Research of modern monetary policy trends: world reality and prospects for Ukraine

Abstract

The paper deals with the problems of monetary regulating in crisis period. New practice of state regulation of the economy shows that monetary factors not only most affect to economic development, but also lead to strengthen the general instability in the economy, thereby increasing attention to various aspects of monetary policy.

Detailed analysis of the proceedings of anti-crisis tools of the most influential countries in the world, including the US, UK and Eurozone, is conducted. It is proved that the policy of quantitative easing most successful use by NBU in the modern world.The weak point is that Ukraine has very large percentage of the shadow economy and corruption in decision making. Then use of quantitative easing policy might give unexpected negative effect. It is therefore necessary to pay special attention to the clarity and transparency of this policy and adapt it to the Ukrainian realities. Opportunities for further research are adopting the experience of foreign countries to improve instruments of monetary regulation and activation of areas of lending to the real economy, which is now so necessary to Ukraine. Threats to the research results are that when choosing instruments and activities of monetary policy must recognize that the implementation of certain instruments is double, not always fully predictable. On the one hand, using the discount rate large amount of money in circulation in order to keep inflation can be controlled, on the other - the discount rate has a direct impact on the liquidity of the banking system, investment process and state of production. Therefore, the change in the discount rate should be approached carefully enough not to impose sharp and significant adjustment of the discount rate.