Особливості застосування інструментарію антиінфляційного регулювання за умов нестабільності фінансових ринків

Abstract

Проаналізовано практику використання механізмів застосування інструментарію антиінфляційного регулювання в умовах нестабільності фінансових ринків європейських країн, США, пострадянських країн та України. Систематизовано напрямки антиінфляційної політики, що довели свою ефективність у кризовий період 2008–2009 рр. Запропоновано інструменти регулювання інфляції у сучасних умовах в Україні. Відстежено застосування державними регуляторами широкого набору методів та інструментів стримування інфляційних процесів, а також виокремлено нетривіальне використання традиційних механізмів регулювання інфляції, що в умовах фінансової стабільності є недоцільним. Introduction The practice of using the mechanisms of the anti-inflationary regulation instruments in the conditions of financial markets instability in the European countries, the USA, Post-Soviet Union countries and Ukraine has been analyzed in the article. The directions of the anti-inflationary policy, having proved its effectiveness during the crisis period of 2008-2009 years, have been systematized. The tools for the infl ation regulation in the current conditions in Ukraine have been suggested. Purpose The author proves the thesis that it is best to consider the anti-inflationary policy, which is implemented by the National Bank of the state, during the deployment of the country’s economy crisis. Such a situation could have been observed in the economy of Ukraine during 2008-2009, and now, at the beginning of 2015, there is a tendency of increasing the volatility in the financial markets. Methods In such conditions it is possible to track the application by state regulators of a wide set of methods and tools to restrain infl ation, and also to note the non-trivial use of traditional mechanisms to regulate inflation, which in the conditions of financial stability is impractical. Results Thus, it is established that in the conditions of instability of financial markets, which were characteristic of the economies of most countries in 2008-2009, governments of European countries, the USA, former Soviet countries and Ukraine have used such mechanisms to the application of anti-inflationary tools of regulation, as the policy of equity funding and quantitative easing, the transition to the quantitative expansion of the Central Bank balance sheet, financial support of commercial banks, the acquisition on the balance sheet of Central banks long-term government bonds, reduce of the fiscal deficit, the increase in refinancing rates, and reservations, «the sterilization of excess liquidity in the banking system, as well as the inflation targeting. Conclusion The article substantiates the statements that the instruments of monetary policy, as a rule, are not sufficient to manage demand and supply inflation in the conditions of financial markets instability, and the anti-inflationary regulation should be an integral part of the financial and economic policy of the state. The effectiveness of the anti-inflationary policy largely depends on the correct estimation of a complicated economic situation, the choice of the most effective measures of the impact on the economy, the ability to calculate the results of the inflation regulation.