ANTI-CRISIS FISCAL INSTRUMENTS AND MONETARY POLICY

Background. In this article the relation between anti-crisis measures of financial support to banks and deterioration of particular macro index (public debt and gross public debt increase in different countries) is investigated for the first time and non-standard monetary policy measures that are state anti-crisis regulation of economy have been identified. Review of scientific sources devoted to selected subject shows that there are no complex studies in this relation in the full set of its components. However determination of the relationship between financial support to banks and rising public debt during the acute phase of the current crisis is certainly important and forms the basis of research objective. Results. Debts of government and monetary authorities increased significantly within three years after the acute phase of the financial crisis. The article analyzes the results of anti-crisis measures of central banks and governments to refinance and financial support to banks and their consequences for the economy. We found that one of the very important consequences of rescuing the banking system is a significant increase in public debt and a threat of default. Main risks that could threaten the economy as a result of the transfer mechanism have been estimated. Conclusion. Connection between financial support to banks and increase in central bank balances, public and gross debts. It is proposed to conduct further research to improve the mechanism of refinancing, both in the phase of growing economic development, and in times of crisis. An important direction of research consider recognizing one method of refinancing banks support from the budget and the development of appropriate tools of monetary policy.