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Autor
Petryk Oleksandr
Tytuł
History of Monetary Development in Ukraine
Historia przemian monetarnych na Ukrainie
Źródło
Bank i Kredyt, 2006, nr 8, s. 3-24, bibliogr. 26 poz.
Słowa kluczowe
Polityka pieniężna, Kurs walutowy, Strategia bezpośredniego celu inflacyjnego, Reformy gospodarcze, Wzrost gospodarczy
Monetary policy, Exchange rates, Inflation targeting strategy, Economic reforms, Economic growth
Uwagi
streszcz., summ.
Kraj/Region
Ukraina
Ukraine
Abstrakt
W artykule przedstawiono analizę zmian monetarnych i ekonomicznych, które zaszły na Ukrainie po uzyskaniu przez nią niepodległości w 1991 roku. Podjęto również próbę odpowiedzi na pytanie: jaki reżim monetarny jest teraz optymalny dla zapewnienia wzrostu gospodarczego oraz zapobieżenia możliwym kryzysom finansowym.

The aim of the article is to provide an impartial analysis of the monetary and economic developments that have taken place since Ukraine gained independence in 1991 and to answer the question: which monetary regime is optimal now from the point of view of ensuring sustainable economic growth and preventing possible financial crises. The first part of the paper describes main events that took place during the last fifteen years. There was a hyperinflation period and stagnation of the economy in the early 1990s, economic and currency reforms in 1994-97, the financial crisis of 1998 and a period of real economic growth and moderate inflation in 2000-05. The second part of the paper discusses possible exit strategies to a more flexible exchange rate regime from the current de facto peg to the US dollar. It is argued that the inflation targeting approach is best suited to the needs of the Ukrainian economy and will provide a new "nominal anchor" for the economy. It allows increase in the credibility and transparency of monetary policy and maintenance of low rate of inflation in the long run to support sustainable economic growth. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Bibliografia
Pokaż
  1. Ariyoshi A., Habermeier K.-F., Laurens B., Ötker I., Canales-Kriljenko J.-I., Kirilenko A. (2000), Capital Controls: Country Experiences with Their Use and Liberalization, "Occasional Paper", No. 190, IMF, Washington, D.C.
  2. Cagan P., 1989, Hyperinflation, in J. Eatwell, M. Milgate and P. Newman (eds), The New Palgrave: Money, W.W. Norton, New York.
  3. Eichengreen B. (1999), Kicking the Habit: Moving for Pegged Rates to a Greater Exchange Rate Flexibility, "Economic Journal", No. 109, pp. C1-C14.
  4. Gavin M., Hausman R. (1996), The Roots of Banking Crises: The Macroeconomic Context in R. Hausman and L. Rojas-Suarez (eds.), Banking Crises in Latin America, Interamerican Development Bank and Johns Hopkins University Press, Baltimore.
  5. IMF (1996), Ukraine-Recent Economic Developments, "Staff Country Report", No. 96/21, IMF, Washington, D.C.
  6. IMF (2004), From Fixed to Float: Operational Aspects of Moving Toward Exchange Rate Flexibility, Monetary and Financial Systems Department, IMF, Washington, D.C.
  7. IMF (2005), Ukraine, Foreign Exchange Risk Management, Dealing with Capital Inflows and Transition Between Exchange rate regimes, July, IMF, Washington, D.C.
  8. Jonas J., Mishkin F. (2003), Inflation Targeting in Transition Countries: Experience and Prospects, "Working Paper", No. 9667, NBER, Cambridge.
  9. Kaminsky G.L., Reinhart C.M. (1996), The Twin Crises: The Causes of Banking and Balance of Payments Problems, "International Finance Discussion Papers", No. 544 (March), Board of Governors of the Federal Reserve System, Washington, D.C.
  10. Morande F. (2002), A Decade of Inflation Targeting in Chile: Developments, Lessons and Challenges in N. Loayza, R. Soto, Inflation Targeting: Design, Performance, Challenges, Banco Central de Chile, Santiago.
  11. Oksymets V. (1998), Issues in the Conduct of Monetary Reform, "Russian and East European Finance and Trade", May-June, vol. 34, No. 3, pp. 37-44.
  12. Petryk O. (1996), Nonconfiscatory monetary reform in Ukraine, "Visnyk NBU", No. 5, Kyiv.
  13. Petryk O. (1998), A Strategy for Controlling Inflation in Countries with Transition Economies, "Russian and East European Finance and Trade", May-June, vol. 34, No. 3, pp. 20-36.
  14. Petryk O. (2005a), Transition to Flexible Exchange Rate Regime is a New Challenge for Ukraine, "Visnyk NBU", No. 6, Kyiv.
  15. 2Na zaproszenie Petryk, O. (2005b), Hryvnia's Underestimation and its Consequences for Monetary Policy, "Visnyk NBU", No. 2, Kyiv.
  16. Prasad E., Rumbaugh T., Wang Q. (2005), Putting the Cart Before the Horse - Capital Account Liberalization and Exchange Rate Flexibility in China, "Policy Discussion Paper", No. 05/1, IMF, Washington, D.C.
  17. Rogoff K., Husain A., Mody A., Brooks R., Oomes N. (2004), Evolution and Performance of Exchange Rate Regimes, "Occasional Paper", No. 229, IMF, Washington, D.C.
  18. Schaechter A., Stone M., Zelmer M. (2000), Adopting Inflation Targeting: Practical Issues for Emerging Market Countries, "Occasional Paper", No. 202, IMF, Washington, D.C.
  19. Schmidt-Hebbel K., Tapia M. (2002), Monetary Policy Implementation and Results in Twenty Inflation-Targeting Countries, "Working Papers", No. 166, Central Bank of Chile, Santiago.
  20. Stelmach, V., Petryk O. (2003), Exchange Rate, Inflation and Competitiveness of Economy, "Visnyk NBU", No. 9/2001, Kyiv.
  21. Sundakov A., Ossowski R., Lane T. (1994), Shortage Under Free Prices: the Case of Ukraine in 1992, "Working Paper", No. 94/10, IMF, Washington, D.C.
  22. Svensson L. (2003), Monetary Policy and Real Stabilization, "Working Paper", No. 9486, NBER, Cambridge.
  23. Tiffin A. (2005), Competitiveness. Convergence and the Equilibrium Real Exchange Rate 2004, in IMF, Ukraine: Selected Issues, "Country Report", No. 05/20, IMF, Washington, D.C.
  24. Voronova L., Petryk O. (1998), Monetary Development in Ukraine, "Herald of the NBU, Digest", No. 3, Kyiv.
  25. Williamson, J. (2000), Exchange Rate Regimes for Emerging Markets: Reviving the Intermediate Option, Institute for International Economics, Washington, D.C.
Cytowane przez
Pokaż
ISSN
0137-5520
Język
eng
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