JEL classification: E42; E52
The purpose of the article is to highlight and study the stages of development of the monetary-credit system (MCS) of independent Ukraine in the aspect of the sufficiency and transformation of its institutional support. There are six stages in the development of the MCS of Ukraine. It is emphasized that at the first stage (1991-1995) the problems of the formation of the MCS of Ukraine were associated with the transition to market relations, legislative support and the formation of basic institutions – the National Bank of Ukraine, commercial banks, and other institutions. The NBU’s efforts during this period were aimed at introducing the national currency, but this was seriously hampered by the large monetization of budget spending, which caused hyperinflation. It is shown that the second stage (1996-1998) began with the introduction of the national currency (hryvnia). Subsequently, the foreign exchange and stock markets were strengthened, which caused a positive dynamics in macroeconomic indicators, which, however, was “shaken” by the world financial crisis of 1998. It is noted that at the third stage (1999-2008) an important role in the stabilization and development of the country’s MCS played adoption of the law “On the National Bank of Ukraine”. It clearly outlined the functions of the NBU and the tasks for the development of the secondary securities market and lending to the economy, the implementation of which was prevented by the global financial crisis of 2008. It is shown that at the fourth stage (2009-2014) the State Civil Service of Ukraine relatively quickly overcame the negative consequences of the global crisis, but suffered another blow as a result of the Russian-Ukrainian war, which began in 2014. Due to a sharp drop in the exchange rate, there was a landslide drop in household savings, the performance of the banking system and the national economy as a whole worsened. It was noticed that at the fifth stage (2015-2019) in order to overcome the consequences of the financial destabilization of the war period, measures were taken to introduce inflation targeting, remove some of the restrictions on the foreign exchange market, stress testing and “cleanse” the banking system. The sixth stage (from 2020) is highlighted taking into account the onset of the next global financial crisis, accelerated by the coronavirus pandemic.
Key words: monetary system of Ukraine, institutions, legislative support, National Bank of Ukraine, commercial banks, stages of development.
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The article was received 15.01.2021