PRIORITY ASPECTS OF STATE INSTITUTIONAL REGULATION OF OPEN ECONOMY IN MODERN TRANSFORMATION CONDITIONS

Abstract

Priority aspects of the state institutional regulation of an open economy under contemporary transformational conditions are explored in the article. It is substantiated that the evolution of macroeconomic theory should be carried out not from the point of view of origin and development of different theoretical directions, but from the point of view of a separate study of the theoretical basis and complex of a certain range of issues that affect directly the institutional regulation of the national macroeconomic environment. It is proved that modern nation-states are becoming local units of power in the international global system, in which money markets and transnational business structures play a decisive role. The main priorities of global transnational businesses are identified. It was found that the regulation of processes in the macroeconomic environment in the conditions of permanent turbulence and under the influence of significant risks actualized the task of a comprehensive study of the complex, turbulent, multilateral and multilevel interdependencies of globalization processes and state institutional regulation. It is proved that in the current realities of the development of the national macroeconomic environment, priority should be given to monetary policy instruments in the system of state institutional regulation of an open economy. The methodological basis of the article is a set of methods, including methods of scientific cognition, analysis and synthesis, systematization and scientific abstraction. The scientific basis of the conducted researches is the scientific work of domestic and foreign scientists in the field of state institutional regulation of open economy in modern transformational conditions. Regulation of processes in the macroeconomic environment in the conditions of permanent turbulence and under the influence of significant risks has actualized the task of comprehensive study of the complex, turbulent, multilateral and multilevel interdependencies of globalization processes and state institutional regulation. Therefore, awareness of the dynamics of their interconnection and interaction is of particular importance for deepening understanding of current trends in the development of mechanisms and models of state institutional regulation and theoretical and methodological substantiation of the implementation of institutional interventions in the national environment. One of the debating issues is the adequacy of the national monetary policy in the context of globalization and the choice of the exchange rate formation mode on which its effectiveness depends. A floating exchange rate regime in the national macroeconomic environment is desirable for the country's economy and stimulates the development of a competitive environment. A significant direction of global shifts is the change of power systems, models and mechanisms that ensure the formation of modern adequate organizational and functional structures of state institutional regulation, for the separation of which have not yet found stable and dominant definitions. The priority objectives of the current monetary policy in the national macroeconomic environment are identified.