Bilous O. Central Bank's Open Market Operations and Their Influence on Money Supply.

This dissertation work explores the theoretical principles, essence of central bank open market operations and their influence on money supply. The economic nature of open market operations is exposed, as well as their role in banking system liquidity regulation, and it is shown that the securities operations of a central bank in the open market are the important instrument of the monetary policy by means of which, using market methods, it is possible to influence effectively on the terms and types of lending, extend lending on long-term basis to the real sector of economy, as well as to stabilize the macroeconomic situation in a country by means of stock market instruments. The features of open market operations realization are shown in the process of conducting the monetary policy by central banks, and carrying out the open market operations by the National Bank of Ukraine is also reflected. It is analyzed how central bank open market operations influence the figures of money and credit market. The dissertation work contains grounds for the necessity of common conducting of open market operations in Ukraine as an effective instrument of money supply regulation and, as well as a tool to contribute to interbank and short-term loan markets development and further stock market development as a whole.