Origin and Development of the Fiscal Mechanism of Regulation of Investment Processes in the Ukrainian Lands in Princely Times

The study of sources of funds and directions of use of the treasury and their impact on the development of investment processes in the Old Russian state becomes especially relevant, because it allows to determine whether this process on Ukrainian lands was chaotic, or had clear rules and procedures. The purpose of the study is to consider the peculiarities of the formation and functioning of the fiscal mechanism for regulating investment processes in Ukraine territory during the princely times (IX-XIV centuries). The specifics of scientific tasks being the subject of the research required the use of a complex of methods (empirical, theoretical, theoretical and empirical), which enabled to analyze the historical aspects of the fiscal mechanism and its impact on investment during the existence of Kievan Rus. The study clarified the specifics of the functioning of the components of the fiscal mechanism, including revenues and expenditures of the prince's treasury. It is established that in the Old Russian state the revenues of the prince's treasury were mostly formed from tax sources, and also came from judicial, military and trade activities of the state. It was found that the expenditures of the prince's treasury were directed to meet not only the state needs, but also the personal needs of the prince and his wife. It is determined that there were additional sources of public needs, including in-kind duties. With the arrival of the Mongol-Tatars on Ukrainian lands, the fiscal mechanism changed, as the conquerors introduced their own tax payments, which were going to meet the needs of the Golden Horde. Expenditures of the budget of the Mongol-Tatar state did not have a real impact on the development of Ukrainian territories, because they provided only the needs of the conquering state. The practical value of the study is that the historical analysis revealed the mechanism of influence of the fisc on investment processes in Kievan Rus, elements of which can be introduced in modern conditions. Such influence was exercised through preferential taxation, the introduction of investment-oriented duties and the allocation of funds from the prince's treasury.