The Main Instruments of the State’s Monetary Policy

Анотація

The article discloses provisions regarding the functioning of the main instruments and mechanisms of the State’s monetary policy, in particular the definition and regulation of the mandatory reservation norms, interest policy, refinancing, currency interventions, operations with securities in the open market, as well as the peculiarities of their application in the context of adaptation of inflation targeting. The theoretic-methodological bases of the use of monetary instruments in the context of institutional changes of the financial system are deepened. Goals are defined and the main indicators of Ukraine’s monetary policy for the period of 2001-2019, including the consumer price index, interest rate, monetization of the economy, official rate of the national currency to the US dollar, international foreign exchange reserves are analyzed. It is substantiated that the State represented by the central bank through the channels of monetary policy can stimulate economic development in accordance with the priorities of its financial-economic policy to support economic growth, maximum employment, price stability and external economic equilibrium. The transmission mechanism of monetary regulation and the main channels of its implementation are considered taking into account the cyclicality of the economy. The need to strengthen coordination of the monetary policy measures with other components of the State’s financial policy, in particular fiscal policy, is substantiated. The expediency of using both symmetrical and asymmetric monetary regulation in various macro-economic conditions is characterized. The basic principles of the central bank’s activities are defined, ensuring that the processes of endogenous economic growth can be effectively regulated by monetary means.

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