Directions and risks of legal rights enforcement by territorial communities after the opening of the agricultural land market in Ukraine

The article proposes a way of determining the future directions of financial support for the social development needs. To this end, the Tintner method of consecutive differences is used. The practical application of this method allows for pre-selecting the best curve that describes the level of financial support for social needs. The model off inancial support for local self-government is determined. The adequacy of funding for the needs of local budget social development is analyzed. The share of expenditure of local budgets in Ukraine on health care, intellectual and physical development, education, social protection and social security is described. A number of challenges when it comes to financial support are considered, both from a theoretical perspective and those confirmed by actual calculations.

Cryptocurrencies show tremendous growth by market capitalization, however Bitcoin cross-country holdings are still in question. The purpose of the paper is to show that inflation discontent with the rule of law failures can explain why residents of different countries are prone to cryptocurrency holdings. The level of financial development is also considered. A hypothesis is proposed for more complex and segmented motives of Bitcoin holdings, tested by the OLS method. Single- and multi-factor regressions with independent variables are used, which can validate cross-country Bitcoin holdings in terms of inflation discontent, quality of institutions and financial development. Regression results confirm the idea of more segmented motives to hold Bitcoins. First, the hedge against inflation motive is rooted in the institutional weakness of central banks, and the regression results show that inflation variables are the most significant. Second, the hedge against institutional risks of asset ownership motive, based on the lack of rule of law and the relevant variable, is best performing among other institutional variables. Third, it is wrong to neglect financial development. However, it only plays a role in interaction with better innovation performance, meaning that crypto investors try not only to diversify their portfolios, but also to profit from involving in a sector with promising technological perspectives. The main takeaway is that institutional factors help explain why people in countries with worsened inflation and institutional performance tend to hold a large fraction of Bitcoins in assets. Obviously, monetary and institutional fragility is underestimated in the general discussion about the nature of digital money.

The relevance of the study is due to the abolishment of the moratorium on the sale of agricultural land and the risks arising from the land market opening in Ukraine. The paper aims to identify the effectiveness of land mortgages for the agricultural sector of the economy and determine the mechanisms of state policy aimed at legal groundwork to guarantee rights of landowners. The comparative analysis of the land market development in the Central European states contributed to identifying system-based state management of land market formation processes, which had a positive effect on the land reform outcomes in these states. The analysis results confirmed the timeliness of the land market opening in Ukraine, which is related to the chosen economic and political course. The investment attractiveness of the Ukrainian agro-industrial complex is due to high productivity of lands and is supported with the possibility of mortgaging agricultural land. Neutralization of factors hindering the foreign investment attracted to agricultural business will contribute to the attraction of efficient technologies and highly productive use of the agricultural land in Ukraine. Some measures aimed at the land relations transformation in Central Europe do not consider the peculiarities of the Ukrainian agricultural sector. In particular, it is not reasonable to sell agricultural land to foreigners. Assessment of certain provisions of the Law of Ukraine ‘On Amendments to Certain Legislative Acts of Ukraine on the Conditions of Agricultural Land Transactions’ No. 552-IX shows the inevitability of abuse by foreign-owned banking institutions of the possibility to alienate the lands pledged under any loan agreements. Criminalization of evasion from the alienation of agricultural land as collateral will prevent the risks of acquiring Ukrainian agricultural lands by foreign-owned banking institutions. It is concluded that the banking system will only perform the functions of an investor in the agricultural sector of the economy, so there is a need to strengthen the state regulation of the land market in Ukraine.