EXPANSIONARY MONETARY POLICY AND THE OPPORTUNITIES FOR RESURGENCE OF INVESTMENT GROWTH IN UKRAINE
Journal Title: Вісник Київського національного університету імені Тараса Шевченка. Економіка. - Year 2014, Vol 11, Issue 164
Abstract
A huge drop in fixed investment and worsening prospects of investment growth in 2015-2017 raise the necessity to apply a number of policies to stimulate growth. Expansionary monetary policy and its instruments are analyzed in the paper. Alternatives for private investment, including measures aimed at development of bond market in Ukraine, are discussed. The magnitude of risks for each of those alternatives has also been estimated depending on asset class. The outcomes of both expansionary and restrictive monetary policy in Ukraine are summarized. Low efficiency of the monetary transmission mechanism has been confirmed based on high volumes of the state treasuries' purchased by the National bank of Ukraine accompanied by investment stagnation and existence of speculative channels of monetary policy. The latter include foreign exchange market, short-term lending, and investment in non-productive assets. A number of measures of monetary policy transformation towards steadystate investment growth are proposed. They include macroprudential regulation, real interest rate targeting, higher involvement of the state-owned banks in allocation of funds issued by National bank through different instruments.
Authors and Affiliations
Anzhela Ignatyuk, Sergiy Kulpinsky
Keywords
Related Articles
- EP ID EP403098
- DOI 10.17721/1728-2667.2014/164-11/6
- Views 36
- Downloads 0
MODERN TRENDS OF DEVELOPMENT OF THE SOCIAL AND LABOR SPHERES IN UKRAINE
The essence and structure of social and labor sphere as an institutional space, where social and labor relations are emerging and developing in the course of work activity, is substantiated. It is noted that the basis of...
State Regulation of Investment Insurance Companies in Ukraine
In the article the essence of investment insurance company. The role and importance of investment of insurance companies on formation of investment resources in the economy. The essence of the definition of "investment p...
IMBALANCES' STATISTICAL ESTIMATION OF NATIONAL ECONOMICS ' SECTORAL STRUCTURE
In article offered diagnostics of violations' tools proportions of sectoral distribution. The indicators system seeks to identify macroeconomic imbalances and adapted to the specific structures by sectoral, reproductive,...
NEW VECTORS OF THE MOTOR INSURANCE DEVELOPMENT IN UKRAINE
The essence and features of different forms of motor insurance are studied. As investigated, the motor insurance is one of the most popular types of insurance in many countries, and continues its further quality developm...
THREAT OF GLOBAL ECONOMIC DOWNTURN AS A RESULT OF "DOMINO EFFECT"
The paper defines the evolution and main features of the post-war global economic recession in North America, Western Europe, Japan and Ukraine in the second half of the twentieth century until the present stage;clarifie...