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№ 2020/3
HARKAVENKO Valentyna Ivanivna1, YERSHOVA Galina Vitaliivna2
1Institute for Economics and Forecasting, NAS of Ukraine
2Institute for Economics and Forecasting, NAS of Ukraine
The impact of currency liberalization on the economy of Ukraine
| Economy and forecasting 2020; 3:20-33 | https://doi.org/10.15407/econforecast2020.03.020 |
ABSTRACT ▼
JEL: G21
| Article in English (pp. 20 - 33) | Download | Downloads :329 |
REFERENCES ▼
1. Yaremenko, O. (2011). Features of the concept of "currency regulation" in modern economic conditions. Investments: practice and experience, 21, 104 [in Ukrainian].
2. Shemet, T. (2006). Exchange rate theory and practice. Kyiv: Lybid [in Ukrainian].
3. Money and credit: a textbook (2011). Kyiv: KNEU [in Ukrainian].
4. Quinn, D. (1997). The Correlates of Change in International Financial Regulation. American Political Science Review, 91: 3, 531-551. doi.org/10.2307/2952073
5. Gershanovich, E. (2007). Currency liberalization: pros and cons. Proceedings of Tomsk Polytechnic University, 310: 1, 228-230 [in Russian].
6. Ivanov E., Ershov M. (2003). Currency liberalization and the national economy. Money and credit. 6, 44. Retrieved from ershovm.ru/files/publications_document_33.pdf [in Russian].
7. Danylyshyn: after currency liberalization we expect an increase in investment by 5-10 times (2019, January 16). Ukrainian radio. Retrieved from www.nrcu.gov.ua/news.html?newsID=84192 [in Ukrainian].
8. Garkavenko, V. (2018). Currency liberalization: expediency and timeliness. Scientific works of NDFI, 2, 41-44. Retrieved from nbuv.gov.ua/UJRN/Npndfi_2018_2_10 [in Ukrainian]
9. Repko, M., Kashko, O., Piontkivska, I. (2016, March). International experience of capital movement liberalization. Visnyk Natsional'noho banku Ukrainy – Bulletin of the NBU, 26-42. doi.org/10.26531/vnbu2016.235.026 [in Ukrainian].
10. Speech by Yaremenko O. at the round table "Liberalization of currency regulation in Ukraine: risks and prospects" (2015, September 24). Retrieved from ief.org.ua/wp-content/uploads/2015/09/%D0%9A% D1% 80_% D1% 81% D1% 82% D1% 96% D0% BB-24.09.pdf [in Ukrainian].
11. International monetary and financial relations (2005). Moscow [in Russian].
12. Árvai, Zsófia (2005). Capital Account Liberalization, Capital Flow Patterns, and Policy Responses in the EU's New Member States. IMF Working Paper. doi.org/10.5089/9781451862324.001
13. Garkavenko, V. (2011). Foreign capital in the activity of the banking sector of Ukraine: experience of the past, lessons for the future. Institute for Economics and Forecasting, NAS of Ukraine. Kyiv [in Ukrainian].
14. The impact of global finance on the monetary and financial system of Ukraine (2017). Institute for Economics and Forecasting, NAS of Ukraine. Kyiv [in Ukrainian].
15. The Association Agreement between Ukraine, of the one part, and the European Union, the European Atomic Energy Community and their Member States, of the other part. Chapter 7. Article 145. Retrieved from https: //zakon.rada.gov.ua/laws/show/984_011#Text [in Ukrainian].
16. Roadmap for the abolition of currency restrictions. National Bank of Ukraine. Retrieved from bank.gov.ua/ua/markets/liberalization [in Ukrainian].
17. On Currency and Currency Transactions (2018, July 21). Law of Ukraine №2473-VIII. Retrieved from zakon.rada.gov.ua/laws/show/2473-19#Text [in Ukrainian].
18. On the system of currency regulation and currency control (1993, February 16). Decree of the Cabinet of Ministers of Ukraine № 15-93. Retrieved from zakon.rada.gov.ua/laws/show/15-93#Text [in Ukrainian].
19. On approval of the Regulations on protection measures and determination of the procedure for certain transactions in foreign currency (2019, January 2). Resolution of the Board of the NBU № 5. Retrieved from zakon.rada.gov.ua/laws/show/v0005500-19#Text [in Ukrainian].
20. On establishing exceptions and (or) features of the introduction of deadlines for payments for export and import of goods and amendments to certain regulations (2019, May 14). Resolution of the Board of the National Bank of Ukraine № 67. Retrieved from bank.gov.ua/en/legislation/Resolution_14052019_67 [in Ukrainian].
21. On approval of the list of goods and (or) sectors of the economy for which the National Bank has the right to establish exceptions and (or) features of the protection measure provided for in paragraph one of the first article 13 of the Law of Ukraine "On Currency and Currency Transactions (2019, February 13). Order of the Cabinet of Ministers of Ukraine № 76-r. Retrieved from zakon.rada.gov.ua/laws/show/76-2019-%D1%80#Text [in Ukrainian].
22. Yield of IGLBs in the primary market. National Bank of Ukraine. Retrieved from bank.gov.ua/ua/statistic/sector-financial/data-sector-financial#2fs [in Ukrainian].
23. Financial sector statistics. National Bank of Ukraine. Retrieved from bank.gov.ua/ua/statistic/sector-financial/data-sector-financial#2fs [in Ukrainian].
24. Information on domestic government bonds in circulation (2020, March 1). Ministry of Finance of Ukraine. Retrieved from mof.gov.ua/en/ovdp-shho-perebuvajut-v-obigu [in Ukrainian].
25. Report on the conduct of monetary policy in 2019 to the NBU Council (2020, February 25). National Bank of Ukraine. Retrieved from bank.gov.ua/ua/news/all/zvit-schodo-provedennya-groshovo-kreditnoyi-politiki-u-2019-rotsi-radi-natsionalnogo-banku [in Ukrainian].
26. The NBU Council found the exchange rate policy of the National Bank ineffective (2019, December 6). Business. Retrieved from nv.ua/eng/biz/economics/rada-nbu-viznala-neefektivnoyu-valyutno-kursovu-politiku-nacbanku-novini-ukrajini-50057756.html [in Ukrainian].
27. Statement of the National Bank. The NBU Council exceeded its powers (2019, December 9). Business. Retrieved from nv.ua/eng/biz/finance/nbu-rada-nacbanku-perevishchila-svoji-povnovazhennya-novini-ukrajini-50058248.html [in Ukrainian].
28. Press release of the NBU (2018, March 5). National Bank of Ukraine. Retrieved from bank.gov.ua/control/uk/publish/article;jsessionid= AE97D48096EE4B6ABE95A0BD 62B7BFE0? Art_id = 65236863 & cat_id = 55838 [in Ukrainian].
29. Garkavenko, V., Ershova, G. (2020). The impact of foreign capital on the economic development of Ukraine. Ekon. prognozuvannâ – Economics and forecasting, 1, 47-62. doi.org/10.15407/eip2020.01.047 [in Ukrainian].
30. Patskan V. (2020, February 13). Due to the shortcomings of forecasting the hryvnia exchange rate, the shortfall in the state budget in January amounted to 2.3 billion UAH. Accounting Chamber of Ukraine. Retrieved from rp.gov.ua/PressCenter/News/?id=820 [in Ukrainian].
31. Decision of the NBU Council №9-rd (2020, April 31), item 2, which excludes items 2 and 3 of the Decision of the NBU Council dated (2018, July 13) №37-rd "On the Monetary Policy Strategy of the National Bank of Ukraine". Retrieved from zakon.rada.gov.ua/laws/show/vr037500-18#Text [in Ukrainian].
32. On Amendments to the Regulations on the Structure of the Foreign Exchange Market of Ukraine, Conditions and Procedure for Trading in Foreign Currency and Banking Metals in the Foreign Exchange Market of Ukraine (2020, February 6). Resolution of the Board of the National Bank of Ukraine № 16. Retrieved from zakon.rada.gov.ua/laws/show/v0016500-20#Text [in Ukrainian].
33. Record fall of the lira. Turkey has blocked access to Citigroup, BNP Paribas and UBS (2020, May 8). League of Finance. Retrieved from finance.liga.net/ekonomika/novosti/rekordnoe-padenie-liry-turtsiya-zablokirovala-dostup-citigro up- bnp-paribas-i-ubs [in Ukrainian].
34. On the peculiarities of banks' foreign exchange supervision of certain operations (2019, January 17). Letter of the NBU, № R/25-0006/2831. Retrieved from zakon.rada.gov.ua/laws/show/v2831500-19#Text [in Ukrainian].
35. Financial support for structural modernization of the real sector of the economy of Ukraine (2017). Institute for Economics and Forecasting, NAS of Ukraine. Kyiv [in Ukrainian].
36. The volume of transfers within Ukraine in 2019 increased by almost 40%. National Bank of Ukraine. Retrieved from bank.gov.ua/en/news/all/obsyag-perekaziv-v-mejah-ukrayini-u-2019-rotsi-zris-mayje-na-40 [in Ukrainian].
2. Shemet, T. (2006). Exchange rate theory and practice. Kyiv: Lybid [in Ukrainian].
3. Money and credit: a textbook (2011). Kyiv: KNEU [in Ukrainian].
4. Quinn, D. (1997). The Correlates of Change in International Financial Regulation. American Political Science Review, 91: 3, 531-551. doi.org/10.2307/2952073
5. Gershanovich, E. (2007). Currency liberalization: pros and cons. Proceedings of Tomsk Polytechnic University, 310: 1, 228-230 [in Russian].
6. Ivanov E., Ershov M. (2003). Currency liberalization and the national economy. Money and credit. 6, 44. Retrieved from ershovm.ru/files/publications_document_33.pdf [in Russian].
7. Danylyshyn: after currency liberalization we expect an increase in investment by 5-10 times (2019, January 16). Ukrainian radio. Retrieved from www.nrcu.gov.ua/news.html?newsID=84192 [in Ukrainian].
8. Garkavenko, V. (2018). Currency liberalization: expediency and timeliness. Scientific works of NDFI, 2, 41-44. Retrieved from nbuv.gov.ua/UJRN/Npndfi_2018_2_10 [in Ukrainian]
9. Repko, M., Kashko, O., Piontkivska, I. (2016, March). International experience of capital movement liberalization. Visnyk Natsional'noho banku Ukrainy – Bulletin of the NBU, 26-42. doi.org/10.26531/vnbu2016.235.026 [in Ukrainian].
10. Speech by Yaremenko O. at the round table "Liberalization of currency regulation in Ukraine: risks and prospects" (2015, September 24). Retrieved from ief.org.ua/wp-content/uploads/2015/09/%D0%9A% D1% 80_% D1% 81% D1% 82% D1% 96% D0% BB-24.09.pdf [in Ukrainian].
11. International monetary and financial relations (2005). Moscow [in Russian].
12. Árvai, Zsófia (2005). Capital Account Liberalization, Capital Flow Patterns, and Policy Responses in the EU's New Member States. IMF Working Paper. doi.org/10.5089/9781451862324.001
13. Garkavenko, V. (2011). Foreign capital in the activity of the banking sector of Ukraine: experience of the past, lessons for the future. Institute for Economics and Forecasting, NAS of Ukraine. Kyiv [in Ukrainian].
14. The impact of global finance on the monetary and financial system of Ukraine (2017). Institute for Economics and Forecasting, NAS of Ukraine. Kyiv [in Ukrainian].
15. The Association Agreement between Ukraine, of the one part, and the European Union, the European Atomic Energy Community and their Member States, of the other part. Chapter 7. Article 145. Retrieved from https: //zakon.rada.gov.ua/laws/show/984_011#Text [in Ukrainian].
16. Roadmap for the abolition of currency restrictions. National Bank of Ukraine. Retrieved from bank.gov.ua/ua/markets/liberalization [in Ukrainian].
17. On Currency and Currency Transactions (2018, July 21). Law of Ukraine №2473-VIII. Retrieved from zakon.rada.gov.ua/laws/show/2473-19#Text [in Ukrainian].
18. On the system of currency regulation and currency control (1993, February 16). Decree of the Cabinet of Ministers of Ukraine № 15-93. Retrieved from zakon.rada.gov.ua/laws/show/15-93#Text [in Ukrainian].
19. On approval of the Regulations on protection measures and determination of the procedure for certain transactions in foreign currency (2019, January 2). Resolution of the Board of the NBU № 5. Retrieved from zakon.rada.gov.ua/laws/show/v0005500-19#Text [in Ukrainian].
20. On establishing exceptions and (or) features of the introduction of deadlines for payments for export and import of goods and amendments to certain regulations (2019, May 14). Resolution of the Board of the National Bank of Ukraine № 67. Retrieved from bank.gov.ua/en/legislation/Resolution_14052019_67 [in Ukrainian].
21. On approval of the list of goods and (or) sectors of the economy for which the National Bank has the right to establish exceptions and (or) features of the protection measure provided for in paragraph one of the first article 13 of the Law of Ukraine "On Currency and Currency Transactions (2019, February 13). Order of the Cabinet of Ministers of Ukraine № 76-r. Retrieved from zakon.rada.gov.ua/laws/show/76-2019-%D1%80#Text [in Ukrainian].
22. Yield of IGLBs in the primary market. National Bank of Ukraine. Retrieved from bank.gov.ua/ua/statistic/sector-financial/data-sector-financial#2fs [in Ukrainian].
23. Financial sector statistics. National Bank of Ukraine. Retrieved from bank.gov.ua/ua/statistic/sector-financial/data-sector-financial#2fs [in Ukrainian].
24. Information on domestic government bonds in circulation (2020, March 1). Ministry of Finance of Ukraine. Retrieved from mof.gov.ua/en/ovdp-shho-perebuvajut-v-obigu [in Ukrainian].
25. Report on the conduct of monetary policy in 2019 to the NBU Council (2020, February 25). National Bank of Ukraine. Retrieved from bank.gov.ua/ua/news/all/zvit-schodo-provedennya-groshovo-kreditnoyi-politiki-u-2019-rotsi-radi-natsionalnogo-banku [in Ukrainian].
26. The NBU Council found the exchange rate policy of the National Bank ineffective (2019, December 6). Business. Retrieved from nv.ua/eng/biz/economics/rada-nbu-viznala-neefektivnoyu-valyutno-kursovu-politiku-nacbanku-novini-ukrajini-50057756.html [in Ukrainian].
27. Statement of the National Bank. The NBU Council exceeded its powers (2019, December 9). Business. Retrieved from nv.ua/eng/biz/finance/nbu-rada-nacbanku-perevishchila-svoji-povnovazhennya-novini-ukrajini-50058248.html [in Ukrainian].
28. Press release of the NBU (2018, March 5). National Bank of Ukraine. Retrieved from bank.gov.ua/control/uk/publish/article;jsessionid= AE97D48096EE4B6ABE95A0BD 62B7BFE0? Art_id = 65236863 & cat_id = 55838 [in Ukrainian].
29. Garkavenko, V., Ershova, G. (2020). The impact of foreign capital on the economic development of Ukraine. Ekon. prognozuvannâ – Economics and forecasting, 1, 47-62. doi.org/10.15407/eip2020.01.047 [in Ukrainian].
30. Patskan V. (2020, February 13). Due to the shortcomings of forecasting the hryvnia exchange rate, the shortfall in the state budget in January amounted to 2.3 billion UAH. Accounting Chamber of Ukraine. Retrieved from rp.gov.ua/PressCenter/News/?id=820 [in Ukrainian].
31. Decision of the NBU Council №9-rd (2020, April 31), item 2, which excludes items 2 and 3 of the Decision of the NBU Council dated (2018, July 13) №37-rd "On the Monetary Policy Strategy of the National Bank of Ukraine". Retrieved from zakon.rada.gov.ua/laws/show/vr037500-18#Text [in Ukrainian].
32. On Amendments to the Regulations on the Structure of the Foreign Exchange Market of Ukraine, Conditions and Procedure for Trading in Foreign Currency and Banking Metals in the Foreign Exchange Market of Ukraine (2020, February 6). Resolution of the Board of the National Bank of Ukraine № 16. Retrieved from zakon.rada.gov.ua/laws/show/v0016500-20#Text [in Ukrainian].
33. Record fall of the lira. Turkey has blocked access to Citigroup, BNP Paribas and UBS (2020, May 8). League of Finance. Retrieved from finance.liga.net/ekonomika/novosti/rekordnoe-padenie-liry-turtsiya-zablokirovala-dostup-citigro up- bnp-paribas-i-ubs [in Ukrainian].
34. On the peculiarities of banks' foreign exchange supervision of certain operations (2019, January 17). Letter of the NBU, № R/25-0006/2831. Retrieved from zakon.rada.gov.ua/laws/show/v2831500-19#Text [in Ukrainian].
35. Financial support for structural modernization of the real sector of the economy of Ukraine (2017). Institute for Economics and Forecasting, NAS of Ukraine. Kyiv [in Ukrainian].
36. The volume of transfers within Ukraine in 2019 increased by almost 40%. National Bank of Ukraine. Retrieved from bank.gov.ua/en/news/all/obsyag-perekaziv-v-mejah-ukrayini-u-2019-rotsi-zris-mayje-na-40 [in Ukrainian].
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