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Monetary policy as part of social contract: the logical and historical analysis

Author

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  • Tetiana Krychevska

    (Institute for Economics and Forecasting, NAS of Ukraine, Kyiv)

Abstract

Based on the analysis of monetary history since medieval public deposit and settlement banks to the present, the article reveals the logic of the formation of public demands on monetary policy and monetary authorities' responses for them. As the time interval under consideration covers periods of states building and defence, economic turmoil and deep institutional changes, the findings on the optimal monetary policy differ from those offered by foreign experts often based on analysis of «best practices» for specific period of 1990th - early 2000th. It has been founded that monetary policy has always been a part of economic strategy, of some model of economic growth and ultimately of social contract. It has been shown that the legitimization of monetary policy by society and the formation of its credibility are carried out by a number of criteria: stability of the national currency, economic growth, full employment, financial stability and justice (assessment of credit availability and distribution effects of monetary policy). The features of the future monetary policy regime growing within the existing monetary regimes have been highlighted. The basic problems and contradictions of monetary regime in Ukraine have been revealed and the ways for its correction have been shown.

Suggested Citation

  • Tetiana Krychevska, 2016. "Monetary policy as part of social contract: the logical and historical analysis," Ukrainian Journal Ekonomist, Yuriy Kovalenko, issue 5, pages 4-11, May.
    • Handle: RePEc:uje:journl:y:2016:i:5:p:4-11
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    References listed on IDEAS

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    1. Alan Greenspan, 1996. "Opening remarks," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 1-5.
    2. Hetzel,Robert L., 2008. "The Monetary Policy of the Federal Reserve," Cambridge Books, Cambridge University Press, number 9780521881326, August.
    3. Lawrence H Summers, 2014. "U.S. Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 49(2), pages 65-73, April.
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