MONETARY PROCESSES PECULIARITIES DURING THE CRISIS IN UKRAINE AND ADJUSTMENT OF MONETARY POLICY

Autor: Svitlana Kachula, Olena Zarutska, Liubov Lysiak, Oksana Hrabchuk
Rok vydání: 2022
Zdroj: Financial and credit activity problems of theory and practice. 6:4-16
ISSN: 2310-8770
2306-4994
DOI: 10.18371/fcaptp.v6i41.251378
Popis: The purpose of the article is to determine the monetary processes peculiarities during the crisis period of economic development and areas of monetary policy adjustment. The article presents the results of the main monetary indicators of Ukraine for 2005—2020 dynamics regularities assessment. The cyclic nature of their dynamics with a cycle length of 12 months, an increase cyclical swing range and the level of «white noise» of random deviations from the cyclic dynamics line are confirmed. Entropy and entropy production are calculated for the main monetary indicators. The hypothesis that the monetary indicators dynamics uncertainty is determined by the uncertainty of the «white noise» of their random deviations from the lines of cyclic dynamics based on the calculation of the entropies of the dynamics and the dynamics of entropies is put forward and confirmed. Three groups of monetary indicators are formed according to the level of uncertainty in them. According to the research results, the monetary sphere of Ukraine dissipation was stated during the whole period of 2005—2020 with increase of its rates in time intervals, which preceded the crisis phenomena aggravation (07.2007—07.2008, 03.2013—01.2014, 01.2020—06.2020). The sources of uncertainty in the monetary sphere are identified: the amount of cash due to «cash — M0» with 5.4 months lag and the amount of cash due to «cash — M3» with 7.8 months lag. Based on the results of relations between monetary indicators analysis, the directions of monetary policy for overcoming the crisis phenomena in the monetary sphere of Ukraine are proposed. In particular, it is appropriate to change the restrictive monetary policy to an expansionary one, taking into account the lag of action in the relations between entropies / entropies production of the main monetary indicators.The obtained results can be of practical importance in the system of state regulation to stimulate monetary circulation not only in crisis but also in post-crisis periods, ensuring key monetary indicators long-term stability and monetary policy effectiveness improving. Keywords: monetary indicators, monetary aggregates, uncertainty, entropy, entropy production, dissipation, regulation, monetary policy. JEL Classification E50, E51, E52 Formulas: 1; fig.: 3; tabl.: 2; bibl.: 25.
Databáze: OpenAIRE
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