Critical aspects of the evaluation of money and credit policy basic principles of the national bank of Ukraine
Journal Title: Економічний аналіз - Year 2017, Vol 27, Issue 3
Abstract
Introduction. The article deals with the problems and drawbacks of the formation of the fundamental principles of money and credit policy. The key elements of money and credit are considered. Among these elements the authors distinguished the goals and instruments of policy implementation, the monetary regime, mechanisms for ensuring price and exchange rate stability. On the basis of the results of critical analysis of the fundamentals of money and credit policy, the authors have worked out their own recommendations to optimize the document itself and the money and credit policy of the National Bank of Ukraine as a whole. Purpose. The research aims to determine the important weaknesses in the formation of the fundamental principles of money and credit policy as an integral strategic document to form the proposals for its optimization on the basis of the necessity to revise the monetary policy of the National Bank of Ukraine in the direction of achieving financial stability and stimulating economic growth. Method (methodology). In the course of the research we have used the methods of system analysis to assess the effectiveness of the fundamental principles of money and credit policy; methods of analogy and comparison to study the money and credit policy instruments of the National Bank of Ukraine and the leading central banks of the world; statistical methods to analyse the dynamics of macroeconomic indicators. Results On the basis of the complex analysis of the fundamental principles of monetary policy, the existence of the National Bank's surface analysis of global trends in the development of the world economy and possible risks for Ukraine has been substantiated. The ineffectiveness of scenario planning of the Ukrainian economy development has been proved. The incomplete account of risks that negatively affect the efficiency of money and credit policy has been considered. Particular attention is paid to analysis of the effectiveness of monetary policy instruments in the context of ensuring price stability and supporting sustainable economic growth. It has been developed a number of methodological recommendations concerning the introduction of transitional monetary regime, optimization of monetary policy instruments, in particular long-term refinancing instruments, improvement of the analysis of external shocks and scenario planning of economic development, grounding of more logical and structured approach to the construction of the fundamental principles of money and credit policy.
Authors and Affiliations
Oleksandr Dziubliuk, Vitalii Rudan
Keywords
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