HANNA V. SALTYKOVA, KSENIIA S. NOVAK
Interest-bearing Instruments of Investment Activity's Intensification in Ukraine
(original language – English)
The current stage of development of the Ukrainian economy during the political and financial crisis actualizes the issue of investment activity's intensification for economic growth and macroeconomic stabilization. The theoretical background of applying of central bank interest-bearing instruments for investment’s stimulation is explored in the article. Graphical interpretation of mechanism of its impact on the real economy is proposed. There was studied the transmission mechanism of the financial policy and performed its structural decomposition. A comparative analysis of monetary transmission channels with the substantiation of the role of interest rate channel as the most effective channel in the current economic conditions was held. The dynamics of the basic interest instruments and their interconnection were analyzed. The correlation between fluctuations of the discount rate and the consumer price index was investigated. Special attention was paid to the issue of currency stability as a determining factor of investment activity’s increasing in the country. There was analyzed the main leverages of exchange policy of the National Bank and defined its priorities.
Key words: interest rate, investment, monetary policy, monetary transmission channels, monetary transmission mechanism, real sector of economy.
Placed in №4, 2016.
Affiliations:
Hanna Vasylivna Saltykova, C.Sc. (Economics), Senior Tutor of Finance and Credit Department, Sumy State University;
Kseniia Serhiyivna Novak, Student of Department of Finance and Credit, Sumy State University
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