Abstract
Any economic system can be identified as cyclical fluctuations: ups and downs in the economy, which are caused by shocks of aggregate demand and aggregate supply and called business cycles, economic or business cycles. The phases of business cycles are the rise,
Highlights
At the present stage of development, the state of Ukraine is unstable and characterized by significant crisis processes and phenomena, including critical growth of debt, devaluation of the national currency and limited reserves of the National Bank, reduced lending by banks to the real sector, low financial stability and more [1; 2]
These trends are primarily due to the negative aspects of the functioning of the monetary sphere of the state, where the essential functions of supporting macroeconomic and financial stability, economic growth and competitiveness of the national economy are insufficient, increasing threats to financial security, such as critical growth settlement crises, inflation, depreciation and fluctuations in the value of the national currency, increasing the level and narrowing of sources of public debt financing, increasing risks of default, the decline of the banking, insurance and stock sectors of the financial system
The monetary policy of the National Bank last year did not contribute to financial stability and stable economic growth [6]
Summary
At the present stage of development, the state of Ukraine is unstable and characterized by significant crisis processes and phenomena, including critical growth of debt, devaluation of the national currency and limited reserves of the National Bank, reduced lending by banks to the real. The coronavirus pandemic is pushing the Ukrainian economy into the worst recession in decades [3] These trends are primarily due to the negative aspects of the functioning of the monetary sphere of the state, where the essential functions of supporting macroeconomic and financial stability, economic growth and competitiveness of the national economy are insufficient, increasing threats to financial security, such as critical growth settlement crises, inflation, depreciation and fluctuations in the value of the national currency, increasing the level and narrowing of sources of public debt financing, increasing risks of default, the decline of the banking, insurance and stock sectors of the financial system. State instruments are economic mechanisms by which the goals set before the monetary and fiscal policy are achieved, so the article aims to develop new monetary and fiscal policy instruments
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