Bìznes Inform (Sep 2017)
The Conceptual Bases for the Formation of a Mechanism for Currency Regulation in Ukraine
Abstract
The article is aimed at developing the theoretical-methodological bases for the formation of a currency regulation mechanism in Ukraine at the current stage of economic development. An authors’ own definition of the concept of «mechanism for currency regulation» has been suggested and the relationships between its structural elements have been illustrated. The basic principles for the use of currency restraints for countries with transformational market relations have been defined, the implementation of which should enhance their efficiency. It was clarified that devaluation and revaluation should be considered in terms of the administrative instrument for currency regulation. Emphasis is placed on the need to respect mutual consistency between the chosen exchange rate regime and the declared monetary policy orientation in the country. The authors have proposed a periodization of the interbank currency market of Ukraine by the criterion of level of economic development, which would reflect the characteristics of the current cyclical nature of its functioning. Prospect of further research in this direction is identification of the characteristics and effects of the use of the mechanism for currency regulation, depending on the stage of operation of currency market.
