DIRECTIONS OF OPTIMIZATION OF THE SIZE AND STRUCTURE OF MONEY SUPPLAY IN UKRAINE
Abstract
The article proves the relevance of the study of the composition and structure of the money supply and its optimization and rationalization, as the current state of the money supply in Ukraine is characterized by a number of problems, the solution of which is important to strengthen the money market in Ukraine and abroad. The purpose of the study is determined, which is a thorough analysis of the money supply in Ukraine in terms of changes in monetary aggregates and identify areas for optimizing the composition and structure of the money supply. To achieve this goal, the following research methods were used: the method of generalization and systematization – to clarify the essence of the money supply and monetary aggregates; methods of analysis and synthesis, economic-statistical and graphical methods – to study the dynamics of the composition and structure of the money supply, as well as the coefficients of monetization; expertanalytical – to substantiate the areas of optimization of the volume and structure of the money supply in Ukraine. An interpretation of the term “money supply” is given and it is found out that the measurement of money supply is carried out with the help of monetary aggregates, of which there are four in Ukraine (M0, M1, M2, M3). The content and main characteristics of monetary aggregates are outlined, compared, and it is found that each subsequent monetary aggregate has less liquidity than the previous one. The dynamics of changes in monetary aggregates in Ukraine in recent years in absolute terms is analyzed, and the share of monetary aggregates in the total money supply is studied. The level of monetization of the Ukrainian economy is analyzed on the basis of calculating the ratio of the monetary aggregate M0 to GDP and the ratio of the monetary aggregate M2 to GDP. The results of the study of money supply, monetary aggregates and indicators that indicate the level of monetization of the economy, compared with the normative values, based on which conclusions are drawn about the trends inherent in the modern monetary system of Ukraine. It is concluded that there are both positive and negative trends in the impact of money supply on the development of Ukraine’s economy. The main directions of optimization of the volume and structure of the money supply in Ukraine are proposed, the implementation of which will have a positive impact on the stabilization of the monetary system in the country and will increase the level of economic development of the state.
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