Information on the thesis

The dissertation is devoted to deepening the theoretical and methodological
foundations of monetary policy, improving methodological approaches and developing
practical recommendations for improving its efficiency in the context of providing the
stability of the currency in Ukraine.
Theoretical provisions for defining the essence of the concepts of “monetary policy”,
“stability of the currency”, their essential features and characteristics and factors influencing
the stability of the currency are substantiated. The classification of monetary instruments is
proposed according to the criteria of the form of influence (emission, non-emission), the
level of significance (basic, additional) and the nature of the impact on stability of the
currency (price, credit, currency), which forms the scientific basis for choosing specific
monetary instruments and measures to ensure the stability of the national currency unit. The
role of monetary policy in the processes of providing the stability of the currency is
substantiated.
Scientific and methodological approach to the gradual assessment of the stability of the
national currency is improved by distinguish of individual stages of the assessment process
(preparatory, calculation-analytical, recommendatory) and by separation the analysis of
factors and risks, organization and regulation of its processes, which facilitates search and
justification of measures to eliminate threats and increase the stability of the national
currency. An approach to the calculation of the generalized indicator of monetary instability
was developed, which will allow to identify the factors and reasons of changes in the
stability of the currency in terms of its components (price, credit, currency). Analysis of the
state and tendencies in the sphere of use of monetary policy instruments by the NBU is
conducted, influence of currency and interest rate channels of the transmission mechanism
of the monetary policy on the stability of the national currency is investigated. The studyidentified the main problems of monetary policy in the context of providing the stability of
the national currency, including: low level of independence of the NBU; improper
coordination of monetary policy with the budget and tax policy of the state; insufficient
transparency of actions, weak accountability to society and ineffective communication
policy; imperfect operational design of monetary policy; imbalances in the NBU’s
refinancing policy; inefficiency of the existing monetary regime; shocks from the actions of
the National Bank of Ukraine due to its fundamental systemic errors in the field of exchange
rate policy.
Scientific and practical approaches and recommendations for the implementation of
foreign experience in Ukraine in the field of providing the stability of the currency was
developed. Based on the results of the study, strategic guidelines for improving the
monetary policy of the National Bank of Ukraine in order to provide the stability of the
national currency were identified and substantiated. The scientific and practical approach to
long-term repo operations is further developed by changing the refinancing procedure of
banks to maintain long-term liquidity, implementing a program of emission of subordinated
bond loans, which allows to direct refinancing resources in priority sectors of the economy
for structural adjustment and strengthen banks’ responsibility for their use. Practical
recommendations for improving the efficiency of monetary policy instruments were
developed, which provides a revision of operational goals, objectives and mechanisms of
their implementation, which should create fundamental preconditions for the effective
functioning of the monetary transmission mechanism in Ukraine to ensure the stability of
the national currency, including differentiated application of reserve requirements, reduction
of the interest rate corridor between credit and deposit rates on NBU operations, providing
access to refinancing for stable banks. The main directions of the central bank’s influence on
providing the stability of the national currency in the context of increasing the role of
transmission channels were identified, including effective interest rate policy, a reliable
liquidity management mechanism of the banking system and a system of anti-inflationary
measures based on monetary regime of inflation targeting and the structural and logical
scheme of functioning of the transmission mechanism of monetary policy is substantiated.
Key words: monetary policy, monetary policy instruments, monetary transmission
mechanism, national currency, currency stability, price stability.