Skomorovych Iryna Georgiyivna


The Evolution and Functioning of the Monetary System in Ukraine


The thesis researches the theoretical and methodological basics of the functioning of the monetary system institute, discloses the essence and structural elements of the monetary system, determines their functional designation and interrelations between them. Monetary systems are divided depending on the environment for which the issuer’s influence is valid. Convergences and divergences in the monetary, currency, payment and banking systems are considered. Characteristic features of the global evolution of the monetary system depending on economic and political surrounding circumstances are outlined. The views of foreign and domestic scholars of the theoretical and practical principles of the monetary system functioning are analyzed, their proposals on the best possible arrangement of the monetary system are studied.

The process of monetary system appearance in the Ukrainian lands in the period of the Ancient Times and in the states of the Northern Black Sea region is studied. The content of structural elements of the monetary system of the Kyivan Rus is disclosed, along with its peculiarities as compared to other states in the period of the early Middle Ages. The conditions in which the Ukrainian lands stopped independent money issuance and were included into the monetary systems of those state formations they belonged to in the period of feudal economy and manufacture economy are clarified. The orders of the Polish-Lithuanian State and Rzeczpospolita’s rulers aimed at monetary system stabilization and its filing with the necessary currency units. The process of penetration of the monetary system of the Moscowian State into the Ukrainian lands is researched and its characteristic monopolization of money issuance is identified.

The functioning of the monetary system in the period of capitalism appearance in the Ukrainian lands included into the Austrian monarchy and the Russian Empire are highlighted, viz. the procedure of paper money issuance, central bank establishment, introduction of the silver and gold monometalism. It is established that in the period of the independent Ukrainian State its governments took steps to create an independent monetary system aimed to counteract permanent political and military difficulties. Some moments of the functioning of monetary systems of state formations, between which the Ukrainian lands were divided after the end of World War I, are considered. The process of evolution and development of the domestic monetary system in the context of functioning of the command and administrative economy, the influence of the events of World War II on the monetary system are highlighted. Law-making, organizational and technical measures taken by the administrative bodies of independent Ukraine in relation to establishment of the monetary system after independence gaining are determined.

The monetary system of Ukraine set up as the result of the 1996 monetary reform is characterized, the content of its structural elements is highlighted. Assessment of the effect of the monetary system on the economic and monetary indices is made. The ways of money issuance in the state monetary system of Ukraine and the procedure of cash currency units supply to users are outlined. Proposals on the improvement of the legislative basis of the domestic monetary system functioning are made. Criteria of assessing the level of efficiency of the monetary system functioning are elaborated. Via cluster analysis, comparative analysis of the domestic and foreign monetary systems by the selected indicators is made. Correlation and regression analysis made has traced the factors influencing the share of payments made via payment cards in the GDP in Ukraine, that enabling to increase the volume of non-cash settlements.

The opportunities of using the national currency unit in international economic relations and foreign currencies in the territory of our state are identified. The current practice of establishing the exchange rate of hryvna is assessed. The trends in the development of non-cash and cash segments of the currency market are studied. The suggested recommendations concerning improvement of the domestic currency market include activities aimed to encourage more active participation of domestic exporters and foreign investors in it and to improve its infrastructure. The theoretical principles of the study of private monetary systems are developed. The place of electronic money in modern globalized economy is highlighted. Conceptual principles of efficient functioning of the monetary system are developed.

Key words: money, currency, monetary system, monetary system element, money form, issuer, emission, exchange rate, efficiency of the monetary system functioning, the principle of the monetary system functioning.

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