THE LEGAL FRAMEWORK FOR THE IMPLEMENTATION OF CURRENCY REGULATION IN SOME FOREIGN COUNTRIES AND IN UKRAINE
Journal Title: Baltic Journal of Economic Studies - Year 2018, Vol 4, Issue 1
Abstract
The purpose of the article is to conduct a comparative legal study of laws and regulations that determine the legal framework for the implementation of currency regulation in some foreign countries and in Ukraine and to define ways for improving domestic legislation in this area on this basis. The subject of the study is the experience of currency regulation in some European countries, USA, China, and Ukraine. Methodology. The research is based on a comparison of foreign exchange regulation in Ukraine and abroad. Based on the analysis of peculiarities of the state regulation of currency circulation in Great Britain, Germany, France, Poland, the USA, China, and in some other countries, the advantages and disadvantages of different regimes of state control over currency circulation are determined: from the regime of the floating rate to the rigorous state control. On the basis of the comparative legal study of certain provisions of the administrative legislation of Ukraine, the possibilities and limits of the application of positive foreign experience in this area are determined. The results of the study showed that in order to implement foreign exchange management experience, it is necessary to postpone the final transition to establishing a floating rate regime, reinforcing state interference. At the same time, it is necessary to strengthen currency control not only over the implementation of foreign exchange operations but also over the activities of entities that determine the state policy in the field of currency regulation, as well as directly implement the relevant activities using the instruments determined by provisions of the current legislation. Practical implications. The positive experience of the formation of the foreign exchange market in foreign countries shows that the gradual transition from a fixed to a floating exchange rate is the beginning of a natural market exchange rate formation, equalization of the balance of payments, and the gradual liberation of the national economy from the pressure of administrative and corruption restrictions. Value/originality. Conducting a comparative analysis of foreign exchange regulation in foreign countries is the basis for developing the most promising directions for the development of domestic legislation in this area.
Authors and Affiliations
Bohdan Stetsiuk, Oleksandr Slyvka
Keywords
Related Articles
- EP ID EP554256
- DOI 10.30525/2256-0742/2018-4-1-358-365
- Views 80
- Downloads 0
METHOD OF STRATEGIC PLANNING AND MANAGEMENT DECISION-MAKING CONSIDERING THE LIFE CYCLE THEORY
The subject of the study is a set of theoretical and methodological aspects of development strategy formed for objects (country, region, branch, enterprise) on the basis of the life cycles theory under the external envir...
LEGAL DIMENSION OF THE STATE SCIENTIFIC POLICY OF UKRAINE
At the present development stage of Ukrainian society, the fact of absence of conceptual understanding of the content of state scientific policy and mechanisms of its formation and implementation is stated. The above sti...
DYNAMICS OF AUSTRIAN FOREIGN DIRECT INVESTMENT AND THEIR INFLUENCE ON THE NATIONAL ECONOMY
The purpose of the paper is to analyse the dynamics of Austrian foreign direct investments (FDI) and its role in the development of the national economy. The subject of research is the main components of Austrian foreign...
OPTIMIZATION OF SALARY CALCULATIONS AND EMPLOYEES’ LABOUR PRODUCTIVITY STIMULATION AT THE ENTERPRISE
The purposes of the paper are: the detailed analysis of salary calculations, the evaluation of the effectiveness of employees’ work, the development of optimizing mechanisms of salary calculations by increasing productiv...
FORENSIC ACCOUNTING: THE ESSENCE AND PROSPECTS OF DEVELOPMENT IN UKRAINE
The subject of the study is a set of theoretical, organizational, and methodological principles for the development of forensic accounting in Ukraine. General scientific and special methods of cognition are the methodolo...