The article is devoted to summarizing reform of property relations in Ukraine for twenty-five years of state independence. It analyzes the changes that occurred during this period in the relevant formal and informal public institutions. The author identifies a number of historically determined institutional risks of property transformation, which lead to a distortion of the nature of reforms and the depreciation of their results.
It is revealed that imperfection and inconsistency of the legislation regulating property relations brings about a permanent erosion of property rights and corruption; the crisis of legitimacy of private property leads to an outflow of capital, rising unemployment and falling living standards; disregard for the owners' rights is realized in their forced redistribution by re-privatization or raiding and impedes long-term investment; the threat of restitution casts doubt on real estate transactions and destabilizes the business environment.
It is concluded about the necessity of a comprehensive coherent compensation of the outlined institutional risks based on consideration of historically formed pe-culiarities of Ukrainian economic and legal mentality. Developed proposals on improving state policy in the sphere of property relations in order to enhance social legitimacy of private property and guarantees of owners' rights, fighting corruption, law enforcement, regulation of property legislation in accordance with universally recognized norms and standards of law, and rising the welfare and legal culture of society.

Keywords: institutional changes, formal and informal institutions, institutional risks, property rights, transformation of ownership, property legitimacy, privatization, property redistribution, restitution

The article is devoted to summarizing reform of property relations in Ukraine for twenty-five years of state independence. It analyzes the changes that occurred during this period in the relevant formal and informal public institutions. The author identifies a number of historically determined institutional risks of property transformation, which lead to a distortion of the nature of reforms and the depreciation of their results.
It is revealed that imperfection and inconsistency of the legislation regulating property relations brings about a permanent erosion of property rights and corruption; the crisis of legitimacy of private property leads to an outflow of capital, rising unemployment and falling living standards; disregard for the owners' rights is realized in their forced redistribution by re-privatization or raiding and impedes long-term investment; the threat of restitution casts doubt on real estate transactions and destabilizes the business environment.
It is concluded about the necessity of a comprehensive coherent compensation of the outlined institutional risks based on consideration of historically formed pe-culiarities of Ukrainian economic and legal mentality. Developed proposals on im-proving state policy in the sphere of property relations in order to enhance social legitimacy of private property and guarantees of owners' rights, fighting corruption, law enforcement, regulation of property legislation in accordance with universally recognized norms and standards of law, and rising the welfare and legal culture of society.

Keywords: institutional changes, formal and informal institutions, institutional risks, property rights, transformation of ownership, property legitimacy, privatization, property redistribution, restitution

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