Money market regulation with monetary policy instruments

Краус, Катерина Миколаївна and Краус, Наталія Миколаївна and Нікіфоров, Петро Опанасович (2022) Money market regulation with monetary policy instruments Європейський науковий журнал Економічних та Фінансових інновацій (2). pp. 77-90. ISSN 2617-863X

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Abstract

The article describes the state of affairs in domestic money market over the past 5 years and during martial law, in particular. Instruments of money market regulation are indicated. It is noted that three regimes of monetary policy have been widely developed in practice, namely, the regime of targeting the exchange rate; monetary targeting regime; the inflation targeting regime. Authors analyzed the dynamics of monetary aggregates over 5 years and the dynamics of the Ukrainian index of overnight interbank rates over the past twelve months. The opinions of experts regarding the institutional components of money market regulation during the period of martial law are analyzed. Main instrument of monetary policy remains the discount rate. In the 4th quarter of 2022 and in the future, National Bank will maintain the discount rate at the level of 25% per annum. According to the expectations of experts, exchange rate stability, supported by this level of the discount rate and additional measures of NBU, will continue to contribute to maintaining the controllability of inflationary processes. The authors presented the stages of decision-making on monetary policy in Ukraine under martial law. In the article, authors draw attention to the fact that important factors in overcoming problems on the money market and the financial crisis in the post-war period can be the provision of a significant increase in the level of capitalization of financial institutions, their transparency in relation to owners, the content of services and results of operations, as well as the acceleration of the introduction of new technologies of mechanisms and principles of investment, evaluation of the results of the activities of financial institutions. Some measures to strengthen monetary policy with the aim of reducing inflationary pressure are proposed in 2022. The opinion was expressed that in the post-war period it is worth accelerating the development of the open architecture of the financial market and the oversite by introducing new standards and payment formats (ISO 20022); stimulating the development of new technologies for making payments and money transfers; studying the possibilities of issuing the central bank’s digital currency e-hryvnia.

Item Type:	Article
Uncontrolled Keywords:	money market; price stability; monetary policy instruments; inflation; discount rate; inflationary pressure
Subjects:	Це архівна тематика Київського університету імені Бориса Грінченка > Статті у наукометричних базах > Index Copernicus
Divisions:	Це архівні підрозділи Київського університету імені Бориса Грінченка > Факультет економіки та управління > Кафедра управління
Depositing User:	Катерина Миколаївна Краус
Date Deposited:	21 Nov 2022 05:12
Last Modified:	21 Nov 2022 05:15
URI:	https://elibrary.kubg.edu.ua/id/eprint/42624

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