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The Monetary Policy to Support Economic Development

In: The Geoeconomics of the International Monetary Order

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  • Yevhen Bublyk

    (State Organization Institute for Economies and Forecasting of the National Academy of Sciences of Ukraine)

Abstract

The chapter identifies the key areas of challenges and monetary policy development in the interest of supporting economic growth. Based on the assessment of changes in the level of financialization and monetary sovereignty of countries, comparative analysis of the use of monetary stimulation tools substantiated recommendations for state policy are emphasized on strengthening the potential of monetary and credit stimulation of the national economy. The practice of sterilizing free liquidity and keeping it outside the money market has its rational reasons. In the conditions of an economic downturn, a small open economy with an undeformed financial market and a weak currency does not have the freedom to stimulate lending by traditional or unconventional monetary methods—interest rate cuts or liquidity supply operations in the open market. This leads to the necessity to focus efforts on providing long-term preferential financing to the identified priority sectors, projects, and enterprises supported by an effective exchange control system to limit the outflow of capital abroad; significant amounts of financial resources can be purposefully redistributed to the benefit of identified priority sectors of the economy.

Suggested Citation

  • Yevhen Bublyk, 2025. "The Monetary Policy to Support Economic Development," Springer Books, in: Jose Carrillo-Pina & Oleksandr Sharov (ed.), The Geoeconomics of the International Monetary Order, pages 311-338, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-90851-4_12
    DOI: 10.1007/978-3-031-90851-4_12
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