Abstract
The new global financial and economic crisis is caused by the spread of the coronavirus epidemic, the reduction in aggregate supply, the escalation of trade wars, and the outflow of capital from emerging markets. This requires national macroeconomic regulatory authorities to take prudent measures to protect national economies from destabilizing externalities. Therefore, the purpose of the article is to justify and develop a priority system of stabilization policy and anti-crisis measures to counter the spread of external shocks in the national economy, stabilize it, and create conditions for its further recovery and sustainable economic growth. To achieve this aim, the existing theoretical sources and research materials of international organizations were systematized, the legislative and regulatory framework in Ukraine was generalized, and statistical methods, a historical method, analysis and generalization were also used. As a result, the channels of impact of external shocks on Ukraine’s economy were identified, and the areas of internal vulnerability of the national economy that could significantly increase the negative effects of externalities were determined. The knowledge gained has become the basis for formulating conceptual directions of crisis management and developing a system of measures to counteract crisis phenomena, which include the monetary policy tools of the National Bank of Ukraine, the structural and fiscal policy of the Government, as well as the banking regulation and capital control policies.
Highlights
The spread of the coronavirus epidemic throughout the world, social distance, closing borders, increased protectionism and the secondary effects of slowing economic activity and destabilizing financial markets – all these have a negative impact on the global economy and cause a crisis in many countries
The new global financial and economic crisis is caused by the spread of the coronavirus epidemic, the reduction in aggregate supply, the escalation of trade wars, and the outflow of capital from emerging markets
The purpose of the article is to justify and develop a priority system of stabilization policy and anti-crisis measures to counter the spread of external shocks in the national economy, stabilize it, and create conditions for its further recovery and sustainable economic growth
Summary
The spread of the coronavirus epidemic throughout the world, social distance, closing borders, increased protectionism and the secondary effects of slowing economic activity and destabilizing financial markets – all these have a negative impact on the global economy and cause a crisis in many countries. The synchronous economic downturn in many countries of the world, the imbalance of commodity and financial markets in response to the spread of the epidemic, once again after the 2008–2009 global crisis, revealed systemic shortcomings in the model of economic liberalism and minimizing the influence of the state on social processes. In such conditions, the vital tasks foreconomic science and practice are developing the theoretical and methodological framework of a new crisis management system, as well as finding adequate tools and measures to maintain demand and economic activity, and provide medical and social support to the population. New challenges for central banks were linked to the need to ease monetary conditions for business entities, improve banking regulation, and restore elements of the capital control system in order to block instability
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