ВПЛИВ ГРОШОВО-КРЕДИТНОЇ ПОЛІТИКИ НА МАКРОПОКАЗНИКИ КОНКУРЕНТОСПРОМОЖНОСТІ ЕКОНОМІКИ
INFLUENCE OF MONETARY POLICY ON MACROINDICATORS OF ECONOMY’S COMPETITIVENESS

Summary/Abstract: Increasing competitiveness of the national economy is one of the most challenging problems of today. The authors review directions of monetary policy and define what impact this policy makes on the competitiveness of economy based on research of links between monetary and macroeconomic variables. It was concluded that the National Bank of Ukraine (NBU) used interest rate as an instrument of monetary variables correction rather than as the instrument to increase competitiveness. It is proved that for quite a long time there has been condition of partial disequilibrium of money market in Ukrainian economy. This condition reflects in too high risks, which, in turn, maintain high level of interest rates leading to relative money deficit in real sector of economy and relative surplus in the banking sector. Such disequilibrium partially distorts incentive effect of monetary policy. In order to stimulate competitiveness, it is necessary to decrease interest rates, activate interest rate channel of monetary transmission mechanism, improve the structure of emission mechanism and reduce dollarization. In order to solve the above mentioned problems, it is required to activate market mechanisms and use other regulatory mechanisms of money circulation. On this basis, we outline the ways to improve NBU monetary policy to increase competitiveness of Ukraine’s economy.

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