№ 4/2018

Fìnansi Ukr. 2018 (4): 19–40

FINANCIAL AND ECONOMIC REGULATION

KHVESYK Mykhailo ¹, BYSTRIAKOV Igor ², KLYNOVYI Dmytro ³

¹SI “Institute of Environmental Economics and Sustainable Development of the National Academy of Sciences of Ukraine”
OrcID ID : https://orcid.org/0000-0003-4306-4904
²SI “Institute of Environmental Economics and Sustainable Development of the National Academy of Sciences of Ukraine”
³SI “Institute of Environmental Economics and Sustainable Development of the National Academy of Sciences of Ukraine”
OrcID ID : https://orcid.org/0000-0002-3034-8097

Financial and economic mechanism of capitalization of natural resources of the united territorial community

The article reveals the main aspects of the construction of a modern financial and economic mechanism for the capitalization of natural resources of the united territorial community in conditions of opportunities and challenges of decentralization of economic management. The purpose of the article is to determine the system features and algorithm for building a financial and economic mechanism for the capitalization of natural resources in the context of providing sustainable development of the united territorial communities on the modern European principles of decentralized management. Essential signs and basic approaches to capitalization of natural resources are considered here on the basis of involving natural resources in economic circulation, using modern financial, economic and legal tools. The modern financial and economic levers and instruments of the mechanism of capitalization of natural resources and their transformation into full-fledged assets are determined at the municipal level. The possibilities of application of the mechanism for the capitalization of natural resources at the level of united territorial communities – fiscal instruments, including rental payments, quasi-taxes, parataxation payments, concession agreements, mechanisms for project financing of SPV-type companies, divestment instruments, etc., are analyzed. The outlook for the development of rental relations at the municipal level as a basis for sustainable development of the united territorial communities is outlined. It is determined that it is necessary to radically change the approaches to the disposal of natural resources in accordance with the European integration model through the transition to the management of natural assets in the newest economic conditions. Increasing the level of capitalization of natural resources and the full involvement of natural assets in economic activity with the help of financial and economic mechanisms of public-private partnership may ensure not only a high income, but also a fair redistribution of their benefits to the public interest.

Keywords:financial and economic mechanism, capitalization, territorial community, natural resources, rental policy

JEL: G280, Q210, Q280

KHVESYK M. . Financial and economic mechanism of capitalization of natural resources of the united territorial community / M. . KHVESYK, I. . BYSTRIAKOV, D. Klynovyi // Фінанси України. - 2018. - № 4. - C. 19-40.

Article original in Ukrainian (pp. 19 - 40)

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