Conclusions from general principls of coordinated action of fiscal and monetary and credit policy

Vitaliy Pavlovych Pantelyeyev


Abstract


Introduction. In the article the theoretical and practical aspects of coordinated actions of fiscal and monetary policy of Ukraine are considered. We have compared different positions of scientists concerning the coordination of fiscal and monetary policy. A number of ideas and research directions as for the objectives of consistency, peculiariries of tool connection, reasoning of ways of  budgetary and monetary and credit policy achievement are analysed in this research. With the help of methods of economic and mathematical analysis we have constructed the econometric model of the relationship of gross domestic product and budget performance, monetary policy.

Goal. The purpose of the article is to analyze the conclusions from general principles of coordinated action of fiscal and monetary policy and empirical analysis, the dependence of the gross domestic product of Ukraine on key indicators of fiscal and monetary policy.

The method (methodology). In this research we have used the following methods: methods of analysis, method of synthesis and classification, economic and mathematical methods.

Results. It is determined that the consumer price index, the deficit / surplus of consolidated budget of Ukraine and the discount rate of the National Bank of Ukraine make the most significant impact on the gross domestic product of Ukraine. A close relationship between the discount rate and the weighted average rate of refinancing of the National Bank of Ukraine is established, as well as between the index of the hryvnia against the US dollar on consumer price index and the minimum wage. The measures of interaction of fiscal and monetary policy and GDP growth are defined.


Keywords


budget policy; monetary policy; interaction; policy objectives; ways; tools; econometric model

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References


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