Financial Policy of Ukraine for the Maintenance of Macroeconomic Stability

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https://ekmair.ukma.edu.ua/handle/123456789/31818

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Browsing Financial Policy of Ukraine for the Maintenance of Macroeconomic Stability by Author "Primierova, Olena"

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    Evaluation of the effectiveness of monetary policy in Ukraine
    (Kyiv-Mohyla Academy Publishing House, 2023) Veremiienko, Vitalii; Primierova, Olena
    Throughout the war period, the NBU's monetary policy was adaptive, focusing on crisis management and the stabilization of the financial system while laying the groundwork for post-conflict economic recovery. The unique challenges posed by the war necessitated a departure from conventional monetary policy practices, emphasizing the need for flexibility and responsiveness in central banking during times of crisis. Based on the information provided above, Ukraine followed a similar path to other countries when the NBU chose to peg the exchange rate of hryvnia to USD during the onset of the invasion. This move was made by the regulator to maintain stability in economic agents' expectations and thereby ensure macro-financial stability during the war. In addition, the fixed exchange rate played a vital role in controlling inflation.
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    Financial Policy of Ukraine for the Maintenance of Macroeconomic Stability : the collective monograph
    (Kyiv-Mohyla Academy Publishing House, 2023) Lukianenko, Iryna; Galytska, Eleonora; Primierova, Olena; Slaviuk, Nataliia; Nasachenko, Mariia; Donkoglova, Nataliia; Lepekha, Kateryna; Mordas, Olena; Orlovska, Oleksandra; Tomilina, Mariia; Nesterenko, Anastasiia; Veremiienko, Vitalii; Lukianenko, Iryna
    The development of theoretical and methodological foundations in the field of state financial policy has been the subject of numerous works by both domestic and foreign scholars. Despite this, in contemporary conditions, the issues of state regulation require further resolution. The relevance of this research is strengthened by the complex socio-economic situation arising in Ukraine since the onset of a full-scale invasion, the growth of external and internal risks, social and financial instability, the increasing outflow of skilled labor, and the economic decline, significantly limiting the application of classic macroeconomic regulation tools. The significance and complexity of these problems, both in theoretical and practical aspects, underline the importance and value of research in this direction, which should make a substantial scientific and practical contribution to enhancing the effectiveness of management decisions to ensure the macroeconomic stability of the state. Accordingly, the research aims to develop theoretical and methodological provision and contemporary economic-mathematical tools to form a financial policy strategy, which has the goal to ensure economic stability, to increase the competitiveness of the national economy, and restore economic growth in Ukraine. For students of economic specialties, graduate students, teachers, civil servants, specialists and everyone who seeks to master the theoretical and practical aspects of building dynamic macroeconomic and simulation models for the formation of medium-term and longterm economic policy of the state, aimed at achieving macroeconomic stability even under unpredictable conditions of rapid development of external and internal crisis phenomena.
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    Inflation targeting as the main tool of monetary policy
    (Kyiv-Mohyla Academy Publishing House, 2023) Tomilina, Mariia; Veremiienko, Vitalii; Primierova, Olena
    Inflation targeting (IT) is currently one of the most popular monetary policy frameworks in both advanced and emerging economies. As of 2023, more than 70 central banks around the world have adopted it in some form, including the US Federal Reserve System, the ECB, the Bank of Japan, and the Bank of England.
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    The monetary policy experience during the war and post-war periods
    (Kyiv-Mohyla Academy Publishing House, 2023) Tomilina, Mariia; Primierova, Olena
    During a crisis, the objectives of a monetary policy shift to address the unique challenges presented by a military economy. In such an economy, government expenditure rises, and the state's role in the economy becomes more prominent. Furthermore, economic decisions are dominated by security concerns, and the economic multiplier effect is limited due to the destruction caused by war. If we look at the Federal Reserve System of the U.S. when World War II outbroke, the challenges for dealing with a considerable surge in the federal deficit due to increased war expenditures occurred even though the Treasury was depended more on taxes than it was during World War I and even with the rise in tax revenue due to the significant growth in industrial production.
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    Recommendations for enhancing monetary policy interventions to achieve macroeconomic stability in Ukraine over the medium term
    (Kyiv-Mohyla Academy Publishing House, 2023) Nasachenko, Mariia; Primierova, Olena
    Monetary policy constitutes a pivotal instrument of economic governance, enabling the regulation of inflation levels, ensuring the stability of the financial system, and supporting sustainable economic growth. However, the implementation of monetary policy amidst macroeconomic instability presents unique characteristics and poses a complex task for central banks and other state authorities. A notable challenge is that macroeconomic instability diminishes the effectiveness of monetary policy. For instance, in a recessionary context, increasing the discount rate does not yield the anticipated effect of reducing inflation and diminishing investment activity. Furthermore, a higher policy key rate can augment the risk of insolvency for households and businesses.