Cause-Effect Relations of Instruments of the Monetary Policy and Indicators of Sustainable Development of the Country Economy (Using Example of the NBU Discount Rate)

The goal of the article is to study impact of the monetary policy on ensuring sustainable development of the country economy and detection of co-integration between the variables of the sustainable development of the country economy and instruments of the monetary policy. Systematisation, analysis and generalisation of scientific works allowed formation of an aggregate of indicators of sustainable development of the country economy for conducting a cause-effect relations analysis of indicators of sustainable development of the country economy and instruments of the monetary policy. The study results were used for identification of basic indicators of sustainable development of the country economy, which are sensitive to the impact of the instruments of the monetary policy. Using the models of mistake correction, the article reveals problem aspects of interaction of the NBU discount rate with capital investments, stimulation of which is one of the basic conditions of sustainable development of the country economy. Prospects of further studies in this direction are identification of interaction and interdependence of other instruments of the monetary policy with indicators of sustainable development of the country economy, building up forecasts and scenarios of ensuring sustainable development of the country economy using instruments of the monetary policy.