auditing reflection. Accordingly, the purpose of this study is to improve the methodology and organization of accounting and auditing in the metaverse in terms of identification, recognition, and reflection in the accounting system of non-current intangible assets, goodwill of IT companies, NFT (non-fungible tokens), cryptocurrencies, sales costs and other objects in the meta-environment. To implement the purpose of scientific research, systemic, innovative, and institutional approaches and economic and mathematical modelling, bibliographic and comparative analysis have been used. Given the significant public distrust and active threats in the digital business, the need to introduce an audit in the metaverse to ensure the reliability, integrity, and legitimacy of information flows is justified. The possibility of recognizing from the standpoint of accounting and auditing of all virtual tools and objects of work that carry out the cycle in the meta-environment in the form of NFT, assets due to: uniqueness and separation from other accounting objects; opportunities for free purchase (sale) in the meta space, potential economic value in the case of retention and accumulation; reliable determination of value based on costs, sales contract or expert (market) assessment. It is proposed to classify NFT according to the criterion of useful life on non-current and current assets with the appropriate reflection in the composition of non-current and current intangible assets. The prospects of personalized marketing promotion of products (goods, services) in the metaverse with separate accounting of costs for the sale of tangible and intangible objects to ensure the reliability, analytical, and comparability of accounting information have been defined. As a result, a conclusion was formed on the expediency of transforming the reporting structure of meta-environment enterprises in terms of increasing the share of intangible assets and the potential absence of any tangible assets in terms of the full transfer of financial and economic activities in a virtual environment. The order of structuring the reporting of the enterprises of the metaverse needs further research.
The article is concerned with topical issues of spatial development of territorial communities of Ukraine in the context of decentralization, taking into account the uncertainty caused by martial law and the pandemic. The purpose of this article is to develop a methodical approach to substantiating the directions of spatial development of territorial communities based on the conception, principles, scientific methods, taking into account the criteria of their efficiency and factors of spatial development of territorial communities. To substantiate the directions of spatial development of territorial communities, a methodical approach is developed, which is based on a problem-oriented approach to substantiating the instrumentarium of spatial development of territorial communities and on a cognitive map of causal relationships of spatial development, a model of solutions to the problem of development of territorial communities, which takes into account development scenarios depending on the type of community. The criteria for the efficiency of spatial development of territorial communities can be the following: criteria for the potential of self-development of territorial communities (self-government, self-financing, self-organization); performance criteria – the results of the implementation of programs for the implementation of strategies for the development of territorial communities, development projects, etc. In order to ensure the vital functions of territorial communities under martial law and increase their ability to solve problems in the new realities, when substantiating the directions of spatial development of territories, the following should be taken into account: development of the potential of self-development of the territorial community; problem-oriented management of human resources of the community; organization of training for representatives of territorial communities on the implementation of mechanisms to support enterprises and internally displaced persons; formation of budgets of territorial communities during martial law and post-war status; preservation of the country’s intellectual potential in the post-war period; preservation of the country’s production potential, which will provide both the territorial communities with essential goods and the servicemen of the Armed Forces of Ukraine – with contemporary means of security and food products; financial support for community life; improvement of regulatory policy; ensuring economic and food security of territorial communities, etc.
The rapid development of technologies, their impact on the speed of decision-making, and changes in communication methods have a significant impact on the financial sector, namely on payment systems. In addition to the technological transformation of the payment systems themselves, these changes are transforming the requirements of users who want transfers to be faster, safer, and more reliable. On the international market, the processes of change began several years ago, now they have begun to take place in Ukraine as well. This actualizes the need to assess the current state of the payment system in Ukraine, as well as to study those technologies that have the greatest prospects and significant impact on the payment space. For this purpose, in this study, we assessed the current state and trends in the functioning of the payment system of Ukraine. We investigated its main participants, such as the System of Electronic Payments of the National Bank of Ukraine (SEP), PROSTIR National Payment System, the dynamics of the main indicators. This made it possible to identify and substantiate the main problems and obstacles to the development of the payment system of Ukraine. Among the main ones, we attributed: monopolization of the payment market by international payment systems (IPS), insufficient level of consumer protection and shortcomings of legislation on market regulation, insufficient level of payment and financial literacy, especially of certain categories of the population (pensioners). An overview of the main trends in the development of payment systems under the influence of digitalization and innovation made it possible to identify the most significant technologies. Namely, real-time payments (RTP), SWIFT gpi, artificial intelligence, and machine learning, blockchain, and distributed ledger technology (DLT). In our opinion, these innovations themselves will make payment systems safer, more efficient, transparent, and cost-effective. But it is worth noting that the implementation of technologies is impossible without the complete digitalization of all payments and related services. Therefore, the main direction of increasing the efficiency of the functioning of the payment system of Ukraine is the transfer of the majority of payments to digital format. We believe this can be realized through high-quality coordination of all participants in the payment market, clear and timely implementation of the roadmap for changes, ensuring free and easy access to payment services for all users (financial inclusion), increasing the payment literacy of the population, creating conditions for expanding the payment infrastructure.
Мета: визначення сфер застосування, меж можливостей та переваг на шляху до впровадження та вдосконалення використання смарт-контрактів, як альтернативі цивільно-правової угоди. Методи дослідження: діалектичний, дедукції, індукції, порівняльно-правового дослідження, системно-структурний, формально-догматичний, метод аналогії, функціональний, порівняльно-правовий, юридичного моделювання. Результати: визначенні сфери застосування, межі можливостей та переваги на шляху до впровадження та вдосконалення використання смарт-контрактів, як альтернативі цивільно-правової угоди. Обговорення: сучасні цивільно-правові відносини, що перейшли у цифрове середовище, адже розвиток технологій та розроблення відповідного правового забезпечення дозволив договірному праву отримати оновлену форму договору, що мають назву «smart contract». Smart contract є економічно вигідним та простішим у аспекті укладання та виконання зобов’язання. Інновація об’єднує в собі взаємодію передових технологій на базі blockchain та цивільно-правових відносин, які почали видозмінюватися завдяки розвитку цифрового середовища. Порівнюючи розумну угоду із традиційним письмовим договором, вбачається ріст використання та впровадження технологій blockachain та розумних угод, які працюють на вищезазначеній технології замість укладання типового письмового договору. У зв’язку з цим виникла необхідність детального розгляду інновації та встановлення шляхів до впровадження та вдосконалення використання смарт-контрактів, як альтернативі цивільно-правової угоди.
Open access
Digital Transformation in Law
Legal, Health, Environmental and COVID-19 Challenges
The article explores the use of cryptocurrencies in hotels, restaurants and the tourism industry. Analyzed the legislative aspects that regulate the turnover of cryptocurrencies. In the course of the research, a monographic and abstract-logical method was used (to substantiate the importance of using cryptocurrencies in the hospitality industry and the advantages of implementing a Blockchain system), in addition, methods of comparison, analogy, analysis, synthesis and generalization were used to reveal the content of basic concepts and terms. Today, modern digital currency is presented as an alternative form of money, however, in many countries, operations with cryptocurrency are prohibited in the banking system. In Ukraine, a procedure has been established for declaring cryptocurrencies, where bitcoins are an intangible asset. The Securities and Exchange Commission is starting to develop new tax legislation that aims to legitimize this type of currency. The hospitality industry is especially active in adopting new technologies. Cryptocurrencies allow consumers to pay for services electronically anonymously without the need to use banking institutions. The most popular among all cryptocurrencies is Bitcoin. The first tangible growth in bitcoins occurred precisely in the field of restaurant management due to the purchase of pizza on one of the forums. Today hundreds of restaurants and cafes around the world accept cryptocurrency payments. Blockchain benefits include cost efficiency, standardization, and secure communications. Data such as manufacturer ID and production date is hashed and stored in the Blockchain. Each organization in the supply chain, after receiving the product, adds its unique identifier and the corresponding blockchain date. Cryptocurrency is a very convenient way to pay for goods and services. More and more restaurant establishments are allowing crypto payments. This prompts the authorities of the countries to develop regulatory documents that contribute to the legalization of such transactions, not only in the field of hospitality.
The article highlights the current state of the formation of local budgets in the context of decentralization of financial resources, taking into account the changes made to the budget and tax legislation, the analysis of the revenue and expenditure parts of the local budget is carried out. On the basis of the study, the problems and ways of strengthening the financial base of local self-government bodies have been identified. The main tasks of budget decentralization have been formulated. The sources of filling and problems in the field of formation of local budgets in Ukraine are indicated. According to the Strategic Action Plan of the Ministry of Finance of Ukraine for 2018–2021. the key priorities of Ukraine in the field of public finance management are the efficient execution of budgets and the optimization of resource allocation between the levels of the budgetary system. The fulfillment of these tasks is also the focus of the reform of financial decentralization, which began in Ukraine in 2015 and is aimed at strengthening the financial self-sufficiency of territorial communities. Over the first five years of the implementation of this reform, the share of local bud gets in the consolidated budget of Ukraine has increased from 18.5 % in 2015 to 23.3 % as of June 1, 2020, the share of local budgets' own revenues in GDP – from 5, 1 % to 6.7 % over the same period. However, despite certain positive developments, local budgets are still more than 46 % dependent on transfers from the state budget, which indicates the need for further transformation of the local finance system aimed at strengthening the independence and financial self-sufficiency of local budgets. At the same time, the revealed patterns also indicate the existence of problematic aspects in the formation of the revenue side of local budgets, which actualizes the need to revise the structure of local taxes and fees, as well as the powers of local governments in the field of their appointment, increase deductions from national taxes and fees to local budgets., and, at the same time, popularization of local borrowing and carrying out mass explanatory work on the organizational aspects of this process and optimizing the use of borrowed funds. These measures will increase the level of concentration of funds in local budgets and, accordingly, balance the processes of decentralization of income and expenditure, turning territorial communities into more independent and autonomous participants in budgetary and economic relations.
The article provides a comparative analysis of the European and domestic approach to the policy of voluntary association of territorial communities. The author conducted a study of key areas of local government reform in Ukraine and European countries. The paper describes the dynamics of the formation of territorial communities, the basic concepts, principles and conditions of voluntary association of territorial communities. The domestic normative-legal provision of the relations arising in the process of formation of capable communities is characterized. The paper analyzes the general aspects of decentralization reform on the example of European Union member states. The practical experience in the reforms of the former post-socialist countries was studied. The author notes that the use of European experience in reforming local public authorities serves as a good basis for decentralization reform in Ukraine and to achieve effective changes in the system of governance, financing, modernization of small communities in Ukraine. The paper notes that the reform of decentralization has already led to significant changes in Ukrainian society, in public administration, as well as in the system of local self-government. Since the adoption of the Concept of Local Self-Government Reform and Territorial Organization of Power in Ukraine in 2014, a legal framework for large-scale local self-government reform has been created and practical experience has been gained. The author shows that the policy of voluntary association of territorial communities should take into account the existing historical experience of such reforms. Analysis of domestic and European experience in reforming local self-government and forming capable communities shows that the policy of consolidation of territorial communities is one of the important ways to create an effective system of local self-government. Ukraine’s state policy in the field of local self-government is based on the interests of residents of territorial communities, which has led to the decentralization of power through the transfer of powers, resources and responsibilities from local self-government bodies. Based on this policy, the provisions of the European Charter of Local Self-Government and the best practices of European countries are laid down.
The article investigates the origin and development of distributed registry technology – blockchain. It serves as a database and is a reliable form of information storage. The global application of blockchain technology is widespread. Such countries using blockchain as USA, Estonia, Germany, Japan, Great Britain, UAE were analyzed. The technology is used in various industries and spheres of activity: public administration, non-cash payments, financial and production activities, the sphere of various professional services, the sphere of social security, etc. This allows to simplify activities and improve the level of state development. Ukraine is one of the countries that use blockchain technologies and one of those, where these technologies are used at the state level. The most commonly used blockchain in the field of high-tech enterprises (Fintech), at the household level, the blockchain is closely linked to the circulation of cryptocurrencies. Today there are about a hundred companies and projects in the blockchain industry of Ukraine. Among the main projects using this technology are: electronic land auctions, the activity of the State Land Cadaster, the State Register of Real Property Rights and the System of electronic trade in seized property. The main advantages and disadvantages, existing problems, prospects for development, and domestic projects using blockchain technology in Ukraine are identified. Analyzing users’ search queries on the Internet allowed us to conclude the growing interest in these last hours. SWOT analysis was conducted to determine further prospects for the use of the blockchain in Ukraine: the main strengths and weaknesses of the use of the blockchain in various fields are identified, and its potential opportunities and threats are described.
The paper analyzes the main aspects of the organization and support of territorial communities in the field of social security of the population of Ukraine. The main directions of development of the process of providing social services are outlined. The main instruments of budget financing of social protection and social security of the population of Ukraine are determined and the effects that affect the volume of expenditures of the State and Consolidated budgets on the social sphere are investigated. The existing problems in the field of social security are studied and the need to harmonize social standards with the standards of the European Union is emphasized. The thesis is put forward on the need to implement a number of measures for Ukraine's timely response to the sharp increase in socio-economic needs in the global crisis. Emphasis is placed on the problems and prospects for the development of social security in the decentralization process. The range of problems for the effective response of social policy to rapid changes in the development of the modern world economy is outlined. The necessity of the analysis of the EU experience in the field of social security and the need to adapt the best European practices in order to comply with the Western European models of social protection and / or social insurance is substantiated. The need to apply the tools of theoretical and methodological analysis of the conceptual foundations of sustainable development of social security to specific circumstances and realities in Ukraine. The study focuses on the relevance of strategic and operational objectives of the new Law of Ukraine "On Social Services" and the need for further harmonization of existing legislation with the basic standards of the Council of Europe and the European Union.
Маргасова, В., Ружицький, I., Ткаленко, Н., Шестаковська, Т. · 5 authors
Abstract. The article describes the approaches to defining the essence of understanding «public finance» and «public finance management» in the context of administrative and financial decentralization. A study on the current state of economic development of Ukraine is carried and the public financial management system is analyzed. The dynamics of the ratio of revenues and expenditures of the State and local budgets is shown and the national and subnational levels in the financing of public expenditures are described. The sequence of achieving a new level of welfare of the population is presented and the ways of state influence on local economic development are outlined. The content of the state’s activity on financial resources management and public importance of finances is given. Particular attention is paid to the financial capacity of UTC and the existing positive developments within the decentralization reform in Ukraine. The need to improve the management of public finances was emphasized, as it was evidenced by the size of the budget deficit. The division of budget expenditures by functional classification between the national and subnational levels is presented and the decline of financial independence of subnational budgets is witnessed. An assessment of the level of confidence in financial asset management services of territorial communities based on the calculation of the relevant index is made, and the relationship between the selected indicators (the monetary expenditures of the population; deposits of individuals in investment funds; population savings; volume of capital investments; volume of investments in Ukraine; assets of investment funds) and the level of public confidence in the management of UTC financial assets is researched. Keywords: financial management, public finance, financial capacity of territorial communities, financial assets. JEL Classification H70, H89, R59, Q01 Formulas: 1; fig.: 5; tabl.: 3; bibl.: 20.
Abstract. The article describes the approaches to defining the essence of understanding «public finance» and «public finance management» in the context of administrative and financial decentralization. A study on the current state of economic development of Ukraine is carried and the public financial management system is analyzed. The dynamics of the ratio of revenues and expenditures of the State and local budgets is shown and the national and subnational levels in the financing of public expenditures are described. The sequence of achieving a new level of welfare of the population is presented and the ways of state influence on local economic development are outlined. The content of the state’s activity on financial resources management and public importance of finances is given. Particular attention is paid to the financial capacity of UTC and the existing positive developments within the decentralization reform in Ukraine. The need to improve the management of public finances was emphasized, as it was evidenced by the size of the budget deficit. The division of budget expenditures by functional classification between the national and subnational levels is presented and the decline of financial independence of subnational budgets is witnessed. An assessment of the level of confidence in financial asset management services of territorial communities based on the calculation of the relevant index is made, and the relationship between the selected indicators (the monetary expenditures of the population; deposits of individuals in investment funds; population savings; volume of capital investments; volume of investments in Ukraine; assets of investment funds) and the level of public confidence in the management of UTC financial assets is researched. Keywords: financial management, public finance, financial capacity of territorial communities, financial assets. JEL Classification H70, H89, R59, Q01 Formulas: 1; fig.: 5; tabl.: 3; bibl.: 20.
Ю. Мохова, І. Драган, О. Козирєва, Н. Гавкалова · 5 authors
Abstract. The article examines the mechanisms of process financing informatization of administrative services. The purpose of the article is to determine the sources of funding and prospects for the provision of administrative services in terms of informatization of the public sector of Ukraine. Research methods are comparative analysis of analytical and official statistical data of Ukraine, institutes of international support on the basis of group classification of instruments of financing of Administrative Servics Center (ASC). It is proved that decentralization, development and improvement of the quality of administrative services determine the ASC as a priority area of reforming the system of administrative services in Ukraine. The legal bases of creation and maintenance of functioning of ASC, legal statuses of establishment, principles of process of rendering of administrative services in ASC are defined. The dynamics of the number of administrative service centers and regional features of functioning are analyzed. Sources of financing of ASC (the state budget, regional and city budgets, means of the State fund of regional development, the international projects of technical assistance) are allocated. It is proved that the most common and largest source of funding for informatization processes in the ASC is the state budget (subvention for infrastructure development). The authors propose a forecast model for the creation and development of administrative service centers in Ukraine under conditions of further state funding in appropriate volumes. The necessity of attracting external sources of financing (funds of international technical assistance projects, initiatives of international donors) in the conditions of limited and deficit of the state budget of Ukraine is substantiated. The necessity of modernization of ASC from the point of view of use of IT-technologies is substantiated. Priority areas for comprehensive reform of improving the quality of administrative services are identified: decentralization, simplification, deregulation, institutional capacity development and communication support. Keywords: financing, administrative services, informatization, public sector. JEL Classification D92 Formulas: 0; fig.: 4; tabl.: 1; bibl.: 13.
The formation of balanced budgets and increasing the financial potential of communities, a clear division of powers on the principle of subsidiarity, improving the efficiency of financial resources and stimulating community development have determined the relevance of Ukraine’s implementation of best practices in decentralization. The aim of the paper is to analyse the effectiveness of the decentralization process in Ukraine and assess the possibilities of financing the development of united territorial communities, identify the benefits of the Polish experience and determine the areas for their implementation in Ukraine. During the research, the methods of logical generalization and synthesis, comparative analysis, rating and integrated assessment of the financial capacity of the communities in Lviv region of Ukraine were used. Based on the study of foreign, in particular Polish, experience of decentralization, the key reasons for its insufficient effectiveness in Ukraine have been identified. The priority directions of the state policy are proposed and substantiated, and their implementation will allow to increase the efficiency of decentralization in Ukraine.
Relevance of the research topic. Research actuality is predefined by that question of process control of reforms and decentralization of power for the sake of providing of steady development of country the reformation of educational industry inalienably related to the process. Implementation of strategic tasks of reformation of the system of education, that will provide the increase of her quality and competitiveness, possibility of integration in European and world educational space, possible only on condition of sufficientness of financial resources for her functioning and development. Thus the problem of sufficientness of the financial providing of education remains actual on the modern stage of reformation of administrative-territorial device of country. Formulation of the problem.One of forms of financial participation of the state there is educational субвенція in providing of quality education. Educational subvention is money that is distinguished from the state budget after the special formula on financing of establishments of education. The operating mechanism of her extra charge uncan be considered optimal. As a result - the volume of educational subvention does not provide a requirement in facilities on the remuneration of labour of pedagogical workers in the field of universal middle education on a due levels. Analysis of recent research and publications. Modern aspects of solving the problems of decentralization and reforming the administrative-territorial system in the country are such scientists as Pavlyuk A. P., Oliynyk D. I., Batalov O. A., Datsko O. I., Murkovych L. L., Molodozhen Yu. B. etc. [1-4]. The results of our own research on the problem are given in [5-11]. Selection of unexplored parts of the general problem. As there is a problem of imperfection of determination of обстягів of educational субвенції the consequence of that are lacks of money for maintenance of universal middle education in united territorial communities (UTC) on a due levels, there is a decision problem of development of system mechanisms of management financing of education, as pre-conditions of grant of quality educational services and steady development of society. Problem statement, research goals. By the above-mentioned circumstances the predefined expediency of determination of ways of optimization of the system of calculation of volumes of educational subvention, that would allow to provide the sufficient level of financing of education in united territorial communities (UTC), as bases of steady development of the UTC. Method and methodology of research. In the process of conducting research, general scientific (analysis and synthesis, induction and deduction, analytical grouping) and special (abstraction, modeling, etc.) methods of studying economic phenomena and processes were used. Presentation of the main material (results of work). Undertaken a study of efficiency of distribution of educational subvention mechanism between local budgets comes true on the basis of formula that takes into account many indexes. On results 2018 such conformity to law is set: a difference between actual and calculation filled of classes in unit grows into the end of year in the 1 thousand hrn. of proficit/of deficit of educational subvention in a calculation on one student. Imperfection of formula of calculation of sizes of educational subvention is well-proven. It is set that substantial disproportions are, when in one local budgets of volumes of educational subvention sufficiently for the legislatively set remuneration of labour, while in other - raises diminish for of prestige of pedagogical labour, a management, replacement temporally of absent teachers, is not paid cabinets and workshops, a salary is not provided in good time, forced pedagogical are warned of reduction of raises in next months. To imperfection of operating mechanism of educational subvention data of the analysis of situation conducted by us testify in relation to financing of educational sphere in the Zaporizhzhya area. Conclusions. There was undertaken a study of level of financial sufficientness of educational subvention on the example of the Zaporizhzhya area and educed unefficiency of operating mechanism of financing of education in united territorial communities (UTC). It is set that as a result of making alteration to the Budgetary and Tax codes practical steps are done in direction of budgetary decentralization, substantial changes took place in interbudgetary relations and filling of local budgets due to the redistribution of sources of tax receivabless between the different levels of the system. But more detailed analysis of possible consequences of realization of some mechanisms specifies on that they restrain development of united territorial communities (UTC), create the threat of them to financial possibility and assist maintenance of inequality and disproportions in development of territories and do impossible providing of steady development to the country. Such uneffective mechanism is, on our there are ideas, operating mechanism of grant of educational subvention. It is well-proven that one of reasons, that results in the deficit of educational субвенції, next to the optimized not enough network of establishments and presence of schools/of classes with small filled, there is imperfection of formula of distribution of educational субвенції that does not take into account part of envisaged normatively-legal acts Ministry of Education and Science educational services in secondary education. Thus needs a revision volumes of educational subvention and perfection of formula of distribution.
Nataliіa Teslіuk, O. Zhulin, Iaroslava Nazarenko, Alexandra Kuimova
У статті проаналізовано фінансові інструменти на віртуальному ринку фінансових послуг. Визначено термін «криптоактив», відмінності між криптовалютою та електронними грошима, проаналізовано ринок криптовалют за рейтингом, наведено основні переваги та недоліки на сучасному етапі розвитку віртуального фінансового ринку. Ринок криптовалюти нестабільний, але постійно удосконалюється завдяки фінансовим інноваціям, що ускладнюють економічну природу цього явища. Цей вид віртуального активу прогресує і набуває правового статусу в певних країнах світу, політикою яких є створення інновацій як основного інструменту розвитку суспільства. Об’єкт дослідження – процес функціонування та розвитку криптовалюти на фінансовому ринку. Мета дослідження – аналіз функціонування криптовалют і перспективи подальшого їх розвитку на віртуальному ринку фінансових послуг. У ході дослідження визначено терміни «критоактиви» та «критовалюта» проаналізовано основні переваги та недоліки використання криптовалют. До основних позитивних аспектів відносяться: анонімність персональних даних власника електронного гаманця, відкрита історія трансакцій, криптовалюта може використовуватись не тільки як платіжний засіб, а і як інвестиційний інструмент. Основні негативні аспекти: значна волатильність, енергоємність, банкротство криптобірж, відсутність законодавчого регулювання, високий ризик хакерських атак та ін. Проаналізовано, що увага до криптовалют з боку інституційних інвесторів значно посилилася завдяки удосконаленню негативних факторів збоку розробників. Наразі мережа криптоматів та торгових точок розширюється, відомі платіжні системи приймають відомі криптовалюти для оплати товарів та послуг, деякі компаній приймають криптовалюту в якості платежу за свої товари та послуги. Висновки – розповсюдження та використання криптовалют вимагає чіткого регулювання, яке передбачатиме встановлення відповідної термінології та впровадження нормативної бази. Це призведе, у свою чергу, до збільшення довіри з боку користувачів, до кращого розуміння специфіки віртуального ринку та зменшення таких негативних явищ, як шахрайство та маніпуляції, банкротство критовалютних бірж, втрата грошей суб’єктами ринку.
Object: Object of the paper is to develop theoretical principles that reveal the content, functions and role of cryptocurrency as new, quite controversial means of settlements appeared in digital society. Cryptocurrency is studied as a secondary form of finance virtualization. The investigation is directed on cryptocurrency’s theoretical and practical aspects of functioning.Methods: The investigation used statistical and economic-mathematical methods to analyze the current trend of development in bank and non-bank payment systems. The authors collected data about legal status of cryptocurrencies, then the obtained data was analyzed according to its official status in developed and developing countries.Findings: It was found that the biggest non-bank electronic payment system PayPal, as a secondary form of virtualization manifestation it currently shows higher growth of rate than the biggest bank card payment system — VISA. The position of cryptocurrencies in National Legal Systems of developed and developing countries was collected and analyzed, according to its legal status. The possible risks and controversial questions of cryptocurrency’s influence on price stability, stability of payment and financial systems are determined.Conclusions: Emergence of cryptocurrency in modern society is the evidence of global digitalization. Virtualization in its primary and secondary manifestation form affects financial sector. Secondary form of virtualization results in non-bank sector development, namely non-bank electronic payment systems (e.g., PayPal) and non-institutional digital schemes of settlements (cryptocurrency). Developed countries are mostly more progressive in cryptocurrency regulation than developing countries. In the case of global cryptocurrency spreading wide there are some risks national economies may face. They include the problem of price stability, the stability of the financial system, the stability of payment systems. Generally, the authors substantiate the requirement for search of the complete definition of cryptocurrency that may be integrated into national legal system for further regulation and risks controlling.
Introduction. Today, in the conditions of the COVID-19 pandemic, a number of economic problems have arisen in the country, which can be prevented by improving revenue policy. As the revenue part is formed in the current conditions of the budget decentralization reforms, the risks arising during the pandemic have become an important challenge for the entire economic system of the state and each territorial community in particular. The purpose of the article is to highlight current issues of state regulation of the domestic economy related to global economic challenges and fiscal risk management caused by the COVID-19 pandemic. Results. The high dependence of budget revenues on tax and debt policies, the growth of their role in the economic downturn are analyzed. Emphasis is placed on the need and importance of developing tactics and strategies for budget and tax policies, as well as the possibility of their flexible change in the face of unpredictable economic downturns. The need for state revenue policy to take into account fiscal incentives and fiscal decentralization is indicated. Particular attention is paid to the opportunities and threats posed by the deepening of decentralization processes in Ukraine, emphasis is placed on the components of the financial capacity of local communities and the adequacy of financial resources. It was mentioned that the territorial redistribution of funds must take into account the requirements of the most rational allocation of productive forces, promote business, resolve conflicts that arise in the process of balancing budget revenues and constitutional social obligations. Processes of decentralization of budgetary and tax relations should be accompanied by strengthening of their social orientation. It is noted that the financial literacy of the population plays a significant role in reducing the level of emotional turmoil during economic downturns. At the same time, the study proposed a hypothesis for further research about the dependence of the effectiveness of decentralization policy on the use of modern approaches to financial management at the regional level, which require the implementation of innovative regulatory levers for change management. Conclusions. A number of conclusions and recommendations were formulated. In particular, it is proposed to implement a number of measures to identify and counter the risks of destabilization as a basis for ensuring the financial and economic security of the state. The need to further improvement of the institutional coordination of the application of regional regulatory fiscal instruments and mechanisms with national and international norms and rules was emphasized. It was noted that in the conditions of quarantine restrictions due to the COVID-19 pandemic, the implementation of a set of measures of tax and budget support for citizens, small and medium businesses should be carried out in accordance with a clearly defined and approved program. Keywords: fiscal policy, budget policy, consequences of COVID-19, decentralization, public finance, financial literacy.
The article reveals the essence of public finance as the main tool of the mechanism of regulating financial stability and achieving optimal efficiency of fulfillment of obligations in the process of providing public goods within the financial capacity of the state. After all, in the context of political and financial crises, the military situation in the east, the COVID-19 pandemic, the inadequacy of social development and economic transformation, the need to ФІНАНСИ, ГРОШІ І КРЕДИТ 124 Випуск IІ (82), 2021 study the effectiveness of such a regulatory mechanism is particularly acute. The main scientific approaches to the formation of public finance, which should be considered as a basis for purposeful public administration and is characterized by a set of measures to influence the socio-economic development of Ukraine. The factors influencing the amount of public finances and the ability of the state to perform its functions of financing various expenditures and development programs are studied. The main factors that caused the negative trends in the formation and use of public finances, as well as the shortage of public financial resources are identified. In order to study the decentralization direction of local self-government development and the participation of state support for regional development, the dynamics of the total amount of public finances as a source of financing capital investments of Chernivtsi region is analyzed. The task of determining the volume of participation of public finances in the financing of capital investments is realized by carrying out a structural analysis of the sources of financing of capital investments in the region. The main problems of public finances are considered and proposals are presented, the implementation of which will balance the market economy, correctly determine the amount of resources needed for the state, improve the efficiency of formation and use of budget funds, overcome corruption, reduce abuse in tax reporting by businesses, optimize social programs and benefits and have their financial support.
On the way to decentralization in order to achieve the goals of territorial development and local needs, local authorities can not do without having complete and comprehensive information on the full range of local resources and their effective management. Considering the resource potential of the region as a set of the whole range of resources that are formed in a given area and can be used in the process of socio-economic development and characterized by saturation of factors of production (natural resources, labor, fixed assets, infrastructure, etc.) and intangible factors, it is clear that it is a prerequisite for the implementation of development programs in the region. For the most part, the resource provision of the process of implementation of socio-economic development programs of the region is reduced to financial support, but in order to achieve the goals of such development, the use of non-monetary resources is no less important.The article identifies the components of resource provision of social protection at the local level, including: economic resources (financial and logistical); regulatory resources (regulatory framework, methodology); administrative resource; innovation resource; information resource. Problematic aspects of resource provision are outlined, among which: insufficient financing and low efficiency of budget funds use; lack of interest in finding additional sources of income; too extensive system of social benefits and privileges; disunity of institutions providing social services; insufficient integration and decentralization of services; low innovation of the sphere; insufficient use of information resources. Tools for improving the management of social protection resources are proposed.
The subject of the research is the sources of financing of secondary schools in Ukraine and the directions of their optimization are determined. The aim is to study the features of financing of secondary schools in the context of reorganization and to determine ways of economic stimulation of their activities on the basis of the principle “money follows the child”. Research methodology. The work was carried out on the basis of Article 53 of the Constitution of Ukraine, normative acts, legislative acts, financial reports, scientific research of domestic and foreign scientists and practitioners. Research methods: statistical, graphic, statistical and economic, methods of comparison, analysis. The results of the study of the current state of financing of secondary school institutions indicate that in order to solve the problems of the industry, it is necessary to develop a coherent system of measures that will be aimed at ensuring its effective development, taking into account the requirements of European standards. The study also indicates the need for a decentralization reform Scope of the study results. In the context of decentralization and administrative reform, investment in human capital is becoming a leading priority aimed at strategic actions aimed at the economic prosperity of the country. The study of the current state of financing of general education institutions proves that improving the material and technical base, decent wages of teachers make it possible to put the student in the center of attention and create conditions for his harmonious development, and this will provide an opportunity to create competitive human capital for the national economy. To achieve world standards in the field of education, it is necessary to carry out reforms that will provide an effective system of financing. Conclusions. Consequently, the budget deficit for secondary schools affects the decline in the quality and efficiency of educational services. The system of management and control over the activities of budgetary institutions should play a special role. To improve the situation in the field of education financing, it is necessary to form the implementation of budgetary expenditures based on a combination of domestic and international experience, partly from the experience of neighboring Poland, for this it is necessary to carry out an education reform.
The author of the article studies specific features of the legal status of a amalgamated territorial community as a subject of fiscal legal relations. The author has a;so studied the reasons that led to the need of implementing administrative reform in Ukraine to decentralize power and to form amalgamated territorial communities. A parallel with the administrative reform of the Republic of Poland is drawn. The author has emphasized the main purpose of the decentralization reform: structural reorganization of local government with a clear definition of the competence of self-government units and financial reorganization to enable the provision of quality public services to the community. The points of view of scholars, representatives of economic and legal sciences on the formulation of the concept of “amalgamated territorial community” have been analyzed. Particular attention has been paid to the fact that scholars working in different fields of knowledge study certain aspects of the formation of an amalgamated territorial community. The emphasis has been made on the need to unite the efforts of scholars to formulate the most clear and complete concept of “amalgamated territorial community” in the legal norm in order to qualitatively regulate social relations. The author has offered to define the concept of “amalgamated territorial community” taking into account two key features – it is the association of two or more primary subjects of self-government and the financial solvency to provide services to their members. The place of the concept of “amalgamated territorial community” has been defined within one conceptual series with the categories of “primary subject of local self-government”, “territorial community”, “village territorial community”, “settlement territorial community”, “city territorial community” within local self-government institution, as well as the relationship with the categories of “local self-government budget”, “local finance”, “fiscal legal relations”. The author has analyzed the discussion of scholars on the features of an amalgamated territorial community as a subject of financial legal relations. The existence of differences of the amalgamated territorial community from other territorial communities that are subjects of fiscall legal relations has been established. It has been determined that the very subjective right to receive subventions from the state budget for the formation of appropriate infrastructure in accordance with the plan of socio-economic development of the territorial community, makes it a unique subject of fiscal legal relations.
The sphere of social protection of the population occupies an important place in the socio-political life of the country. For the qualitative development of the social protection system, it is necessary to ensure the priority flow of funds in this area. Budgetary funds, which are the main source of financing, are a financial guarantee for the citizens of the country to receive the necessary level of social services. The study analyzes the dynamics of financing social protection from budget funds. The problems of financial support in this area have been identified. The peculiarity of financing the system of social protection of the population in Ukraine is that it was conceptually and practically formed on the basis of a significant role of the state, thereby directing a significant part of the expenditures of budgets of all levels to this industry. The dynamics of changes in financing of social expenditures from all types of budgets of Ukraine and their structure has been investigated. Part of budget expenditures on social protection in the structure of total budget expenditures is growing much more slowly than total budget expenditures due to the stagnation of almost all of its components. In monetary terms, the gap between deductions for social protection of the population becomes even more noticeable. And although in recent years in Ukraine the size of public expenditures directed to social protection of the population has increased, many types of social benefits and allowances have turned out to be insufficiently ineffective. This increases the unproductive burden on public finances and creates significant distortions in social protection. The main directions for the further development of the sphere of social protection should be the optimization of powers for the implementation of expenditures between the authorities of all levels. Endowing local and regional authorities with revenues sufficient to finance the assigned powers through decentralization of budgetary funds will help to achieve a balance between regional and local budgets. This will help optimize the social security system and improve the quality of life of the Ukrainian population.