THE FINANCIAL INSTABILITY IN UKRAINE AND WAYS OF ITS SUBMISSION
Abstract
Purpose. The factors of financial instability in Ukraine in modern conditions and possible ways of overcoming them by using the tools and measures of the monetary policy of the National Bank of Ukraine have been researched. Methodology of research. In the process of research general scientific methods were used: theoretical generalization methods - in studying the conditions that ensure the stability and quality of economic growth and the importance of using a new generation of regulatory instruments in the form of a system of dynamic macro prudential supervision; analysis and synthesis - to detect losses from the systemic banking crisis in Ukraine for 2014-2017; forecasting - to identify the main systemic risks of the financial sector in the near future. Findings. It has been established that financial instability in Ukraine had been caused by imperfection of regulation of the financial system, its distorted structure due to the dominance of the banking sector and excessive dependence on external factors. It has been revealed that the main sources of financial destabilization are the increase of the deficit of the state budget and public debt, the deterioration of the quality of the loan portfolio, the growth of the negative balance of trade and the volatility of prices on the world market. Originality. It has been established that the applied anti-crisis measures allowed to stabilize the situation in the economic and financial spheres to some extent, but do not allow the domestic economy to move to a long stage of financial stabilization. The necessity and importance of use of dynamic macro prudential supervision to identify systemic failures in the economy and financial markets has been substantiated. Practical. The results of the research will help to find and use tools aimed at overcoming (weakening) financial instability and building a sustainable financial system focused on the accumulation and use of internal resources.
References
Дзюблюк О. Грошово-кредитна політика в період кризових явищ на світових фінансових ринках / О. Дзюблюк // Вісник НБУ. – 2009. – № 5. – С. 20-30.
Перелигін Є. Лікнеп для НБУ: як забезпечити фінансову стабільність [Електронний ресурс]. – Режим доступу: http://forbes.net.ua/ua/opinions/1413011-liknep-dlya-nbu-yak-zabezpechyty-finansovu- stabilnist.
Minski, Human P. Stabilizing an Unstable Economy. – New York etc.: McGraw-Hill, 2008 (first edition Yale University Press, 1986).
Kregel I. The Natural Instability of Financial Markets / I. Kregel // The IDEAs Working Paper Series, 2009. – No 4. – 24 p.
«Важелі забезпечення фінансової стабільності в умовах ризиків другої хвилі кризи». Аналітична записка [Електронний ресурс]. – Режим доступу: http://www.niss.gov.ua/articles/349.
Указ президента України «Про Раду з фінансової стабільності» від 24.03.2015 р. [Електронний ресурс]. – Режим доступу: http://zakon2.rada.gov.ua/laws/show/170/2015.
Національний банк України. Звіт про фінансову стабільність. – Випуск 3. – червень 2017 р. – 59 с. [Електронний ресурс]. – Режим доступу: https://bank.gov.ua/doccatalog/document?id=50604896.
Забезпечення фінансової стабільності в Україні в умовах посткризової економіки / [Я.В. Белінська, Д.С. Покришка, О.О. Молдаван та ін.]. – К. : НІСД, 2001. – 88 с.
Dzyublyuk, O. (2009), “The monetary policy in the period of crisis phenomenas in the world financial markets”, Visnyk NBU, no. 5, pp. 20-30.
Perelygin, E., “Clinic for NBU: how to provide financial stability”, available at: http://forbes.net.ua/ua/opinions/1413011-liknep-dlya-nbu-yak-zabezpechyty-finansovu-stabilnist (access date January 13, 2018).
Minski, Human P. (2008), “Stabilizing an Unstable Economy”, New York etc.: McGraw-Hill (first edition Yale University Press, 1986).
Kregel, I. (2009), “The Natural Instability of Financial Markets”, The IDEAs Working Paper Series, no. 4, 24 p.
“Leverage to provide financial stability in conditions of the risk of a second wave of the crisis”, Analytical note, available at: http://www.niss.gov.ua/articles/349 (access date January 13, 2018).
"On the Council on Financial Stability", Decree of the President of Ukraine, 2015, March 24, available at: http://zakon2.rada.gov.ua/laws/show/170/2015 (access date January 13, 2018).
“Financial stability report” (2017), National Bank of Ukraine, issue 3, 59 p., available at: https://bank.gov.ua/doccatalog/document?id=50604896 (access date January 13, 2018).
Belinska, Ya.V. et. al. (2001), “Ensuring financial stability in Ukraine in conditions of post-crisis economy”, NISD, Kyiv, Ukraine, 88 p.
