INTERNATIONAL MIGRATION AND BRAIN CIRCULATION

Many highly developed countries suffer the economic consequences of a growthlimiting demographic gap, which they only can fill with immigration. However, immigrants must be capable to be integrated into the receiving economy based on age and education. However, emigration raises in the home-countries the complex problem of “Brain Drain” (including loss of human capital, reduction in unemployment), which is offset by a “Brain Gain” in the destination country due to immigration. It can be shown, however, that within the framework of an adapted migration policy there can be a "Brain Circulation" that has advantages for all countries involved

IDENTIFICATION OF TRANSACTION COST MANAGEMENT FUNCTIONS

The basis of information support in the field of economic relations is an accounting system adequate to modern needs. However, such an accounting system as the basis of information support and accounting as one of the functions of management does not create sufficient prerequisites to ensure the effectiveness of the management process, including transaction cost management. Motivation in the process of managing transaction costs involves the use of moral and material incentives for employees of the entity, namely monetary rewards, recognition of achievements, promotion, providing conditions for the manifestation of creative potential in order to prevent deviant behaviour, the consequences of which are the search for economic benefits from the resources of the business units. In addition, the function of motivation should extend to the business partners of the entity and consider their interests, goals and business reputation. The indicated information should form sufficient grounds for the motivational component of business negotiations and create conditions for obtaining the desired result. Effective transaction cost management is a prerequisite for the competitiveness of products, goods, works, services, and the business unit that produces, sells and aims to ensure a lasting plateau of financial stability. This dependence exists since transaction costs both create conditions for further growth of profits generated by the entity and can reduce it under opportunistic behaviour. Optimization of transaction costs can be achieved not only through their accounting, control, analysis, but also the performance of other management functions, the list of which, as evidenced by the study of recent publications, is not definitively defined. This paper proves that transaction cost management is a mandatory component of the dynamic management process of the entity, which should be harmonized with the overall management process and meet its main goal – to achieve high economic performance

DEVELOPMENT OF BIOENERGY AS A PRIORITY DIRECTION OF GRAIN MARKET ACTIVATION IN UKRAINE

The article examines the role and importance of bioenergetics as a priority area of the grain market activation, outlines its state and problems, identifies approaches of its development considering current challenges and demands. The need to develop bioenergetics is associated with the rapid growth of the production of grain and grain-legume crops, which generates additional challenges and problems. It is worth noting among these: intensification of competition in global markets; reduction of the world prices and, consequently, the decrease in export revenues; lack of capacity and warehouses for reliable storage and high-quality processing of grain and their obsolescence; low logistical capacity of domestic ports and railway transport; limited distribution channels; increasing unemployment in rural areas due to the application of modern innovative agricultural technologies with high productivity; low capacity of processing plants; deformation of traditional production chains. This research clarifies the role of bioenergetics as a priority area for activation of the grain market, outlines its state and problems, and identifies the approaches to its development considering current challenges and demands. The greatest threats to the implementation of plans concerning the development of biofuel technologies in Ukraine are the following: 1) steady tendency towards a decrease in energy prices on the world market is the risk of the unprofitability of biofuel technologies; 2) unstable tax legislation poses financial investment risks; 3) non-market prices for competing fuels for the population (in particular, electricity and gas) results in the lack of population’s incentive to turn to alternative energy sources; 4) lack of sufficient capacity to store the required volumes of guaranteed sources of raw materials; 5) shortcomings in effective mechanisms to stimulate renewable energy, etc. Elimination and overcoming of the above-mentioned barriers will intensify biomass involvement in country’s energy balance and contribute significantly to strengthening Ukraine’s energy independence. Thus, in the near future, it is necessary to solve all the problems that hinder bioenergy development, which intensifies the progress of the grain market and directly affects the energy independence of our country.

REFORMING THE ADMINISTRATIVE-TERRITORIAL SYSTEM AS A BASIS FOR SUCCESSFUL DECENTRALIZATION OF POWER: FRENCH AND UKRAINIAN EXPERIENCE

This paper outlines the main approaches of the "decentralization" and "local self-government" concept understanding, it identifies the main features of the Ukrainian administrative-territorial system reform and its problematic aspects. It was found that as a result of the attempt to complete the formation of the UTC, the aspects due to which these territories had previously refused to unite were ignored. Among the key ones: the resistance of local authorities, protection of own interests by local elites, conflict of interests of communities, territorial or resource disparities. These problems have not been resolved and they can significantly impair the further effective operation of the newly established UTCs. That is why this issue is especially relevant today for Ukrainian researchers of public administration. To develop recommendations for a possible solution to these problems, it was proposed to study the experience of EU member states, which are the most relevant group in the process of Ukraine's integration into the EU. In the context of improving the administrative-territorial system, the most interesting for us is the experience of France, which has a similar territory and is a unitary state. We are also interested in the historical experience of decentralization in France due to its historical duration and the thorough approach of the French government to this issue. As a result of the scientific literature analysis, it was found that today there are two main aspects that experience of decentralization in France points to: - support and concentration on the development of small settlements to ensure their further independence – this is the approach of permission; - introduction of supervision and control over local self-government bodies of newly created UTCs through the legislative implementation of the institute of Prefects; The first point will allow developing the most vulnerable areas and solving several problems relevant to Ukraine: excessive urbanization, rural extinction, internal migration, lack of innovation and development in the agricultural industry. The second element will allow in the early stages to identify and solve the manifestations of the problems described above, which are due to the acceleration of the creation of UTC. All the above-mentioned facts demonstrate the continuing need to improve the modern administrative-territorial structure of Ukraine, due to the existing problems in this area and their impact on the prospects for further implementation of the decentralization reform in our country

ENSURING FINANCIAL PERFORMANCE OF BANKS IN THE TRANSITION TOWARDS THE ECOSYSTEM

Banks still play a key role in monetary transactions, but at the present stage their role for customers is declining. In the near future, many agreements may not require the involvement of an intermediary. Therefore, banks need to rethink their business models and find new ways to stay relevant to their customers. Despite the development of fintech companies, banking and, moreover, the financial market will not disappear, but we can conclude that the reasons for the preservation and, consequently, the direction of transformation of the financial market will be different. Banking institutions need to build a new model of customer relations to establish trusting relationships, on the basis of which continuous business growth is possible. The introduction of banking ecosystems is inevitable, and Ukraine has great potential in this direction. Efficient operation of its own ecosystem platform provides endless advantages of the bank over its competitors. Therefore, such a platform in the long run will allow customers to perform everyday operations conveniently and most importantly in an accessible format. The main advantages of the ecosystem of innovation banking activity include: expanding the list of innovative products and services for existing and new customers, reducing the cost of innovation; accelerate the introduction of innovations in the ecosystem through more dynamic feedback with all participants in the ecosystem and increase customer loyalty; formation of new principles of interaction between participants in the innovation process in order to provide a wider range of innovative banking products and services. Digital ecosystems are a promising business model for banks, as they can not only attract and retain customers, but also generate income beyond their core business. In addition, cooperation with other companies in the form of commercial partnerships creates an attractive income and synergy for banks

CRYPTOCURRENCY MARKET DEVELOPMENT IN LATVIA AND THE BALTIC STATES

The use of digital money creates not only threats, but also opportunities for economic development, but in Latvia and the Baltic countries, they are not sufficiently researched and not widely spread. The paper aims to identify the reasons for the lagging behind of the Baltic countries and Latvia in the development of the cryptocurrency market and to develop recommendations for improving its regulation and functioning. Based on the methods of cross-country, statistical and sociological analysis, the national factors of differences in the functioning and regulation of cryptocurrencies in Latvia, Estonia, and Lithuania have been identified and the risks of its use for illegal activities have been assessed. It is shown that the role of cryptocurrencies in the financial markets of the Baltic States is determined by the degree of their use for payments and investments, which depends on their recognition by the state and investors. It has been revealed that the definition of the concept of cryptocurrency in the EU and the Baltic countries, primarily in the money laundering and terrorist financing (ML/TF) directives, does not stimulate the use of its positive features. A correlation between the restrained attitude towards cryptocurrencies in Latvia and its large-scale business relations with the CIS countries with a higher proportion of shadow economy, caused by the peculiarities of its history and geographical location, has been revealed. The Latvian banking system, under the influence of international regulators, has become less appropriate for operations of non-residents from the East, which increases the risk of using cryptocurrency for ML/FT purposes. The factors of motivation, advantages and difficulties of the businessmen of the Baltic countries they face when dealing with cryptocurrency have been identified, and a discrepancy in the regulation of taxation of transactions with cryptocurrency and the respective activities in Latvia has been revealed. Recommendations are given to the state and private investors pertaining to the integration of cryptocurrencies into the economic space, the implementation of which will contribute to the development of the digital economy and growth of wealth of Latvian residents. The results of the study can be used to improve government regulation and private investments in the cryptocurrency market, as well as in the study and further research of this problem

ECONOMIC VIOLENCE AS A TYPE OF DOMESTIC VIOLENCE: STATUTORY REGULATION AND THE FIRST EXPERIENCE OF APPLICATION OF THE CRIMINAL LEGISLATION OF UKRAINE

The criminal liability for economic violence in Ukraine as one of the types of domestic violence was analyzed in the article. Interpretations of such types of economic violence as intentional deprivation of housing, food, clothes, other property, money and documents or opportunity to use them, leaving without care or guardianship, preventing in receipt of necessary services in treatment or rehabilitation, ban to work, coercion to work, ban to study and also other offenses of economic nature. It was established that the intentional deprivation of housing, food, clothes, other property, money or documents should be understood as conditions under which the victim cannot use this property in full because it has been spent on the guilty person’s own needs, transferred to third parties, destroyed or damaged, etc. It was noted that the relevant property may belong to the offender or the victim. In turn, deprivation of the opportunity to use this property means that the victim is either limited in time to use these items, that is cannot use them constantly, but only for a certain time or with a certain frequency and/or cannot use this property to the extent which deems it necessary. Separation of these types of economic violence from crimes such as abuse of guardianship rights, evasion of alimony payment for child support, evasion of money payment for keeping of disabled parents, and malicious failure to care for a child or a person in custody or care was done. It was stated that committing such a type of economic violence as a ban on work or unlawful force to work, the offender against the will of the victim at his own discretion determines whether the victim has the right to realize his right to work or vice versa to force the victim against his will to work or overwork or perform the work chosen by the offender himself, not the victim. In this case, the aggressor may not work himself at all. This type of economic violence was separated from such crimes provided by other articles of the Criminal Code of Ukraine as the exploitation of children and the use of a minor child for begging. The attention was focused on the fact that the list of types of economic violence for which criminal liability may occur has an open character. This approach of the legislator makes the norm more flexible in application but significantly complicates its interpretation.

INDICATIVE COST OF EDUCATIONAL SERVICES AS A WAY TO OPTIMIZE UKRAINIAN HIGHER EDUCATION

The paper considers the impact of the indicative cost of education (the minimum amount of tuition fees on the contractual basis (contract) at the expense of individuals/legal entities) in state higher education institutions on the Ukrainian market of educational services. It demonstrates that the introduction of the indicative cost of higher education by the state institutions of higher education was accessible through the application of the dumping strategy – by using the budget funds to educate fee-paying students. Under such conditions, the share of private higher education was not more than 10 percent of the total number of fee-paying students. The present paper aims to assess the impact of the introduction of the indicative cost of education on the relationship between private and public higher education, and the shift of the equilibrium cost of education. It is determined that this indicator is calculated according to a simplified algorithm individually for each state higher education institution and does not fully consider all the actual costs of the educational process. At the same time, such an implementation does not allow public institutions to use the dumping strategy and over time will change the ratio of quantitative indicators of private and public higher education in Ukraine. The sample flowchart displaying the supply and demand for the speciality “Economics” illustrates how the ratio of students studying on a contractual basis in private and state higher education institutions will change at different ratios of the indicative cost and the equilibrium cost of education in the speciality “Economics” according to the 2019 data. It was concluded that, in general, the introduction of the indicative cost of education would subsequently lead to significant changes in the ratio of private and public higher education institutions, their student population under contract (fee-paying students) where the main factors will be the customer’s fiscal capacity and the income, they provide. As a result, there will be a shift of the equilibrium point for most in-demand specialities in the direction of increasing the cost of training and reducing the volume of final contracts between the applicants and higher educational institutions.

CURRENT TRENDS IN THE IMPLEMENTATION OF THE EUROPEAN MODEL OF ENSURING THE QUALITY OF LIVESTOCK PRODUCTS IN UKRAINE

The most important task of the modern agrarian policy for the development of the meat products sub-complex is to maintain and increase the level of meat production, stimulate the expansion of its range and degree of processing, as well as to improve the quality. The country's transition to market relations necessitates further improvement of the economic mechanism of management in the meat products sub-complex, their reorientation to stimulate the production of competitive products, considering consumer demand. The article aims to reveal modern approaches to guaranteeing the quality and safety of livestock products in the EU and substantiate the possibilities of their application in Ukraine. This work reveals modern approaches to guarantee the quality and safety of animal products in the EU and justify their possible use in Ukraine. The key elements of the new food safety concept in the EU, rooted in the early 2000s are discovered. The specific legislation governing food safeties in the EU is shoved up. The features of the system of quality certification and livestock products produced with food are discovered. Directions for the formation of an effective system for ensuring the quality and safety of organic livestock products are proposed. The experience of product quality management in the meat sub-complex of the EU countries is revealed. The trends of the European system of compulsory labelling of animal welfare in the manufacture of certain types of livestock production and distribution systems of the voluntary certification program for the protection of animals are revealed. The problems in quality due to the intensification of livestock are noted. The trends and modern approaches to improving knowledge about the impact of a number of substances and ingredients contained in animal products, on human health are analysed

THE OPPORTUNITIES AND BENEFITS OF OPEN BANKING IMPLEMENTATION

The technological innovations help improve and develop online payments, including digital wallets, P2P payments, and e-commerce payments through existing e-banking infrastructure. Privacy issues prevent data owners to share them outside their institutions for fear of fraud and abuse. Open banking can help maximize customer benefits through data sharing and deeper collaboration between financial institutions. All companies providing payment services in the European Economic Area must comply with the PSD2 account access requirements. PD2 regulates that third-party PSPs have the right to access a payment account held with banks to provide account information services and / or payment initiation services. To do this, banks must provide a secure and open interface for third-party payment systems for account access, reporting and payment initiation. In light of the update of the European Commission's Payment Services Directive, which aims to improve competition and boost economic activity by facilitating and encouraging bank account holders to send their account data in a controlled and secure manner, there is a problem with customers' lack of awareness, benefits and security. Time of operations on the principles of open banking. This study is devoted to the study of the concept of Open Banking, its economic nature, prerequisites, opportunities and risks of implementation as a new way to use payment services, introduced by the directive. The research contributes to the development of open banking technology and solves the problem raised in the work - the trust of customers in it, which determines the success of its implementation and development of such a business model.