Redistribution Of Financial Resources Research Articles

The role of tax policy in ensuring the financial and economic security of the state

The initiated scientific research is devoted to the urgent issue of determining the role of tax policy in ensuring the sustainable functioning of the financial and economic security of the state. It has been proven that the proper provision of such a component is one of the important prerequisites for the necessary stability of the entire national economic system and is a guarantee of its progressive development. In view of the importance of this component, the need to implement all the available potential of means of all its authorized support is emphasized. It is indicated and argued that the tax policy is one of the most promising measures for the fulfillment of such tasks in the current period. The peculiarities of the financial and economic security of the state are defined and analyzed. It was found that the category of the same name is an understudied but promising object of scientific knowledge. It is emphasized that a wide range of mutual relations with the financial component in comparison with the rest of the subsystems of the economic security of the state are in favor of its use. Its exceptional importance is emphasized from the point of view of direct and indirect prevention and counteraction of many challenges, threats and risks to the national security of Ukraine. The tax policy in modern domestic realities is characterized. It is noted that it is characterized as the activity of many state bodies on issues of establishment, organization, as well as legal regulation of tax administration and tax payments. Such activity itself involves the active application of various management forms, methods, and methods and is carried out with the help of appropriate tools. The role of such a tool from the point of view of influence on the course of processes under the auspices of the financial and economic security of the state is evaluated. It was noted that tax policy in current conditions is often of decisive importance from the standpoint of mobilization, distribution and redistribution of financial resources, stability of the financial and economic component, support and growth of its potential, guaranteeing the interests of taxpayers, ensuring fair conditions for the latter, etc.

Financial flows of restaurant business enterprises: essence, assessment of management efficiency

The purpose of the article is to study the essence of the concept of "financial flow" and improve the system of indicators for analyzing the effectiveness of the management of financial flows in the restaurant business enterprise. The study was conducted using a rigorous set of research methods, including theoretical generalization, scientific abstraction, systematization and decomposition, formalization, economic-mathematical, and graphic. These methods were chosen to ensure the robustness and reliability of the research findings. Research results. The article analyzes the main approaches to considering the essence of the concept of "financial flow" in modern scientific literature and defines its characteristic features. Features of managing the financial flows of restaurant business enterprises are determined. A model of the formation of the financial flow of a restaurant business enterprise has been developed. Mathematical models of the financial flows of a restaurant business enterprise are presented. For a justified managerial influence on the formation, distribution, and redistribution of financial resources, a model of the financial flow cycle of the restaurant business enterprise is proposed. To assess the sufficiency of financial flows for the implementation of current financial and economic activities and to optimize the time for making management decisions regarding current and operational financial management, a system of indicators for evaluating the effectiveness of financial flow management has been developed. This research has made a unique contribution to the field by further developing the system of indicators for evaluating the effectiveness of the management of financial flows of restaurant business enterprises. Unlike traditional approaches, this system allows for a comprehensive assessment of the sufficiency of the financial flow based on operational financial accounting data. This novel approach can help ensure the reproductive development of the restaurant business enterprise and optimize the time for making management decisions. The model of the formation of the financial flow of a restaurant business enterprise, which has been developed because of this research, has significant practical implications. It provides a means to control the rhythmicity of the operating cycle, contributes to the growth of activity volumes, forms economic relations between subjects, and aids in the formation of incoming and outgoing cash flows. These practical applications can potentially lead to improved financial management in the restaurant business sector. Practical significance. Implementing the developed risk management information system ensures a high level of validity of management decisions regarding strategic alternatives: risk rejection, risk diversification, or compensation. Further research is planned to analyze management and modern digital technologies (lean production, process mining, technological platforms, etc.) to increase the efficiency of the financial flow management process. Keywords: finance, financial flow, cash flow, financial management, enterprise, restaurant business, performance evaluation.

World financial centers: features of functioning

The article is devoted to the study of the essence, types, and stages of development of world financial centers. The work states that the globalization of the financial sphere, which is expressed in the growth of the transfer of assets, internationalization of systems, liberalization and convergence of markets, leads to the formation of a single world financial market, where international financial centers play a key role. Since the end of the 20th century, world financial centers have become an integral part of the global financial market, where surplus capital from countries where its over-accumulation led to a decrease in profits was exported. World financial centers are not just a cluster of financial institutions, but also a dynamic system where all participants constantly and actively interact with each other. The work analyzed the approaches of scientists to the definition of the concept of «world financial center» and summarized these approaches into one definition. The world financial center is where financial institutions are concentrated, contributing to the attraction and redistribution of financial resources. It was revealed that in order to form a world banking center, a country must have a stable currency and economic situation, a developed credit system, well-organized stock exchange activity, moderate taxation, a convenient geographical location, relative stability of the political regime, the presence of standardization and a high degree of information technology without paper transactions. Three key areas that determine the success of global financial centers in competition are singled out: image and communication capabilities, a wide range of financial services and professionalism. Three stages of the development of global financial centers are distinguished – the development of the local market, the transformation of the local market into a regional financial center and the formation of an international financial center. The five largest world financial centers are characterized and their features are highlighted. The methodological basis of the research is general scientific methods of scientific knowledge: analysis and synthesis, generalization, and comparison. The informational basis of the article is the publications of domestic and foreign economists.

OFFSHORE BUSINESS AND INTERNATIONAL EXPERIENCE OF ITS REGULATION

The importance of researching this issue lies in the fact that in the modern world, offshore business has gained global proportions, one helps to open a new business, another to avoid large taxes, and a third to keep their organization in secret․ In modern society, both in politics and in business, the term "offshore" has no clear meaning. The use of offshore zones can not be called a modern phenomenon, as the history and formation of this activity began in the late 1950s, but despite that period, it has gained international recognition. The urgency of this issue is also due to the influence of offshore companies on the redistribution of financial resources. Currently, offshore zones have become an integral part of the global economic system and the national economies of many, including highly developed countries. Based on the study, its determined, that offshore areas will continue to develop under constant political and economic pressure.

Financial activity as the formation and materialization of a new virtual reality

Subject. The article considers financial activity as a complex, systemic concept, the final result of which is the redistribution of financial resources – the formation of a new financial reality. Objectives. The aim is to show that financial activity is a complex process. It includes, firstly, the formation of virtual reality as a model of a real transaction. Secondly, the materialization of virtual reality into a new financial reality, defined as a new financial condition of the entity resulting from a transaction, the consequence of which is the redistribution of financial resources. Methods. The study rests on principles and methods of systems analysis, the interdisciplinary approach to the subject of analysis, i.e. a transaction. The transaction is considered as an elementary component of the economy, i.e. ‘a quantum of the economy’. Results. I constructed a system model of transaction as a whole, including the elements of cognitive and material activity. The paper gives a definition of financial activity as a complex process, which includes an element of cognitive activity and an element of materialization of its results in reality. The final result of financial activity is the redistribution of resources of parties to the transaction. This is equivalent to the formation of a new financial reality, different from their original financial condition. Conclusions. The study shows that traditional representation of financial activity is only a consequence of cognitive process and materialization of virtual reality as a model of possible financial behavior. Such a representation requires a formation of a certain way of thinking that ‘fits in’ the functioning of artificial intelligence systems.

Statistical estimation of regional disproportions in bank lending in Ukraine

The article examines the processes of regional differentiation in bank lending. The creation of a special fund with mandatory involvement of bank representatives in management has been justified for the first time. The purpose of creating such a fund is to create more favorable conditions for lending in the regions. Based on statistical analysis, the conclusion is drawn that the type of regional development of bank lending in Ukraine, according to the studied parameters, can be unequivocally characterized as asymmetric. The main problem of interregional disparities in lending in Ukraine is the large volume of lending in Kyiv and several other industrial centers, coupled with the slow development of the provinces. Regional asymmetry in banking lending poses a serious threat and a critical challenge that Ukraine is already facing. Disparities in banking lending create several problems for the country, including a slowdown in national economic growth rates due to the need to allocate funds to reduce regional asymmetry, rather than stimulating development; the withdrawal and redistribution of financial resources; the emergence of depressed areas; an increase in social tension in the country; the intensification of disintegration processes, and so on. The study found that significant amounts of credit resources in Kyiv are used for trading and intermediation activities (trade financing, real estate transactions). However, the intensification of interregional differentiation in banking lending does not promote the transition of the economy to an innovative type of development. To overcome negative trends, it is necessary to ensure an inflow of credit resources to regions with a weakened resource base, which will contribute to accelerating their socio-economic development. To activate banking lending in other regions, it is proposed to create a special fund, which will provide economic incentives for lending activation. This will contribute to the redistribution of credit resources in other regions, which will help reduce asymmetry in regional development.

FILLING THE REVENUE PART OF LOCAL BUDGETS UNDER THE CONDITIONS OF MARITAL STATE

Local budgets play an important role in the budget system of Ukraine and regulation of social and economic processes at the regional level. The independence of local budgets of Ukraine is not fully manifested today. Thus, the revenue base significantly depends not only on the efforts of local authorities in the development of their own tax base, but also on the redistribution of financial resources through the state budget, namely - on the provision of interbudgetary transfers. Today, when a full-scale war continues in Ukraine, the issue of quality provision of the revenue base of local budgets and identification of reserves for the growth of their resource base, optimal redistribution of funds within the country is more acute than ever. The purpose of the article is to analyze the sources and structure of local budget revenues during the martial law in Ukraine. Particular attention is paid to tax revenues, which occupy the lion's share in the structure of local government revenues. It was determined that due to the introduction of changes in the legislation related to the extremely difficult situation in the country (in particular, since March, the import of food, fuel and other goods that meet the basic needs of society were exempted from customs duties and VAT; the introduction of voluntary payment of the Single Tax for some groups, etc. In addition, active hostilities on the territory of a certain community, a large number of internally displaced persons have significantly changed the structure of local budget revenues by region. Further research will be related to the assessment of the formation of the revenue side of local government budgets.

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Abstract. Introduction. With the constant growth of the deficit in the financing of pension benefits and the real threat of the state's inability to guarantee pensions, the role of the private pension system is growing. The burden on the state pension system leads to an increase in the financial burden for individuals and legal entities, due to increased contributions to the state Pension Fund, which leads to a decrease in the amount of financial resources for the development of its activities. Purpose. The purpose of the article is to analyze the activities of private pension funds in the current socio-economic development of the country.Results. The effective functioning of the national economy depends on the level of financial security of various economic entities. With the help of mobilization of their funds there is an active distribution and redistribution of financial resources between different sectors of the economy. A developed system of financial institutions is needed to develop the process of accumulation of free money. They are the ones who transfer capital from those who have savings and those who need it. Among many types of financial institutions, private pension funds deserve considerable attention. Given the practical absence of a funded system of compulsory state pension insurance, as well as the insufficient level of funding for the solidarity system, they contribute to improving the economic well-being of the population. By concluding an agreement with the NPF, each citizen can determine the amount of future additional non-state pension benefits. Thus, without the effective functioning of the third level of the pension system, the financial security of the population in old age will be minimal, which will reduce the economic development of Ukraine as a whole. Conclusions. For the effective functioning of the NPF network in Ukraine it is necessary: - ensure transparency of NPF activities and increase protection of the rights of their participants; - to establish a fund for guaranteeing pension contributions of participants, which would return part of such contributions in case of bankruptcy of the selected NPF. This would increase public confidence in these financial institutions; - to improve and modernize the regulatory framework related to NPF risk management; - take measures to improve the financial literacy of the population and increase public interest in participating in the private pension system; - reduce the taxation of payments to NPF participants when they reach retirement age; - provide tax benefits for legal entities - founders of NPFs, with a significant number of participants; - to ensure the development of the financial market in Ukraine, which will expand the range of financial instruments in which NPFs can invest.

FINANCIAL MARKET OF UKRAINE: STRUCTURE AND DEVELOPMENT TRENDS

The purpose of this work is to study the current state and trends in the financial market of Ukraine. Methodology. The following methods of scientific research were used: analysis and synthesis; theoretical generalization; abstraction and comparison; systematic approach. Results. The article reports that the financial market of Ukraine is in the process of formation, which is due to the uneven spatial dynamics of financial capital in the course of market reforms; heterogeneity of economic and financial space of the country; fundamental asymmetry between regions in terms of financial capacity; localization of financial institutional infrastructure; level of investment attractiveness, etc. It was found that the main problem of the financial market of modern Ukraine is the inability to provide an effective redistribution of financial resources needed to meet the challenges of modernizing the domestic economy and create an innovative impetus to the reproductive processes. Practical implications. To improve Ukraine's financial sector and boost economic growth, it is necessary to create an effective mechanism for improving banks' lending policies. To develop bank lending and create financial stability in this period it is necessary to make banking services of higher quality to improve their competitiveness; to set maximum interest rates on loans within the framework of state acts and monitor their implementation; to encourage commercial banks to lend to innovative projects; to increase the size of main assets of state banks, increase their number and strengthen their role in the financial and credit market of Ukraine, etc. Value/originality. It has been researched that the structure of the financial market is dominated by the number of companies engaged in the provision of loans, loans, financial leasing, the provision of guarantees; carrying out factoring, currency exchange and money transfer operations. For the development of bank lending it is necessary to improve banking services to improve their competitiveness; set maximum interest rates on loans within state acts and monitor their implementation; stimulate lending by commercial banks to innovative projects; increase capital resources of state banks, increase their number and strengthen their role in the financial and credit market of Ukraine, etc. These measures will contribute to the recovery of the national economy and increase the level of financial efficiency of the domestic banking system.

АНАЛИЗ И ОЦЕНКА ЭФФЕКТИВНОСТИ ИНВЕСТИЦИОННЫХ СТРАТЕГИЙ НА СОВРЕМЕННОМ ФОНДОВОМ РЫНКЕ РОССИИ

The article analyzes modern investment strategies in the stock market in terms of their effectiveness. Recommendations are given for the trans- formation and further development of investment strategies in modern econo-mic conditions. The current state of the Russian stock market is considered. At present, the stock market plays an important role in the process of economic development and the redistribution of financial resources. Investment activity that stimulates business largely determines the pace of the development and economic growth of the country. The Russian stock market is in an active stage of development, there is a growing interest of investors in stock instruments as a means of stabilizing and increasing financial resources. That interest is fueled by the specifics of the Russian economy. At the same time, the structure of the stock market becomes more complex every year, being filled with an increasing number of various financial instruments. Making sound decisions about investing money in certain stock instruments, as well as determining the structure of a securities portfolio requires a comprehensive and in-depth analysis on the part of the investor. The most important condition for the implementation of the in- vestor’s desire to receive an income adequate to his ideas is his ability to calcu- late the risks accompanying investments in securities. The article also carried out a comparative analysis of modern investment strategies based on an inte- grated approach that combines elements of fundamental and technical analysis. It also developed and applied an algorithm for evaluating the effectiveness of investment strategies in terms of the ratio of profitability and risk parameters, as well as proposed a number of modifications of the considered investment strategies, taking into account the characteristics and specifics of the Russian stock market.The results were obtained and conclusions were made about the effectiveness of investment strategies, options for their modification, which are of significant practical importance both for professional stock market partici- pants involved in the development of various investment products, and for pri- vate investors who want to decide on the choice of the most optimal investment strategy in the Russian stock market.

FORMATION OF FINANCIAL SPACE OF SUSTAINABLE MANAGEMENT

The article is aimed at outlining theoretical and methodological approaches and practical recommendations for the formation of financial space in the system of sustainable management in Ukraine. The substantive features of the components of the economic category «financial space» are analyzed. The essence of the financial space of sustainable management has been identified. It is determined that it reflects the relationship between the formation and functioning of the financial system of the state and its territorial entities with the relations of economic entities on the accumulation, use, distribution and redistribution of financial resources for sustainable development. Problematic aspects of formation of financial space of the state are defined on the basis of the analysis of dynamics of indicators of development of financial institutions of Ukraine. The place and role of the financial space is determined in the system of sustainable management in such a way that it firstly acts as a spatial environment for the implementation of the basic functions of sustainable finance; secondly: it is a factor of the formation of financial support for the sustainable management system; thirdly, it is the market environment for the functioning of the «green» financial market for the needs of sustainable development. It is established that along with the activities of the United Nations Environment Program Finance Initiative UNEP FI, grassroots sustainability initiatives of financial institutions should play a leading role in the formation of a sustainable financial space, they should assume appropriate obligations within the framework of global financial initiatives in accordance with the relevant specifics of their action and be able to form institutional field for the formation of a system of sustainable finances. The leading role in the formation of a sustainable financial space in the country of national economy management bodies at the national regional and local levels, which should focus on the global financial sustainability initiatives of UNEP FI in the formation of financial policy and improvement of national financial legislation was emphasized. A number of events have been proposed to form a sustainable financial space in Ukraine.

Left-Wing Democrats in US contemporary political system

The current state of the progressive movement in the political life of the United States is analyzed. It is noted that the movement took shape politically in the early 1990s with the formation of a small faction of progressives in the House of Representatives of the US Congress. From the very beginning, the faction promoted left-wing socialist ideas, believing that the processes of globalization would only increase social differentiation in American society in terms of income distribution and accumulated wealth. The financial and economic crisis of 2007-2009 contributed to the transformation of the progressive movement into an important political force in modern America. The ideological and political polarization of American society in the 2010s contributed to the growth of not only right-wing, but also left-wing populism. As a result, in the 2016 and 2020 presidential elections Progressives played an important political role, contributing to the victory in 2020 of the Democratic candidate J. Biden. In the 116th and 117th Congresses the Progressive faction amounted to almost 100 representatives, or about 40% of the total number of Democrats in the House of Representatives. The conquest of the White House and the establishment of control of the Democratic Party over both houses of the US Congress allowed the Progressive Democrats Caucus for the first time to develop its own program of social and economic transformation in American society in the amount of about $2.5 trln to be spent within 10 years. The program is based on the principles of large-scale redistribution of financial resources from large corporations and the wealthiest segments of American society in favor of the poor and the American middle class. In addition to socio-economic reforms, the program includes the allocation of hundreds of billions of dollars to combat climate change and the gradual transition of the American economy to the "green technologies". The bill passed the US House of Representatives in November 2021, but its further fate is uncertain, since in the Senate its main opponent in the ranks of the Democratic Party was West Virginia Senator J. Manchin. It is entirely possible that in 2022 the Democrats will still be able to get parts of the Build Back Better legislation passed through Congress. In conclusion, the life path and political career of a native of India, P. Jayapal, who has been the chairman of the Progressive Democrats Caucus in the US Congress for the past three years, are covered. It is noted that, unlike past historical epochs when the main “social elevator” for immigrants of the first wave was the business sector, at present, the struggle for the rights of racial, ethnic and gender minorities plays such role.

Interbudgetary credit as a legal form of redistribution of financial resources in the mechanism of budgetary regulation

This article is devoted to a number of issues related to the importance of the method of budgetary lending in the legal mechanism of budgetary regulation. It has been established that in modern conditions, budgetary credit acquires special significance for the federal state, which is the Russian Federation. In 2021, the sub-federal budgets of public law entities are executed in the most difficult economic conditions of the need to overcome the consequences of the spread of coronavirus infection in Russia and the global financial crisis. Given the fact that the ongoing implementation of national projects requires significant expenditures, including at the level of regional budgets, the constituent entities of the Russian Federation are increasingly faced with a significant budget deficit and are increasing public debt to finance it. In the course of the study, various features of budget loans were highlighted, various aspects were studied and the definition of interbudgetary credit was formulated, the key powers of the Federal Treasury in the field of interbudgetary lending were described, the importance of this method for maintaining the stability of the federal state and its subjects was analyzed. It is determined that the Federal Treasury, using the method of interbudgetary lending, ensures the uninterrupted execution of the budgets of the budgetary system of the Russian Federation and state extra-budgetary funds. It is concluded that in modern society budget loans between public law entities play a key role in the process of redistribution of funds in the budget system of the Russian Federation and are one of the backbone forms in the legal mechanism of budget regulation.

SOURCE, POLICY AND HARMONIZATION OF TAX LAW IN EUROPEAN LAW

Tax policy is an integral part of the financial policy of the state. Taxes are one of the key elements of state regulation of the economy. Tax policy is a set of economic, financial and political measures taken by the state to form the country's tax system in order to meet the needs of various social groups and the state for financial resources, to ensure the development of the country’s economy through redistribution of financial resources. Key words: Sources of tax law in European law, tax,tax policy

Аналіз попиту на освітні послуги ЗВО в розрізі окремих спеціальностей

Ukrainian higher education is in a state of reforming, which aimes at improving its quality and is accompanied by a reduction in its generality. During the admission campaign in 2020, the concept of «indicative self-cost of educational services» was for the first time used, the purpose of which was to reduce the demand for training at the expense of individuals (contract) in the State-owned higher education institutions. The publication considers the study of the efficiency of the State regulation of qualifying for a government scholarship as to certain specialties. For this purpose, data on the results of the 2020 admission campaign from the unified State electronic database on education were used. The educational space was divided into several subspaces, for each of these the ratio between the number of applications submitted and the license volume was obtained. It was found that the most in demand for a long time are specialties related to jurisprudence, in the smallest demand are specialties of engineering, where the competition is two applications for three budget places (1.50). The publication uses econometric methods of analysis of digital information, assessments of the elasticity of the introductory score according to the general competition and its marginal value are carried out. Recommendations on refusal of expert assessments in the regulation of the students’ admission and redistribution of financial resources in favor of high-demand specialties are provided.

СПЕЦИФІКА ФУНКЦІОНУВАННЯ РИНКУ ЦІННИХ ПАПЕРІВ ТА ФОНДОВИХ БІРЖ УКРАЇНИ

The study used: system approach to substantiate the principles and problems of the securities market and stock exchanges of Ukraine, statistical analysis of the actual performance of relevant markets; graphic – to visualize and evaluate the results of the study. The following tasks were performed to reveal the selected topic: the theoretical bases of research of institutional intermediaries in the system of international trade relations are revealed; the peculiarities of the securities market and stock exchanges of Ukraine are analyzed; the ways of improvement of exchange activity in Ukraine are covered. It is established that the most important tasks of the organized securities market are: 1. Ensuring flexible interpectoral redistribution of investment resources. In the process of investing personal savings, savings in the corporate and public finance sector in securities on the organized market is the redistribution of financial resources in the industry with a higher rate of return. Personal funds and temporarily free funds of private companies, investment funds are invested in securities that bring the most income. As a result, there is a redistribution of funds between industries and sectors of the economy; 2. Attracting investments in Ukrainian enterprises. Due to the operation of the primary organized securities market, financial resources invested in securities are made available to enterprises and spent on investment purposes; 3. Creating conditions to stimulate savings and their further investment. An organized securities market creates more comfortable conditions for traders, providing a higher degree of financial protection. This is achieved through the regulation of procedures for the purchase and sale of securities, the implementation of measures to regulate and self-regulate the market; 4. Transformation of property relations. In the process of circulation of securities on the organized market there is a redistribution of property rights to financial assets in the economy, including the privatization (privatization) of enterprises, the formation of a new class of owners and entrepreneurs; 5. Improving the market mechanism and management system. In the process of organized securities trading, modern technologies, advances in computer technology and programming are used, the process of forming a fair market value for securities is more high-tech and efficient than in the unorganized market. The development of digital technologies contributes to the improvement of the operations management system, increase the efficiency of decision-making, provides the process of managing timely and reliable information; 6. Ensuring real control over stock capital on the basis of state regulation. State regulation should be aimed at creating a favorable investment climate, comfortable conditions for doing business. At the same time, acceptable control over transactions in the stock market provides sufficient information to make decisions on areas for further development of legislation in the field of securities market regulation.

FEATURES OF INTER-BUDGETARY RELATIONS IN THE CONDITIONS OF DECENTRALIZATION OF POWER IN UKRAINE

The article examines the features of inter-budgetary relations in the context of decentralization of power as an important tool for the formation of local budgets and their effective implementation with limited financial resources. The authors considered the factors influencing the decentralization process such as the taxation system, transfer policy, giving greater powers to local governments in developing programs of socio-economic development and analyzed the sources of financial resources of the region, problems of their formation and use, revenues and expenditures last years. Decentralization reform has made it possible to increase the revenue side of local budgets and strengthen the financial and resource base of the regions, improve the use of intergovernmental transfers and diversify their sources. The study revealed the main problems of formation and use of financial resources of the region. These include inconsistencies in the movement of financial resources, tax pressure, various goals of economic entities and public authorities, low level of financial literacy of local government officials, inconsistencies in budget legislation, and lack of an effective mechanism for redistribution of state revenues. Among the ways to conduct budget decentralization and ensure the effectiveness of inter-budgetary relations, based on expanding the rights of local governments, strengthening their budgetary independence and responsibility, it is proposed to provide local authorities with opportunities for budgeting, redistribution of financial resources between public authorities, clear definition of local government and united territorial communities, application of modern methods of socialplanning, mechanisms of interaction of public authorities, enterprises, the attraction of investment resources through the development of local funds of regional development, granting to investors advantages, support of cooperation and interaction of enterprises, reduction of expenses for maintenance of public authorities, expansion sources of revenue to local budgets. The processes of fiscal decentralization must be constantly improved by overcoming the contradictions that arise in intergovernmental relations and modernizing the main institutions of the budget system.

Pharmacoeconomic aspects of life quality in patients with epilepsy

Objective — to investigate pharmacoeconomic aspects of quantified indices of life quality in patients with epilepsy.Methods and subjects. Seventy‑four patients with epilepsy, including 43 female and 31 male patients, who lived in Kharkiv or Kharkiv Region, were examined. The mean age of the patients was 36.99 ± 9.45 years old. The quality of life (QoL) was studied by means of QOLIE‑31 questionnaire, Version 1.0. An overall value of one QOLIE‑31 point was determined by dividing of the cost of the disease by quantity of points for each patient.Results. According our data, the patients’ QoL (overall score is 56.05 ± 17.4 points) is lower as compared with data from other countries, both totally and for all certain indices. There was a «triple‑peaked» profile of the scale with reducing in indices «Seizure Worry», «Energy/Fatigue», and «Results of Treatment». The biggest differences between data obtained by us and data from abroad researchers were found out in feeling of treatment effects, «Energy/Fatigue», «Emotional Well‑Being», and «Social Functioning». In general a mean overall value of one QOLIE‑31 point was 1971.1 hryvnias per year. A significant prevalence of non‑direct medical expenditures over direct ones was observed for all the indices of point significance. The «most expensive» points were points from scales «Seizure Worry», «Energy/Fatigue», and «Anti‑Epilepsy Medications Effects» (more than 2,000 hryvnias per year for all of them), whereas the «cheapest» points were points from «Overall Quality of Life» and «Emotional Well‑Being» (both approached to 1,800 hryvnias per year, in the contrast with other indices, which were closer to 2,000 hryvnias). The cost of one point in female patients was 1,940.6 hryvnias per year, which was slightly less as compared with the costs for the entire group of patients and for male patients (2,017.3 hryvnias). The most expensive and the cheapest indices were the same as the entire group, except from the index of «Self Check Health». This index was «cheap» in female and «expensive» in male patients. The QoL improvement and its maintenance is more expensive for rural people, both overall and on the majority of specific indices. All the indices in a cryptogenic clinical form of epilepsy were «cheaper» than in other clinical forms. Emotional conditions, energetic potential and self‑attitude in a symptomatic form of epilepsy were «more expensive» to restore as compared with other forms. The cost of a point was growing generally in a decreasing of the seizure frequency,i.e. an improvement of QoL for patients with a better course of the disease was «more expensive», than for patients with a poor course, excluding the group with rare seizures. Persons with rare seizures have a level of requirements inherent to patients yet, but reduction of symptoms is easier already, as compared with more frequent seizures. Along with this, requirements of patients without seizures correspond to such requirements of healthy persons, are higher than in patients, so it is more difficult and, consequently, more expensive to meet these requirements.Conclusions. In order to improve QoL of patients with epilepsy, a redistribution of financial resources with an increase in the costs of a high‑quality treatment is needed. It will reduce overall costs and will improve quality of life over time as a result.

Emerging mental health challenges, strategies, and opportunities in the context of the COVID-19 pandemic: Perspectives from South American decision-makers.

ABSTRACTObjective.To identify emerging mental health problems, strategies to address them, and opportunities to reform mental health systems during the COVID-19 pandemic in South America.Methods.An online questionnaire was sent to mental health decision-makers of ministries of health in 10 South American countries in mid-April 2020. The semi-structured questionnaire had 12 questions clustered into three main sections: emerging challenges in mental health, current and potential strategies to face the pandemic, and key elements for mental health reform. We identified keywords and themes for each section through summative content analysis.Results.Increasing mental health burden and needs were reported as direct and indirect consequences of the COVID-19 pandemic. National lockdowns challenge the delivery and access to mental health treatment and care. Strategies to meet mental health needs rely heavily on timely and adequate responses by strengthened mental health governance and systems, availability of services, virtual platforms, and appropriate capacity-building for service providers. Short- and medium-term strategies focused on bolstering community-based mental health networks and telemedicine for high-risk populations. Opportunities for long-term mental health reform entail strengthening legal frameworks, redistribution of financial resources, and collaboration with local and international partners.Conclusions.Mental health and psychosocial support have been identified as a priority area by South American countries in the COVID-19 response. The pandemic has generated specific needs that require appropriate actions, including implementing virtual interventions, orienting capacity-building toward protecting users and health providers, strengthening evidence-driven decision-making, and integrating mental health and psychosocial support in high-level mechanisms guiding the response to COVID-19.

UKRAINIAN PROPERTY INSURANCE MARKET PERFORMANCE

The modern insurance market of Ukraine, in comparison with foreign countries, shows rather low development indices. However, the role of insurance in the financial development of the state is one of the determining factors, as it is possible to achieve equal distribution and redistribution of financial resources, to ensure reduction of state expenses in case of emergency situations and effective development of social protection. Purpose. The purpose of the article is the research of a condition and features of functioning of the property insurance market in Ukraine at the present stage. As a result of the conducted research it became possible to emphasize the problem points of insurance activity performance as a whole and property insurance in particular. It has allowed to designate prospects of optimization of activity of the given segment of the national insurance market. Methodology. In course of the research the following methods were used: dialectical method – to clarify the importance of the studied issue among the scientists; horizontal analysis method – to consider the dynamics of indices of property insurance market performance by certain types of insurance objects; vertical analysis method – to determine the role of property insurance sector in the insurance market of Ukraine; induction method – to draw conclusions. Results. Indices of the insurance market activity in Ukraine are analyzed and the basic tendencies of its development are defined in the article. From the critical position the peculiarities of functioning of the property insurance sector were assessed: both within the segment by types of insurance objects and in general, against the background of other types of insurance. The analysis made it possible to identify the problematic aspects and drawbacks of the property insurance activity that contributed to the development of offers on improvement of insurance activity in the property insurance sector. Practical significance. The practical application of the proposed methods of reducing gaps in property insurance would make it possible to increase the potential of the state insurance market and facilitate the growth of the level of confidence of the population in insurance as an instrument of their own security and equalization of their financial position in case of unexpected events.