Privatization Of State Property Research Articles

Фінансування дефіциту державного бюджету України в умовах воєнного стану

As a country that faces constant economic turbulence, Ukraine is dealing with several challenges. This includes a significant increase in the deficit of budget resources while needing to finance military expenses, all while trying to maintain macroeconomic stability. This article focuses on the specifics of financing the deficit of the state budget of Ukraine during martial law. The financing of the state budget deficit is analyzed in terms of the classification of budget financing by the type of creditor and the type of debt obligation. These indicators were significantly affected by the military challenges in 2022 and the first half of 2023. The article also covers the budget deficit’s coverage analysis at the expense of revenues from the privatization of state property and the issuance of military government bonds, which gained popularity in Ukraine. The authors emphasized the importance of cooperation between the state and IFIs and other institutions as an essential source of financing for overcoming the deficit of the state budget. This form of cooperation is necessary for maintaining the country’s financial stability and resilience to face complex challenges. The article examines the measures to cover the budget deficit in military conditions, including the need to carry out budget system reforms, cost optimization, searching for new sources of income, expanding the tax base, and improving the efficiency of the tax system, which can provide additional funds in the budget. Other measures include financial transparency, investment stimulation, budget consolidation, increasing transparency, fighting corruption, improving conditions for entrepreneurship, achieving low and stable inflation, expanding the tax base, and speeding up the privatization of state enterprises.

Stages and Characteristics of the Formation of the Ownership System in Uzbekistan

In this article, the privatization of state property, which is considered an important part of the country's economic development, is carried out in the conditions of Uzbekistan and its results are analyzed based on scientific literature and statistical data.

Prospects for the Development of Economic Legislation of the Russian Federation

The authors analyze the main legal schools that have developed in Russian legal science, pointing out their features and shortcomings, and propose to consider the development of Russian economic legislation. Accordingly, the authors reveal possible scenarios for reforming the Russian economy analyzing its public and private sectors legal support, while noting the mixed sector of the economy that has developed in Russia, which also needs to be substantiated by the corresponding body of legislation. Attention is drawn to the reform of market legislation and the privatization of state property, with an indication of the objective laws violations within the legal regulation of the economy public sector. The authors substantiate the need to create a three-sectoral model of legal regulation of economic relations, which involves the formation of three separate arrays of legislation in the private, public and mixed sectors of the economy. It is supposed that they are justified within the framework of the methodology of the Theory of Economic Law, which is the main goal of this article.

Грузинский опыт экономической модернизации: достижения и неудачи

The article analyzes the causes, results and consequences of economic modernization reforms in Georgia in 2004–2013. The authors examine the starting positions of Georgia’s economy on the eve of reforms and study the main macroeconomic indicators of the country in different periods of its post-Soviet history. The purpose of the research is to identify both the strengths and weaknesses of Georgia’s economic transformation in 2004–2013, and to determine the sustainability of the results achieved. In other words, the question to be answered is whether the post-reform economic system of Georgia was able to withstand the changes in the foreign trade environment (in particular, the fall in prices for Georgia’s main export products – ferroalloys and copper in 2014–2019), and then the economic downturn caused by the COVID-19 pandemic. Having assessed the degree of success and effectiveness of the modernization reforms 2004–2013, the authors conclude that the results were contradictory. On the one hand, the tax reform proved to be highly efficient; significant success was achieved in the privatization of state property (both industry and land), as well as in the expansion of economic rights and freedoms of the population. On the other hand, the anti-corruption measures were only partially successful, as significant results were achieved only at the grassroots level, while systemic corruption (primarily in the higher echelons of government) remained the most serious problem of Georgian society and the state. Similarly, debureaucratization did not affect all sectors of the economy. Thus, while serious progress was registered in the spheres of services, trade and tourism, the debureaucratization and reduction of state regulation in agriculture and industry were less successful.

МЕХАНІЗМИ УПРАВЛІННЯ І РЕГУЛЮВАННЯ НАЦІОНАЛЬНОЇ ЕКОНОМІКИ В СУЧАСНИХ РЕАЛІЯХ

Удосконалення механізмів управління і регулювання економікою пов’язане з потребами сучасного економічного розвитку України. Проблеми, спричинені корупцією, тіньовим сектором і незаконною приватизацією в нашій країні на тлі недосконалих законів, гальмують економічне зростання держави, розвиток її соціальної сфери.Розглянуто і упорядковано наукові підходи щодо взаємодії державного та приватного секторів економіки, впливу державних інститутів на діяльність суспільства, його окремих груп, у яких реалізуються суспільні потреби та інтереси, загальнозначущі цілі та воля суспільства. Акцентовано на відмінності державного регулювання економіки і державного управління економікою та соціальними процесами. Зазначено незавершений характер системи державного регулювання, проаналізовано законодавче забезпечення державного регулювання приватного сектору в Україні, наголошено на необхідності його вдосконалення і підвищення ефективності реалізації національних проєктів. Запропоновано напрями поліпшення взаємодії державного і приватного секторів в Україні та ЄС.Проведено порівняння присутності державного сетору в економіці зарубіжних країн і України. Зроблено висновок, що в багатьох зарубіжних країнах розмір державного сектору є основою економічної стабільності, стійкості й керованості суспільства, національної та економічної безпеки держави, гарантом і економічним фундаментом публічної влади і розвитку різних форм власності, тоді як в Україні відбулося роздержавлення, а управління державною власністю зводиться до приватизації державних підприємств і бюджетного процесу.Зауважено, що державно-приватне партнерство є механізмом, який сприяє інвестиційним проєктам, розвитку відповідної інфраструктури і вдосконаленню соціальної сфери країни, відзначено роль держави в цьому процесі. Завданням уряду є створення необхідних умов для забезпечення партнерства влади і бізнесу, що включає реформування фіскальної сфери, посилення заходів щодо тіньової економіки та корупції.

PROSPECTIVE DIRECTIONS OF CHANGES IN THE FINANCIAL REPORTING OF ENTERPRISES IN THE CONTEXT OF THE GLOBALIZATION OF THE WORLD ECONOMY

Statement of the problem and tasks. Ukraine is a country with transitive economy characterized by creation and development of market institutions aimed at privatization of state property, deregulation and liberalization of economic relations. Transformation of economy of Ukraine requires from enterprises the application of management concepts, focused on the new conditions of economic management – uncertainty and crisis nature of market environment. The effectiveness of the implementation of new principles of management depends on the completeness and reliability of the information and analytical support of management decisions.Methods. The study used: a dialectical method, system analysis – for detailing and decomposition of the object of research into separate important constituent elements; synthesis – to summarize the various aspects of the financial statements of the enterprise.Results. The technical issues of accounting were investigated: the key differences in approaches to enterprise accounting between the International Financial Reporting Standards (IFRS), Generally Accepted Accounting Principles (US GAAP) and the Regulations (Standards) of Accounting (NARS) were determined; the impact of the identified differences on the data processing in the accounting systems was assessed. It is determined that governmental accounting rules in the United States are governed by its generally accepted GAAP accounting principles. It has been proven that conceptually, IFRS, which is used by states around the world, is more "principled" than GAAP, making it somewhat less complex and consistent, offering fewer exceptions and unique applications.Conclusions. The current trend in financial reporting is to produce integrated reports that combine financial and non-financial information. However, not all companies find it necessary to disclose more information than the amount required of them by regulators. Therefore, there is a need to standardize not only financial information, but also non-financial indicators and the very structure of an integrated report.

Узбекистан и Казахстан: особенности транзита власти

The transit of power is an important and vulnerable stage in the development of political processes for any state. For States with unstable political institutions and a short history of independence, the change of the head of state is an even more serious challenge to stability. In 2016 and 2019, respectively, the two largest Central Asian republics of Uzbekistan and Kazakhstan launched power transit procedures for the first time in the history of their independence. The transit scenarios differed significantly, despite the common similarity in power structure, political culture, and stage of political development. The more closed political system of Uzbekistan at the time of the death of the first President, Islam Karimov, managed to take a consolidated approach to the choice of a successor and unite for the duration of the transit. In Kazakhstan, on the contrary, after leaving the post of President, Nursultan Nazarbayev remained a key actor in domestic political processes, creating together with his successor, the current head of the Republic, Kasym-Zhomart Tokayev, a bipolar political system that began to contribute to the formation of a split of the political class. One of the reasons for the distinct approaches to transit was the different model of initial capital accumulation after the collapse of the USSR, when large-scale privatization of state property in Kazakhstan created a class of large owners who actively promoted a more open and competitive political system to protect and promote their interests. In contrast to Kazakhstan, the main state property of the Uzbek SSR remained under the control of the state and quasi-state institutions, which slowed down the process of forming a class of owners independent from the state. Separately, each of the transits of power in the post-Soviet space became the object of research, but primarily from the point of view of the development of political systems. A methodological basis of the study was a systemic, comparative analysis of transit of power scenarios considering the politico-economic aspects of the privatization of state property and formation of the proprietary class.

ПЕРСПЕКТИВИ ВИКОРИСТАННЯ СУЧАСНИХ ТЕХНОЛОГІЙ У СФЕРІ ПРОТИДІЇ КОРУПЦІЇ В ДЕРЖАВНОМУ УПРАВЛІННІ

This study examines the practice of integrating technology into the activities of anti-corruption bodies in Ukraine and ways to use technology to ensure accountability of public authorities. To analyze the state and identify prospects for the use of modern technologies in the field of anti- corruption in public administration, the materials of bodies in the field of anti-corruption activities of Ukraine were used. Methods of statistical analysis and content analysis were used to identify the state of e-government in the field of anti-corruption. In Ukraine, the processes of formation of anti-corruption infrastructure are taking place through the creation of specialized bodies for combating corruption and automation, digitalization of their activities. It is determined that in Ukraine the processes of development of e-government of anti-corruption bodies are actively taking place, which ensures accountability and transparency of activity in various directions. Among the main areas of technology implementation, where there is the highest level of corruption risks: investigation of corruption offenses; digitalization of privatization processes, which increases revenues to the state budget by 6 times compared to the planned volumes; digitalization of declaration of income and property of public authorities; development of websites and portals of open data on the activities of public authorities; digitalization of administrative services; digitalization of public procurement. Among the main areas of use of technologies to combat corruption – accountable automated processes of privatization of state property. Development of information and analytical support is aimed at automating the processes of pre-trial investigations and criminal proceedings, information protection. As a tool for accountability, information and analytical systems may be ineffective due to the abuse of power by higher anti-corruption bodies due to political pressure from elite structures.

Основные факторы эффективности приватизации государственных активов

Успешная приватизация государственной собственности зависит от инвестиционной привлекательности реализуемых объектов, а также общего инвестиционного климата страны и уровня развития финансовой инфраструктуры. В Республике Узбекистан с принятием Указа Президента страны от 27.10.2020г. № УП-6096 «О мерах по ускоренному реформированию предприятий с участием государства и приватизации государственных активов», начался новый этап приватизации государственной собственности. Значительное место в программе приватизации уделено реструктуризации государственной собственности, повышению эффективности управления государственными активами и выводу акций узбекских эмитентов на мировые рынки капитала (IPO). В статье рассматривается степень влияния эффективной системы корпоративного управления и уровня капитализации национального рынка ценных бумаг, способствующих повышению инвестиционной привлекательности и наиболее эффективному практическому проявлению родовых преимуществ акционерного общества, обеспечивающих достижение главной цели акционирования – привлечение прямых инвестиций

ПРАВОВА ОХОРОНА ДЕРЖАВНОЇ ВЛАСНОСТІ У КОНТЕКСТІ КОНСТИТУЦІЇ УКРАЇНИ

The article considers topical issues of constitutional and legal protection of state property as public property. The objective necessity of functioning of the public sector of the economy follows from the constitutional provisions on the obligation of the state to ensure the social orientation of the economy (part 2 of Article 13 of the Constitution) and political, economic and ideological diversity of public life in Ukraine (part 1 of Article 15 of the Constitution). It is substantiated that the provisions of Section I of the Law of Ukraine "On repealing the Law of Ukraine "On the list of state property objects not subject to privatization" do not comply with the provisions of Articles 1, parts one and two of Article 8 part 2 of Article 19, part four of Article 13, Article 16, part 1 of Article 17 of the Constitution of Ukraine (in their sys temlogical connection). It is determined that a mandatory element of the system of constitutional and legal protection of state property is the norm of paragraph 36 of part 1 of Article 85 of the Constitution of Ukraine, according to which the Verkhovna Rada of Ukraine approves the list of state property not subject to privatization. Defining the range of objects that are not subject to privatization, the legislator uses such a technical and legal technique as the simultaneous enshrinement in the text of the Law "On privatization of state property" types of state property that are not subject to privatization (currently these are objects of national importance, and state-owned enterprises) and enshrining in a separate law a list of objects of state property rights, the privatization of which is not allowed. The norms of such laws form an integral element of the special legal regime of state property. Taking into account the legal positions of the Constitutional Court of Ukraine, it is determined that the list of objects of state property that are not subject to privatization may be subject to change taking into account the needs of socio-economic development of the country. It is substantiated that the repeal of the Law of Ukraine "On the list of objects of state property that is not subject to privatization" means the emergence of a gap in the system of legal protection of state property relations, which can not be filled in any other way than the adoption of the relevant law, and which will negatively affect the state’s performance of its social functions.

МУСТАҚИЛЛИК ЙИЛЛАРИДА ЎЗБЕКИСТОНДА ХУСУСИЙ МУЛКНИ ҲИМОЯ ҚИЛИШТИЗИМИНИНГ ШАКЛЛАНИШИ ВА РИВОЖЛАНИШИ

In the article the process of privatization of state property in Uzbekistan in the first years of independence, mechanisms of carrying out it, the influence of privatization processes on the social,economical life of the population and the activities of the privatized organizations in providing the population with work are analyzed. Also, legal basis of privatizing the state property are focused on

Entrepreneurship in Kazakhstan: A brief history

Entrepreneurship is a specific way of doing business and a special type of economic thinking based on independent work. Entrepreneurship is a system aimed at the privatization of state property, creating competition in the market and forming a market economy. The history of business development spans several centuries, and the emergence of modern understanding is associated with the period of formation and development of capitalism. The concept of entrepreneurship appeared in the XVIII century and received the concept of «owner». The process of formation of market relations in Kazakhstan has a great impact not only on the economy, but also on the politics, social relations, culture and mentality of our society. In this sense, the science of history, like all spheres of life, must respond to constant changes. Under their influence, there is a significant change in the research topic in modern historiography, a study is being made of the methods of theoretical understanding of the material in the context of modern social requirements for historical work. The article analyzes the course of entrepreneurial activity in Kazakhstan in 2010-2020 based on statistics, archival data and some information that never been used in scientific circles, identifies trends in the development of entrepreneurship.

Successful privatization of state property: factors and their impact on efficiency

Successful privatization of state property depends on the investment attractiveness of the objects being sold, as well as the general investment climate of the country and the level of development of the financial infrastructure. In the Republic of Uzbekistan, with the adoption of the Decree of the President of Uzbekistan dated October 27, 2020. № UP- 6096 “On measures to accelerate the reform of enterprises with the participation of the state and the privatization of state assets”, a new stage of privatization of state property began. A significant place in the privatization program is given to the restructuring of state property, improving the efficiency of managing state assets and bringing shares of Uzbek issuers to the world capital markets (IPO). The article examines the degree of influence of an effective corporate governance system and the level of capitalization of the national securities market, contributing to an increase in investment attractiveness and the most effective practical manifestation of the generic advantages of a joint-stock company, ensuring the achievement of the main goal of corporatization - attracting direct investment.

Современные тенденции управления государственной собственностью

The article examines main purposes and tendencies of state property management in Russian Federation and reveals their interrelation to the concept of development of the country and after-crisis development of national economy. In the article the main goals and trends in the management of state property of the Russian Federation are structured, their relationship to the concept of development of the country and the challenges of post-crisis development are shown. The author considers the problem of law violations which govern the privatization of state property and its lease. It is revealed that the common thing now is the withdrawal of assets from the companies in which the state has a stake. It is proved that the management system of state property is formed; its structural elements are examined .

ОСОБЕННОСТИ ГОСУДАРСТВЕННОГО УПРАВЛЕНИЯ КАПИТАЛИЗАЦИЕЙ БАНКОВ В УКРАИНЕ

Research subject. The subject in this article is theoretical, methodical and applied aspects of state management of banks’ capitalization in Ukraine, a consideration which allows the estimate efficiency of Ukrainian banks refinancing and recapitalization, as well as to enunciate practical recommendations concerning an increase of their capitalization level. The purpose is an analysis of government support measures for the domestic bank system; furthermore the search for additional sources of financing bank funds and the development of capitalization level increase in conditions of social and economic transformations. Methodology. In the research there are used general scientific methods of learning economic facts and the use of processes in their steady development and correlation: logic analysis, methods of scientific abstraction, induction, deduction, optimization, grouping and comparison, as well as graphic and tabular methods. Results. The questions of government control in the bank system in the period of the world financial crisis is researched on international level by the Financial Stability Council, Basel Committee on Banking Supervision, specialists of the World Bank and International Monetary Fund. As a result of relative novelty of these problems only a small number of researches is devoted to the use of government bank support instruments and therefore further development of this topic has practical value for improving the renewal mechanisms of financial stability and reliability of the bank system in Ukraine. After the analysis of the government control measures of the domestic bank capitalization, since 2009, and the effectiveness of budget resources segregation on refinancing and recapitalization of bank institutions in Ukraine (including crisis period), it was found out that these mechanisms, unfortunately, did not change much the situation on the bank market. Taking into account the unstable political situation in Ukraine and its military conflict with Russia, which has influenced the inflation growth, depreciation of the national currency and panic outflow of deposits, furthermore the forecast of an intensified bank crisis is used as confirmation to the problems with liquidity and bankruptcy of numerous groups of the domestic banks. Therefore advisable is working of a structural and logical scheme of banks’ capitalization level increase, which consists of a selection of four categories of banks after stress-testing the measures of obligatory capitalization or processes of amalgamation and merging: financially consistent and reliable; 2) problem; 3) insolvent; 4) bad (helpless) banks. Conclusions. Realization of problem banks’ recapitalization with participation of the government is one of the possible variants of initiatives in handling the economic crisis’ condi-tions. Nevertheless, problems with deposit-returns and debt-discharges are better to solve by refinancing and restricting their liabilities than by recapitalization. In authors’ opinion, more reasonable methods of banks’ additional capitalization-financing is attracting resources from privatization of state property and introduces new activation mechanisms of citizens savings used, particularly for converting deposits of artificial and physical bodies in hryvni and dollars into the preference shares of domestic banks.

The symbiosis of politics and crime in Lithuania

The article argues that since the mid 1990s organized crime in Lithuania has undergone significant transformation. During the early 1990s organized crime was characterized by groups challenging the state in the process of privatization of state property. At this time the most important mode of organized criminal activities was coercion, intimidation and violence. Since the mid 1990s the degree of violence typical to organized criminality has declined significantly. Instead organized crime associations have became active in attempting to partially appropriate the state by influencing, bribing and corrupting state actors. Membership of organized crime associations also underwent changes. Formally a number of prominent crime groups were made up of socially homogenous, lower class “outsiders” who used violence as the primary means of domination and enrichment. Contemporary criminal associations typically are comprised of informal networks of individuals of higher socio-economic standing, who are influential in a wide range of domains: legal and illegal, state and private, bureaucracy and private enterprise. Instead of violence a multiplicity of interactions and transactions among these elite networks are utilized to enable, transact, exchange and enhance mutually beneficial influence and criminal enrichment. We explore the dynamics that have facilitated the emergence of the postmodern organized crime associations that have gained legitimate and illegitimate social and political standing and influence within Lithuania. To illustrate the organized crime transformation the most recent political crisis, involving President Paksas' office engagement in corruption and organized crime, is analyzed. The implications of the transformation in organized crime for the criminal justice system in the country are discussed.

"Politischer Kapitalismus" und Korruption in Russland

Today the western view of Russia presents the problem of corruption exclusively as a continuation of the old Soviet order. In this chapter it is argued that the present phenomenon of corruption in Russia systemicly emerged from the privatization of state property and the introduction of market relations in the 1990s. The problem of corruption in Russia is a problem of political capitalism. It can only be solved by reforms which change the nature of the system, including above all the return to the state of at least part of the privatised property, while at the same time radically reforming and democratising the political system and the apparatus of rule.

What Should One Do with a Voucher?

How is the principal agent of the privatization process—the voucher owner—behaving? How prepared is he for the beginning of voucherization? Does he have well thought-out strategy and tactics? And [if so], what are they? Are the parameters of the sphere in which vouchers can be used sufficiently broad for him? Are the employees of privatized and unprivatized enterprises and the representatives of different social groups equally interested in the privatization of state property? Are the vouchers the principal means of investment or can the owners of privatization checks augment them with their own cash savings? How do people view the first practical steps toward the privatization of state property?

What Should One Do with a Voucher?

How is the principal agent of the privatization processthe voucher ownerbehaving? How prepared is he for the beginning of voucherization? Does he have well thought-out strategy and tactics? And [if so], what are they? Are the parameters of the sphere in which vouchers can be used sufficiently broad for him? Are the employees of privatized and unprivatized enterprises and the representatives of different social groups equally interested in the privatization of state property? Are the vouchers the principal means of investment or can the owners of privatization checks augment them with their own cash savings? How do people view the first practical steps toward the privatization of state property?