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MONETARY RECIPES FOR ANTI-CRISIS UKRAINIAN POLICY AS A COMPONENT OF GLOBALIZATION PROCESSES

Journal: University Economic Bulletin. Collection of scientific articles of scientists and post-graduate students (Vol.1, No. 25)

Publication Date:

Authors : ;

Page : 85-90

Keywords : monetary recipes; Ukrainian anti-crisis policy; Ukraine; state budget deficit; International Monetary Fund (IMF); macroeconomic stabilization;

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Abstract

Subject of this article investigation is theoretical, methodological and applied aspects of development and implementation of monetary recipes for anti-crisis Ukrainian policy as a component of globalization processes. Object of the article is to highlight the essence of the monetary recipes for Ukrainian anti-crisis policy (forming under the influence of IMF’s external lending), to ground the advantages of monetary recipes for anti-crisis policy application and expected risks occurred due to their implementation considering the prospects of national economy growth revival within the globalization. Methodology. General scientific methods of investigation including historical and logical (while analyzing factors affecting the state budget deficit and setting conditions for Ukrainian macroeconomic situation destabilization), abstract and specific (while determining the influence of monetary recipes on stabilization of national currency (monetary unit) ? hryvnia) are used. Synergetic approach has allowed to highlight the systematic and complex correlation between anti-crisis measures of economic policy and social and economic consequences of their application in Ukraine within globalization. Results. Monetary recipes for anti-crisis Ukrainian policy are introduced in context of IMF credit program realization - EFF (Extended Fund Facility). The special attention is drawn to anti-crisis measures focused on minimization of state budget deficit and replenishment of country’s gold and foreign currency reserves to stabilize the national currency (monetary unit) ? hryvnia. Among positive expected consequences of monetary recipes implementation there are structural modification of national economy, mobilization of foreign investments, activization of entrepreneurship development, growth of self-employed people. Stabilization of banking sector work is among the priority reforms. The influence of banking system reorganization on its endurance growth and lending revitalization (especially, long-term) that should positively affect the crisis management of national economy is considered. Underestimation of negative effect of such phenomena as “poverty of the employed? and civil servants’ wage freeze should be mentioned among the risks occurred due ti the implementation of monetary recipes for anti-crisis Ukrainian policy. These processes can cause rise in budget expenses (subsidies, unemployment benefits), specify “turning? of small and medium business economic activity handling with internal Ukrainian market. “Poverty of the employed? may lead to labor migration process activization, that in long-term period negatively affects Ukrainian economic growth. ?Shocking? measures, e.g. the growth of communal tariffs for the population as a component of monetary recipes for anti-crisis policy should be accompanied with energy sector and municipal and communal sector reformation on the ground of energy saving and energy efficiency growth, renewable energy development. Such reforms favor the national economy transition to the model of sustainable development. Range of results application. International economic affairs; state economic regulation; macroeconomics. Conclusions. In short-term period top priority implementation of monetary recipes for anti-crisis Ukrainian policy is reasonable, as stable national monetary unit (hryvnia) and balanced state budget underlie macroeconomic stabilization. In long-term period monetary policy has to be financial basis for economic activity revival and entrepreneurship development, mobilization of investment (both internal and foreign) to competitive spheres and industries of national economy, which will form the bottom of Ukrainian competitiveness growth in global world economy.

Last modified: 2016-06-30 18:36:11