Nikonenko U. Shaping of NBU Monetary Policy in Terms of Globalization

The economic meaning of monetary policy, its role and functions in implementation of transformation processes of national economy have been defined in this Dissertation Thesis. The analysis and systematization of modern theories dedicated to the monetary policy development have been performed. Besides, it was proved that monetarism transformation in modern conditions caused the appearance of theories of inflation bias and dynamic inconsistency and further development of inflation targeting concept. Summing the practice of shaping and implementation of monetary policy in Central and Eastern-European countries made possible to form the main macrostabilization goals, which had an influence on their economic development and prove the expediency of their use in terms of globalization. The analysis and assessment of Ukrainian monetary policy shaping have been performed; division into periods on the basis of inflation level criterion by using the econometric analysis has been offered. It was proved the existence of correlation between the inflation level and monetary indicators; the efficiency of applied monetary policy tools has been assessed as well their influence on the condition of monetary and credit market has been explained. Concept background of monetary policy shaping in terms of globalization processes enhancement has been designed; basic disproportions of monetary accommodation have been defined; the time-staged model has been offered to reform the monetary policy with double targeting of monetary flows and currency rate, followed by the implementation of prices stability strategy; the main trends, principles and institutional support of monetary policy shaping mechanism in terms of globalization and implementation of inflation targeting regime by means of identification of main function of NBU have been defined.