Skok I. Ukrainian Interbank Credit Market in the Conditions of Transition to Inflation Targeting

Dissertation is dedicated to the development of the theoretical framework of functioning the interbank credit market and creation scientific, methodological and practical recommendations concerning its stabilization in the condition of transition to inflation targeting. Based on the theoretical summarizing it was offered specified definition "interbank credit market", improved structural-level ICM segmentation approach, separated functions that are attributed to each level, developed ICM instruments classification, improved methodical approaches to monetary factors definition that influence on the ICM development and functioning in the condition of transition to inflation targeting. Current development of the different Ukrainian ICM levels has been analysed and it has discovered its specific features, created model for estimation the impact of the interest rate changes under the external and internal interbank credits, monetary liquidity and risks to the dynamic of the ICM microlevel national currency overnight credits. This model application has given capability to make quantity estimates every factors impact on the price formation on the different Ukrainian ICM development stages. It was improved methodic approach of the interest rate under ICM microlevel credits forecast, determined potential NBU's capability to impact on the mentiond interest rate and also offered recommendations for the improving of the discount rate effectiveness and ICM macrolevel interest rates, determination of the target microlevel interest rate, optimal conditions of its targeting, ICM microlvel stabilizing under the crises period. Keywords: bank, credit, interbank credit market, interbank credit market instruments, monetary liquidity, interest rate, monetary regime, inflation targeting.