Introduction. The decentralization reform has created the new territorial units – the united territorial communities, which have received their own budgets. The local residents must receive quality and affordable services, so it is necessary for the united territorial communities to be financially viable. Introduction. The ensuring the financial capacity of united territorial communities (UTCs) is crucial for improving the quality and accessibility of services provided to local people, as well as for the development of the local economy, infrastructure and the efficient functioning of united territorial communities in general. However, many united territorial communities are not financially viable, heavily dependent on intergovernmental transfers and lack the necessary resources for economic development. Therefore, to solve these problems it is very important to constantly monitor the financial performance of the formation and use of local budgets of Ukraine, including UTC’s budgets, timely identify existing problems, look for ways to solve them and justify ways to increase UTC’s financial capacity. Methods. The theoretical basis of the study is the scientific developments of domestic and foreign scientists on decentralization, analysis of the problems of ensuring the financial capacity of united territorial communities and finding ways to improve it. The following methods of scientific cognition were used in the research process: induction and deduction, analysis and synthesis, comparison, generalization, analogies and others. The purpose is to evaluate the experience of ensuring the financial capacity of united territorial communities, identify the main problems and develop proposals for increasing the financial capacity of united territorial communities. Conclusions. Based on the analysis and assessment of the level of financial capacity of united territorial communities, the main problems in its provision and growth have been identified. The necessity is substantiated and the directions of increase of financial capacity are outlined. In order to increase the financial capacity of united territorial communities, the proposed ways to increase it are to improve the procedure for paying personal income tax not at the place of registration of taxpayers, but at the location, as well as the use of inter- municipal cooperation between united territorial communities, especially with low financial capacity. Discussion. The prospects for further research are to assess the experience of ensuring the financial capacity of united territorial communities and develop proposals for its improvement.

Визначено місце фінансової безпеки в системі економічної безпеки країни, проаналізовано основні теоретичні підходи до трактування поняття "фінансова безпека держави" та відображено основні її складові. Виокремлено показники оцінювання рівня фінансової безпеки держави. Досліджено релевантні макроекономічні чинники, що впливають на забезпечення стану фінансової безпеки, проведено оцінку тенденцій зміни таких чинників в Україні протягом 2012-2015 рр. Запропоновано напрямки підвищення рівня фінансової безпеки в Україні. Ключові слова: фінансова безпека, чинники фінансової безпеки, складові фінансової безпеки держави, бюджетна безпека, боргова безпека, безпека фондового ринку. Ольга КИРИЛЕНКО Олена СТАЩУК УДК 336.02 Ольга КИРИЛЕНКО, Елена СТАЩУК Оценка макроэкономических факторов формирования финансовой безопасности Украины Определено место финансовой безопасности в системе экономической безопасности страны, проанализированы основные теоретические подходы к трактовке понятия "финансовая безопасность государства", отражены основные ее составляющие. Выделены показатели оценки уровня финансовой безопасности государства. Исследованы релевантные макроэкономические факторы, влияющие на обеспечение состояния финансовой безопасности, проведена оценка тенденций изменения этих факторов в Украине в течение 2012-2015 гг. Предложены направления повышения уровня финансовой безопасности в Украине. Ключевые слова: финансовая безопасность, факторы финансовой безопасности, составляющие финансовой безопасности государства, бюджетная безопасность, долговая безопасность, безопасность фондового рынка. © Ольга Кириленко, Олена Стащук, 2017Olha KYRYLENKO, Olena STASHCHUK Evaluation of macroeconomic factors formation of financial security of Ukraine Introduction. The financial security of the state is one of the most important components of economic security in general and in terms of its individual functional elements. The financial security of the country determines the level of attractiveness, competitive position ISSN 1818-5754 Світ фінансів 2 (51)/ 2017 ДЕРЖАВНІ І МІСЦЕВІ ФІНАНСИ JEL Classіfіcatіon: E690, G180.in world markets and creates conditions for economic development of certain entities in prospective periods.The purpose of the paper is to determine the place of financial security in the economic security of the country, the main theoretical approaches to the interpretation of the concept of "financial security" and display its main components. The article is isolating the main factors in the formation of financial security in Ukraine, studies of trends and characteristics impact on the economy.Results. The study highlighted the threat of financial security, such as threats to publicsector debt policy threat, the threat of the insurance market, the threat of monetary economy, the threat of the currency market, the stock market threats and other threats. Based on statistical and other information, the analysis of safety parameters for each of the proposed components. This analysis allowed to conclude that for any of the indicators ...

Corruption, being linked to institutions of power, affects the efficiency of using public funds in a country. This happens, in particular, due to distortions in the structure of public expenditure, worsening quality and decreasing accessibility of public services, and overpricing of public services. The consequences of corruption that arise in different areas of human activity often become subject of scientific investigations performed by reputable scientists. However, the issue of the impact of corruption on public spending efficiency in the countries with different levels of democratic development has not been researched. The aim of this study is to determine the impact of corruption on the efficiency of public spending across the world (in 166 countries for the period from 2004 until 2017). The research is carried out by applying regression analysis to indicators characterizing the level of corruption and the efficiency of public spending obtained from largescale survey data collected by major international organizations and aggregated in the World Bank's "World Development Indicators" database. The analysis is also performed by using k-means clustering method to group countries into 4 clusters by the level of democracy and to build refined one-factor econometric models for each of them. The study revealed strong correlation relationship between corruption and public spending efficiency. It has been determined that a unit increase in corruption perceptions (a decrease in corruption) leads to a marginal increase in the efficiency of public spending by 0.931 units in the simple linear regression model and by 0.807 units in the multiple regression model. The study also showed that the impact of corruption on public spending varies depending on the level of democracy in a country. In the countries with low democracy levels, a unit decrease in corruption increases the efficiency of public spending by 0.923 units, whereas a similar decrease in corruption in the countries with high democracy levels will increase public spending efficiency only by 0.701 units. The findings of this study allow us to determine with higher accuracy the effects of corruption reduction measures on the efficiency of public spending.

Introduction. Most of the local budgets are subsidized, there are many shortcomings in planning the revenue and expenditure part of the budgets, a rather high level of violations when considering and taking decisions on local budgets, which, accordingly, does not carry out a number of socio-economic functions of local self-government bodies. Therefore, the key role in reducing all of the above-mentioned negative phenomena, which are currently present in the process of forming local budgets, is allocated to budget control. Purpose. The purpose of the article is to analyze the current state of budget control in drafting, reviewing and making decisions about local budgets in order to identify the most significant problems and outline ways of their solution taking into account therealities of the modern economy. Results.To date, there are many shortcomings in the planning of the revenue and expenditure part of the budgets, as well as a rather high level of violations when considering and making decisions about local budgets, due to which the number of socioeconomic functions of local self-government bodies is not carried out accordingly. In 2017, at the time of the inspection, the facts of conducting operations with allocation of budget funds for the total amount of UAH 99.4 million were detected in violation of the legislation, which is UAH 20.9 million. more than in the previous year, incl. Violation of funds from the state budget – 58.6 million UAH, with funds from local budgets – more than 40.8 million UAH. A key role in reducing all of the above-mentioned negative phenomena, which are currently present in the process of formation of local budgets, is allocated to budget control. Conclusions. The conducted research of the practice of budget control in drafting, reviewing and taking decisions on local budgets made it possible to formulate the following conclusions and proposals: it is necessary to form a single mechanism for calculating the planned and forecast indicators of revenues of local budgets; it is necessary to increase the level of openness and transparency in the process of drafting local budgets; it is worth improving the legislative framework that would oblige local authorities to involve public representatives in the process of preparing and adopting decisions on local budgets.

The features and the analysis of the program of development of hydropower of Ukraine till 2026 are determined. It is shown that at present, the use of hydroelectric and hydroaccumulation plants to cover peak loads, both in terms of both technical and economic and environmental performance inferior to more advanced methods. New technologies of coating peak loads, frequency and power regulation in power systems that are able to compete successfully with hydroelectric power plants are considered. Determine the minimum volumes of maneuver capacity that the Joint Energy System of Ukraine should have in its composition. A comparative analysis of technical and economic and environmental characteristics of the project of the Kaniv hydroaccumulation plant and an alternative project for the construction of a complex of consumers-regulators on heat pump installations is performed. On the example of the project implementation, the compaction of the schedules of electrical loads by the introduction of