{"id":11616,"date":"2019-05-20T15:43:36","date_gmt":"2019-05-20T12:43:36","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=11616"},"modified":"2019-05-21T20:32:40","modified_gmt":"2019-05-21T17:32:40","slug":"impact-of-currency-policy-on","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/impact-of-currency-policy-on\/","title":{"rendered":"Koliada Tatiana, Mala Natalia Impact of Currency Policy on the Economic Development of Ukraine"},"content":{"rendered":"

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JEL<\/strong> Classification:<\/strong> E58, F33, G28, \u041d62.<\/td>\nDOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V14(2019)-16<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text]Koliada Tatiana<\/strong>, Candidate of Sciences (Economics), Associate Professor, Associate Professor of the Department of Finance, National University of State Tax Service of Ukraine, Irpin, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0002-1574-4446<\/a>
\ne-mail:<\/strong> t.a.koliada@gmail.com<\/a><\/p>\n

Mala Natalia<\/strong>, student of the Training and Research Institute of Finance, Banking, National University of State Tax Service of Ukraine, Irpin, Ukraine<\/p>\n

e-mail: <\/strong>mala.nataliya@ukr.net<\/a><\/p>\n

Impact of Currency Policy on the Economic Development of Ukraine<\/h2>\n

 <\/p>\n

Abstract. Introduction<\/strong>. In order to ensure constant economic development of the country, there is a need for effective financial policy in the state, an integral part of which is the currency policy. Currency policy must guarantee the maintenance of the macroeconomic balance and balance of payments in the country and promote price stability. Therefore, the relevant problem for economic research is the disclosure of the mechanism for the implementation of currency policy and the identification of its impact on the economic development of Ukraine.<\/p>\n

Purpose<\/strong>. The purpose of the research is to assess the impact of currency policy on the country’s economic development, to reveal the peculiarities of its implementation in Ukraine, and to determine the tendencies of efficiency improvement.<\/p>\n

Results<\/strong>. As a result of the researching, it was proved that the swift devaluation of the national currency in 2015, the increase of cash outside the banking system (as a result of the outflow of funds from deposit accounts), led to the development of inflation processes and dollarization of the economy, since all savings begin to be kept in foreign currency and there is growing distrust to the national currency.<\/p>\n

Since Ukraine’s economy is not stable, in times of crisis, the confidence in the national banking system as a whole is decreasing, which has its manifestation in the growth of the foreign exchange rate due to the massive exchange of people of national hryvna to foreign currency. In addition, foreign currency begins to perform in the country the main function of money, namely, a measure of value, savings and medium of exchange. Under such conditions, the National Bank uses currency policy and directs its efforts to stabilize the exchange rate, and not for the purpose of economic growth of the country.<\/p>\n

Conclusion<\/strong>. We consider that currency policy should be directed at stimulating the real economy. To do this, it is necessary to strengthen the level of public trust in the hryvna, which will reduce the dollarization of the national economy, as well as eliminate the use of inflation as a source of additional revenues to the budget due to inflation tax. An integral part of currency policy should be the stimulation of exports and the implementation of the program of preferential crediting of investment projects.<\/p>\n

Keywords<\/strong>: currency policy, exchange rate; dollarization of economy; inflation; foreign and national currency; gold currency reserves.<\/p>\n

References:<\/strong><\/p>\n

    \n
  1. Dzubluk, O. V. (2016). Currency policy as a factor for macroeconomic stabilization. Finances of Ukraine<\/em>, 11, 33-51 [in Ukrainian].<\/li>\n
  2. Koliada, T. A. (2013). Problems of co-ordination of fiscal and currency policy of the state in the conditions of global increase of national debt and deflation tendencies: lessons for Ukraine. Journal of Corporate Management and Economics \u201cManeko\u201d<\/em>, 2, 209-219 [in Russ.].<\/li>\n
  3. Baramia, V. N. (2002). Currency-exchange rate policy of transition economies (example of Ukraine) <\/em>(Abstract of Ph.D. Thesis). Finance and Credit. Kyiv: Taras Shevchenko National University.<\/li>\n
  4. Official website of the National Bank of Ukraine. Retrieved from http:\/\/www.bank.gov.ua<\/li>\n
  5. Zhuravka, F. O. (2007). Valiutno-kursova polityka Natsional’noho banku Ukrainy v umovakh transformatsijnoi ekonomiky<\/em>. Sumy: Dilovi perspektyvy [in Ukrainian].<\/li>\n
  6. Korablin, O. (2015). The currency rate of the hryvnia: some effects and limitations. Economy of Ukraine<\/em>, 4, 76-86 [in Russ.].<\/li>\n
  7. Parashii,\u00a0O.\u00a0N. (2013). On the threshold of default. Economic Pravda<\/em>. Retrieved from http:\/\/www.epravda.com.ua\/publications\/2013\/07\/31\/387551\/ [in Ukrainian].<\/li>\n
  8. Grinyova, M. & Proskura, O. Yu. (2013). Hroshi i kredyt<\/em>. Kharkiv: INZhEK [in Ukrainian].<\/li>\n
  9. Savluk, M. I., Moroz, A. M. & Pukhovkina, M. F. (2015). Hroshi ta kredyt<\/em>. Kyiv: KNEU [in Ukrainian].<\/li>\n
  10. Nidzelska, I. A. (2016). Influence of currency regulation on the development of the domestic economy. Finances of Ukraine<\/em>, 2, 83-88 [in Ukrainian].<\/li>\n<\/ol>\n
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    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 15 April 2019<\/p>\n

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    Koliada Tatiana, Mala Natalia (2019). Impact of Currency Policy on the Economic Development of Ukraine. Modern Economics,<\/em> 14(2019), 97-101. DOI: https:\/\/doi.org\/10.31521\/modecon.V14(2019)-16.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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    <\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column][vc_row_inner][vc_column_inner][vc_column_text] JEL Classification: E58, F33, G28, \u041d62. DOI: https:\/\/doi.org\/10.31521\/modecon.V14(2019)-16 [\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text]Koliada Tatiana, Candidate of Sciences (Economics), Associate Professor, Associate Professor of the Department of Finance, National University of State Tax Service of Ukraine, Irpin, Ukraine ORCID ID: 0000-0002-1574-4446 e-mail: t.a.koliada@gmail.com Mala Natalia, student of the Training and Research Institute of Finance, Banking, National University of State
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