PROBLEMS OF DETERMINING THE STRATEGY GOALS OF MONETARY POLICY
DOI:
https://doi.org/10.15407/econlaw.2018.01.076Keywords:
monetary policy, National Bank of Ukraine, strategic goals, stability of monetary unit, budget policy, financial stabilityAbstract
The article analyzes the essence of the strategic goal of the monetary policy of the National Bank of Ukraine — ensuring the stability of the monetary unit of Ukraine. This is a complex and internally dynamic term that includes three elements: internal (price) and / or external stability (stability of the exchange rate) of a monetary unit, as well as stability of prices for credit resources (assets). In turn, each of these elements contains complex ratios of macroeconomic parameters that make it impossible to simultaneously their achievement. It is determined that the instruments of monetary policy are not enough to achieve it. Effective results in this direction can be achieved provided that the actions of the Cabinet of Ministers of Ukraine and the National Bank of Ukraine are coordinated, as well as the comprehensive application of all instruments of the state mechanism for regulating the economy. The aim of securing the stability of the monetary unit should be separate from the goal of financial stability and delegate to a special institution that ensures appropriate coordination of the activities of all regulatory bodies and has a more functional tools in this direction, in particular to the Cabinet of Ministers of Ukraine. The monetary policy of the National Bank of Ukraine should remain an element of macroeconomic regulation aimed at supporting general economic goals, while the activity of central banks should be more closely integrated into the process of ensuring financial stability. To achieve this goal, along with instruments of monetary policy, an additional set of tools will be applied, in particular: the introduction of proper supervision of the financial system, monitoring and analysis of its systemic risks; micro- and macroprudential instruments (in particular, measures to ensure capital adequacy and liquidity in the banking sector) measures to increase the sustainability of the financial infrastructure; the establishment of capital requirements in accordance with the Basel III agreement, etc. Such tools can prevent imbalances, strengthen the financial sector’s stability and strengthen the effect of the use of the instruments of monetary policy, in particular, operations on the open market, the establishment of mandatory reserves, refinancing ect.
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