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Publications (49)
Considering the distributional effects of monetary policy allows for a more balanced policy that meets both macroeconomic goals and the population's needs. The presented mechanism of monetary policy impact on economic welfare operates through the interest rate, lending, exchange rate, and asset price channels, causing changes in income and wealth,...
Адаптивна політика обов’язкового резервування, що передбачає диференціацію і динамічну зміну нормативів, слугує заходом центрального банку для забезпечення фінансової стабільності. Розкрито сутність нормативів обов’язкового резервування, способи їх обліку і критерії диференціації. Узагальнено цілі нормативів обов’язкового резервування: а) пруденцій...
The paper builds on the existing literature on monetary policy frameworks, exploring their role in balancing price stability, economic growth, and social equity. The aim is to analyze the influence of macroeconomic, in particular monetary, factors on income inequality in Ukraine. Using annual data from 1999 to 2021, the study employs multiple regre...
ntroduction. While economic growth is an essential indicator of a country's development, it does not always guarantee an improvement in the population's well-being, in particular when the benefits of this growth are unevenly distributed. In the context of the ‘beyond GDP’ concept shift, there is a growing awareness in economic theory and practice o...
The study of economic inequality has evolved from the classical works of S. Kuznets and A. Atkinson to the modern approaches of A. Sen, J. Foster, A. Shorrocks, G. Palma, and T. Piketty, which take into account the impact of globalization, technological changes, and political decisions. Economic inequality is understood as the uneven distribution o...
The impact of social transfers on income inequality and poverty remains a subject of debate, particularly regarding threshold effects, design, and integration with taxation and labor market dynamics. Using a linear regression model, the study analyzes the dependency of the Gini index on the percentage of social transfers in the average household’s...
Розширення мандату центральних банків виправдане потребою інтеграції соціально-економічних індикаторів, адже ефективність заздалегідь визначеної монетарної політики залежить від врахування широкого спектра макроекономічних факторів, зокрема підтримки зайнятості та фінансової стабільності. Розкрито особливості балансування монетарної політики між бе...
As policymakers worldwide grapple with implementing measures aimed at reducing carbon emissions, central banks delve into the impact of climate-related risks on managing price and financial stability objectives. Meanwhile, sustainable finance disclosure regulation is being considered to promote green securitization in Ukraine. The paper explores th...
The scientific monograph is devoted to the issues of evaluating the effectiveness of monetary policy in Ukraine and substantiating proposals for its improvement, taking into account the challenges caused by global economic destabilization. The research summarizes the current trends of changes in theoretical approaches, analyzes the domestic and for...
Assessing the effectiveness of the inflation targeting framework via the interest rate channel remains crucial in the current monetary policy debate. For Ukraine, the relevance of this discussion is enhanced by the adoption by the National Bank of a rigid inflation targeting policy since 2016, as well as by the challenges of price stability during...
Дії росії значно знизили виробничі та експортні можливості України. Незважаючи на дефіцит фінансових ресурсів, ЕКА може розширити свою діяльність як всередині країни, так і на міжнародній арені. В Україні воно може популяризувати свої послуги серед українського бізнесу та банків-партнерів, брати участь у вирішенні локальних проблем українських експ...
Наведено оцінку політики Національного банку України в умовах війни в розрізі грошово-кредитних інструментів. Продемонстровано, що відбувся відхід від пріоритету політики інфляційного таргетування на користь прямого фінансування дефіциту бюджету. Акцентовано увагу на важливій ролі міжнародного фінансування у збереженні курсової та бюджетної стабіль...
The pandemic and wartime in Ukraine confirmed the importance of cashless payments for financial stability. The purpose of the paper is to examine the effect of technological infrastructure and financial access factors on cashless economy development. The impact of the infrastructure factor is assessed in case of Ukraine, using NBU’s data on payment...
Determining disparities in the formation of the financial depth of economy enabled to trace inconsistencies in the development of banking, non-banking sectors and capital market and, therefore, to reveal the imbalance in the entire process of financial deepening. Quantitative assessment of Ukraine’s banking sector in 2000 – August 2022 using the in...
The report presents a conceptual and practical plan for reconstructive post-war recovery of the economy of Ukraine. Directions and measures for its implementation are proposed on the basis of combining the efforts of business entities and state management bodies in a purposeful process of nationally rooted sustainable technological and socio-econom...
Introduction. Notwithstanding the Ukrainian banking system's resilience under war, there are devaluation and inflation pressures. In turn, monetary policy is found to be vital to combat drastic GDP decline and FX reserve depletion. Materials and methods. In an attempt to examine the effectiveness of the NBU's (National bank of Ukraine) monetary pol...
This paper deals with the features of monetary policies of commodity-exporting and commodity-dependent economies, using methods of generalization of their instruments. The review of the monetary policy toolkit of advanced and emerging economies during the 2020–2021 pandemic demonstrates that central banks' reaction has been cautious in adopting ass...
The intrinsic property of modern economic development is financial deepening in the light of incremental spearheading financial innovation opportunities. The paper deals with the relationship between financial depth, financial innovation, and economic growth among 22 OECD economies over 2007–2018 by applying pooled OLS and fixed effect panel data r...
The rapid growth of financial deepening raises the problem of its effect, beneficial for economic development. This paper aims to demonstrate the relationship between economic growth (GDP per capita growth, GNI per capita) and financial depth (domestic credit to private sector and credit availability) in 142 countries, split into four income groups...
The generalization of quantitative and qualitative scientific approaches to the essence of financial depth enables to define it as a resulting characteristic that demonstrates the saturation of the economy with financial resources, that allows assessing the ability of the financial system to effectively mobilize and redistribute financial resources...
The object of the article is central bank communication design (particularly target audience, channels and instruments) and central banks' transparency measurement. The purpose is to summarise the central bank communication policy's conceptual basics and clarify how transparent the NBU's monetary policy is. Methodology. The paper applies the Dincer...
The paper is based on the comparative analysis of the main characteristics and features of the financial system of Ukraine and Bulgaria, and discusses the issues and prospects of building a modern institutional environment to meet the requirements for European integration, to support economic development and to prevent crisis shocks. The study incl...
While financial inclusion is seen as a goal of socio-economic development, there is still no clear understanding of how to measure it. Following this concern, the paper deals with the computation of the financial inclusion index of the Ukrainian economy using an annual dataset spanning from 2008 to 2020 and following the Sarma methodology. The obje...
The importance of household financial literacy improvement in Ukraine is the focus of public attention. Awareness of the link between the financial literacy level, financial inclusion, and financial well-being has become the engine for policy-decision making to improve it, in particular, the design of the National Strategy for the Development of Fi...
Представлено огляд визначень цифрових валют центральних банків (ЦВЦБ), сформульованих дослідниками Міжнародного валютного фонду (МВФ), Банку міжнародних розрахунків (БМР), Банку Англії, та розкрито сутність ЦВЦБ. Зазначено, що існуючі електронні гроші є цифровою формою зобов'язань фінансових посередників, а ЦВЦБ – формою емісії та зобов'язань центр...
An overview of the definitions of central bank digital currency (CBDC), formulated by researchers of the International Monetary Fund (IMF), the Bank for International Settlements (BIS), the Bank of England, is presented, and the essence of the CBDC is revealed. It is stated that the existing electronic money is a digital form of obligations of fina...
The main areas of use of regulatory (RegTech) and supervisory (SupTech) technologies on the financial market are summarized, their main advantages and risks are highlighted. Foreign and domestic experience in the application of supervisory technologies is analyzed, in particular, in the context of reporting management, prevention and counteraction...
Household usage of financial services around the world and Ukraine DOI: 10.15407/socium2020.04.034
Under the Findex dataset, the paper suggests a comparative assessment of the usage of financial accounts by groups (developing countries, high-income countries, and Ukraine). The author outlines the barriers, which arise while using financial services...
Торговельне протистояння, яке набуло поширення з 2018 р. спочатку у вигляді негативної риторики, а згодом і через запровадження мит на торгівлю китайськими товарами, вже позначилось на тенденціях міжнародних потоків капіталу (МПК) між КНР та розвинутими країнами. Так, двосторонні потоки ПІІ та венчурного капіталу між КНР, США і розвинутими країнами...
Paper dwells upon critical consideration of contemporary scientific discourse on measuring financial inclusion. The features of existing approaches to data collection on the supply and demand of financial products and services are summarized, with generalization of their methods of obtaining, elements, sources, pros and cons. It is stated that acco...
This paper focuses on central banks' verbal interventions and takes a closer look at their impact on the exchange rate. As the main research methods, we chose statistical and sentiment analysis. The meaning of central banks' verbal interventions is examined by clarifying the importance of transparency for monetary policy. In order to understand the...
The relevance of trust in the central bank is determined by the rapid growth of the
gap between the expectations of a regulator and market participants regardless of the
reforms carried out by the NBU. Therefore, the need to use the “non-traditional” monetary
policy instruments has enhanced the role of verbal interventions in the context
of inflati...
Дослідження сучасної теорії та практики регулювання монетарної сфери зарубіжними центробанками дають підстави стверджувати, що необхідною передумовою підвищення ефективності функціонування НБУ є відновлення довіри у банківському секторі України.
Уже багато років МВФ у звітах про фінансову стабільність рекомендує центробанкам посилювати використання...
The role of transparency of the central bank as a prerequisite for increasing the confidence of economic agents in the policy is highlighted. The essence of verbal interventions as an instrument for the hitting of fixed targets of the monetary policy of the regulator in the conditions of "new normality" is determined, and their classification is ge...
Paper dwells upon the dialectic of liberalization and capital flow controls under the conditions of global transformations. Author clarifies the pros and cons of the international capital flows liberalization for the recipient country. Defined are researches that study the relationship between the liberalization of the capital operations account an...
The main trends of modern banking are identified, such as simplification of payment transactions, the emergence of self-service tools (the provision of information services with the assistance of automated consultants based on the Big Data analytics and artificial intelligence), the growing popularity of P2P-crediting services, and the demand for b...
The Economy and Forecasting Journal
Founder: Institute for Economics and Forecasting, National Academy of Sciences of Ukraine
The first scientific conference for students and young researchers Banking Sector and Monetary Policy: Future Prospects, organized jointly by the National Bank of Ukraine and the Kyiv School of Economics
Summary: Certain aspects of activity of banks’ with Russian capital in the financial market of Ukraine are investigated. The reaction of banks with Russian capital to introduced sanction measures is examined. The possible consequences of selling of Russian banks, which are under sanctions, are determined.
Key words: banks with Russian capital, sanc...
The main criteria and elements of financial liberalization are under consideration. The foreign experience of financial sector liberalization is generalized. The study highlights the main lessons of the capital account liberalization.
Authors examine the world experience of work with insolvent banks. The mechanism of liquidation as
the most common procedure of working with insolvent banks in Ukrainian practice is determined. The
shortcomings of Ukrainian legislation in the context of the evidence for bank classifications as
insolvent and failing are defined. The main grounds of...
Tendencies and problems of the economic development of China are investigated. The basic directions and criteria for the relocation of production by multinational corporations are analyzed. The consequences of China's reorientation from the export model to domestic consumption and to conduction of the market policy are under consideration. The less...
The main approaches to the definition of electronic money are systematized. The potential benefits and risks of e-money expansion are revealed. The trends and characteristics of e-money expansion in the world and in Ukraine are analyzed. The possible directions of e-money expansion at the financial market are defined. The principles of realization...
The article justifies the necessity of the application of economic sanctions. The author provides a review of the present economic situation in the Russian Federation and the fall of the oil prices as a major factor. Investigated the international experience of the application of economic sanctions and the conditions of their efficiency and identif...
The problems of money supply adequateness to macroeconomic situation in Ukraine are investigated. The factors that caused the decrease of credit activity in the economy are analyzed. The recommendations to enhance the credit channel of money supply are grounded.
The foreign experience of establishing development banks is generalized. The main directions of investment activity of development banks are considered. The potential advantages and risks of operation of the State development bank of Ukraine are defined. It is proved that the State development bank can become one of perspective investors in domesti...
