MONETARY LEVERS OF IMPROVING COMPETITIVE CAPACITY OF ECONOMY AND ACQUIRING ACCESS TO THE STABLE PATH OF ECONOMIC GROWTH

The article studies the channels of monetary transmission mechanism, through which impulses of monetary policy are sent to the real sector of economy. Price elasticity of output of basic industrial branches of Ukraine, as well as interest rates, is analyzed. Low effectiveness of monetary levers as means of increasing competitive capacity of economy of Ukraine within the short–term periods is confirmed. Aim of research: studying the channels of monetary transmission mechanism and effectiveness of monetary levers of influence on pricing and competitive capacity of the Ukrainian producers. Methods of research: the main methods include economic analysis and synthesis, comparison and generalization. Methodology of research: the main provisions of economic theory on monetary policy; works of Ukrainian and foreign scientists and practitioners in the sphere of monetary policy. Results of research: monetary policy has considerable influence on the real sector of economy through several channels. This fact explains active usage of monetary levers for increasing competitive capacity by many governments. Primarily, the monetary levers of increasing competitive capacity include policy of currency devaluation, decrease of interest rates, extension of crediting, as well as decrease of inflation expectations, permitting to improve the expectations of economic agents connected with the future income and activate the investment process. The comparative analysis of the price dynamics and production volumes of the separate branches showed low price elasticity of production in most branches. Besides, non–sensitivity of interest rates to the reduction of inflation in 2012 means essential increase of real cost of credit resources and weakens the effectiveness of monetary levers directed at the stimulation of investment process and consequent increase of competitive capacity. The results prove that the transmission monetary mechanism shall be improved to support effectiveness of monetary levers for increasing competitive capacity. Instruments of monetary and credit regulation are aimed at the provision of favorable monetary conditions for increasing competitive capacity and stimulation of such process, which presupposes development of the system of banking risk minimization, in particular currency and liquidity risks. Topicality of risk minimization means the introduction of macro– prudential approach in monetary policy aimed at risk prevention.