ЕФЕКТИВНІСТЬ ФУНКЦІОНУВАННЯ ГРОШОВОГО КАНАЛУ МОНЕТАРНОЇ ТРАНСМІСІЇ В УКРАЇНІ

Abstract

The article provides a comprehensive analysis of the monetary channel of monetary transmission in Ukraine in 2005–2021, identifies tools and mechanisms for its use, and describes the specifics of functioning in the monetary regulation of the economy in political and economic instability. It is proved that in the conditions of Ukraine the monetary channel of monetary transmis-sion plays an important role in the system of monetary regulation of the economy, and the main purpose of its use is to ensure optimal proportions between supply and demand of money and balanced money market development. It is determined that in 2005–2021 the efficiency of the monetary channel of monetary transmission in Ukraine was low, and its operation was subject to the use of mainly interest, currency and credit channels. It is substantiated that the main reasons for the inefficiency of the monetary channel of monetary transmission were the central bank's underestimation of the role of the monetary channel in the monetary regulation of the economy, unbalanced structure and dynamics of the monetary base and monetary aggregates, and low money multiplication rate. It is proved that the dynamics of monetary aggregate M3 had the most significant impact on the growth rate of real GDP in the analyzed period. It was found that the influence of the dynamics of monetary aggregates on curb-ing inflation was insignificant, which corresponds to the provisions of the theory of "money neutrality". Based on the analysis of the practice of using the monetary channel of monetary transmission, three cycles of monetary and macroeconomic dynamics are distinguished: 1) 2005–2009; 2) 2010–2015; 3) 2016–2021, their features and the nature of the relationship between the studied indicators are determined. It is proved that in the conditions of complicated economic development it is necessary to change the approaches to the mechanisms of monetary transmission monetary channel by strengthening its role in forming the main monetary proportions and increasing the coordination of monetary and fiscal policy, in particular, in issuing and trading government debt securities, public debt service and state budget deficit. It is argued that in the medium term the growth rate of the monetary base and monetary aggregates should be as consistent as possible with the dynamics of real GDP and the ability to curb inflation, and the rate of return on domestic government debt should not exceed the base interest rate. Priority measures to improve the efficiency of the monetary transmission monetary channel in Ukraine should be: strengthening the stability of the banking system, balancing the supply and demand of money, improving methods of forming the volume and structure of monetary base and monetary aggregates, and improving monetary and fiscal policy coordination. implementation by the central bank of a balanced monetary policy adequate to real economic conditions.