Conceptual Discourse on the Choice of the Regime of the Currency and Exchange Rate Policy of Ukraine

The article investigates the processes of monetary integration under the conditions of transformation of the world monetary system. Mediating all international economic processes in the world economy, monetary relations undergo profound qualitative changes, along with the sphere of international production, service provision and investment. The social and economic development of Ukraine and monetary factor in shaping the welfare of the state are marked. After twenty five years of efforts, Ukraine seems to have encountered the same challenges: the challenges of integration and participation in the globalized world. Two types of monetary integration that fits best to developing countries are heighlighted: dollarization and currency board. The types and evolution of dollarization models are described. The accent is focused on advantages and disadvantages of dollarization for developing countries. The essnence and theoretical backgrounds of currency board is considered. On the basis of the study, new approaches to the choice of the regime of foreign exchange policy of Ukraine were determined. The essence of the concept is that the monetary policy should form the basis to solve the issue of welfare and approach it to the average European indicators.