CENTRAL BANK CRISIS MEASURES TO OVERCOME THE FINANCIAL CRISIS
Journal Title: ЕКОНОМІЧНИЙ ДИСКУРС - Year 2017, Vol 1, Issue 1
Abstract
Introduction. The Central Bank is the main institution charged with the task of settling the crisis processes of neutralization and their consequences for the economy. As the Central Bank, it makes anti-crisis measures, using basic tools of monetary policy, which through transmission mechanism affecting macro and micro level of the state, reducing negative impact of deployment of the crisis, which determines the relevance of this study. Methods. The following methods are used during the research: scientific knowledge, analysis, synthesis, comparison, systematization and scientific abstraction (during the study of theoretical foundations of anti-crisis measures); evolutionary approach (in determining the main phases of application of anti-crisis measures); comparison, graphic, analysis of time series (in evaluating anti-crisis measures and structuring ways to improve the efficiency of anti-crisis measures). Results. The preconditions of the crisis in Ukraine are discovered. The essence of anti-crisis policy of the Central Bank as a set of measures in the monetary, foreign exchange management and banking system has to minimize and eliminate the financial and economic instability in the country and eliminate its negative consequences for the economy are determined in the article. Evolutionary stages of applying anti-crisis measures NBU, namely the global financial crisis (2007 - 2009); accumulation of imbalances (2010 - 2013); financial crisis and normalization (2014-2015) are defined. Discussion. The main objective of monetary policy of the NBU in the post-crisis period is to ensure overall financial stability, including stability of the banking system. The Central Bank should focus on the approach to the maximum base rate “overnight” in determining the discount rate, which provides real levers of the liquidity of money-market. The implementation of tight monetary policy is a prerequisite for restoring macroeconomic and financial stability.
Authors and Affiliations
Viktoria Kovalenko
Keywords
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