HANNA V. SALTYKOVA, NATALIIA V. KOTENKO
On the Issue of Coordination of Monetary and Fiscal Policy
(original language – Ukrainian)
The current acute crisis actualizes the question of development and implementation of a balanced financial policy as an effective instrument of macroeconomic stabilization. The article is based on the J. Tinbergen’s normative concept that comes from organic unity of the three components of policy - targets, instruments and implementation mechanism. This allowed the authors to substantiate the need to coordinate the main components of financial policy. The subject components of the financial policy implementation are reviewed and the main ones are defined. The theoretical principles of monetary and fiscal policy implementation are researched. A comparative analysis based on such criteria as the type of activity, mechanism of influence on the target parameters, reaction speed of appropriate tools usage is done. A graphical interpretation of the mechanism of the relationship of monetary and fiscal policy as the direction of a unified government financial policy is proposed. Considering indirect signs and long-term consequences to maintain macroeconomic equilibrium the necessity of the application of the fiscal and monetary instruments in an indissoluble unity is proven
Key words: expansion, financial policy, fiscal policy, monetary policy, restriction.
Placed in №3, 2015.
Affiliations:
HANNA V. SALTYKOVA, C.Sc. (Economics), Senior Tutor of Department of Finance and Credit, Sumy State University;
NATALIIA V. KOTENKO, C.Sc. (Economics), Senior Tutor of Department of Finance and Credit, Sumy State University
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