Інструменти грошово-кредитної політики воєнного часу

Abstract

Wartime poses numerous challenges at the micro and macro levels. One of the key challenges in this context is macro-financial stability. The answer to this challenge can be provided by an effective transmission mechanism of the State’s monetary policy. The aim of the article is to analyze the features of a set of measures taken by the NBU in the period of 2022–2023 in response to the intensification of russian armed aggression in the plane of the transmission mechanism of monetary policy. The article analyzes the challenges of monetary policy in wartime, including financing military needs, ensuring the stability of the banking system, managing international reserves, and exchange rate flexibility. The key measures on the part of the NBU, such as the purchase of government bonds, ensuring the liquidity of the banking system and stimulating economic growth, are highlighted. A significant increase in international reserves, which has become an important factor in macro-economic stability in wartime, is indicated. The specifics of monetary policy in the conditions of wartime, its impact on investment, consumption, and inflationary pressure are considered; the need for close cooperation between the Central Bank and the Government in this area is underlined. Particular attention is paid to the financing of military expenditures and their impact on monetary policy. The measures taken by the NBU to prevent a liquidity crisis and maintain the solvency of banks are analyzed. The contradiction between the financing of the budget deficit and the stability of the national currency is considered. The need to maintain macro-financial stability through a high discount rate and exchange rate adjustment is indicated. The importance of maintaining the stability of the financial system in wartime conditions is emphasized. The proposed study can be useful for researchers and analysts of monetary policy, central banks, governments, and international financial organizations. Prospects for further research are proposed in the direction of integration of Ukraine’s monetary policy in the context of development of the national economy at the post-wartime stage of development.