Features of Formation of the Gold Reserve of Ukraine and Evaluation of Its Use

Abstract

The article presents the results of research on the gold reserve of Ukraine and evaluation of its use as an instrument of financial policy of the State. The role and functions of gold in the country’s economy are defined. The dynamics of the gold reserve of Ukraine during the period of its independence is analyzed. For the purposes of forecasting of inflation and rate of the national currency in comparison with other currencies, the cyclical changes in dynamics of the gold reserve are allocated, going along in trend with cyclicity of the market economy and random fluctuations. The author compares the tendencies of change of the absolute size of GDP and the gold reserve of Ukraine, also the rates of their growth. The dynamics of the gold reserve of Ukraine is characterized in comparison with dynamics of the monetary base. The regression curve of deficit of the State budget of Ukraine and its gold reserve is built. The correlation coefficients between the price indices and the value of the gold reserve are calculated.

Keywords

• gold
• gold reserve
• gold and currency reserves
• GDP
• monetary base
• budget deficit
• price indices