FOREIGN EXPERIENCE OF USING THE DISCOUNT RATE AS A TOOL OF MACROECONOMIC REGULATION

The shifts that took place at the beginning of the 21st century in the global financial space have clearly demonstrated the great importance of monetary policy to ensure effective economic development. This is why successful international experience in the field of monetary policy implementation is of scientific interest in order to use it in national practice. The article analyzes the current practice of monetary policy in different countries on the example of the discount rate level. Chiefly the discount rate of such countries as the Republic of Belarus, the Russian Federation, the Republic of Poland, Hungary, the Kingdom of Norway, the Republic of Bulgaria, Germany, the Czech Republic and Canada is studied for the last 10 years. The article also examines the relationship between changes in the discount rate and the dynamics of loans in Germany, the Czech Republic and Canada. In addition, the dynamics of the discount rate is compared with the dynamics of inflation in the Czech Republic and Canada. As a result, the analysis has revealed that because of the coronavirus crisis, the central banks of almost all the surveyed countries lowered the discount rate level several times to support the national financial system and economy as a whole. Equilibrium in the banking system forms the basis to create general economic equilibrium, and this is primarily achieved by predictable, appropriate and effective instruments of the state's monetary policy. Note that based on the processing statistics, it has been found that the stable level of the discount rate is typical for the Republic of Bulgaria and Germany. Thus, these countries have the least number of changes (one change) in the discount rate level from 2015 to 2020. In turn, Canada is characterized be a particularly frequent change in the discount rate level and ambiguous dynamics of lending. To sum up, forecasts of the level and dynamics of the discount rate in the studied countries for the near future are briefly highlighted.