THE INSTITUTIONAL STATUS OF THE CENTRAL BANK AS THE BASIS FOR EFFECTIVE MONETARY REGULATION

Анотація

Introduction. The article examines the institutional status of the central bank as a key foundation for effective monetary regulation and maintaining macro-financial stability in a market economy. It is shown that the evolution of central banks from emission centers to full-fledged monetary authorities has necessitated a clear definition of their place in the system of public administration. The purpose of this article is to analyze the institutional status of the central bank as a key factor in the effectiveness of monetary regulation in the context of contemporary economic challenges. Results. It has been established that the institutional status of a central bank is formed through a combination of legal, structural, functional, personal, and financial dimensions. It is determined that the legal status establishes the priority of the stability of the monetary unit, the structural dimension is the place of the central bank as the top level of the two-tier banking system, and the functional, personal and financial dimensions ensure operational independence. It has been proven that it is the consistency of these components that ensures the autonomy of the central bank, its ability to implement monetary policy and counteract political pressure. It is determined that the institutional status of the central bank is the basis of its sovereign role in the economy and is implemented through four fundamental functions. The features of the status of the National Bank of Ukraine at the legislative level are analyzed and the main contradictions that arise in the process of implementing monetary policy are noted. Conclusions. A properly formed institutional status of the central bank is the foundation of the stability of the monetary unit and effective state influence on economic processes through monetary regulation, as it ensures autonomy in decision-making, preventing uncontrolled money issuance and financing of the budget deficit. However, further development of the central bank's institutional capacity in the monetary sphere requires not only legislative improvement, but also financial market development.

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