У статті з позиції інституційного підходу наукового пізнання охарактеризовано фінансовий механізм забезпе чення суспільного добробуту як сукупність формальних та неформальних фінансових інститутів, в основу яких по кладено відповідні інституції, та які застосовуються для впливу на відносини щодо формування і використання фінан сових ресурсів з метою забезпечення суспільного добробуту. Запропоновано власний підхід до розмежування змісту базових понять інституційного підходу наукового пізнання, а саме " інститут" та "інституція". Виокремлено ознаки класифікації інституцій та інститутів, а саме: рівень формалізації (формальні та неформальні), сфера функціону вання (політичні, економічні, соціальні), характер впливу (екстрактивні та інклюзивні). Розглянуте інституційне середовище фінансового механізму забезпечення суспільного добробуту як сукупності інститутів та організаційних структур, які забезпечують їх функціонування, охарактеризовані його політичну, економічну та соціальну компо ненти.The article characterises the financial mechanism of public welfare ensuring from the position of the institutional approach to scientific knowledge. It is described as a set of formal and informal financial institutes, which are based on the relevant institutions, and which are used to influence relations on the formation and usage of financial resources for the purpose of public welfare ensuring. The approach to differentiate the content of basic concepts of the institutional approach of scientific knowledge, namely "institute" and "institution" using the dialectical categories "content" and "form" is suggested. It is proposed to interpret institutions as the set of norms, rules, traditions, that regulate relations between people in society, as well as institutes are organizational formations, complexes of interaction between institutions, that are intended to ensure their observance. The features of classification of institutions and institutes are distinguished: level of formalization (formal and informal), sphere of functioning (political, economic and social) and nature of influence (extractive and inclusive).The institutional environment of the financial mechanism of public welfare ensuring is considered as a set of institutions and organizational structures that ensure their functioning, its political, economic and social components are characterised. The political component of the institutional circumstance of the financial mechanism for ensuring public welfare is represented by the legal and organizational components. The economic component of the institutional environment of the financial mechanism of public welfare ensuring is presented by economic institutions that regulate the individuals' behaviour in the economic sphere of activity. The particular attention is paid to the institute of redistribution, which is linked to the existence of many fiscal institutes. The most dangerous extractive economic institutions that have a negative impact on public welfare are characterized. The social component is represented by so...

Introduction. With the approval of the concept of inclusive development, the demand for scientific research aimed at finding ways to implement it in financial practice is growing, which will have a positive impact on indicators of public welfare. In this context, an important task is to ensure the integration of the principles of inclusive development into the practice of property taxation, which will ensure an increase in its efficiency and fairness. The purpose is to reveal the social aspects of property tax, including assessing the compliance of the tax collection mechanism with the principles of fairness and inclusiveness of taxation, as well as the impact of property tax on the welfare of payers, taking into account their differentiation by the level of personal income. Methods. In the article, when studying the social aspects of levying property tax, general scientific and special methods are applied, namely, generalization, comparison, grouping, tabular analysis. Results. It has been substantiated that property tax has a varied effect on public welfare, acting as a tool for ensuring the redistribution of wealth between various social groups, attracting shadow incomes to taxation, withdrawn from it thanks to schemes to minimize tax liabilities, an instrument for curbing speculation in the housing market, as well as an important source of budget revenues, which are largely directed to social goals. It has been proven that in domestic practice, real estate tax has a pronounced regressiveness and discriminatory nature in relation to payers with lower incomes. Real estate tax rates are too low, which is more beneficial for wealthy citizens and leads to losses in local budget revenues. This made it possible to argue the advisability of switching to a cost approach to determining the tax base, but only available within an appropriate institutional environment. Perspectives. Further scientific research should be directed towards finding the optimal approach to establishing the base of real estate, as well as ensuring the inclusiveness of taxation, when opportunities for tax evasion will be minimized.

Introduction. In the last decade, the cryptocurrency market has shown significant development. The active growth of this market has created significant investment opportunities for entrepreneurs. In order to form highly profitable investments, one should pay attention to the price behavior of cryptocurrency coins and their niche in the cryptocurrency market. Scientific research analysis. Despite the impact of investments in cryptocurrencies on the economic development of many countries, scientific research in the field of cryptocurrencies is still inconsistent. Investment activities on the primary and secondary cryptocurrency markets were analyzed in the scientific publications by M. Duchenko, T. Pavlenko, Z. Dvulit, H. Peredal, M. Rebryk, I. Gonak and other scientists. However, scientific research on cryptocurrency investing is at an initial stage since a significant number of aspects of their implementation have not yet been worked out and require systematic development due to the rapid transformation of both the cryptocurrency market and the legislative provision of their functioning in the conditions of dynamic geo-economic changes. The purpose and tasks of the research. The purpose of studying cryptocurrencies as an investment field is to find out the advantages of investing in cryptocurrencies in comparison with other investment objects, as well as to evaluate the effectiveness of such investment through the use of mathematical modeling methods. Research methodology and methods. The following special research methods were used: direct observation; applied information processing methods for the development of tables of linear dependence; to determine the closeness of the relationship between the dynamics of the value of the main cryptocoins, the method of conducting analytical work on the calculation of the correlation coefficient was used. Research results. Cryptocurrencies have taken an important place in the development of investment activities. As an investment object in the primary cryptocurrency market, it is advisable to mine the Ethereum cryptocurrency, and in the secondary market, it is advisable to buy Ethereum and Bitcoin for investments, which occupy two thirds of the cryptocurrency market and between which there is a significant correlation. Investing in cryptocurrencies is advisable due to the significant potential of mining, the growth of the value and limits of the cryptocurrencies use. Investing in cryptocurrency coins is advisable both in the short term and in the long term. There is an average (not high) correlation between the primary and secondary markets of cryptocurrency, so an investor is recommended to focus on one of the forms of investment in order to obtain a high profit, and to reduce risks, you can diversify your business by investing in the primary and secondary markets. Scientific novelty of the research results. The possibilities of cryptocurrency investment in short-term and long-term periods were considered, and a slight correlation between the primary and secondary markets of cryptocurrencies was revealed. Cryptocurrency is a relatively new object of savings and investment, therefore, with dynamic changes in the legal regulation of the cryptocurrency market, the transformed conditions for the attractiveness of cryptocoins will be formed, and this will require reflection in further scientific publications. Practical significance of the obtained research results. According to the authors, investing in cryptocurrencies is appropriate both in the primary and secondary markets of cryptocurrencies (although the correlation between them is not high) in both the short-term and long-term perspectives. The obtained research results will be useful for use in the practical activities of conducting cryptocurrency business. The article contains: formulas: 6, fig. 2, table 5, bibl. 24).

SOCIETAL DETERMINANTS OF THE STATE SOCIAL FUNCTION TRANSFORMATIONУ статті розкрито дискусійний характер тлумачення економічною наукою соціальної функції держави, її масштабів та форм реалізації. Обгрунтовано, що зміст соціальної функції зазнавав змін із розвитком суспільства та еволюцією наукового вчення про соціальну державу. Наголошено на хибності визначення усіх функцій держави як соціальних, а також ототожнення цієї функції із сукупністю перерозподільчо-реабілітаційних заходів держави для подолання наслідків реалізації соціальних ризиків. Бачення соціальної функції держави, масштаби та форми її вияву визначаються соціетальними детермінантами зовнішнього середовища, у якому відбувається її реалізація. В новітніх умовах соціальна функція держави зазнає радикальної трансформації, що вимагає вироблення нової парадигми її реалізації, базованої на максимальній самоорганізації суспільства у питанні подолання наслідків військової агресії, відновлення економіки та забезпечення суспільного добробуту. The article reveals the debatable nature of economic science's interpretation of social function of the state, its scopes and implementation forms. It is substantiated that the content of social function has changed with the society development and evolution the welfare state scientific doctrine. The author emphasizes on the fallacy of defining all functions of the modern state as social, because this blurs the meaningful boundaries of social relations concept. The approach to the interpretation of the social function of the state, which reduces it to a complex of redistributive and rehabilitation measures for overcome the consequences of social risks realization with the wide using of social transfers, is also controversial. The crisis of social state theory and formation of inclusive development concept led to a significant content expansion of social function of the state and modernization of its implementation forms. New directions of "sociality" implementation of the state are ecological well-being provision, creation of conditions for social inclusion. The interpretation of social function of the state, its scopes and implementation forms are determined by the external environment societal determinants, such as historical, national and cultural traditions of particular society, the level of political culture development, economy situation and other factors. Social function of the state is transforming radically in modern conditions associated with full-scale aggression against Ukraine, which has catastrophic consequences for the country's economic and social potential. This requires the development of a new paradigm of social function of the state implementation, which bases on the maximum society self-organization in the matter of consequences of military aggression overcoming, economy restoration and public welfare provision. The role of the state should be reorients from a paternalistic social policy to a policy of economic and social liberalization, the removal of institutional barriers to realization of populati...

The article reveals the peculiarities of the use of bank project financing in the field of PPP. It is substantiated that the peculiarity of the application of  PPP project financing is the creation of a special project company, which is responsible for mobilizing financial resources for project implementation; the presence of a hierarchy of investment; more objective assessment of the borrower's solvency and reliability and evaluation of the project itself in terms of its efficiency, security and risk; significant transaction costs to settle the interests of all members of the partnership. It is proved that in modern conditions the role of project bank lending in the sources of project financing is growing rapidly, and the role of banks in this process is much wider than in traditional forms of lending. They not only provide financial support for the project, but also become direct participants in the implementation of the PPP project, performing management, settlement, consulting, guarantee and other functions. Given the specifics of PPP projects (large scale, long implementation time, cost), the participation of commercial banks in their financing is complicated. International development banks and international financial institutions play a leading role in the formation of project financing in the field of PPP, and the syndicated lending mechanism is also used in foreign practice. However, in Ukraine, bank project financing is practically underdeveloped, which is due to its institutional and legal irregularities. The use of syndicated lending mechanisms in Ukraine is unique, as well as the financing of PPP projects through credit and export agencies. PPP project financing with the support of international financial institutions, in particular the EBRD, has been the most developed, concentrating in such areas as infrastructure development, energy reform, and construction. In this regard, the problems of economic, legal and managerial nature, which hinder the development of bank project financing in the field of PPP in Ukraine in modern conditions, are outlined.