Theoretical and legal framework of money circulation as a public-law phenomenon

Можаровська, Наталія Олегівна (2025) Theoretical and legal framework of money circulation as a public-law phenomenon Міжнародний науковий журнал "Інтернаука". Серія: "Юридичні науки", 93 (11). pp. 29-37. ISSN 2520-2308, 2709-5452

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Abstract

Introduction. The modern monetary system is one of the core spheres of public finance, combining market self-regulation, state monetary policy, and international financial stability standards. The processes of digitalization, wartime economy, and European integration necessitate the reinterpretation of money circulation as a public-law phenomenon. Amid global challenges – armed aggression, currency fluctuations, and strengthened financial control – money circulation becomes a key instrument for implementing state monetary policy and ensuring financial security. International standards set by the IMF, the Basel Committee, the ECB, and EU law outline benchmarks for modernizing Ukraine’s legal regulation of money circulation. Purpose. The purpose of the article is to conceptualize the law of money circulation as an inter-branch public-law institute and to determine its subject, methods, and structural elements ensuring the stability of Ukraine’s monetary system. The study emphasizes the correlation between the economic nature of money circulation and its legal form, as well as the functional role of this institute within the system of public law. Materials and methods. The materials of the research include: The study is based on the normative legal acts of Ukraine defining the legal and institutional framework of money circulation, including the Law of Ukraine “On the Ratification of the Association Agreement between Ukraine and the EU” (2014), the Resolution of the Cabinet of Ministers “On the National Economic Strategy until 2030” (2021), and the by-laws of the National Bank of Ukraine. The theoretical foundation relies on the works of I. Prots, Yu. Mykhalskyi, O. Orliuk, T. Latkovska, O. Leshchenko, O. Dziubliuk, V. Kornieiev, and other scholars, as well as analytical materials from the NBU, IMF, World Bank, and ECB. The methodological basis rests on the principle of methodological pluralism, combining dialectical, system-structural, comparative-legal, formal-legal, and analytical methods to identify the regularities of monetary regulation and develop the author’s concept of its public-law nature. Results. The study presents a system-legal analysis of money circulation as an inter-branch public-law institute integrating the norms of constitutional, administrative, financial, and international law. It establishes that the subject of legal regulation covers social relations related to the organization, stabilization, and control of the monetary system, combining imperative and coordination methods of influence. The identified basic and auxiliary subinstitutes ensure the structural integrity and adaptability of the legal mechanism of money circulation, particularly under martial law. The institute performs stabilization, coordination, and protective functions aimed at strengthening financial security and the state’s economic sovereignty. Discussion. Further research should focus on developing a comprehensive model of the law of money circulation as part of the public-law framework for financial stability. Promising directions include clarifying the relationship between basic and auxiliary subinstitutes, particularly in the areas of digital currencies, intergovernmental payment systems, and special legal regimes. The concept of public-law responsibility in monetary relations and the unification of transparency and accountability standards in monetary policy require further elaboration to strengthen economic sovereignty and promote Ukraine’s European integration.

Item Type:	Article
Uncontrolled Keywords:	money circulation; public law; financial law; monetary policy; National Bank of Ukraine; financial stability; public-law responsibility; economic sovereignty; digitalization of the financial system; basic and auxiliary subinstitutes; legal regulation; international standards
Subjects:	Статті у періодичних виданнях > Фахові (входять до переліку фахових, затверджений МОН)
Divisions:	Факультет права та міжнародних відносин > Кафедра публічного права
Depositing User:	Доцент Наталія Олегівна Можаровська
Date Deposited:	05 Feb 2026 14:09
Last Modified:	05 Feb 2026 14:09
URI:	https://elibrary.kubg.edu.ua/id/eprint/56294

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