Сoordination of fiscal and monetary policy in Ukraine

Valentyna Makohon
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Abstract

In the conditions of uncertainty and economic instability, the issue of researching approaches to strengthening the coordination of fiscal and monetary policy is becoming relevant. The aim of the research is to justify directions for strengthening the coordination of fiscal and monetary policy of Ukraine. It is hypothesized that the level of fiscal and monetary policy coordination determines the country’s ability to ensure macroeconomic stability. Special and general scientific methods were used: system approach, theoretical generalization, induction and deduction, statistical, scientific abstraction. Strengthening the coordination of fiscal and monetary policy is an important stabilization tool for ensuring the adaptation of the economy to social and economic conditions, curbing inflation in order to maintain exchange rate stability, reducing fundamental price pressure and directly overcoming inflationary processes. The toolkit of fiscal and monetary policy must be considered in an inseparable unity, taking into account the synergistic effect of ensuring macro­economic stability, which cannot be achieved exclusively by the tools of only one of the policies. The main directions of strengthening the coordination of the fiscal and monetary policy of Ukraine at this stage include: combining the tools inherent in both directions of policies, strengthening its flexibility and adaptability to socio-economic processes; sy­ner­gy of policy instruments in the context of ensuring debt sustainability and reducing fiscal risks; substantiation of the common strategic goals of policies, which will contribute to strengthening their coordination, in particular by developing an appropriate strategy; the development of a financial toolkit for prevention and response, within the framework of which policy instruments are used together, in particular by improving the traditional practice of applying macroprudential measures; streng­thening the independence of state institutions that ensure the formation and implementation of fiscal and monetary policy by continuing institutional and legislative reforms in the relevant areas.
乌克兰财政和货币政策的协调
在不确定和经济不稳定的条件下,研究加强财政和货币政策协调的方法问题正变得越来越重要。本研究的目的是论证加强乌克兰财政和货币政策协调的方向。假设财政和货币政策的协调水平决定了国家确保宏观经济稳定的能力。研究采用了特殊和一般科学方法:系统方法、理论概括、归纳和演绎、统计、科学抽象。加强财政政策和货币政策的协调是确保经济适应社会经济条件、抑制通货膨胀以保持汇率稳定、减轻基本物价压力和直接克服通货膨胀过程的重要稳定手段。考虑到确保宏观经济稳定的协同效应,必须将财政政策和货币政策工具包视为不可分割的统一体,因为仅靠其中一种政策工具是无法实现宏观经济稳定的。现阶段加强乌克兰财政和货币政策协调的主要方向包括结合两个政策方向固有的工具,加强其灵活性和对社会经济进程的适应性;在确保债务可持续性和降低财政风险的背景下,政策工具之间的协同作用;确定政策的共同战略目标,这将有助于加强政策协调,特别是通过制定适当的战略;制定预防和应对的金融工具包,在此框架内共同使用政策工具,特别是通过改 进采用宏观审慎措施的传统做法;通过继续进行相关领域的体制和立法改革,加 强确保制定和实施财政和货币政策的国家机构的独立性。
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