Monetary and Financial Policy of Ukraine: Theoretical-Empirical Connections and Priorities of State Regulation

Abstract

The essential characteristics of the monetary policy of the state as a system of measures and instruments of state regulation of the monetary sphere, the direction of state influence on monetary and credit relations are specified. Its subjects and objects are identified, principles, goals and modes are defined. The relationship between the formation and implementation of monetary policy and the strengthening of financial security of the state are shown. Using the method of the main components, an integrated assessment of the state of monetary and security of Ukraine in 2000, 2005, 2010—2018 was conducted. The weighting coefficients of Ukraine’s monetary security indicators are determined and its integral values are calculated. The highest level of influence of such indicators was identified as the ratio of the monetary aggregate M3 to GDP (23,3 %), the ratio of GDP to the volume of the monetary aggregate M2 (22,5%), the amount of cash to GDP (22,6 %). The conclusion was made that the level of monetary and credit security of Ukraine in 20132018 was decreasing. The lowest was the value of monetary and security of the state in 2016 — 0,49 (on a scale from zero to one), in 2018 the index rose to 0,51, but its value is low. The existence of a statistically significant link between monetary and financial security of Ukraine is empirically assessed and established. For the period 2000-2018, the determination coefficient was 0,86. Accordingly, the tendency to lower the level of monetary security leads to a virtually parity deterioration of the state financial security. The strategic priorities of the state policy of the development of monetary and credit sphere in the context of ensuring the financial security of the state are grounded. Strategic priorities of state regulation are defined: ensuring the price stability and stability of the national monetary unit, strengthening the stability of the banking system, its creditworthiness, forming a high-quality exchange-exchange rate environment, the development of the stock market, and improving the institutional principles of state regulation of the monetary sector. Identified measures, the implementation of which allows to achieve the identified strategic priorities and improve the financial security parameters of Ukraine.

Factors of Digitalization of the Marketing Activity of Tourist Enterprises of Ukraine in the Conditions of Global Digitalization

“…From a scientific point of view, the studies of O. Mulska, O. Levytska, V. Kutsyk (2020); T. Vasyltsiv, O. Klipkova, L. Lupak, N. Mitsenko, I. Mishchuk (2019); T. Vasyltsiv, R. Lupak, M. Kunytska-Iliash (2019) are noteworthy, in which the authors point to the leading role of the information and communication technology sector in the sustainable growth of the national economy and justify public policy measures in the context of the global digitalization of society and economy.…”

Directions of the state policy for intensification of bank lending development in the context of overcoming financial imbalances and ensuring structural reforms in Ukraine’s economy

“…Various aspects of structural changes and shifts and the bank lending impact on these processes have been recently studied by V. Kornіvska (Kornіvska, 2018, p. 256), O. Tkachenko (Tkachenko, 2018, p. 418), T. Vasyltsiv and S. Grynkevych (Vasyltsiv and Grynkevych, 2015, p. 26), T. Vasyltsiv and V. Boyko (Vasyltsiv and Boyko, 2016, p. 20), T. Vasyltsiv, R. Lupak and M. Kunytska-Iliash (2018), T. Vasyltsiv et al (2019).…”

Assessing Structural Components of Investment and Innovation Provision of Economic Security in the Basic Types of Economic Activity

“…A significant number of papers by well-known foreign economists, in particular (Cohen, Levinthal, 1989;Kugler, 2006;Tidd and Thuriaux-Aleman, 2016;Zhang, Tan and Wong, 2015) are devoted to fundamental research on the problems of innovation and investment development, the formation of sources of investment in innovation, as well as the need to improve the innovation and investment environment in the search for mechanisms for economic security management. Vasyltsiv, Klipkova, Lupak, Mitsenko and Mishchuk (2019) improved the fact that in the analytical modelling of economic security, one needs to keep in mind that innovative development is rather limited in time, Journal of Economy Culture and Society scale of implementation and relevance of business ideas and it requires significant amounts of financial and resource support. The advantages of this approach are the universality and integrity of characteristics describing the state of economic security of the basic types of economic activity.…”