Monetary policy architecture during the transition from financial stabilization to sustainable economic growth
DOI:
https://doi.org/10.31558/2307-2318.2024.3.3Keywords:
monetary policy, money supply, balance of payments, monetization, demonetization, financial stabilization, sustainable economic growth, financial systemAbstract
The article outlines approaches to determining the essence of monetary policy and its strategic goals. The main features are considered, the priorities and functional dependencies of monetary policy which are characteristic of transitional financial systems, in accordance with the classification of the transitional process as the consistent implementation of the tasks of financial stabilisation, the transition to sustainable economic growth, and subsequent anticyclical regulation after reaching a certain equilibrium level of income, are determined. The conditions for the implementation of monetary policy, which differ depending on the macroeconomic situation – financial stabilisation, transition to sustainable economic growth or anti-cyclical regulation, are substantiated. It is also substantiated that the evolution of monetary policy can be conveniently monitored with the help of indicators of the economy monetization and the real exchange rate, which can show the way of reaching the equilibrium state.
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