The study aims to analyse banks’ investment in securities during the post-crisis period and reveal the constraints accompanying this process. Grouping the banks by the portion of assets, invested in securities, we peculiar models of the banks’ behaviour on the securities’ market that differ by the levels of risk taken. Passive invest-ment strategy, that implies less than 10% of securities’ portfolio invested under the terms of merchant portfolio, is the most popular among banks. Based on historical analysis of banks’ investment in securities, we make the conclusion that economic downturn is one of the factors of increasing the share of banks’ securities portfolio in their assets.
We find that risk level of bank’s securities portfolio highly depends on the portfolio’s share in the bank’s as-sets. Based on this conclusion, it turns out that the banks of the third and fourth groups (percentage of assets invested in securities is less than 10% and 5% respectively) compile the main potential funds for investing in risky securities like corporate bonds and stocks. Among the main constraints accompanying the process of banks’ investment in securities are: the size of securities’ market, particularly, the absence of sufficient supply of investment-grade securities; high level of market concentration on both supply and demand sides (in par-ticular government bonds and banks’ funds respectively); and the absence of the opportunity to invest in foreign-listed securities.

Keywords:banks’ investments, securities, portfolio of securities, stock market, reserves for active operations

The article presents the principles on which the strategy of regional technological safety is based and justifies the development of a mechanism for its realization. The author defines principles and fundamentals on which such a mechanism is based. The mechanism’s goal is the creation of conditions for region’s economically efficient sus-tainable development with a high level of technological safety. The mechanism includes both institutions of state regulation and market institution that influence the processes in the sphere of innovations. The functions of the mechanism under consideration are creation of organizational-and-legal bases for regional technological safety, defining and assessment of potential threats, and participation in the international and national systems of tech-nological safety. The article specifies various priority guidelines to raise the level of regional technological safety and the responsible subjects. A two-level organizational system for the monitoring of regional technological safety is proposed, which consists of the state and regional levels. On the regional level, monitoring is a system of regular observation over the dynamics of the development of relevant processes and events. Formation of regional technological safety requires proper institutional grounds hence the author proposes to establish a spe-cial department in the regional state administration

Keywords:strategy, technological safety, region, realization mechanism, market institution, priorities, monitoring

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The article is devoted to the problem of formation and development of entrepreneurship in Ukraine. The author shows historical conditionality of modern features of entrepreneurial activity and reveals the causes and factors of the deformation of the institution of entrepreneurship. The importance of private enterprise for economic development is explored, and the roles of innovation and competition are underlined.
The author uses the methods of evolutionary economic theory and institutional history, carries out a retrospective review of the origin, formation and development of entrepreneurship and reveals the importance of primary forms of entrepreneurship in the Middle Ages. The economy and trade were of a high level and progressive character on the Ukrainian lands. Institutional norms contributed to the development of private entrepreneurship. Kievan Rus was an economic leader of Europe. Further disintegration of the state had negative consequences. Political, social and religious barriers arose for the entrepreneurial activity of the Ukrainian population. In the article, the reverse character of institutional evolution is justified.
The author reveals the role of the Ukrainian Cossack State and the policy of Bohdan Khmelnitsky in economic democratization and shows the dependence between the processes of formation of the national state and the formation of the national market. The myth of the primacy of state and landowner manufactories is refuted. In mid-17th century, manufactories developed on the basis of private crafts, being the private property and hired labor at the heart of entrepreneurship. Institutional scrapping occurred later, when the Russian empire planted state-owned manufactories and factories. The concentration of power and property in the hands of the landlords and the state hindered the development of capitalism.
Reforms of the second half of the 19 – early 20th centuries strengthened the integration of the Ukrainian economy into the Russian market, though numerous features of the feudal system were preserved. The asymmetry of access to economic resources aggravated. The policy of "internal pro-tectionism" contributed to the rapid development of new industries and monopolization of the economy. A merge between business and state took place. At the same time, the unevenness of economic development intensified social contradictions.
Another institutional breakdown in the history of entrepreneurship in Ukraine occurred during the Soviet period. Mental and behavioral archetypes of economic activity were undermined, and the institutional foundations of private enterprise were destroyed.
Privatization and liberalization of the economy during the years of Ukraine's Independence have failed to overcome the historical trajectory of the development of economic institutions. Competition and private enterprise are inferior to monopoly and bureaucracy. The formation of a new entrepreneurship paradigm requires inclusion and social responsibility. Creation and dissemination of new innovative forms of entrepreneurship in Ukraine according to the network model corresponds to global trends. Reliance on social capital and IT technologies indicates the prospects for the development of entrepreneurship, and overcoming institutional barriers requires a proper transformation of the system of extractive institutions into a system of incentives and mechanisms of social inclusion.

Keywords: history of entrepreneurship, "path dependence", innovation activity, entrepreneurial environment, institutional interaction of the state and business structures, economic development

This article concerns digitalization of the energy industry in Ukraine. The authors review the evolutionary aspect of the gradual convergence of ITC and energy technologies and identify the key features and trends in digital transformation of Ukrainian economy. The international experience and the emerging global cooperation in energy digitalization are analyzed. Overall, the energy digitization is discovered to be a universal trend among the most prominent economies despite different prerequisites, interests, and factors concerned. It is shown that the progress in the formation of the intelligent energy supply systems depends on a number of factors. Unique features of specific subtasks that arise during digital transformation of energy industry are analyzed.
The article proposes consideration of the technological platform as a business model for digital development of infrastructure industries. The authors analyze the European experience in the formation and development of technology platforms as a basic tool for implementing innovation policy, economic growth of strategically important industries and technological development of the European Union countries. The potential and role of technological platforms in the process of digitalization of energy are determined. A structure of technological platform suited for the formation and development of the intelligent energy system in Ukraine is proposed. The main tasks and priorities of functioning of the domestic technological platform in the process of digitalization of domestic energy are determined. An organizational and economic mechanism for the formation of the intellectual energy system of Ukraine is developed.

Keywords: digital energy, technological convergence, smart energy systems, ICT, technological platforms

The article is devoted to the problem of the relationship between expected results and real institutional, structural, and financial consequences of agrarian reforms aimed at the capitalization of land. The purpose of the publication is to summarize the positive and negative experience of the peasant reform of 1861 on changes in the relations of ownership and land use in the budgetary and financial sphere and foreign economic activity. Research is based on the history-institutional methodology using tools of economic comparability, retrospective analysis, and historical reconstruction.
It is defined that the opening of the land market and the creation of a system of mortgage land loans allowed to increase the share of private land ownership of peasants, but did not turn them into effective owners and did not solve the problem of peasant land. Rising land prices contributed to the development of land speculation and increased rents, encouraging the farmers to predatory land use and depletion of soils without increasing productivity.
The capitalization of land and the expansion of the hired labor market contributed to economic growth, increased government revenues and expenditures, and overcame the chronic state budget deficit. At the same time, the credit indebtedness of peasants grew, while buyback payments depleted peasant farms, reducing the potential for capital formation and investment.
The public policy of forcing grain exports and supporting large agribusiness allowed to replenish the gold reserves of the treasury, but also led to the impoverishment of farmers, reduced quality of the exported grain, increased share of fodder crops, and lower share of food crops and finished goods. Intensified international competition to expand the supply of cheap grain led to lower prices, weaker competitive position of domestic exporters, and the growing dependence of the economy on world markets for agricultural products, and the dependence of local agrarian business on foreign capital.
The article provides recommendations to the government about taking into account the historical experience in the implementation of modern agrarian transformations, in particular, comprehensive support for farming as the main link of agricultural production and the guarantor of food security of the country. Their implementation will help prevent the risks of over-concentration of land, the proletarianization of the peasantry and their massive migration to cities and abroad, growing environmental problems, and vulnerability of the economy due to increasing dependence on the world markets for agricultural raw materials.
The publication was prepared based on the results of the research "Evolution of foreign economic relations of Ukraine (second half of the XVII - beginning of the XXI century)" (№ DR 0116U004418).

Keywords:agrarian reform, land capitalization, land ownership, peasant bank, financial support of the reform, productivity of agricultural production, export of agricultural products