РЕГУЛЯТОРИ І ВАЖЕЛІ АНТИКРИЗОВОЇ ПОЛІТИКИ ДЕРЖАВИ У СФЕРІ ВАЛЮТНО-ЕКОНОМІЧНИХ ВІДНОСИН

Abstract

In the article the definition of the currency crisis as a sharp violation of exchange parity, devaluation of the national currency of a country, the single currency of the economic union, the world reserve currency, etc. for a short period after a period of relatively long exchange rate stability. It is established that the source of the currency crisis can be the banking system, the budget sphere, domestic and foreign public debt, balance of payments, and the channels of influence of factors can be isolated or combined (double, triple, etc.). The main goal of anti-crisis policy in the field of monetary and financial relations is early warning of the crisis. It is shown that the choice of regulators and levers should depend on the model of crisis phenomena in the foreign exchange market, the diversity of which is reduced to the dominance of certain factors: economic, non-economic (military-political, behavioral, psychological), external influence. The retrospectives of four currency crises that have taken place since Ukraine's independence have been assessed, their models have been diagnosed: 1992-1993 – the first, 1998-1999 – mixed (synthesis of the first and third models), 2008-2009 – the third, 2014-2015 – the second. It is statistically shown that the first crisis was the most acute, the third crisis was the mildest. Regulators and levers of anti-crisis policy are defined as a system of interconnected mechanisms of state and market regulation aimed at ensuring the stability of the national currency, its external and internal convertibility, positive balance of payments, growth of official foreign exchange reserves, stimulating the country's export potential. It is proved that the anti-crisis policy of the state in the field of monetary and financial relations should strengthen and complement the operation of market mechanisms with priority given to economic regulators and levers over administrative ones. The main objects of the anti-crisis mechanism in the foreign exchange market, which are implemented in the real and financial sectors of the national economy and are designed to eliminate currency and macroeconomic imbalances, the balance of payments, harmonize monetary and exchange rate policies of the NBU.