Monetary policy instruments in the system of adjustment of external payments imbalances

Authors

  • Григорій Вікторович Мироненко Kyiv National Economic University named after Vadym Hetman, 54/1, pr. Peremogy, Kyiv, Ukraine, 03680, Ukraine https://orcid.org/0000-0002-6349-3661

DOI:

https://doi.org/10.15587/2312-8372.2014.25401

Keywords:

current payments imbalances, discount monetary policy, foreign currency interventions, international reserves

Abstract

A brief overview of theoretical concepts of adjustment of external payments imbalances and analysis of the role of monetary policy instruments in the conditions of transformation of monetary policy in Ukraine are given in the paper. The relevance of the study, in the author’s opinion, is justified by several factors: firstly, the existing research work mostly covers the period of using a fixed exchange rate in Ukraine, while the effects of switching to inflation targeting, transition to the national currency floating and increased use of other monetary policy instruments are underinvestigated; secondly, the economic crisis of the 2007-2008th, the economic recession in the post-crisis period, threatening growth dynamics of the current account deficit and change of monetary policy targets, declared by the National Bank of Ukraine resume the relevance of the balance of payments equilibration. During the study the author has concluded that stabilization measures of the NBU, which are to diversify the instruments of monetary policy of the National Bank of Ukraine in the I quarter of the 2014, namely to abandon the fixed exchange rate and currency interventions, increase the use of interest rate policy have proved to be effective.

Author Biography

Григорій Вікторович Мироненко, Kyiv National Economic University named after Vadym Hetman, 54/1, pr. Peremogy, Kyiv, Ukraine, 03680

PhD Student

Department of Management of Banking Activities

References

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Published

2014-06-26

How to Cite

Мироненко, Г. В. (2014). Monetary policy instruments in the system of adjustment of external payments imbalances. Technology Audit and Production Reserves, 3(3(17), 54–57. https://doi.org/10.15587/2312-8372.2014.25401

Issue

Vol. 3 No. 3(17) (2014): Economy of enterprise

Section

Economy of enterprise

License

Copyright (c) 2016 Григорій Вікторович Мироненко

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