THE INFLUENCE OF ECONOMIC CONCEPTS M. I. TUGAN-BARANOVSKYY ON THE FORMATION AND EVOLUTION OF THE INSTITUTIONAL ARCHITECTURE OF THE FINANCIAL SYSTEM OF MODERN UKRAINE

The article is dedicated to the great Ukrainian humanist, reformer and economist M. I. Tugan-Baranovsky. The author conducts a scientific study of the main economic concepts in the scientific heritage of the Secretary General of Finance of the Central Rada in Ukraine, namely, in the field of organization of financial flows of the country, application of marginal utility theories and monetary concepts for the formation of effective macro-financial policy, provides information on the historical and economic development of societies and the theory of cycles as the basis of financial science. In order to obtain proper scientific results in the study of financial and economic views of M. I. Tugan-Baranovsky, the main scientific methods were applied, namely empirical – to identify the potential of the scientist’s theory of crises, which was formed on the basis of the study of industrial crises in Great Britain in 1892–1893; theoretical – to adapt the human-centered view and social concepts of the scientist to the modern paradigm of Ukraine’s development; synthesis – to adapt economic concepts to the NBU’s system of managing procyclical processes that arise in the long term; abstraction – to identify the key directions and warnings of the Ukrainian scientist and politician regarding the financial and political development of society; generalization – to update the results of financial and economic research of the scientist, which allow modern theorists and practitioners in the field of finance to improve the promising areas of financial science from the standpoint of Ukrainian realities and the peculiarities of the development of a sovereign society. The economic concepts of M. I. TuganBaranovsky are updated, which project views on macro-financial analysis of the country in the short and long term that are still relevant today. They allow us to understand financial processes, their impact on society, the effectiveness of financial and political instruments of the macro-level management system. The author considers the main financial paradigms of the country’s functioning as a macro-entity, which were identified by the scientist in his scientific works, and offers the author’s own scientific conclusions regarding the relevance and quality implementation of scientific proposals. Based on our study, the author proposes and substantiates the formation of a mechanism for timely cooperation between scientists and public institutions, the formation of financial policy and the directions of transformation of the legal environment to ensure sustainable development of financial and political components and systems of Ukraine.