DOI: https://doi.org/10.32515/2663-1636.2018.1(34).150-160

The Role of Monetary Policy of Ukraine in Economic Growth in Digital Transformations

Antonina Bazyliuk

About the Authors

Antonina Bazyliuk, Professor, Doctor in Economics (Doctor of Economics sciences), Head of the Department of Finance, Accounting and Audit, National Transport University, Kyiv, Ukraine, E-mail: av_ton_@ukr.net

Abstract

It is substantiated the need to rethinking of the monetary policy of the NBU on the basis of achieving the targets of accelerating economic growth and increasing the productivity of the economy, comprehensively attracting breakthrough digital opportunities, including in the financial sector of the economy. It has been proven that Ukraine has a range of negative trends hampering economic development, which causes the spread of such negative phenomena as: debt growth, blocking domestic investment, increasing dependence on credit resources and increasing of its price, increasing of import dependence, spreading of the social inequality and labor migration. It has been substantiated that the preservation of the existing conservative monetary policy does not meet the needs of accelerating economic growth, which in the conditions of digital transformation acquires tangible opportunities. In the process of research, the main tasks of technical and technological renewal of production and increasing in labor productivity were identified, the achievement of which should be promoted by the monetary policy of the NBU. It is revealed that for the Ukrainian central regulator there is a growing need to solve the problem of developing a cashless society and determine its own position regarding to the possibilities of using crypto currencies not nominated in national currency, which can erode the sovereignty of the NBU. The article proves that the rethinking and modernization of the NBU monetary policy should be carried out taking into account the dominant non-monetary nature of the transformation processes in the Ukrainian economy in conjunction with other economic policy measures, which will provide the prerequisites for accelerating economic growth.

Keywords

monetary policy, digital transformation, economic growth, macroeconomic disbalances, inclusive development, financial inclusion

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References

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Copyright (c) 2018 Antonina Bazyliuk