The Role of Monetary Policy of Ukraine in Economic Growth in Digital Transformations Cover Image

Роль грошово-кредитної політики України у забезпеченні економічного зростання в умовах цифрових трансформацій
The Role of Monetary Policy of Ukraine in Economic Growth in Digital Transformations

Author(s): Antonina Bazyliuk
Subject(s): Economy, National Economy, Economic policy, Financial Markets, Public Finances, Fiscal Politics / Budgeting, Socio-Economic Research
Published by: Центральноукраїнський національний технічний університет
Keywords: monetary policy; digital transformation; economic growth; macroeconomic disbalances; inclusive development; financial inclusion

Summary/Abstract: It is substantiated the need to rethinking of the monetary policy of the NBU on the basis of achieving the targets of accelerating economic growth and increasing the productivity of the economy, comprehensively attracting breakthrough digital opportunities, including in the financial sector of the economy.It has been proven that Ukraine has a range of negative trends hampering economic development, which causes the spread of such negative phenomena as: debt growth, blocking domestic investment, increasing dependence on credit resources and increasing of its price, increasing of import dependence, spreading of the social inequality and labor migration. It has been substantiated that the preservation of the existing conservative monetary policy does not meet the needs of accelerating economic growth, which in the conditions of digital transformation acquires tangible opportunities.In the process of research, the main tasks of technical and technological renewal of production and increasing in labor productivity were identified, the achievement of which should be promoted by the monetary policy of the NBU. It is revealed that for the Ukrainian central regulator there is a growing need to solve the problem of developing a cashless society and determine its own position regarding to the possibilities of using crypto currencies not nominated in national currency, which can erode the sovereignty of the NBU.The article proves that the rethinking and modernization of the NBU monetary policy should be carried out taking into account the dominant non-monetary nature of the transformation processes in the Ukrainian economy in conjunction with other economic policy measures, which will provide the prerequisites for accelerating economic growth.

  • Issue Year: 2018
  • Issue No: 1 (34)
  • Page Range: 150-160
  • Page Count: 11
  • Language: Ukrainian