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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
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    References listed on IDEAS

    as
    1. 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.
    2. 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.
    3. Algozhina, Aliya, 2022. "Monetary policy rule, exchange rate regime, and fiscal policy cyclicality in a developing oil economy," Energy Economics, Elsevier, vol. 112(C).
    4. 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)

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    More about this item

    Keywords

    fiscal policy; monetary policy; fiscal instruments; financial relations; macro-financial stability; national economy; domestic economic system;
    All these 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

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