IDEAS home Printed from https://ideas.repec.org/a/vrs/mtrbid/v44y2022i4p435-442n7.html

Mutual Influence of Fiscal and Monetary Policy in the Context of Ensuring Macro-Financial Stability of the State

Author

Listed:
  • Nikiforov Petro

    (Dr. Sc., Prof., Yuriy Fedkovych Chernivtsi National University, Chernivtsi, Ukraine)

  • Greshko Roman

    (PhD, Assoc., Prof., Yuriy Fedkovych Chernivtsi National University, Chernivtsi, Ukraine)

  • Marych Maksym

    (PhD, Assoc., Prof., Yuriy Fedkovych Chernivtsi National University, Chernivtsi, Ukraine)

  • Marusiak Nataliia

    (PhD, Assoc., Prof., Yuriy Fedkovych Chernivtsi National University, Chernivtsi, Ukraine)

  • Kharabara Violetta

    (PhD, Assoc., Prof., Yuriy Fedkovych Chernivtsi National University, Chernivtsi, Ukraine)

  • Gladchuk Olga

    (PhD, Assoc., Prof., Yuriy Fedkovych Chernivtsi National University, Chernivtsi, Ukraine)

Abstract

The article is devoted to clarifying the mutual influence of fiscal and monetary policy in the context of ensuring macro-financial stability of the state. The main objectives of financial policy functioning are considered. The research used both general scientific methods and special approaches, namely analysis and synthesis, induction and deduction, scientific abstraction, scientific generalization, graphic visualization, the combination of which made it possible to achieve the conceptual integrity of this scientific work. Its main goal is determined, which is to ensure the highest possible level of welfare of the population through the most efficient distribution of GDP between types and spheres of economic activity, territories, strata and population groups. Among the directions of financial policy, two main ones are highlighted: fiscal and monetary. The essence of macro-financial stability of the state and its dependence on financial and monetary policy, as well as their coordination and mutual coherence, are considered, based on which a model of the mutual influence of fiscal and monetary policy in the context of ensuring macro-financial stability of the state is proposed.

Suggested Citation

  • Nikiforov Petro & Greshko Roman & Marych Maksym & Marusiak Nataliia & Kharabara Violetta & Gladchuk Olga, 2022. "Mutual Influence of Fiscal and Monetary Policy in the Context of Ensuring Macro-Financial Stability of the State," Management Theory and Studies for Rural Business and Infrastructure Development, Sciendo, vol. 44(4), pages 435-442, December.
    • Handle: RePEc:vrs:mtrbid:v:44:y:2022:i:4:p:435-442:n:7
    DOI: 10.15544/mts.2022.43
    as

    Download full text from publisher

    File URL: https://doi.org/10.15544/mts.2022.43
    Download Restriction: no
    File URL: https://libkey.io/10.15544/mts.2022.43?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Oliver Hülsewig & Horst Rottmann, 2022. "Euro Area Periphery Countries' Fiscal Policy and Monetary Policy Surprises," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 84(3), pages 544-568, June.
    2. Algozhina, Aliya, 2022. "Monetary policy rule, exchange rate regime, and fiscal policy cyclicality in a developing oil economy," Energy Economics, Elsevier, vol. 112(C).
    3. John Cochrane, 2022. "A fiscal theory of monetary policy with partially repaid long-term debt," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 45, pages 1-21, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Denis Gorea & Ding Xuan Ng & Fabrizio Zampolli, 2026. "Financial and real effects of fiscal risk," BIS Working Papers 1364, Bank for International Settlements.
    2. Jiang, Shifu, 2024. "The effect of monetary policies on inflation: A fiscal perspective," Economics Letters, Elsevier, vol. 241(C).
    3. Dinh Trung Nguyen, 2025. "Structural reforms and global value chains: a dynamic analysis of OECD countries based on local projections," International Economics and Economic Policy, Springer, vol. 22(3), pages 1-31, July.
    4. Niwa, Hidekazu, 2026. "Fragmented fiscal policymaking and monetary policy: Policy game in a New Keynesian economy," Economic Modelling, Elsevier, vol. 155(C).
    5. Reichlin, Lucrezia & Ricco, Giovanni & Tarbé, Matthieu, 2023. "Monetary–fiscal crosswinds in the European Monetary Union," European Economic Review, Elsevier, vol. 151(C).
    6. Bernoth, Kerstin & Herwartz, Helmut & Trienens, Lasse, 2024. "Interest Rates, Convenience Yields and Inflation Expectations: Drivers of US Dollar Exchange Rates," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302351, Verein für Socialpolitik / German Economic Association, revised 2024.
    7. Bro, Jeppe & Eriksen, Jonas N., 2025. "Subjective expectations and house prices," Journal of Banking & Finance, Elsevier, vol. 172(C).
    8. Cao, Fangzhi & Su, Chi-Wei & Sun, Dian & Qin, Meng & Umar, Muhammad, 2024. "U.S. monetary policy: The pushing hands of crude oil price?," Energy Economics, Elsevier, vol. 134(C).
    9. Nurdaulet Abilov, 2020. "An Estimated Bayesian DSGE Model for Kazakhstan," Asian Journal of Economic Modelling, Asian Economic and Social Society, vol. 8(1), pages 30-54, March.
    10. Hossein Tavakolian & Hamed Ghiaie, 2019. "Optimal Inflation Targeting in a Dual-Exchange Rate Oil Economy," Thema Working Papers 2019-09, THEMA (Théorie Economique, Modélisation et Applications), CY Cergy-Paris University, ESSEC and CNRS.
    11. Marieh Azizirad, 2022. "Fisher vs Keynes: Does an Interest Rate Hike Cause Inflation to Increase or Decrease?," Discussion Papers dp22-08, Department of Economics, Simon Fraser University.
    12. António Afonso & José Alves & Serena Ionta, 2023. "The effects of monetary policy surprises and fiscal sustainability regimes in the Euro Area," Working Papers REM 2023/0281, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    13. Hristov, Nikolay & Hülsewig, Oliver & Kolb, Benedikt, 2024. "Macroprudential capital regulation and fiscal balances in the euro area," Journal of International Money and Finance, Elsevier, vol. 143(C).
    14. Omotosho, Babatunde S. & Yang, Bo, 2024. "Oil price shocks and macroeconomic dynamics in resource-rich emerging economies under regime shifts," Journal of International Money and Finance, Elsevier, vol. 144(C).
    15. Sultan Hassan Mohammed Ahmed Alhalemi & Dr. Mohammed Chemlal, 2026. "The Impact of Monetary and Fiscal Policy on GDP In Yemen: An Econometric Study for the Period (2000-2022)," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 10(4), pages 2734-2750, April.
    16. Bonam, Dennis & Ciccarelli, Matteo & Gomes, Sandra & Aldama, Pierre & Bańkowski, Krzysztof & Buss, Ginters & da Costa, José Cardoso & Christoffel, Kai & Elfsbacka Schmöller, Michaela & Jacquinot, Pasc, 2024. "Challenges for monetary and fiscal policy interactions in the post-pandemic era," Occasional Paper Series 337, European Central Bank.
    17. M. Yu. Andreev, 2025. "Deep Consumer Habits and Fiscal Policy Shocks," Studies on Russian Economic Development, Springer, vol. 36(1), pages 53-65, February.
    18. Jing Cynthia Wu & Yinxi Xie, 2025. "Unconventional Monetary and Fiscal Policy," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 56, April.
    19. Di Serio, Mario, 2024. "Public debt determinants: A time-varying analysis of core and peripheral Euro area countries," Finance Research Letters, Elsevier, vol. 69(PA).
    20. John H. Cochrane, 2020. "Strategic Review and Beyond: Rethinking Monetary Policy and Independence," Review, Federal Reserve Bank of St. Louis, vol. 102(2), pages 99-119, May.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:mtrbid:v:44:y:2022:i:4:p:435-442:n:7. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.