Грошово-кредитна політика центрального банку в умовах фінансової нестабільності

Abstract

The thesis is devoted to studying of theoretical, methodical and practical aspects of the central bank monetary policy implementation in the context of financial volatility overcoming. The issue of ensuring the effectiveness of monetary policy is extremely relevant for Ukraine, because, due to the world experience and domestic realities in this field, it is the monetary instruments that can be used to ensure the price, currency and financial stability, as well as to ensure the economic growth. The thesis is based on the concept of financial volatility. It is defined the institutional role of a central bank in the process of its overcoming. The economic content and monetary policy essence are investigated, and its main elements are structured. The definition of the central bank is formulated in accordance with the justification of its status from the point of view not only of the banking system, but also of the state authorities and the need of financial market regulation as a whole. It is suggested the definition of monetary policy transmission mechanism which combines the transmission of channels and effects, the combination of which allows influencing the economic agents’ behavior change in accordance with the strategic directions of the central bank activity. It has been proved that the financial volatility problems solving is possible in case of increasing the flexibility of monetary policy by introducing an eclectic monetary regime. The classification of central banks’ the main functions has also been improved by taking into account their evolutionary component, in particular, its value has been expanded by adding functions to ensure the financial stability and economic growth. Based on the analysis of targeting the main indicators’ impact on the macroeconomic processes, it has been determined that the inflation targeting today is not an effective method of influencing the country's economic processes, since the NBU does not fully possess the means to achieve the inflation target. The monetary control is impossible due to unpredictability of the impact on prices, an d consequently there is no corresponding reaction of market institutions to change the monetary and credit policy. It is proved that it is the exchange rate that has a significant impact on the macroeconomic stability of the country and the NBU has enough instruments of influencing its level, which made it possible to substantiate the optimality of the currency targeting regime in the present conditions. Based on the world experience analytical assessment in the field of monetary regimes choice and implementation, the economic and mathematical analysis of the monetary policy instruments effectiveness of the National Bank of Ukraine, the thesis substantiates four key objectives of monetary policy, such as: 1) the optimization of monetary regime by modernizing its to the level of eclectic system of targets plurality; 2) the effective increasing of monetary policy instruments through the introduction of non-conventional instruments, currency swaps and asymmetric policy of interest rate; 3) the financial volatility overcoming by ensuring the price and currency stability through the improvement of exchange rate policy on the basis of establishing the optimal ratio of exchange rate and inflation dynamics; 4) the maintenance of sustainable economic growth by implementing the previous tasks and realization of long -term refinancing programs of commercial banks in order to stimulate credits of the real sector of the economy.