FORMATION OF THE MONETARY POLICY OF THE STATE: EXPERIENCE OF CERTAIN FOREIGN COUNTRIES

Abstract

The peculiarities of monetary policy formation in particulareconomic conditions, in particular during the financial crisis, in someforeign countries are considered. The main monetary assets that havebeen used by the United States, the United Kingdom, Sweden, NewZealand, Poland and the countries of the former Soviet Union havebeen highlighted. The unconventional monetary means used in othercountries to overcome the negative effects of the financial crisis areanalyzed, due to the need to stabilize the situation in the bankingsector and stimulate the economic development of the countries. Inparticular, quantitative easing, large-scale acquisitions of governmentassets, constant "informing the public" of monetary policy intentionsthat have been put in place to address the negative effects of thefinancial crisis. These approaches have proved positive in terms offorming stable long-term expectations of economic agents for thefuture monetary policy course. The need to consider the introductionof foreign experience into the national economy has been updated,since the absence of structural changes in the institutional environment will lead to the absence of significant results. Positiveexperience of monetary assets of the studied countries has beendetermined and it is expedient to implement it in the formulation ofmonetary policy in Ukraine. The expediency of introducing overnightdeposits in Ukraine and the ability of a banking institution to makesuch deposits into the accounts of the National Bank of Ukraine havebeen proved, which would reduce the possibility of speculation withthe use of excess liquidity of banks. As well as systematicallyinforming the public about measures implemented within monetarypolicy, which will facilitate its transparency and simplify itsgovernment control.