Ostrovska N. Money-credit policy in the conditions of markets transformations in Ukraine

Object of Research is monetary policy as a mechanism of the measures of the state, directed on providing of stability of the national money system and economy. Research purpose. Scientific creation of conceptual, theoretical bases and realization of mechanism of targeting inflation as the most effective regime of monetary policy in Ukraine. Research methods: analyses, synthesis, system analyses, complexity, dialectical approach, structural and logical analyses, comparative analyses, statistical methods. Theoretical and practical results are concluded in deepening a theory and practice of monetary relations in Ukraine. New approach of research. First founded and proved the necessity of transition of Ukraine is led to targeting inflation as the most effective mode of monetary policy, which allows to create terms for medium-term support of macroeconomic and price stability of economy; methodological approaches are first developed to forming of mechanism of practical realization of the mode of targeting inflation in Ukraine taking into account the features of the modern state of monetary policy, that will be instrument in providing of the firm economy growing. Interpretation of essence of monetary policy is specified through decomposition of inherent to its functions. World experience of realization of intermediate purposes of monetary policy is generalized; their influence is exposed on price stability. Found subsequent development of necessity of improvement of mechanism of realization of monetary policy of NBU, on the basis of opening of failing in practice of the use of instruments of operating policy in Ukraine and exposure of contradictions between them, that result in deformation of transmission money channels and provoke inflation. Give the prove of necessity of the use of index of inflation as „nominal anchor” in the conditions of realization of monetary policy in Ukraine. Degree of introduction. Separate scientific and practical results were used by Management of NBU in the Chernivetsciy region (reference № 22-113/671 from 10.05.2005), and also in the process of development of the methodical providing of educational courses „Central bank and monetary policy” and „Monetary systems of foreign countries” and educational process of the Boucovinscoi state financial academy of Minfin of Ukraine (reference № 01-02/4846 from 04.05.2005). Sphere of the use. Banking system of Ukraine.