Journal articles on the topic 'State-guaranteed debts'

The article defines the current level of stability and socio-economic development of the EAEU member states, and examines the factors constraining their economic growth. Public finances are considered: regional and consolidated budgets, budget deficits and sources of their coverage; state and state-guaranteed debts. The financial position of the countries participating in the Eurasian integration in relation to the outside world is analyzed, their deficits/surpluses and debts are revealed on the basis of balance of payments, foreign assets and liabilities.

In a debt agreement that includes a guarantee regulated in the Mortgage Law, the form of legal protection provided by the State through the Mortgage Law to the creditor is the authority to execute the object of the debtor's guarantee or auction. Implementation of the auction through the State Auction Institution, namely the Office of the State Assets and Auction Service (KPKNL). The purpose of writing this article is to find out the arrangement and implementation of mortgage auctions at KPKNL. The method used is empirical juridical, with the research location at KPKNL Semarang PMK No. 213/PMK.06/2020. Auction of Mortgage through KPKNL is an effective solution for both parties in the case of debtors defaulting, because KPKNL applies regulatory procedures according to applicable regulations that protect the interests of both parties, debtors and creditors properly, which are guaranteed by regulations. The rights of creditors must be protected when the debtor defaults. Settlement of bad debts through auctions must be carried out as the final "ultimum remidium" step for debtors.

Cultivation Right are rights to exploit land which is directly controlled by the state for agricultural, fishery or livestock companies for a period of time. One of the reasons for the removal of the cultivation right was because it was neglected. cultivation rights is one of the land rights that can be used as collateral for debt and encumbered with mortgage rights. The write-off of the mortgage rights because the write-off of land rights that are encumbered with a security right does not cause the guaranteed debt to be written off. In practice, the abolition of the cultivation right which is being subject to mortgage rights due to a decision to determine abandoned land creates confusion regarding the repayment of debts between the debtor (PT. Karatau Limo Sajati) and the creditor (PT. Bank Rakyat Indonesia Tbk.) And the difficulty of utilizing the former cultivation right object which is has been designated as abandoned land. The problems in this research are 1) how is the process of controlling cultivation right as an object of abandoned land in Solok Regency ? 2) what is the position of the mortgage rights above the cutivation rights which has been designated as abandoned land in Solok Regency ? 3) how is the utilization of the ex-cultivation rights land on which a mortgage has been imposed after it has been designated as abandoned land in Solok Regency ? The approach method used is juridical empirical, the nature of the research is descriptive analytical, the research data used is in the form of primary data, namely through interviews with sources and literature study to obtain secondary data. The data is processed systematically and analytically. The results showed that 1) the control process of PT. Karatau Limo Sajati as an abandoned land object which is carried out by means of inventory, identification and research, warnings, the proposal to determine abandoned land and the determination of abandoned land can actually be canceled through a lawsuit to the PTUN based on the weaknesses in the warning process. 2) the position of the mortgage over the cultivation rights which has been designated as abandoned land has been abolished, but the abolition of the mortgage because the termination of the land title does not cause the guaranteed debt to be canceled and subsequently the debtor's debt repayment is regulated in Articles 1131 and 1132 of the KUH Perdata. 3) The utilization of the ex-cultivation rights land on which a mortgage is imposed after it is designated as abandoned land is subject to a delay from BPN RI.

Financial stability is an important measure used by stakeholders to assess the financial situation of an entity concerned. Economic worries caused by internal business issues, global processes, and international economic (regional) integration may increase the entity’s exposure to external factors. Financial stability considers the entity’s dependence on creditors and investors, i.e. the debt-to-equity ratio. Significant liabilities that are not fully covered by the entity’s own liquid funds create preconditions for bankruptcy should any large creditor demand settlement of any debts owed to it. However, borrowed funds can significantly increase the return on equity. Therefore, in analyzing financial stability, it is very important to use a system of indicators that indicate the entity’s future risks and profita-bility. Financial stability is the principal objective of financial analysis. The nature and scope of such economic analysis are aimed to determine the entity’s internal capacities, means, and methods for improving the entity’s financial stability. Thus, financial stability is understood as the entity’s guaranteed solvency and creditworthiness resulting from the effective formation, distribution, and application of financial resources in the entity’s business operations. Financial stability is assessed based on the working capital to inventory ratio and debt to equity ratio. Business entities are independent in establishing business relationships with their contract partners; therefore, they are fully responsible for the decisions they make. The increasing importance of financial analysis for the entity’s own financial situation and for its business partners is explained by the increasing demand for additional sources of business financing and the requirement to increase the productiveness of capital resources. Entity’s financial stability analysis should not focus on the current financial activities only. It should also determine what measures should be taken on a continuous basis to maintain and improve the entity’s financial situation. Both current and future stability, i.e. the entity’s sustainability, must be ensured to provide conditions for state-of-the-art competitive production. An entity is a complex system consisting of many subsystems; therefore, a complex method must be applied to analyze its stability, i.e. using a system of financial stability indicators. Present-day diversity of financial stability indicators, including both absolute and relative indicators, makes the analysis difficult and overcomplicated, creating difficulties in combining the findings of the analysis to make conclusions about the entity’s financial stability. Absolute indicators, namely equity, borrowed capital, assets, cash, accounts receivable and accounts payable, profit, play an important role in the analysis of an entity’s financial stability. Equally important are absolute indicators calculated in the analysis of financial statements: net assets, working capital, working capital to inventory ratio, stable liabilities. These indicators are criterial as they are used to establish the criteria used in the financial analysis. An entity should have a flexible structure of financial resources and, if necessary, be able to borrow funds. Therefore, another manifestation of an entity’s potential financial stability is its creditworthiness, i.e., the ability to settle its payment obligations when due. Thus, an entity is considered creditworthy if it meets a certain requirement for granting a loan and is able to repay the loan when due subject to any interest accrued. This concept is closely related to the concept of financial stability and shows whether the company is able to raise funds from different sources to repay its debts. Credit analysis may predict solvency and is closely related to the analysis of solvency, financial stability and return on equity. Entity’s stable operation, high profitability and working capital turnover also guarantee loan repayment to a certain degree.

In today’s conditions, it is quite problematic to pick out a State that does not use borrowings in order to further finance the needs of the State budget. Therefore, one of the most important problems of the economy of each country is the problem of changing the volume of public debt. The concept of public debt is immediately associated with a negative phenomenon. However, the experience of many countries shows the opposite – public debt is within the permissible limits of no potential threat to the economy. However, in Ukraine, its indicators in recent years have been steadily increasing and far exceeding the limits of the norm. This tendency is due to a number of factors on which the amount of public debt depends. The article is aimed at disclosing the theoretical aspects of the public debt and the State-guaranteed debt of Ukraine, as well as their differences. The structure of the debt and its volumes during 2016-2020 are researched. The views of foreign and domestic researchers on determining the concept of the aggregate public debt are considered. As result of the study, the current status of Ukraine’s public debt is reflected and the dynamics of both the public debt and the State-guaranteed debt in terms of their components have been analyzed for the past four years. The dependence of both the public debt and the State-guaranteed debt on the size of gross domestic product is considered. The share of the internal and the external debt in the composition of the public debt and the State-guaranteed debt respectively is analyzed. On the basis of the carried out analysis, the factors that affect the change in debt volumes, the main factors and causes that led to the growth of both the public and the State-guaranteed debt in Ukraine are defined, as well as the main trends and specific features of its formation. As a result, measures are proposed to overcome these problems.

The article aims at studying the current state of Ukraine's national debt and developing directions for its optimization. It is established that the currency component in the structure of Ukraine's national debt is slightly lower than the threshold level for the currency component in the debt structure set by the IMF for developing countries. This structure of Ukraine’s national debt indicates the dependence of the domestic financial system on currency exchange rate fluctuations and the need to increase foreign exchange costs for servicing debt obligations. The amount of debt on loans from international financial organizations and government agencies of foreign countries comprises about a third of the total amount of national and guaranteed debt, indicating significant support Ukraine receives from its international partners, especially from the International Monetary Fund. The currency component in Ukraine’s national and state-guaranteed debt indicates high vulnerability of its financial system to currency shocks. It is established that the structure of Ukraine’s national and state-guaranteed debt by types of interest rates is quite optimistic and indicates a low vulnerability of public finances to interest rate risks. The size of Ukraine’s national and state-guaranteed debt in hryvnia equivalent increased during 2013–2020 by more than 4.4 times, and its growth in USD was quite moderate. It is determined that during 2020 the size of Ukraine’s national and state-guaranteed debt increased by 27.7% in hryvnia equivalent, due to the following situations: financing the state budget deficit; the allocation of funds to combat COVID-19; national currency devaluation, etc. The ratio of national and state-guaranteed debt to GDP, reaching a maximum of 81.0% at the end of 2016, gradually decreased to 50.3% at the end of 2019, which corresponds to the norm established by the national legislation. However, the values of this index for the period under review exceed the threshold level of national debt set by international standards for countries with emerging markets (30-50% of GDP). It is shown that the 2013 2019 period saw a tendency to increase the total cost of repayment and servicing of Ukraine’s national debt, which creates the risk of refinancing national debt, causes additional pressure on the state budget and GDP, and limits Ukraine’s ability to finance its social and economic goals of social development. The main risks for Ukraine’s debt obligations are highlighted, and ways to optimize them are outlined. The need to establish a National Debt Management Agency, the activity of which would help reduce both the debt burden and the cost of public debt servicing, is substantiated.

The article is aimed at evaluating the State debt and the State-guaranteed debt as components of ensuring the sustainability of Ukraine's public finances, identifying trends and factors that determine debt security and affect the pace of development of the country's economy. The article discloses the indicators of measuring the sustainability of public finances; indicators of effectiveness of the policy of ensuring the sustainability of Public Finances of Ukraine until 2030 are presented; the role and importance of debt security in ensuring the sustainability of public finances is determined. A factor analysis of the State debt and the State-guaranteed debt is carried out on the main grounds – the average US dollar exchange rate per year, GDP, revenues and expenditures of the State budget – in order to identify trends in changes in its structure and volumes for the period 2016-2020. The main financial risks and the degree of their impact on debt security are defined, a forecast of the State debt and the State-guaranteed debt of Ukraine for the medium term for 2021-2023 has been developed using the polynomial trend. The likelihood of a worsening the debt situation in Ukraine by 2023 and, as a result, a deterioration in the resilience of public finances due to the unfolding of the coronavirus pandemic, which can be equated with the crises of 2008-2009 and 2014-2015, is proved. Proposals to improve Ukraine's debt security in the context of the coronavirus pandemic have been substantiated. Prospect for further research in this direction is to prove the need to make managerial decisions to ensure the sustainability of public finances, taking into account not only macroeconomic, but also political and institutional factors, the impact of which increases significantly in the context of democracy.

The article contains a theoretical generalization of the essence and necessity of state borrowing, monitoring of indicators of state and state-guaranteed debt in the conditions of government aspirations and actions in the field of ensuring the sustainability of public finances in Ukraine. The main task of the authors is to monitor the indicators of state and state-guaranteed debt in the context of the need to ensure the sustainability of pub- lic finances of Ukraine. State debt in Ukraine remains a significant factor of macro-financial risk. An important measure to prevent the threat of uncontrolled growth of public debt is to strengthen financial control and the implementation of continuous monitor- ing of its main indicators. The cost of public borrowing and the assessment of the effectiveness of their use as a factor in ensuring the sustainable development of the economy is a constant source of discussion between officials, public organizations, and representatives of scientific analysis centers. The article uses the generally accepted methodology for calculating the main indicators characterizing the state’s debt policy. The method of expert assessments analyzes the condition of the state debt and prospects of its servicing in Ukraine. Statis- tical and analytical methods have been used for the processing of statistical data on the study of the dynamics of indicators of state and state-guaranteed debt in Ukraine. The sources of information were the materials of the Ministry of Finance of Ukraine, the State Treasury Service of Ukraine, as well as the Budget Code of Ukraine, laws and regulations of Ukraine relating to the budget sphere, scientific works of domestic and foreign scientists. This study aims to address the issues of analyzing and evaluating pub- lic debt indicators in the context of improving debt management. The authors propose to use 10 indicators to monitor the state of public debt and make managerial decisions in public finance.

The public debt at the present stage is an objective economic phenomenon, a component of the financial system and a tool for implementing the economic strategy of the country, and its effective use can be a powerful factor in its economic growth. The paper is devoted to the study the economic essence, current state, structure and main trends of the total public debt of Ukraine. Essence of national debt, state-guaranteed debt, foreign and domestic debt and maintenance of relative amount and rate of debt are exposed. Under the type of debt obligation, public debt is divided into direct (unconditional) and guaranteed (conditional) debt, which arises as a result of the state's obligations to third parties or guarantees for these obligations. There is also a division of public debt by type of creditor. Domestic and foreign public debt are distinguished on this basis. Based on statistical data of Ministry of finance of Ukraine and Government service of statistics of Ukraine the dynamics of the debt of Ukraine is analyzed and an analysis of its structure according the type of debt obligation, and the type of creditor is carried out. Public and state-guaranteed debt during 2016–2020 grows on average annually by UAH 195.95 billion or 10.2 %. The state external debt of Ukraine increased during the period under study from UAH 980.19 billion on 01.01.2016 to UAH 1258.52 billion. at the end of 2020 with a decrease in 2019 by UAH 168.54 billion. The impact of external borrowing on economic growth is determined by the relative size of debt the share of public debt in GDP. The analysis of the indicator shows that in 2016–2020 it decreased from 81.0 % at the end of 2016 to 50.3 % in 2019, which corresponds to the legal norm, while in 2020 its share has already reached 60.8 %, which is 10.3 % more than in the previous year.

The article is devoted to an important component of the country’s financial security –public debt. The formation of governmental borrowing is caused by the State’s need for additional financial resources. These resources are used to ensure the fulfillment of all tasks set before the State aiming to ensure economic and social prosperity. Improperly developed policy of public debt management will undermine the financial security of the State. To analyze the state of public borrowing, the following indicators were considered: the volume of total, external and internal public debt of Ukraine from 2017 to 2021; the ratio of external, external-guaranteed, internal and internal-guaranteed public debt of Ukraine in 2021. It was determined that over the last 5 years the dynamics of governmental borrowing has been changing from positive to negative and vice versa. The problems of public debt management in Ukraine include inefficient using of borrowed funds; raising loans to cover existing debt; imperfect legislative support; small volumes of gold and foreign exchange reserves; permanent budget deficit, etc. The following prospects for public debt management were identified: a policy to reduce the budget deficit; greater focus on domestic creditors; diversification of investors; fulfillment of IMF lending conditions; simplification of the IGLBs procurement system, etc. The international experience of government borrowing management was also considered. The most effective public debt model that can be implemented in Ukraine is the example of Sweden, where the government launched a policy of reducing public debt through systemic reforms that need to be implemented at all levels of the State management

Analysis of dynamics of indicators of the state and the state-guaranteed debt in Ukraine in recent years is carried out and imperatives of the growth of public debt are determined. It is found out that its primary factors were the expansion of financing of the state budget for budget support of the state sector of economy, banking system, as well as the financing of the budget deficit. It is concluded that the solving of such tasks was carried out under conditions of aggravation of financial risks, namely: revenue mobilization, attraction of an additional resource for the purpose of financing the budget deficit and deficit-debt adjustment, under-fulfilment of privatization plans, admission of high inflation, as well as depreciation of the national currency. It is noted that the growth of public debt was due to an increase in the state borrowings, which were used to repay obligations, cover the costs of conducting the active operations and shift part of the borrowings of corporations and institutions to the state budget. The conduct of active operations was aimed at providing the financial support to the state banks and state institutions, DGF and capitalization of some private banks. Changes in the volume of the state borrowings are disclosed in terms of the ratio of their internal and external components. The reasons and consequences of growth of costs of deficit-debt adjustment (active operations within the framework of the state budget) are determined. Under conditions of non-fulfillment of revenue plans from privatization of the state property, such a policy will lead to aggravation of fiscal risks (retention of high indicators of the state borrowings and debt financing at the expense of the NBU and the state banks). The policy of state borrowings (in terms of internal and external components) turned out to be inconsistent: sharp changes were allowed in attracting the resource from internal and external sources, and the implementation of debt policy was marked by significant peak load on the state budget as well as their high profitability both in domestic and foreign markets. The volume of loan servicing continued to grow, which became a factor of increasing budget expenditures. Financing of borrowings using the resources of the NBU and the state-owned banks were reaching high rates. The author proposes the directions of fiscal policy aimed at restraining and restricting the state and the state-guaranteed debt by introducing changes to fiscal policy in Ukraine.

Introduction. Solving the problem of public debt management is one of the key factors of economic stability in the country. The budget capacity of the state and the stability of its national currency largely depend on the nature of the debt problem settlement. The need to address these issues requires finding ways to improve the mechanism of public debt management and servicing in Ukraine. The purpose of the article is to study the public debt dynamics of Ukraine and model the nature of its impact on key socio-economic indicators in modern conditions. Results. The dynamics and structure of the state and state-guaranteed debt of Ukraine for the period 2013-2019 are analyzed. The negative dynamics of the growth of the total amount of debt during 2014-2018 is determined. In 2019, the total amount of debt in hryvnia decreased due to the reduction of external and guaranteed debt, but in dollar terms increased, which threatens the financial stability of the country. Using the software product EViews 10 based on the Granger causality test, the system of causal relationships between the dynamics of public debt (index) and indicators of socio-economic development: GDP growth rate, industrial production index, real income index, employment index, the index of exports of goods and services, the index of imports of goods and services has been researched. On the basis of the established causal relations the autoregressive influence models of the public debt dynamics on indicators of social and economic development are constructed, on which the error does not exceed 5%. Conclusions. According to the results of the constructed models, the negative impact of public debt on the main socio-economic indicators is determined, which is confirmed by the negative values of the elasticity indexes of socio-economic indicators. The built models serve as a preventive tool of public debt management, with the help of which it is possible to promptly respond to threats to socio-economic development by monitoring the level of public debt dynamics. Key words: public debt, public debt management, socio-economic development, financial security of the state.

Subject of research is public debt. The purpose of this article is to analyze the status of public debt of Ukraine, its dynamics and structure. Methods which were used in course of research: the method of systemic structural analysis and synthesis, method of comparative analysis, generalization, statistical, General, special methods of scientific knowledge and other research methods. Study results.The article described the views of scientists on the essence of economic category «public debt». Analyzed the periods of the formation of government debt, the dynamics of the budget deficit of Ukraine over the past 10 years, public and publicly guaranteed debt of Ukraine from 2012 to 2019 Indicated the negative effects of the impact of public debt on the economy and forward-looking indicators of public debt in the years 2020-2024. Application of results.Тhe results of the study can be used in the activities of the Ministry of Finance of Ukraine, the Verkhovna Rada of Ukraine, as well as in institutions of higher education in teaching economic disciplines. Conclusions.The state budget of Ukraine is performed by increasing the volume of its deficiency and the use of borrowing to Finance it. The result is an increase in government direct and guaranteed debt, and this is what causes the increased pressure on the public finances, on the development of our country, which negatively affects economic growth. During the years of independence, there were fluctuations in government and government-guaranteed debt, but never reached zero values. The main objective of the government is to stabilize the economy, and hence in the medium term, he needs to resolve the question of reducing public debt because it poses a threat to financial and economic security of the country.

Introduction. It has been indicated that high level of debt burden in Ukraine in the conditions of insufficient budgetary funds and volatile economic and political situation exerts negative impact both upon the economy of the country and its every sector. This actualizes the research on the state and dynamics of the public debt within the context of achieving stabilization of economic processes, particularly Ukraine’s integration into global economic environment. The purpose of the paper is the analysis of the state and dynamics of the public debt of Ukraine in the context of solving the problems of its servicing. Results. It has been established that the major trend in Ukraine is a rapid increase in the total public debt which testifies to the instability and crisis events in the country’s economy. It has been defined that public and publicly guaranteed debt of Ukraine in Hryvnia equivalent is growing from year to year (increased by 106 times in 2018 as compared to 1996), while major periods of accelerated growth of public debt occurred during the periods of economic and financial crises (2008-2010 and 2014-2018). It has been determined that in 1999 and during 2014-2018 public and publicly guaranteed debt exceeded the critical limit of 60%, which asserts the presence of crisis events in the economy. It has been substantiated that there exists a close correlation between the public debt and change in currency exchange rate (correlation coefficient of 0,99 – very high bond strength on the Chaddock scale). It is revealed that the public debt-to-GDP ratio reaches maximum levels in the periods of economic crises and decreases in the periods of economic upturn. Conclusion. Hence, the issue of the debt-related security in Ukraine is topical and affects the economic situation. Prospects of further research in this area lie with solving the issues of managing public debt through changing the direction of the economic policy of the country as well as the scientific substantiation of managing public debt employing advanced economic instruments and progressive global practices.

The article describes the essence of budget policy. Determined its role in ensuring macroeconomic stability and accelerating economic growth. The quantitative and qualitative impact of the budget regulation system on the economic environment has been characterized. It is substantiated that purposeful budget regulation allows accelerating or slowing social and economic processes, ensuring achievement of certain strategic goals and objectives. An estimation of the impact of budget policy on economic growth, in particular, on the justification of the interrelation of the share in the GDP of income, including direct and indirect taxes; expenses, including social protection and social security, economic activity; direct state and guaranteed debt with real GDP in Ukraine. For 2009—2019, the share of gross income and expenditure, deficit and debt in the countries of the European Union in the GDP was determined; income, expenses, deficit of the consolidated budget, direct state and guaranteed debt in Ukraine. The substantiation of the provision on the development of institutional foundations for fiscal policy-making based on the necessity of adapting the set of mechanisms of functioning of the budget regulation system to the conditions of development of the financial and economic environment and the cyclical nature of economic processes; the position regarding the formation of budget policy based on a forecast assessment of budgetary parameters, based on the projected macroeconomic indicators of socio-economic development of the country, tools and levers of tax policy. The priority directions of budget policy in the conditions of economic transformations are determined, in particular, to strengthen the investment and innovation budget component, to improve the structure of tax revenues, to maintain a safe level of public debt and budget deficit, to improve the quality of public debt management and to determine strategic guidelines for the structure of the debt portfolio.

Purpose. The aim of the article is the characteristics of modern theoretical and practical aspects of the functioning of the agricultural land market in Ukraine in the second half of 2021. Methodology of research. The following methods were used in the study: statistical analysis and comparison – in studying the problematic aspects of the Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine on the Conditions of Circulation of Agricultural Land”, the dynamics of gross domestic product and public and state-guaranteed debt as the main factors the dynamics of the potential value of land; logical assessment – in substantiating the proposals to restore the moratorium on the sale of agricultural land and repeal the Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine on the Conditions of Circulation of Agricultural Land”; generalization – in the process of formulating conclusions based on the results of the analysis. Findings. It is established that during the second half of 2019 – the first half of 2021 there was a continuous decline in gross domestic product of Ukraine and a sharp increase in public debt, which negatively affects the potential value of Ukrainian agricultural land. The necessity of prolonging the moratorium on land sales is substantiated. The principles for the development of a new Law of Ukraine “On the market of agricultural land”, which would take into account the interests of all land users. Originality. Recommendations on the need to renew the moratorium on land sales, repeal the current Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine on the Conditions of Circulation of Agricultural Land” and develop a new, state- and national-oriented Law of Ukraine “On Agricultural Land Market” are formed. Practical value. The practical implementation of the proposed measures will create favourable conditions for the development of the national land market, which will allow to solve state problems in the land and investment spheres, as well as to stimulate the development of the national economy. Key words: land, agricultural land, gross domestic product, state and state-guaranteed debt.

The social and economic transformations taking place in Ukraine are accompanied by the expansion of functions of the state authorities and local self-government. This predetermines the search for sources of formation of budgetary resources on the background of permanent growth of the volume and directions of their spending and practical application of debt instruments. The purpose of the study lies in evaluating of the practice of carrying out public borrowings and in developing proposals concerning its improvement in the context of minimizing threats to government debt security. The economic essence, assignment of debt instruments have been considered, the dynamics of realization and structure of internal and external borrowings has been analyzed. The problems of applying the loan method of budget resources formation in Ukraine have been revealed. A set of measures for improvement of the use of government borrowings as a tool of the budgetary mechanism in the context of minimizing threats to the state's debt security has been developed. The results of evaluating the practice of using debt instruments give reason to argue that the irrational approach to their use, the manifestations of which are the unbalanced structure of debt payments over time, high cost of attracting resources and focus on solution of the short-term goals of budget policy, led to increased debt financial burden, the level of threats to the debt security of Ukraine and is the reason for the reduction of potential growth rates of the national economy and increasing of its vulnerability to external shocks.. In order to minimize fiscal risks the feasibility of applying measures for improvement of the use of debt instruments has been substantiated by: adherence to the limit of the state budget deficit defined by the Budget Code of Ukraine, of state and local budgets, providing of state and local guaratees, diversification of the structure of the debt portfolio of borrowings taking into account currencies, maturities and interest rates; limiting the provision of state guarantees and the implementation of state financial support to economic entities at the expense of government borrowing in the conditions of excess of the share of public debt and the state guaranteed debt in the GDP of Ukraine of the 60% limit; the use of borrowed budgetary resources to finance investment projects.

Background. Quality level of the budget planning is an important factor in ensuring balance of state and local budgets in the conditions of institutional transformations. Adop­tion of effective management decisions by public authorities and local governments involves the development of the budget planning system taking into account information technology, assessment of changes in socio-economic processes. The aim of the article is to reveal the areas of improvement of the budget planning system and its tools. Materials and methods. Thesystematic method has been used in determining nature and role of the budget planning in ensuring the stability and balance of state and local bud­gets. The comparative method is used in the process of generalizing the features of the budget planning tools. The method of scientific abstraction is used in the disclosure of theoretical and methodological principles of improving the budget planning system. The method of ana­lysis and the synthesis has been used to assess the planned and actual indicators (revenues, expenditures, deficit of the State Budget of Ukraine; public and guaranteed public debt). Results. The essence and role of the budget planning in ensuring the stability and balance of state and local budgets have been determined. Theoretical and methodological principles of functioning of the budget planning system have been revealed. The analysis and assessment of planned and actual indicators such as revenues, expenditures, deficit of the State Budget of Ukraine; public and guaranteed public debt for 2015–2019 have been made. The ways of improving the budget planning system in the conditions of institutional trans­formations have been substantiated. Conclusion. A detailed analysis and assessment of the impact of internal and external factors on the financial and economic environment is needed in order to develop the budget planning system in terms of institutional transformation. It will provide an opportunity to iden­tify regular trends in the dynamics of macroeconomic indicators and budget indicators. An im­portant task is to develop economic and mathematical models based on the assessment of eco­no­mic development opportunities of the country, the tax potential of administrative territorial units. Keywords: budget policy, budget system, budget planning, budget revenues, budget expenditures, budget deficit, public debt.

The influence of the government's debt policy on the development of Ukraine's economy is analyzed. It is determined that today almost all indicators of debt stability in Ukraine exceed the critical limit, beyond which the state loses the ability to solve debt problems on its own. Thus, during 2014–2021, the domestic public and state-guaranteed debt of Ukraine increased in hryvnia equivalent by 3.9 times and as of the end of 2021 amounted to UAH 1,111.6 billion. The increase in debt was primarily due to direct public debt, which increased 4.1 times during the analyzed period. It is concluded that the scale of government borrowing in Ukraine makes it a threat to the economy, because without a change in the current government debt policy, the risk of the government's inability to meet its obligations to repay and service the debt will increase. Emphasis is placed on rethinking the country's economic policy in the direction of limiting the country's debt dependence, improving the structure of balance of payments and foreign trade balances, a balanced approach to the liberalization of relations in the foreign economic sphere and attracting foreign investment. A detailed analysis of trends in the issuance of domestic and external government bonds, as well as attracting debt financing from international financial organizations. The study of trends, and most importantly the structure of domestic government bonds, suggests that their growth is due to the need to finance not only the state budget deficit, but also the shortcomings and miscalculations of monetary and debt policy, as well as protectionist interests of individual businesses. Emphasis is placed on the fact that a significant share of non-residents' funds in domestic government bonds increases the country's exchange rate and financial vulnerability and is a factor that allows non-residents to influence the foreign exchange market and, accordingly, the national currency and international reserves of Ukraine.

The article reviewed current trends in the field of external debt, which further exacerbate the problems in the political, economic, financial and monetary spheres of the economy. This is primarily due to the inefficient system of public debt management and leads to exceeding the threshold values ​​of debt security. It was found that the amount of debt in the context of financial security of a country should first be studied in relation to GDP, what fully reflects the real economic situation in the country under the influence of inflation. The share of public debt in recent years has exceeded 60 % of GDP, which requires the government to take measures that would limit the possibility of borrowing in order to reduce public and state-guaranteed debt. Observations of the structure of Ukraine's public debt for the period 2011-2020 show the predominance of external debt and the gradual growth of its share. The peak of the level of public debt of Ukraine beyond the border falls on the period 2014-2017, but as of 2020 this figure was 60.8 %.Ukraine's public debt ratio is estimated in terms of currency structure, which shows that the major's share of debt in 2020 is denominated 46.22 % in US dollars. The threat to financial security for Ukraine remains high, as exchange rate volatility increases the repayment of principal and interest on debt.The analysis of public debt over the past 10 years shows the intensification of threats and risks to financial security by international financial institutions through external lending, as well as the high level of Ukraine's debt to external and domestic creditors. The study of indicators as indicators of financial security over the past 5 years shows the insufficient level of budget security of the country and the presence of internal and external threats to financial security of Ukraine.It is determined that the government's urgent task is to optimize the sources of public debt financing together with the development of clear and transparent rules of debt policy for the assessment of debt security indicators and financial risk management. The result of such changes is expected to reduce the amount of credit borrowing and a positive impact on the level of financial security of the state.

State land is land directly controlled by the state as stated in Government Regulation No. 24 of 1997 on Land Registration. State land is not an object of Mortgage Rights, the object of mortgage is the right to land with the status of “Right of Ownership”,” Right to Exploit”, Right to Build” and “Rights to Use” as described in Article 51 of BAL in Article 4 UUHT. Because state land is not the object of mortgage rights, it is not justified if the state land is guaranteed as the repayment of debtor's debt which is tied up with Power of Attorney Charging the Deposit Rights. In this case, the debtor is a legal entity of a Limited Liability Company engaged in real estate which has located permission for land acquisition. The land to be acquired has the right of ownership status which is then released by the owner with the provision of compensation. After the release of the land rights, the released land will become state land as set forth in Article 19 of the BAL. This is the land which is released as collateral by the debtor to the creditors.

Relevance of the research topic. In the context of transformation changes, it is important to identify the priority areas of debt policy as an instrument of socio-economic development of the country, the introduction of effective instruments for managing public debt in the institutional environment. Quite important is the study on the efficiency of debt policy. Formulation of the problem. In modern conditions, during the period of financial globalization, public debt is an integral part of the financial systems of most countries of the world. Particularly important are the priorities of debt policy for countries with a transformational economy, because they need to allocate a significant amount of financial resources to carry out and achieve effective results of reforms. It is important to develop and implement a coherent debt strategy, as well as to correct it for solving current problems. Analysis of recent research and publications. The issue of debt policy of the state is quite relevant today for the majority of countries of the world and are common in scientific works of the well-known foreign and domestic scientists. The following foreign scientists have made a significant contribution to the study of public debt and debt policy: R. Barro, D. Buchanan, A. Wagner, J. Keynes, D. Ricardo, P. Samuelson, J. Stiglitz, W. Thompson, F. Friedman and others. The theoretical and practical questions concerning the formation, management and maintenance of public debt under conditions of transformational changes in the economy are devoted to the work of such Ukrainian scientists as O. Vasylyk, I. Zapatrina, L. Lisyak, I. Lukianenko, A. Mazaraki, M. Pasichnyi, V. Fedosov, I. Chugunov and others. Selection of unexplored parts of the general problem. However, there are a number of underdeveloped issues related to the formation and repayment of public debt in the context of the transformation of the economy in both the medium and long-term periods. Setting the task, the purpose of the study. The research objective is to analyze the state debt of Ukraine as a result of the implementation of debt policy. The purpose of the study is to determine the main tasks of the debt policy of Ukraine. Method or methodology for conducting research. The combination of research methods were used in writing the article: systematic approach, statistical analysis, structuring, analysis and synthesis, and others. Presentation of the main material (results of work). Indicators of state and state-guaranteed debt in terms of repayment currencies, the structure of domestic government loans that were raised to the budget by placing bonds on the primary market were analyzed in the article. The priority tasks of the debt policy in the medium and long-term perspective were proposed. The field of application of results. The results of this study can be applied in the process of formation and implementation of Ukraine's debt policy. Conclusions according to the article. At the present stage of economic development it is important to increase the impact of the use of debt management methods based on the formation of the debt policy priorities for the medium and long term persrective. In carrying out an effective debt policy, the government should reduce the spread of crisis phenomena and debt risks, as well as reduce the total debt burden on the economy. The article defines the priority tasks of Ukraine's debt policy in the medium term.

A system analysis of the core threats to the budgetary security of the state shows that the current performance of the budgetary system in Ukraine was formed under the pressure of destructive external and internal risks aggravating the budgetary security problem. The article’s objective is to deepen theoretical and methodological foundations for the assessment of core threats to the budgetary security of the state. 
 It is demonstrated that the occurrence of external and internal threats to the budgetary security is characterized by the following tendencies: high level of GDP redistribution through the budgetary system; the growing figures of the total public debt, the government guaranteed debt and the payments to service and repayment of the public debt in Ukraine; the persisting high deficit of the public budget; high level of centralization of the budgetary funds. 
 It is substantiated that the execution of budget revenues involves two main dimensions of risk activities, which are the threats related with the proceeding of taxes and other categories of obligatory payments to the budget, and the administrative threats stemming from the existing system of tax administering. The impact of the first group of threats can be minimized by building up a rational budgetary system with the optimal level of fiscal burden. Minimization of the impact from the second group of threats will enable for the effective work of government bodies charged with administering and control. 
 The factors that cause risks and threats of budget losses resulting from failures in the budget revenues administration system are determined: risks which occurrence will result in the budget revenues never reaching the expected levels due to the inefficiency of forecasting and planning of budget revenues and failures in the routine operation process, first and foremost when mobilizing payments to the budget; risks of the excessive costs with the occurrence of which the costs for guaranteeing the projected figures of budget revenues by revenue category will exceed the economically viable ones; risks of the violation of the law, and risks of budget revenues administering per se.

A system analysis of the core threats to the budgetary security of the state shows that the current performance of the budgetary system in Ukraine was formed under the pressure of destructive external and internal risks aggravating the budgetary security problem. The article’s objective is to deepen theoretical and methodological foundations for the assessment of core threats to the budgetary security of the state. 
 It is demonstrated that the occurrence of external and internal threats to the budgetary security is characterized by the following tendencies: high level of GDP redistribution through the budgetary system; the growing figures of the total public debt, the government guaranteed debt and the payments to service and repayment of the public debt in Ukraine; the persisting high deficit of the public budget; high level of centralization of the budgetary funds. 
 It is substantiated that the execution of budget revenues involves two main dimensions of risk activities, which are the threats related with the proceeding of taxes and other categories of obligatory payments to the budget, and the administrative threats stemming from the existing system of tax administering. The impact of the first group of threats can be minimized by building up a rational budgetary system with the optimal level of fiscal burden. Minimization of the impact from the second group of threats will enable for the effective work of government bodies charged with administering and control. 
 The factors that cause risks and threats of budget losses resulting from failures in the budget revenues administration system are determined: risks which occurrence will result in the budget revenues never reaching the expected levels due to the inefficiency of forecasting and planning of budget revenues and failures in the routine operation process, first and foremost when mobilizing payments to the budget; risks of the excessive costs with the occurrence of which the costs for guaranteeing the projected figures of budget revenues by revenue category will exceed the economically viable ones; risks of the violation of the law, and risks of budget revenues administering per se.

Portugal and Greece have divergent histories with regard to Guaranteed Minimum Income (GMI), arguably the principal difference in the two countries’ evolutions of social assistance in recent decades. Neither had a GMI when EEC common criteria on sufficient resources and social assistance were issued in 1992. Portugal introduced a pilot programme in 1996 that went operational in 1997. Greece is among only a few European countries never to experiment with GMI. Only recently (in 2012) was a decision reached to launch a pilot GMI scheme, with implementation still forthcoming.An account for the different Portuguese and Greek GMI experiences emphasizes the importance of actors such as political parties and trade unions. This actor-centred approach argues that the Portuguese GMI success is attributable to a coalition among key domestic policy actors, while ambivalent and fragmented attitudes among Greek policy actors hindered institution. The recent decision for a GMI pilot in Greece should be viewed as a product of the severe economic crisis and state debt obligations that leave little space for ambivalence.

The article focuses on the development of scientific and methodological approach to determining the level of creation and use of financial capacity to identify current trends of its transformation and perspective directions for development. The research urgency is due to the need to ensure high level of national security, ineffective use of the existing financial capacity of the state, disputability of scientific approaches to identifying its components and the need to choose the vector for the state’s further development. This requires additional research methodological aspects aimed at obtaining objective and well-founded assessment of the financial capacity level. The methodological approach proposed involves comparing the actual rated values of creation and use of the authorities’ financial resources (the ratio of the deficit/surplus of the state budget to GDP, the level of GDP redistribution through the consolidated budget, the ratio of the government and government-guaranteed debt to GDP and gross international reserves of Ukraine in the months of imports), financial resources of business entities (the level of listing companies capitalization, the ratio of non-performing loans to total gross loans, credit interest rate, companies’ ROA) and the financial resources of households (the share of cash income in total household resources, the ratio of the average amount of old-age pension to the average monthly nominal wage, the share of spending on food and non-alcoholic beverages in total household spending) with their recommended limits and the establishing a scoring making it possible to form an integral indicator that reflects the level of creation and use of the state’s financial capacity. The methodological approach has been tested using Ukraine as an example. This has made it possible to identify the negative tendencies of the creation and use of Ukraine’s financial capacity (the state budget imbalance, significant debt burden on the budget, high interest rates, significant share of household expenditure on consumption). Based on the results, perspectives for development of the state’s financial capacity are proposed.

Abstract. The purpose of this article is to provide a thorough examines the strategic management of economic security of the state and development of strategic management of the state's economic security in the context of the COVID-19 pandemic.
 It is noted that in the process of assessing the scale of current problems there is a need for a detailed study of the content, types, factors, and ways of spreading threats / threats to socio-economic security of Ukraine, which have long accumulated in the economic sphere. It is determined that the release of citizens from the branches of the national economy, suspended due to quarantine; reduction of household incomes and rising prices for goods that have no substitutes; reduction of aggregate supply and demand in case of loss of markets; increase in receivables of enterprises and the general deterioration of their financial condition. All countries, markets, businesses, firms and other economic institutions have somehow coped with the effects of the pandemic. This is easily explained by the relatively rapid integration into the world economy through international trade, financial flows and labor migration. Another factor of economic instability was the rapid expansion of services. Despite the growing importance for society and employment, services are most at risk of a pandemic. Sectors of the economy that were under strong pressure under the influence of the coronavirus crisis are highlighted. The macrofinancial indicators of Ukraine for 2018-2020 are analyzed. Thus, there is a stable growth of GDP (in actual prices) throughout the study period, which indicates an increase in domestic production capacity. In 2019, this figure increased by 111.7% compared to 2018, and in 2020 this figure showed an increase of 105.5%. The total amount of public and state-guaranteed debt will increase during 2018-2020. In 2019, the debt increased by UAH 6.05 billion, and in 2020 this figure increased by UAH 5.88 billion. But the ratio of public debt to GDP fluctuates. In 2018, this figure was 60.9%, in 2019 - 50.3%, and in 2020 - 60.8%. The recession could be particularly damaging for countries with the greatest potential for unrest and conflict. The authors developed a strategy for managing the country's economic security has been developed.
 Keywords. Pandemic, strategy, security, state, support, crisis.
 JEL Classification H 56
 Formulas: 0; Fig .: 1; table: 4; bibl. 10.

Introduction. Recently the research works and modern science foundation of public finances allowed to bring together the theoretical and practical bases to the interpretation of fiscal space. The latter represents the amount of financial resources generated by the state as a result of active fiscal political proceedings by mobilizing revenues to state and local budgets, rationalizing expenditure, etc. The purpose. The article aims to deepen methodological approaches to fiscal space measuring and its visualization using graphical methods. Results. structural and logical scheme of measuring fiscal space through the use of a graphical method of investigation are represented. Measurement of fiscal space involves the construction of petal diagram corresponding to the number of rays number of indicators of fiscal space. Thus normative values all of indicators of fiscal space marked on the diagram equals to 1. To identify dynamic changes of plane fiscal space, changes in the values of the integral index over several periods analyzed are reflected. Conclusion. Identifying problems of fiscal space forming allows to advance methodological approach of determining the integral index fiscal space by means of graphical manner using five indicators: 1) the level of GDP redistribution through the consolidated budget; 2) the ratio of expenditures of the general government to GDP; 3) the ratio of fiscal deficit to GDP; 4) the ratio of public and publicly guaranteed debt to GDP; 5) Stabilization fund assets ratio to GDP

The development of the economy and the business world will always be followed by the development of the need for credit and the provision of credit facilities that always require collateral. This is for the security of the provision of credit in the sense that the loan received will be guaranteed by guarantee. In this context the importance of the guarantee institution lies. Pawn is a guarantee institution that has been very well known in people's lives in their efforts to get funds for various needs. Pawnshops is a state-owned enterprise in Indonesia whose core business is in the field of lending/loan services to the public on the basis of mortgage law. In Indonesia the legal basis of Pawnshop are: the MUI DSN fatwa No. 25 / DSN-MUI / III / 2002 dated June 26, 2002 concerning rahn which states that loans with mortgaged goods as collateral for debt in the form of rahn are permitted; the MUI DSN fatwa No.26 / DSN-MUI / III / 2002 concerning gold pawning; as well as the MUI DSN fatwa No. 68 / DSN-MUI / III / 2008 about rahn Tasjily


 This study aims to analyze the implementation of changes in building rights that are burdened with mortgage rights into ownership rights for households The research method used in this study is normative legal research The approaches used in this research are the statute approach and the case approach The technique of processing legal materials that have been collected is done qualitatively data processing is done by describing and describing all legal materials as a result of document studies and interviews which are perfected with literature studies and studies of applicable provisions The results of this study indicate that the Implementation of the Changing of Building Rights to Ownership Rights in the Land Office is processed in accordance with the provisions of the State Minister for Agrarian Affairs / Head of the National Land Agency Number 5 of 1998 These changes can be made at the request of the right holder with written approval from the Underwriting Rights holder accompanied by a Mortgage Certificate at the Land Office where the object of the Mortgage is located And for the Implementation of Changes in Building Use Rights that are still burdened with Mortgage Rights into Ownership it has legal consequences that the ortgage in question is written off (stated) as stated in the provisions of Article 18 paragraph (1) letter d of the UUHT but does not cause the cancellation of guaranteed debt

The formation of public finances in Ukraine is significantly influenced by fiscal risks, which, first of all, are associated with macro-economic shocks, accumulated through the State and guaranteed debt, natural disasters and other circumstances that have a significant negative impact on the stability of indicators of the budget system. The article is aimed at disclosing the essence, systematize methodological principles and practical approaches to managing fiscal risks for assessment, minimization of their impact on budget indicators in modern conditions of economic uncertainty. Comparison and generalization of existing developments of this problematics made it possible to systematize and characterize the following: the main approaches to understanding the economic essence of fiscal risks (functional, institutional, causal, structural, managerial); categorize risks in accordance with the current recommendations of international institutions (IMF, World Bank, OECD); reveal the peculiarities of the main components of the best practices of fiscal risk management in the countries of the world. Attention is focused on expanding the classification of fiscal risks in the national methodological provisions and their taking into account in the tax and customs spheres; directions of integration of the fiscal risk management system into the budget process of local budgets, amalgamated hromadas; development of scientific provisions on the substantiation of the integral indicator of assessing the fiscal risks, characterized by the nonlinear nature of the development of economic processes and the creation of powerful think tanks for qualitative measurement and forecasting of possible threats in the sphere of public finances.

The purpose of the study is to review the academic literature on food security issues in order to examine the indicators of rational and minimal nutrition, facilitating the analysis of the existing system of indicators by which to assess the state of the food security system in a country. The aim of the article is to investigate and demonstrate the imperatives behind the formation of Ukraine’s national (food) security in the context of globalization. National food security in the broad sense should be considered as the state of the economy, and more narrowly – as the guaranteed ability of a state to meet the needs of the population by providing each citizen with the required volume, range and quality of food at a level that ensures the health and intellectual development of the individual, based on the principles of self-sufficiency of basic products and their economic and physical accessibility, regardless of the influence of external and internal factors. The Global Food Security Index Ranks of the European Union and Ukraine are analyzed. Consumer expenditure on food consumed at home in Ukraine is analyzed in the article. Average food security indicators of the EU and Ukraine are analyzed for 2001–2018, in particular for food exports, food imports, food production index, food, beverages and tobacco. The dynamics and forecasts of wheat and maize harvest and crop production in Ukraine and the EU are compared. The analysis of the Suite of Food Security Indicators of the EU and Ukraine is presented alongside a comprehensive analysis of the multifactor regression model of Food Production Index from foreign direct investment, net inflows, GDP growth, GNI per capita growth, short-term debt, tax revenue, total natural resources rents, and trade. The analysis has shown that for the analysis of the food production index it is effective to build a regression model, because it allows not only to estimate the degree of influence of the factor on the result, but also to most effectively predict the size of the food production index for the future.

Countering threats to the security of the national economic space should be accompanied by the protection of financial sovereignty by the authorities. The unconditional implementation of the medium-term goals to reduce the growth rates of the country’s total debt (in perspective), improvement of the government regulatory mechanisms for allocating limited resources, a better quality of constitutionally guaranteed public services and support for investment in the real economy sector should be a key guideline for the Public Finance Management System (PFMS). The author analyses institutional, macroeconomic, political, organizational and information risks that can hinder the successful implementation of measures aimed at ensuring the consistency and predictability of fiscal policy, preventing default situations, etc. The results of practical implementation of the program documents adopted last year, which regulate the Public Finance Management Reform Strategy 2017-2020 (hereinafter the “Strategy”) and the Action Plan for its implementation, indicate that the lack of coordinated expression of will, as well as a consensus on a unified course of change in society, negatively affects the quality of management of fiscal risks and investment processes and the degree of synchronization of fiscal regulation with other levers of the state’s influence on the success of change management. It is emphasized that a high degree of dependence on international financial assistance to strengthen economic equilibrium, the need for more intensive development of the national economy and continued structural reforms are highlighted in the recently published report of the European Commission in connection with the anniversary of the conclusion and implementation of the EU-Ukraine Association Agreement. The author proposes the ways of neutralizing the destructive consequences of any external or internal transformations in the socio-economic system through: (i) equilibrium processes of social reproduction; (ii) intensification of investments; (iii) promotion of entrepreneurship development; (iv) restriction of shadow activities; (v) ensuring the transparency of operations with the state financial assets; (vi) synergistic effect of management interaction between the Government and the National Bank of Ukraine.

ABSTRAK Kabupaten Pekalongan merupakan lokasi yang memiliki potensi tinggi dalam penggunaan Surat Kuasa Membebankan Hak Tanggungan (SKMHT), hal ini disebabkan oleh gencarnya pembangunan oleh masyarakat yang membutuhkan dana besar yang antara lain berasal dari kredit yang diperoleh dengan menggunakan lembaga Hak Tanggungan yang selanjutnya menimbulkan berbagai masalah seperti apabila debitor wanprestasi. BTN selaku kreditor dalam pemberian KPR bersubsidi kepada debitor umumnya tidak menguasai benda yang menjadi jaminan kredit secara fisik, tetapi hanya memiliki hak kebendaan secara administratif. Pengikatan obyek jaminan yang berupa tanah, yaitu Hak Milik, Hak Guna Bangunan dan Hak Guna Usaha, prosesnya hanya sampai dengan Surat Kuasa Membebankan Hak Tanggungan (SKMHT) saja, dengan tidak dibebankan Hak Tanggungan atas obyek jaminan tersebut, maka BTN belum memiliki hak kebendaan atas jaminan tersebut secara faktual.Tujuan dari penelitian ini adalah untuk mengkaji dan menganalisis peran notaris dalam hal debitor wanprestasi, penggunaan SKMHT yang tidak diikuti APHT dalam hal debitor wanprestasi terkait dengan pemberian fasilitas Kredit Pemilikan Rumah Subsidi pada Bank Tabungan Negara serta upaya pihak Bank Tabungan Negara dalam hal debitor wanprestasi terhadap pemberian fasilitas Kredit Pemilikan Rumah. Metode yang digunakan dalam penelitian ini adalah metode analisis kualitatif, yaitu data yang diperoleh disusun secara sistematis kemudian dianalisis secara kualitatif agar dapat diperoleh kejelasan masalah yang akan dibahas.Dalam penelitian ini disimpulkan bahwa dalam menghadapi debitor wanprestasi Bank BTN mengambil langkah melakukan penjualan kembali dengan menggunakan kuasa menjual yang tercantum dalam akta “Pengakuan Hutang”, serta peningkatan SKMHT ke APHTkepada calon debitor, dan peran notaris yang hanya sebagai pembuat akta sehingga tidak turut serta jika terjadi wanprestasi.Kata kunci: Notaris, SKMHT, APHT, wanprestasi ABSTRACTPekalongan Regency is a location that has a high potential in the use of Power of Attorney Charging the Guarantee Right (SKMHT), this is caused by incessant development by people who need big fund which among others comes from the credit obtained by using the Mortgage Institution which further cause various problems such as if the debtor is defaulted. BTN as a creditor in the granting of subsidized KPR to the debtor generally does not control objects that become credit for physical security, but only have the right of property administratively. The binding of the object of collateral in the form of land, namely Right of Ownership, Building Rights and Cultivation Right, the process is only up to the Power of Attorney Charging the Guarantee Right (SKMHT) only, without the burden of the Guaranteed Fund on the object of the guarantee, BTN has no material right the guarantee is factual.The purpose of this study is to examine and analyze the role of a notary in the case of debtor wanprestasi, the use of SKMHT not followed APHT in the case of debtor wanprestasi associated with the provision of Subsidized House Ownership Credit in the State Savings Bank and the efforts of the State Savings Bank in the case of debt defaulting to the grant Housing Loan facility. The method used in this study is the method of qualitative analysis, the data obtained is arranged systematically and then analyzed qualitatively in order to obtain clarity of issues to be discussed.In this study it is concluded that in the face of debtor wanprestasi Bank BTN take steps to resell by using the power of sale which stated in deed "Recognition of Debt", and increase SKMHT to APHT to debitor candidate, and notary role which only as deed maker so do not participate if there was a default.Keywords: notary, SKMHT, APHT, wanprestasi

The "conversion" of non-asset assets in the world financial markets (securitization) and their economic activity is the usual downward trend. Unfortunately, Georgia's successful "securitization" is more exception than practice. In this regard, the subject of our research is the successful result of this example - the "Securitization" of 832 million GEL of the state debt towards the National Bank. It should be noted that issued state and corporate securities are not distinguished by diversity. Since independence, the state has been facing a number of guaranteed debt obligations which have been delayed by time and many of them are still not settled. In addition to other debts, the government's indebtedness to the National Bank was steadily rising from the period of independence of Georgia and reached 832.846.323 GEL for 15 March 2006. The history of the accumulation of debt is linked to the state budget deficit, and from 1994 to 2006 the Ministry of Finance used the National Bank of Georgia to cover the budget deficit. Instead of a cold road, which means transactions with open market and investors, there was actually a cash emission (monetary financing) in Georgia. On 20 March 2006 the Government of Georgia and the National Bank signed an "Agreement between the Government of National Bank of debt measures", according to the National Bank of the government due amount must be 2030 to March 16 so that each year the debt One part of the registration of the National Bank on a yearly renewable yearly public debt liability - government bonds, and the other part - different term government bonds in the open market operations, which shall be covered from the respective years of state budgets. Annual interest rate on bonds was determined by 13% in 2006, 2007 and 2008, and the percentage of payments on mortgage lending amounted to 7% in 2006, 6% in 2007 and 2008. Annual interest rate on coupon rates and debt obligations on bonds in 2008 is determined by the Government and National Bank of Georgia in conjunction with market interest. With this agreement and emissions and repayment of these securities, the debt repayment schedule was completely withdrawn and the National Bank of Georgia had an important instrument. That is the debt that has just been recorded on the balance of the National Bank, has acquired a very important workload and function. At the same time, the bonds are not the only positive that has been achieved by the National Bank and Government Agreement. In this way the attitude of the government and the National Bank has changed - from now on, the NBG does not directly finance. Emission of state securities is carried out. This was the most important step, because the central bank financing of the budget deficit in any of the developed countries are not considered to be part of a stable macroeconomic environment, and vice versa - when direct lending is prohibited, it is recorded under a guarantee that Georgia will be a stable macroeconomic envirounment.

The article analyzes the meaning of the concept of "public debt" according to the views of domestic and foreign scholars. The essence of this term according to norms of the Budget code of Ukraine is investigated. The activity of public authorities in the management of debt obligations of our state is considered. The state and dynamics of public debt of Ukraine for the period 2015-2019 are studied. The structure of public debt of Ukraine according to its division into external and internal is analyzed, and the shares of external and domestic debt in the total amount of public and state-guaranteed debt are determined. The dynamics of public debt obligations in terms of the amount of public and state-guaranteed debt is shown. The structure of external and internal debts of the state budget of Ukraine to the main creditors and the dynamics of payments for its repayment are described. The dynamics of the ratio of public debt to GDP of Ukraine is calculated and analyzed. The activity of a new state structure – the Debt Agency of Ukraine – in the field of debt management of our state has been studied. It is determined that a significant problem of the state is to ensure the debt burden. Ways to solve the problem of debt burden are proposed, among which an important measure is proposed – to strengthen control over the effective use of borrowed projects. It is determined that the best step in improving the system of management of debt obligations of the state can be stimulated the development of the internal capital market with the involvement of private reorientation from external to internal prevention. In modern conditions, both market economies and developing countries have inherent needs for additional funds to cover the budget deficit. This situation necessitates the constant search for additional sources of financing government liabilities, in particular, such as loans. Thus, the additional funds raised make it possible to increase total expenditures under conditions of lower national income only through a balanced and effective government policy in the field of borrowing. However, the downside of debt obligations is that sooner or later they must be repaid and interest paid for the use of these borrowed funds. The purpose of the study is to determine the structure and dynamics of public debt of Ukraine, as well as the features of its repayment.

ABSTRACT The creditor certainly wants a position that is not the same as other creditors, because the same position with other creditors means getting equal rights with other creditors of the proceeds from the sale of the debtor's property, if the debtor is liable to the promise. The balanced position does not provide certainty of guaranteed return of receivables. The more creditors of the debtor are concerned, the less likely it is to guarantee the return of the receivable if for some reason the debtor becomes insolvent (unable to pay its debts). The procurement of legally guaranteed copyrights is to provide a position for a particular creditor to take precedence over other creditors. It is also the objective of the existence of Mortgage Rights as regulated by Law Number 4 Year 1996 concerning the Right of Million of Land and Land Related. One of the events that eliminated the Mortgage right is mentioned in Article 18 paragraph (1d) UUHT, that as the last mentioned basis for the abolition of Mortgage right is the abolition of land rights. The abolition of land rights takes place over time, for which the right is granted. Rights that are lower in rank than property rights such as the right to use, the right to use and the right to use are limited in time, even if physically still exist. With the termination of the rights to the land concerned, the rights to the land concerned shall return to the concerned owner or owner and if such right is granted by the state, then the land is returned to the state power. Thus, the creditor of the dependent will lose his position as the preferred creditor. Keywords: Creditors, Debtors, Deposit Rights

Since the onset of the “great recession” there have been key debates around various aspects of crisis theory, most notably around the areas of the rate of profit (Brenner 2009; Kliman 2012), under-consumption/overproduction (Clarke 1990a, 442–467) and fiancialisation (Duménil and Lévy 2004). This paper maintains that communications and the media are key though non-deterministic elements of the contemporary market system, and proposes a move towards a crisis theory of communications. This research reflects the Marxist concept of base and superstructure, beyond a perceived notion of economic determinism, but rather as a dialectical relationship between various superstructures, in this case the state and the media, and the economic base including the various aspects of class power inherent within. The mass media, advertising, and ICT play an increasingly important role in both market systems and capitalist crises. This role directly impinges on the dissemination of information to market actors as well as the reflexive and dialectical nature of the processes by which actors respond to market information. Further, the media serve as an ideological apparatus, resource or arena, which acts to naturalise the market through what this research describes as a market orientated framing mechanism (Preston and Silke 2011b). Peter Thompson (2003; 2013, 208–227) contends that communication is an integral and reflexive part of the contemporary market system. As he puts it, there is a complex relationship between the producers and distributors of economic information, and those who use that information to make decisions about investment and trade. Many studies point to the convergence of flows of information such as those on 24-hour news channels, business channels and Internet blogs and sites with market activity itself. For Wayne Hope, (2010, 649–669) information broadcast on such media by bankers, stockbrokers and traders themselves tends to be self-serving and inevitably leads to “a real time feedback loop that proliferates then contributes to the growth and collapse of speculative bubbles” [ibid, 665]). Finally, we must note how the mass media also play a pervasive and important role in the commodification process through advertising and indeed comprises a part of the circulation of capital itself (Garnham 1979, 122–146; Fuchs 2009b, 369–402; Fuchs 2009a). This paper, by way of example, looks at three key moments in the Irish economic crisis and briefly looks at their treatment by sections of the press: The Irish property market on the run up to the 2007 general election on the cusp of the Irish crash, the blanket bank guarantee of 2008, where the state effectively guaranteed the debts of the entire Irish banking system in its totality, and finally the introduction of the National Asset Management Agency, a state sponsored bad bank aimed at cleaning up the (then) private banking industry. The paper uses these examples to consider the role of the media and its relationship to both the markets and political policy.

In the development of material law in Indonesia, it is known both registered objects and unregistered objects that by analogy, registered objects are categorized as immovable objects. In Indonesia, aircraft are being classified as a registered object that can be guaranteed in the form of the mortgage as a debt settlement. Along with the development of law and society, the mortgage regulations are only mentioned briefly in the Indonesian Law of Fiduciary and the Law of Notary Position which state that an aircraft can be guaranteed in the form of a mortgage. However, until recently, any particular regulations regarding aircraft mortgage in Indonesia are not yet available. This research is a normative study that uses historical, statute, and comparison approaches. The problems examined in this study: firstly, how the mortgage as a material guarantee institution in Indonesia is being regulated. Secondly, does the mortgage institution have the potential as an alternative object of material guarantee for aircraft? The result of the study shows that the regulations on aircraft mortgage in Indonesia still refer to the ones in the Indonesian Civil Code. Meanwhile, the institution that has the potential as an alternative object of material guarantee for aircraft is in the form of mortgage because an airplane is a registered object which is analogous to an immovable object. It can be concluded, therefore, that there is a weakness in aircraft mortgage stipulation in Indonesia which may create legal uncertainty and weaken the position of the creditor. Therefore, along with the development of the community and the existence of legal certainty, it is necessary to make an aircraft mortgage law immediately.

The article is devoted to the study of the development and analysis of urgent problems in financing the medical industry. The transformation of the financing of the medical industry is the key to building a mechanism of financial stable support for the population based on providing all citizens of Ukraine with equal and high-quality medical services. During 2014–2019, there was a decrease in the priority of health related to debt service, subsidies and pension costs, so the old financing model is no longer effective. Thus, for further transformation, it is necessary to increase funding or switch to a new model. The reform proposed by the Ministry of Health of Ukraine will not require the introduction of additional taxes and fees. Insurance premiums in Ukraine are provided by the general system of taxation. Experts believe that the introduction of an additional special fee on wages or payroll is inappropriate in an economic crisis. The National Health Service of Ukraine (NHSU) will act as an insurer. The money to cover medical expenses will come to this agency from the state budget. It is planned to introduce a clearly defined state guaranteed package of medical services, which will be based on the priorities of health care Consumers of medical services Budget of the National Health Insurance Fund Medical institutions and taking into account the economic situation of the state. The amount of funding for the state guaranteed package of medical services is a dynamic value, which is approved annually by the parliament. In 2018, the state will pay a doctor UAH 370 per patient per year without taking into account the relevant age coefficients, and from 2019 this amount is planned to increase to UAH 450. Calculations for secondary and tertiary care are still ongoing. Under this funding model, hospitals will not receive funds for biased overstatement of beds, economically unjustified living expenses and inflated staff. In other words, the reform envisages improving the efficiency of the use of budget funds in the health care system and stimulates the improvement of the availability and quality of medical services for patients.

Problem setting. The legal regulation of relations regarding the provision of state and local guarantees is carried out by the rules of both financial and civil and commercial law. At the same time, according to the fair warning of scientists, the priority of financial and legal regulation over the private law is observed, which is caused by the public-legal nature of the social relations analyzed. This is quite logical. It should be noted that all forms of state aid to economic entities enshrined in the Law of Ukraine “On State aid to economic entities” are characterized by certain features, not an exception state and local guarantees. In particular, the difference from the guarantee from other forms of state (public) assistance is that when it is provided, there is no obligation to make expenditures, that is, to spend funds in accordance with the approved budget program, and a contingent debt of a public entity providing this type of state aid is formed. , – guaranteed debt Despite the fact that forms of state support have already been the subject of scientific research by such scientists as S.V. Glibko, D.V. Zadykhaylo, T.O. Melnik, V.A. Ryadinskaya, V.A. Ustimenko, and others, legal regulation of state and local guarantees in Ukraine needs careful analysis. In view of the above, the purpose of the article is to review the legal mechanism for granting state (local) guarantees. Article’s main body. The doctrinal approaches to defining state and local guarantees are considered, the substantive characteristics of the latter are highlighted. The legal mechanism for providing this form of state support to economic entities is analyzed. It is emphasized that the provision of state (local) guarantees is a rather difficult form of support for business entities. In our view, the legal mechanism for providing them requires some adjustments. In particular, it is necessary to eliminate, so to speak, double standards in defining the terms of granting state guarantees. Conclusions and prospects for the development. State (local) guarantees are characterized by a public nature, since the procedure for their provision is governed by public law; obligatory parties in the legal relationship for granting such guarantees are public authorities (in particular, the Cabinet of Ministers of Ukraine, the Ministry of Finance of Ukraine, etc.) and local self-government bodies (relevant city councils); the imperative order of their provision and the inequality of participants are enshrined.

In the heady expansion of capital’s productive capacity during the post-war period, E.P. Thompson wondered optimistically at potentials accruing to humanity by accelerating automation. He asked, “If we are to have enlarged leisure, in an automated future, the problem is not ‘how are men going to be able to consume all these additional time-units of leisure?’ but ‘what will be the capacity for experience of the men who have this undirected time to live?’” (Thompson 36). Indeed, linear and economistic variants of Marxian materialism have long emphasised that the socialisation of production by the use of machinery will eventually free us from work. At the very least, the underemployment produced by the automation of pivotal labour roles is supposed to create a political subject capable of agitating successfully against bourgeois and capitalist hegemony. But contrary to these prognostications, the worker of 2019 is caught up in a process of generalising work far beyond what is considered necessary by tradition, or at least the convention of what David Harvey calls “embedded liberalism” (11). As Anne Helen Peterson wrote in a recent Buzzfeed article,even the trends millennials have popularized — like athleisure — speak to our self-optimization. Yoga pants might look sloppy to your mom, but they’re efficient: you can transition seamlessly from an exercise class to a Skype meeting to child pickup. We use Fresh Direct and Amazon because the time they save allows us to do more work. (Peterson)For the work-martyr, activity in its broadest Aristotelian sense is evaluated by and subordinated to the question of efficiency and productivity. Occupations of time that were once considered external to “work” as matters of “life” (to use Kathi Weeks’s vocabulary) are reconceived as waste when not deployed in the service of value-generation (Weeks 15).The point here, then, is to provide some answers for why the decrease in socially-necessary labour time in an age of automation has not coincided with the Thompsonian expansion of free time. The current dilemma of the neoliberal “work-martyr” is traceable to the political responses generated by crises in production during the depression and the stagflationary disaccumulation of the 1960s-70s, and the major victory in the “battle for ideas” was the transformation of the political subject into human capital. This “intensely constructed and governed” suite of possible values is tasked, according to Wendy Brown, “with improving and leveraging its competitive positioning and with enhancing its (monetary and nonmonetary) portfolio value across all of its endeavours and ventures” (Brown 10). Connecting the creation of this subject in relation to personal or free time is important partly because of time’s longstanding importance to philosophies of subjectivity. But more to the point, the focus on time is important because it serves to demonstrate the economic foundations of the incursion of capitalist governance into the most private domains of existence. Against the criticism of Marx’s ‘abstract’ theory of value, one can see that the laws of capitalist accumulation make their mark in all parts of contemporary human being, including temporality. By tracing the emergence of afterwork as the unpaid continuation of the accumulation of value, one can show how each subject increasingly ‘lives’ capital. This marks a turning point in political economy. When work spills over a temporal limit, its relationship to reproduction is finally blurred to the point of indistinction. What this means for value-creation in 2019 is something in urgent need of critique.State ReproductionAccording to the Marxian theory, labour’s minimum cost is abstractly determined by the price of the labourer’s necessities. Once they have produced enough objects of value to cover these costs, the rest of their work is surplus value in the hands of the capitalist. The capitalist’s aim, then, is to extend the overall working-day for as long beyond the minimum as possible. Theoretically, the full 24 hours of the day may be used. The rise of machine production in the 19th century allowed the owners to make this theory a reality. The only thing that governed the extension of work-time was the physical minimum of labour-power’s reproduction (Marx 161). But this was on the provision that all the labourer’s “free” time was to be spent regrouping their energies. Anything in excess of this was a privilege: time wasted that could have been spent in the factory. “If the labourer consumes his disposable time for himself”, says Marx, “he robs the capitalist” (162).This began to change with the socialisation of the work process and the increase in technical proficiency that labour demanded in early 20th-century industry. With the changes in the sophistication of the manufacture process, the labourer came to be factored in the production process less as an “appendage of the machine” and more as a collection of decisive skills. Fordism based itself around the recognition that capital itself was “dependent on a family-based reproduction” (Weeks 27). In Ford’s America, the sense that work’s intensity might supplant losses in the working day propelled owners of production to recognise the economic need of ensuring a robust culture of social reproduction. In capital’s original New Deal, Ford provided an increase in wages (the Five Dollar Day) in exchange for a rise in productivity (Dalla Costa v). To preserve the increased rhythm of industrial production required more than a robust wage, however. It required “the formation of a physically efficient and psychologically disciplined working class” (Dalla Costa 2). Companies began to hire sociologists to investigate how workers spent their spare time (Dalla Costa 8). They led the charge in a what we might call the first “anthropological revolution” of the American 20th century, whereby the improved wage of the worker was underpinned by the economisation of their reproduction. This was enabled by the cheapening of social necessities (and thus a reduction in socially-necessary labour time) in profound connection to the development of household economy on the backs of unpaid female labour (Weeks 25).This arrangement between capital and labour persisted until 1929. When the inevitable crisis came, however, wages faltered, and many workers joined the ranks of the unemployed. Unable to afford even the basics of their own reproduction, the working-class looked to the state. They created political and social pressure through marches, demonstrations, attacks on shops and the looting of supply trucks (Dalla Costa 40). The state held out against them, but the crisis in production eventually reached such a point of intensity that the government was forced to intervene. Hoover instituted the Emergency Relief Act and Financial Reconstruction Corporation in 1932. This was expanded the following year by FDR’s New Deal, transforming Emergency Relief into a federal institution and creating the Civil Works Association to stimulate the job market (Dalla Costa 63). The security of the working class was decisively linked to the state through the wage guarantees, welfare measures and even the legal guarantee of collective bargaining.For the most part, the state’s intervention in social reproduction took the pressure off industry by ensuring that the workforce would remain able to handle its burdens and that the unemployed would remain employable. It guaranteed a minimum wage for the employed to ensure that demand didn’t collapse, and provided care outside the workforce to women, children and the elderly.Once the state took responsibility for reproduction, however, it immediately became interested in how free time could be made efficient and cost effective. Abroad, they noted the example of European statist and corporativist approaches. Roosevelt sent a delegation to Europe to study the various measures taken by fascist and United Front governments to curb the effects of economic crisis (Dogliani 247). Among these was Mussolini’s OND (Opera Nazionale Dopolavoro) which sought to accumulate the free time of workers to the ends of production. Part of this required the responsibilisation of the broader community not only for regeneration of labour-power but the formation of a truly fascist political subject.FDR’s social reform program was able to reproduce this at home by following the example of workers’ community organisation during the depression years. Throughout the early ‘30s, self-help cooperatives, complete with “their own systems of payment in goods or currency” emerged among the unemployed (Dalla Costa 61). Black markets in consumer goods and informal labour structures developed in all major cities (Dalla Costa 34). Subsistence goods were self-produced in a cottage industry of unpaid domestic labour by both men and women (Dalla Costa 71). The paragon of self-reproducing communities was urbanised black Americans, whose internal solidarity had saved lives throughout the depression. The state took notice of these informal economies of production and reproduction, and started to incorporate the possibility of community engineering into their national plan. Roosevelt convened the Civilian Conservation Corps to absorb underemployed elements of the American workforce and recover consumer demand through direct state sponsorship (wages) (Dogliani, 247). The Committee of Industrial Organisation was transformed into a “congress” linking workers directly to the state (Dalla Costa 74). Minium wages were secured in the supreme court in 1937, then hiked in 1938 (78). In all, the state emerged at this time as a truly corporativist entity- the guarantor of employment and of class stability. From Social Reproduction to Human Capital InvestmentSo how do we get from New Deal social engineering to yoga pants? The answer is deceptively simple. The state transformed social reproduction into a necessary part of the production process. But this also meant that it was instrumentalised. The state only had to fund its workforce’s reproduction so long as this guaranteed productivity. After the war, this was maintained by a form of “embedded liberalism” which sought to provide full employment, economic growth and welfare for its citizens while anchoring the international economy in the Dollar’s gold-value. However, by providing stable increases in “relative value” (wages), this form of state investment incentivised capital flight and its spectacular consequent: deindustrialisation. The “embedded liberalism” of the state-capital-labour compromise began to breakdown with a new crisis of accumulation (Harvey 11-12). The relocation of production to non-union states and decolonised globally-southern sites of hyper-exploitation led to an ‘urban crisis’ in the job market. But as capitalist expansion carried on abroad, inflation kept dangerous pace with the rate of unemployment. This “stagflation” put irresistible pressure on the post-war order. The Bretton-Woods policy of maintaining fixed interest rates while pinning the dollar to gold was abandoned in 1971 and exchange rates were floated all over the world (Harvey 12). The spectre of a new crisis loomed, but one which couldn’t be resolved by the simple state sponsorship of production and reproduction.While many solutions were offered in place of this, one political vision singled out the state’s intervention into reproduction as the cause of the crisis. The ‘neoliberal’ political revolution began at the level of individual groups of capitalist agitants seeking governmental influence in a crusade against communism. It was given its first run on the historical pitch in Chile as part of the CIA-sponsored Pinochet revanchism, and then imported to NYC to deal with the worsening urban crisis of the 1970s. Instead of focusing on production (which required state intervention to proceed without crisis), neoliberal theory promulgated a turn to monetisation and financialisation. The rule of the New York banks after they forced the City into near-bankruptcy in 1975 prescribed total austerity in order to make good on its debts. The government was forced by capital itself to withdraw from investment in the reproduction of its citizens and workers. This was generalised to a federal policy as Reagan sought to address the decades-long deficit during the early years of his presidential term. Facilitating the global flow of finance and the hegemony of supranational institutions like the IMF, the domestic labour force now became beholden to an international minimum of socially-necessary labour time. At the level of domestic labour, the reduction of labour’s possible cost to this minimum had dramatic consequences. International competition allowed the physical limitations of labour to, once again, vanish from sight. Removed from the discourse of reproduction rights, the capitalist edifice was able to focus on changing the ratio of socially necessary labour to surplus. The mechanism that enabled them to do so was competition among the workforce. With the opening of the world market, capital no longer had to worry about the maintenance of domestic demand.But competition was not sufficient to pull off so grand a feat. What was required was a broader “battle of ideas”; the second anthropological revolution of the American century. The protections that workers had relied upon since the Fordist compromise and the corporativist solution eroded as the new “class-power” of the bourgeoisie levelled neoliberal assaults against associated labour (Harvey 23). While unions were gradually disempowered to fight the inevitable tide of deindustrialisation and capital flight, individual workers were coddled by a stream of neoliberal propaganda promising “Freedom” to those who would leave the stifling atmosphere of collective association. The success of this double enervation crippled union power, and the capitalist could rely increasingly on internal workplace wage stratification to regulate labour at an enterprise level (Dalla Costa 25). Incentive structures transformed labour rights into privileges; imagining old entitlements as concessions from above. In the last thirty years, the foundation of worker protections at large has, according to Brown, become illegible (Brown 38).Time and ValueThe reduction of time needed to produce has not coincided with an expansion of free time. The neoliberal anthropological revolution has wormed its way into the depth of the individual subject’s temporalising through a dual assault on labour conditions and propaganda. The privatisation of reproduction means that its necessary minimum is once again the subject of class struggle. Time spent unproductively outside the workplace now not only robs the capitalist, but the worker. If an activity isn’t a means to increase one’s “experience” (the vector of employability), it is time poorly spent. The likelihood of being hired for a job, in professional industries especially, is dependent on your ability to outperform others not only in your talents and skills, but in your own exploitability. Brown points out that the groups traditionally defined by the “middle strata … works more hours for less pay, fewer benefits, less security, and less promise of retirement or upward mobility than at any time in the past century” (Brown 28-29).This is what is meant by the transformation of workers into ‘human capital’. As far as the worker is concerned, the capitalist no longer purchases their labour-power: they purchase the sum of their experiences and behaviours. A competitive market has emerged for these personality markers. As a piece of human capital, one must expend one’s time not only in reproduction, but the production of their own surplus value. Going to a play adds culture points to your brand; speaking a second language gives you a competitive edge; a robust Instagram following is the difference between getting or missing out on a job. For Jess Whyte, this means that the market is now able to govern in place of the state. It exercises a command over people’s lives in and out of the workplace “which many an old tyrannical state would have envied” (Whyte 20).There is a question here of change and continuity. A survey of the 20th century shows that the reduction of ‘socially necessary labour time’ does not necessarily mean a reduction in time spent at work. In fact, the minimum around which capitalist production circulates is not worktime but wages. It is only at the political level that the working class prevented capital from pursuing this minimum. With the political victory of neoliberalism as a “restoration of class power” to the bourgeoisie, however, this minimum becomes a factor at the heart of all negotiations between capital and labour. The individual labourer lying at the heart of the productive process is reduced to his most naked form: human capital. This capital must spend all its time productively for its own benefit. Mundane tasks are avoidable, as stipulated by the piece of human capital sometimes known as Anne Helen Peterson, if they “wouldn’t make my job easier or my work better”. People are never really after-work under neoliberalism; their spare time is structurally adjusted into auxiliary labour. Competition has achieved what the state could never have dreamed of: a total governance of spare hours. This governance unites journalists tweeting from bed with Amazon workers living where they work, not to mention early-career academics working over a weekend to publish an article in an online journal that is not even paying them. These are all ways in which the privatisation of social reproduction transforms afterwork into unpaid overtime.ReferencesBrown, Wendy. Undoing the Demos: Neoliberalism’s Stealth Revolution. New York: Zone Books, 2015.Dalla Costa, Maria. Family, Welfare, and the State: Between Progressivism and the New Deal. Brooklyn: Common Notions, 2015.Harvey, David. A Brief History of Neoliberalism. Oxford: Oxford UP, 2005.Engels, Friedrich, and Karl Marx. The Marx-Engels Reader. Ed. R.C. Tucker. New York: Norton, 1978.Marx, Karl. Capital: A Critical Analysis of Capitalist Production. Vol. 1 and 2. Trans. E. Aveling and E. Untermann. Hertfordshire: Wordsworth Classics of World Literature, 2013.Peterson, Anne Helen. “How Millennials Became the Burnout Generation.” Buzzfeed. 10 Oct. 2019 <https://www.buzzfeednews.com/article/annehelenpetersen/millennials-burnout-generation-debt-work>.Postone, Moishe. Time, Labour and Social Domination. Cambridge: Cambridge UP, 1993.Thompson, E.P. “Time, Work-Discipline, and Industrial Capitalism.” In Stanley Aronowitz and Michael J. Roberts, eds., Class: The Anthology. Hoboken: Wiley, 2018.Wang, Jackie. Carceral Capitalism. Los Angeles: Semiotext(e), 2018.Weeks, Kathi. The Problem with Work: Feminism, Marxism, Antiwork Politics, and Postwork Imaginaries. Durham: Duke UP, 2011.Whyte, Jessica. “The Invisible Hand of Friedrich Hayek: Submission and Spontaneous Order.” Political Theory (2017): 1-29.

The article examines the Ukraine’s practice in the field of workers’ and employment’ social protection in the conditions of pandemic restrictions and large-scale anti-epidemic programs’ implementation, which is analyzed in the context of timeliness, complexity, consistency of relevant measures in comparison to other countries’ experience; problems and priorities for coordination, improving the effectiveness of socio-economic development’ state policy in the direction of stimulating the national economy’ crisis resilience and competitiveness, maintaining a socially acceptable standards of living and national security are identified. A comparison of the experience of workers’ social protection in the COVID-19 pandemic’ conditions in Ukraine and a range of countries around the world showed: the sufficient systematization of applied national restrictive and preventive measures; common features of their powerful negative impact on the results and prospects of management, all budgets’ fulfillment, implementation of guaranteed social protection programs as a whole, which will be felt acutely in the near post-crisis period. The burden power of workers’ social protection systems on the economy’ financial savings and reserves, the public debt’ growth caused by the implementation of thematic compensation programs for employers, employees and the self-employed, is more acute in developing countries (including Ukraine) – with the state budget deficits, unsatisfactory economy’ diversification and relatively worse gross domestic product’ indicators, weaker positions in foreign markets in addition to significant external borrowings. The world and national current experience of the large-scale antiepidemic measures envisages its projection on probable emergencies of a similar level in the future. This situation highlights the needs of Ukraine, its state policy and strategies for sustaining and ensuring the socio-economic development’ security in better substantiation of priorities, guidelines, mechanisms, instruments for balanced socio-economic progress (in particular, in the framework of developing, coordinating, rising the strategies’ effectiveness for economy’ development, its specialization in the international labor division, reproduction and implementation of human and labor potential).

The study analyzed the current state and perspective directions of development of electric power complex of Ukraine. The problematic issues that have accumulated over many decades are highlighted. In particular, one of the main threats to the normal functioning of the electric power industry is a small proportion of maneuvering, peak and half-peak capacities. An analysis of the main events that took place during 2018-early 2020 in the electricity sector of Ukraine was conducted. The main tasks defined by the Energy Strategy of Ukraine for the period up to 2035 were considered. The analysis of legislative initiatives, in particular, requirements and improvement of the law “On Electric Energy Market”, the principles of work and basic requirements for the created Electricity Transmission System Operator was carried out. The reasons for the Guaranteed Buyer’s debt on electricity market to producers working at the “green” tariff have been determined. An analysis of the so-called “Gerus amendment” was carried out. This amendment allowed import of electricity from Russian Federation. The main threats to the introduction of market relations in a monopolized electric energy market were also identified. An analysis of the development of renewable energy sector was conducted. Since 2015, sector has increased its installed capacity from 701 megawatt to 5.4 gigawatt, or almost eight times. The main threats that can be realized with an increase in green energy capacities were analyzed. It was determined that the cost of supplying one kilowatt-hour of electric energy from renewable energy sources is much higher than from other sources. As a result of this, the share of energy from renewable energy sources in the tariff structure is many times higher than the share in the generation structure. A review of legislative innovations to limit the development of renewable energy sources was conducted.The article also analyzed data of the State Statistics Service of Ukraine regarding the dynamics of electricity prices for all categories of consumers, taking into account transportation and distribution services


 As cash has suddenly gone missing from Swedish life, a growing range of citizens and institutions have sounded the alarm that cash enabled a space of egalitarian access now under threat. But because commercial bank currency is gradually displacing public central bank currency, cashlessness in Sweden is not only threatening its egalitarian ethos but also the Swedish Central Bank’s capacity to provide a guaranteed state payment mechanism. The consequences of Sweden’s battles over cash-issuance may presage the future of our global banking system in a digital age, while also illuminating what is here called currency’s “tethering mechanism.” Because bank-issued currencies represent chains of credit/debt, exchanging and storing different currencies can tether and de-tether their users to different institutions, thereby offering anthropologists the possibility of mapping the waxing and waning of various dominant social institutions. 
 
 Sammanfattning
 
 Det svenska samhället har bara på några år kommit att bli ett kontantlöst samhälle. Nu larmar institutioner och medborgare om att bristen på kontanter hotar möjligheten för invånare att delta i samhället på ett likvärdigt sätt. Det kontantlösa samhället hotar inte bara dess jämlikhetsetos utan också den svenska centralbankens förmåga att tillhandahålla en garanterad statlig betalningsmekanism då affärsbanksvaluta gradvis förskjuter den offentliga centralbanksvalutan. Det svenska banksystemet fungerar därför som ett bra exempel utifrån vilket vi kan förutse konsekvenserna av ett kontantlöst globalt banksystem, samtidigt som det också kan belysa det som här kallas valutans “tethering mechanism”. Utbyte och lagerhållning av olika valutor kopplar eller skiljer användare till eller från olika institutioner, eftersom bankemitterade valutor representerar kedjor av kredit/skuld. Det ger antropologer möjlighet att studera och kartlägga dominerande sociala institutioners uppgång och fall.

Introduction In December 2010, Nespresso, the world’s leading brand of premium-portioned coffee, opened a flagship “boutique” in Sydney’s Pitt Street Mall. This was Nespresso’s fifth boutique opening of 2010, after Brussels, Miami, Soho, and Munich. The Sydney debut coincided with the mall’s upmarket redevelopment, which explains Nespresso’s arrival in the city: strategic geographic expansion is key to the brand’s growth. Rather than panoramic ubiquity, a retail option favoured by brands like McDonalds, KFC and Starbucks, Nespresso opts for iconic, prestigious locations. This strategy has been highly successful: since 2000 Nespresso has recorded year-on-year per annum growth of 30 per cent. This has been achieved, moreover, despite a global financial downturn and an international coffee market replete with brand variety. In turn, Nespresso marks an evolution in the coffee market over the last decade. The Nespresso Story Founded in 1986, Nespresso is the fasting growing brand in the Nestlé Group. Its headquarters are in Lausanne, Switzerland, with over 7,000 employees worldwide. In 2012, Nespresso had 270 boutiques in 50 countries. The brand’s growth strategy involves three main components: premium coffee capsules, “mated” with specially designed machines, and accompanied by exceptional customer service through the Nespresso Club. Each component requires some explanation. Nespresso offers 16 varieties of Grand Crus coffee: 7 espresso blends, 3 pure origin espressos, 3 lungos (for larger cups), and 3 decaffeinated coffees. Each 5.5 grams of portioned coffee is cased in a hermetically sealed aluminium capsule, or pod, designed to preserve the complex, volatile aromas (between 800 and 900 per pod), and prevent oxidation. These capsules are designed to be used exclusively with Nespresso-branded machines, which are equipped with a patented high-pressure extraction system designed for optimum release of the coffee. These machines, of which there are 28 models, are developed with 6 machine partners, and Antoine Cahen, from Ateliers du Nord in Lausanne, designs most of them. For its consumers, members of the Nespresso Club, the capsules and machines guarantee perfect espresso coffee every time, within seconds and with minimum effort—what Nespresso calls the “ultimate coffee experience.” The Nespresso Club promotes this experience as an everyday luxury, whereby café-quality coffee can be enjoyed in the privacy and comfort of Club members’ homes. This domestic focus is a relatively recent turn in its history. Nestlé patented some of its pod technology in 1976; the compatible machines, initially made in Switzerland by Turmix, were developed a decade later. Nespresso S. A. was set up as a subsidiary unit within the Nestlé Group with a view to target the office and fine restaurant sector. It was first test-marketed in Japan in 1986, and rolled out the same year in Switzerland, France and Italy. However, by 1988, low sales prompted Nespresso’s newly appointed CEO, Jean-Paul Gillard, to rethink the brand’s focus. Gillard subsequently repositioned Nespresso’s target market away from the commercial sector towards high-income households and individuals, and introduced a mail-order distribution system; these elements became the hallmarks of the Nespresso Club (Markides 55). The Nespresso Club was designed to give members who had purchased Nespresso machines 24-hour customer service, by mail, phone, fax, and email. By the end of 1997 there were some 250,000 Club members worldwide. The boom in domestic, user-friendly espresso machines from the early 1990s helped Nespresso’s growth in this period. The cumulative efforts by the main manufacturers—Krups, Bosch, Braun, Saeco and DeLonghi—lowered the machines’ average price to around US $100 (Purpura, “Espresso” 88; Purpura, “New” 116). This paralleled consumers’ growing sophistication, as they became increasingly familiar with café-quality espresso, cappuccino and latté—for reasons to be detailed below. Nespresso was primed to exploit this cultural shift in the market and forge a charismatic point of difference: an aspirational, luxury option within an increasingly accessible and familiar field. Between 2006 and 2008, Nespresso sales more than doubled, prompting a second production factory to supplement the original plant in Avenches (Simonian). In 2008, Nespresso grew 20 times faster than the global coffee market (Reguly B1). As Nespresso sales exceeded $1.3 billion AU in 2009, with 4.8 billion capsules shipped out annually and 5 million Club members worldwide, it became Nestlé’s fastest growing division (Canning 28). According to Nespresso’s Oceania market director, Renaud Tinel, the brand now represents 8 per cent of the total coffee market; of Nespresso specifically, he reports that 10,000 cups (using one capsule per cup) were consumed worldwide each minute in 2009, and that increased to 12,300 cups per minute in 2010 (O’Brien 16). Given such growth in such a brief period, the atypical dynamic between the boutique, the Club and the Nespresso brand warrants closer consideration. Nespresso opened its first boutique in Paris in 2000, on the Avenue des Champs-Élysées. It was a symbolic choice and signalled the brand’s preference for glamorous precincts in cosmopolitan cities. This has become the design template for all Nespresso boutiques, what the company calls “brand embassies” in its press releases. More like art gallery-style emporiums than retail spaces, these boutiques perform three main functions: they showcase Nespresso coffees, machines and accessories (all elegantly displayed); they enable Club members to stock up on capsules; and they offer excellent customer service, which invariably equates to detailed production information. The brand’s revenue model reflects the boutique’s role in the broader business strategy: 50 per cent of Nespresso’s business is generated online, 30 per cent through the boutiques, and 20 per cent through call centres. Whatever floor space these boutiques dedicate to coffee consumption is—compared to the emphasis on exhibition and ambience—minimal and marginal. In turn, this tightly monitored, self-focused model inverts the conventional function of most commercial coffee sites. For several hundred years, the café has fostered a convivial atmosphere, served consumers’ social inclinations, and overwhelmingly encouraged diverse, eclectic clientele. The Nespresso boutique is the antithesis to this, and instead actively limits interaction: the Club “community” does not meet as a community, and is united only in atomised allegiance to the Nespresso brand. In this regard, Nespresso stands in stark contrast to another coffee brand that has been highly successful in recent years—Starbucks. Starbucks famously recreates the aesthetics, rhetoric and atmosphere of the café as a “third place”—a term popularised by urban sociologist Ray Oldenburg to describe non-work, non-domestic spaces where patrons converge for respite or recreation. These liminal spaces (cafés, parks, hair salons, book stores and such locations) might be private, commercial sites, yet they provide opportunities for chance encounters, even therapeutic interactions. In this way, they aid sociability and civic life (Kleinman 193). Long before the term “third place” was coined, coffee houses were deemed exemplars of egalitarian social space. As Rudolf P. Gaudio notes, the early coffee houses of Western Europe, in Oxford and London in the mid-1600s, “were characterized as places where commoners and aristocrats could meet and socialize without regard to rank” (670). From this sanguine perspective, they both informed and animated the modern public sphere. That is, and following Habermas, as a place where a mixed cohort of individuals could meet and discuss matters of public importance, and where politics intersected society, the eighteenth-century British coffee house both typified and strengthened the public sphere (Karababa and Ger 746). Moreover, and even from their early Ottoman origins (Karababa and Ger), there has been an historical correlation between the coffee house and the cosmopolitan, with the latter at least partly defined in terms of demographic breadth (Luckins). Ironically, and insofar as Nespresso appeals to coffee-literate consumers, the brand owes much to Starbucks. In the two decades preceding Nespresso’s arrival, Starbucks played a significant role in refining coffee literacy around the world, gauging mass-market trends, and stirring consumer consciousness. For Nespresso, this constituted major preparatory phenomena, as its strategy (and success) since the early 2000s presupposed the coffee market that Starbucks had helped to create. According to Nespresso’s chief executive Richard Giradot, central to Nespresso’s expansion is a focus on particular cities and their coffee culture (Canning 28). In turn, it pays to take stock of how such cities developed a coffee culture amenable to Nespresso—and therein lays the brand’s debt to Starbucks. Until the last few years, and before celebrity ambassador George Clooney was enlisted in 2005, Nespresso’s marketing was driven primarily by Club members’ recommendations. At the same time, though, Nespresso insisted that Club members were coffee connoisseurs, whose knowledge and enjoyment of coffee exceeded conventional coffee offerings. In 2000, Henk Kwakman, one of Nestlé’s Coffee Specialists, explained the need for portioned coffee in terms of guaranteed perfection, one that demanding consumers would expect. “In general”, he reasoned, “people who really like espresso coffee are very much more quality driven. When you consider such an intense taste experience, the quality is very important. If the espresso is slightly off quality, the connoisseur notices this immediately” (quoted in Butler 50). What matters here is how this corps of connoisseurs grew to a scale big enough to sustain and strengthen the Nespresso system, in the absence of a robust marketing or educative drive by Nespresso (until very recently). Put simply, the brand’s ascent was aided by Starbucks, specifically by the latter’s success in changing the mainstream coffee market during the 1990s. In establishing such a strong transnational presence, Starbucks challenged smaller, competing brands to define themselves with more clarity and conviction. Indeed, working with data that identified just 200 freestanding coffee houses in the US prior to 1990 compared to 14,000 in 2003, Kjeldgaard and Ostberg go so far as to state that: “Put bluntly, in the US there was no local coffee consumptionscape prior to Starbucks” (Kjeldgaard and Ostberg 176). Starbucks effectively redefined the coffee world for mainstream consumers in ways that were directly beneficial for Nespresso. Starbucks: Coffee as Ambience, Experience, and Cultural Capital While visitors to Nespresso boutiques can sample the coffee, with highly trained baristas and staff on site to explain the Nespresso system, in the main there are few concessions to the conventional café experience. Primarily, these boutiques function as material spaces for existing Club members to stock up on capsules, and therefore they complement the Nespresso system with a suitably streamlined space: efficient, stylish and conspicuously upmarket. Outside at least one Sydney boutique for instance (Bondi Junction, in the fashionable eastern suburbs), visitors enter through a club-style cordon, something usually associated with exclusive bars or hotels. This demarcates the boutique from neighbouring coffee chains, and signals Nespresso’s claim to more privileged patrons. This strategy though, the cultivation of a particular customer through aesthetic design and subtle flattery, is not unique. For decades, Starbucks also contrived a “special” coffee experience. Moreover, while the Starbucks model strikes a very different sensorial chord to that of Nespresso (in terms of décor, target consumer and so on) it effectively groomed and prepped everyday coffee drinkers to a level of relative self-sufficiency and expertise—and therein is the link between Starbucks’s mass-marketed approach and Nespresso’s timely arrival. Starbucks opened its first store in 1971, in Seattle. Three partners founded it: Jerry Baldwin and Zev Siegl, both teachers, and Gordon Bowker, a writer. In 1982, as they opened their sixth Seattle store, they were joined by Howard Schultz. Schultz’s trip to Italy the following year led to an entrepreneurial epiphany to which he now attributes Starbucks’s success. Inspired by how cafés in Italy, particularly the espresso bars in Milan, were vibrant social hubs, Schultz returned to the US with a newfound sensitivity to ambience and attitude. In 1987, Schultz bought Starbucks outright and stated his business philosophy thus: “We aren’t in the coffee business, serving people. We are in the people business, serving coffee” (quoted in Ruzich 432). This was articulated most clearly in how Schultz structured Starbucks as the ultimate “third place”, a welcoming amalgam of aromas, music, furniture, textures, literature and free WiFi. This transformed the café experience twofold. First, sensory overload masked the dull homogeny of a global chain with an air of warm, comforting domesticity—an inviting, everyday “home away from home.” To this end, in 1994, Schultz enlisted interior design “mastermind” Wright Massey; with his team of 45 designers, Massey created the chain’s decor blueprint, an “oasis for contemplation” (quoted in Scerri 60). At the same time though, and second, Starbucks promoted a revisionist, airbrushed version of how the coffee was produced. Patrons could see and smell the freshly roasted beans, and read about their places of origin in the free pamphlets. In this way, Starbucks merged the exotic and the cosmopolitan. The global supply chain underwent an image makeover, helped by a “new” vocabulary that familiarised its coffee drinkers with the diversity and complexity of coffee, and such terms as aroma, acidity, body and flavour. This strategy had a decisive impact on the coffee market, first in the US and then elsewhere: Starbucks oversaw a significant expansion in coffee consumption, both quantitatively and qualitatively. In the decades following the Second World War, coffee consumption in the US reached a plateau. Moreover, as Steven Topik points out, the rise of this type of coffee connoisseurship actually coincided with declining per capita consumption of coffee in the US—so the social status attributed to specialised knowledge of coffee “saved” the market: “Coffee’s rise as a sign of distinction and connoisseurship meant its appeal was no longer just its photoactive role as a stimulant nor the democratic sociability of the coffee shop” (Topik 100). Starbucks’s singular triumph was to not only convert non-coffee drinkers, but also train them to a level of relative sophistication. The average “cup o’ Joe” thus gave way to the latte, cappuccino, macchiato and more, and a world of coffee hitherto beyond (perhaps above) the average American consumer became both regular and routine. By 2003, Starbucks’s revenue was US $4.1 billion, and by 2012 there were almost 20,000 stores in 58 countries. As an idealised “third place,” Starbucks functioned as a welcoming haven that flattened out and muted the realities of global trade. The variety of beans on offer (Arabica, Latin American, speciality single origin and so on) bespoke a generous and bountiful modernity; while brochures schooled patrons in the nuances of terroir, an appreciation for origin and distinctiveness that encoded cultural capital. This positioned Starbucks within a happy narrative of the coffee economy, and drew patrons into this story by flattering their consumer choices. Against the generic sameness of supermarket options, Starbucks promised distinction, in Pierre Bourdieu’s sense of the term, and diversity in its coffee offerings. For Greg Dickinson, the Starbucks experience—the scent of the beans, the sound of the grinders, the taste of the coffees—negated the abstractions of postmodern, global trade: by sensory seduction, patrons connected with something real, authentic and material. At the same time, Starbucks professed commitment to the “triple bottom line” (Savitz), the corporate mantra that has morphed into virtual orthodoxy over the last fifteen years. This was hardly surprising; companies that trade in food staples typically grown in developing regions (coffee, tea, sugar, and coffee) felt the “political-aesthetic problematization of food” (Sassatelli and Davolio). This saw increasingly cognisant consumers trying to reconcile the pleasures of consumption with environmental and human responsibilities. The “triple bottom line” approach, which ostensibly promotes best business practice for people, profits and the planet, was folded into Starbucks’s marketing. The company heavily promoted its range of civic engagement, such as donations to nurses’ associations, literacy programs, clean water programs, and fair dealings with its coffee growers in developing societies (Simon). This bode well for its target market. As Constance M. Ruch has argued, Starbucks sought the burgeoning and lucrative “bobo” class, a term Ruch borrows from David Brooks. A portmanteau of “bourgeois bohemians,” “bobo” describes the educated elite that seeks the ambience and experience of a counter-cultural aesthetic, but without the political commitment. Until the last few years, it seemed Starbucks had successfully grafted this cultural zeitgeist onto its “third place.” Ironically, the scale and scope of the brand’s success has meant that Starbucks’s claim to an ethical agenda draws frequent and often fierce attack. As a global behemoth, Starbucks evolved into an iconic symbol of advanced consumer culture. For those critical of how such brands overwhelm smaller, more local competition, the brand is now synonymous for insidious, unstoppable retail spread. This in turn renders Starbucks vulnerable to protests that, despite its gestures towards sustainability (human and environmental), and by virtue of its size, ubiquity and ultimately conservative philosophy, it has lost whatever cachet or charm it supposedly once had. As Bryant Simon argues, in co-opting the language of ethical practice within an ultimately corporatist context, Starbucks only ever appealed to a modest form of altruism; not just in terms of the funds committed to worthy causes, but also to move thorny issues to “the most non-contentious middle-ground,” lest conservative customers felt alienated (Simon 162). Yet, having flagged itself as an ethical brand, Starbucks became an even bigger target for anti-corporatist sentiment, and the charge that, as a multinational giant, it remained complicit in (and one of the biggest benefactors of) a starkly inequitable and asymmetric global trade. It remains a major presence in the world coffee market, and arguably the most famous of the coffee chains. Over the last decade though, the speed and intensity with which Nespresso has grown, coupled with its atypical approach to consumer engagement, suggests that, in terms of brand equity, it now offers a more compelling point of difference than Starbucks. Brand “Me” Insofar as the Nespresso system depends on a consumer market versed in the intricacies of quality coffee, Starbucks can be at least partly credited for nurturing a more refined palate amongst everyday coffee drinkers. Yet while Starbucks courted the “average” consumer in its quest for market control, saturating the suburban landscape with thousands of virtually indistinguishable stores, Nespresso marks a very different sensibility. Put simply, Nespresso inverts the logic of a coffee house as a “third place,” and patrons are drawn not to socialise and relax but to pursue their own highly individualised interests. The difference with Starbucks could not be starker. One visitor to the Bloomingdale boutique (in New York’s fashionable Soho district) described it as having “the feel of Switzerland rather than Seattle. Instead of velvet sofas and comfy music, it has hard surfaces, bright colours and European hostesses” (Gapper 9). By creating a system that narrows the gap between production and consumption, to the point where Nespresso boutiques advertise the coffee brand but do not promote on-site coffee drinking, the boutiques are blithely indifferent to the historical, romanticised image of the coffee house as a meeting place. The result is a coffee experience that exploits the sophistication and vanity of aspirational consumers, but ignores the socialising scaffold by which coffee houses historically and perhaps naively made some claim to community building. If anything, Nespresso restricts patrons’ contemplative field: they consider only their relationships to the brand. In turn, Nespresso offers the ultimate expression of contemporary consumer capitalism, a hyper-individual experience for a hyper-modern age. By developing a global brand that is both luxurious and niche, Nespresso became “the Louis Vuitton of coffee” (Betts 14). Where Starbucks pursued retail ubiquity, Nespresso targets affluent, upmarket cities. As chief executive Richard Giradot put it, with no hint of embarrassment or apology: “If you take China, for example, we are not speaking about China, we are speaking about Shanghai, Hong Kong, Beijing because you will not sell our concept in the middle of nowhere in China” (quoted in Canning 28). For this reason, while Europe accounts for 90 per cent of Nespresso sales (Betts 15), its forays into the Americas, Asia and Australasia invariably spotlights cities that are already iconic or emerging economic hubs. The first boutique in Latin America, for instance, was opened in Jardins, a wealthy suburb in Sao Paulo, Brazil. In Nespresso, Nestlé has popularised a coffee experience neatly suited to contemporary consumer trends: Club members inhabit a branded world as hermetically sealed as the aluminium pods they purchase and consume. Besides the Club’s phone, fax and online distribution channels, pods can only be bought at the boutiques, which minimise even the potential for serendipitous mingling. The baristas are there primarily for product demonstrations, whilst highly trained staff recite the machines’ strengths (be they in design or utility), or information about the actual coffees. For Club members, the boutique service is merely the human extension of Nespresso’s online presence, whereby product information becomes increasingly tailored to increasingly individualised tastes. In the boutique, this emphasis on the individual is sold in terms of elegance, expedience and privilege. Nespresso boasts that over 70 per cent of its workforce is “customer facing,” sharing their passion and knowledge with Club members. Having already received and processed the product information (through the website, boutique staff, and promotional brochures), Club members need not do anything more than purchase their pods. In some of the more recently opened boutiques, such as in Paris-Madeleine, there is even an Exclusive Room where only Club members may enter—curious tourists (or potential members) are kept out. Club members though can select their preferred Grands Crus and checkout automatically, thanks to RFID (radio frequency identification) technology inserted in the capsule sleeves. So, where Starbucks exudes an inclusive, hearth-like hospitality, the Nespresso Club appears more like a pampered clique, albeit a growing one. As described in the Financial Times, “combine the reception desk of a designer hotel with an expensive fashion display and you get some idea what a Nespresso ‘coffee boutique’ is like” (Wiggins and Simonian 10). Conclusion Instead of sociability, Nespresso puts a premium on exclusivity and the knowledge gained through that exclusive experience. The more Club members know about the coffee, the faster and more individualised (and “therefore” better) the transaction they have with the Nespresso brand. This in turn confirms Zygmunt Bauman’s contention that, in a consumer society, being free to choose requires competence: “Freedom to choose does not mean that all choices are right—there are good and bad choices, better and worse choices. The kind of choice eventually made is the evidence of competence or its lack” (Bauman 43-44). Consumption here becomes an endless process of self-fashioning through commodities; a process Eva Illouz considers “all the more strenuous when the market recruits the consumer through the sysiphian exercise of his/her freedom to choose who he/she is” (Illouz 392). In a status-based setting, the more finely graded the differences between commodities (various places of origin, blends, intensities, and so on), the harder the consumer works to stay ahead—which means to be sufficiently informed. Consumers are locked in a game of constant reassurance, to show upward mobility to both themselves and society. For all that, and like Starbucks, Nespresso shows some signs of corporate social responsibility. In 2009, the company announced its “Ecolaboration” initiative, a series of eco-friendly targets for 2013. By then, Nespresso aims to: source 80 per cent of its coffee through Sustainable Quality Programs and Rainforest Alliance Certified farms; triple its capacity to recycle used capsules to 75 per cent; and reduce the overall carbon footprint required to produce each cup of Nespresso by 20 per cent (Nespresso). This information is conveyed through the brand’s website, press releases and brochures. However, since such endeavours are now de rigueur for many brands, it does not register as particularly innovative, progressive or challenging: it is an unexceptional (even expected) part of contemporary mainstream marketing. Indeed, the use of actor George Clooney as Nespresso’s brand ambassador since 2005 shows shrewd appraisal of consumers’ political and cultural sensibilities. As a celebrity who splits his time between Hollywood and Lake Como in Italy, Clooney embodies the glamorous, cosmopolitan lifestyle that Nespresso signifies. 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