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FISCAL AND MONETARY INSTRUMENTS TO STIMULATE EXPORTS IN UKRAINE

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UDC 336.153.2:339.564(477)
 
VDOVYCHENKO Artem,
PhD in Economics, Associate Professor at Financial Markets Department
National University of State Fiscal Service of Ukraine

ZUBRITSKIY Artur,
Postgraduate student, Assistance Lecturer at Financial Markets Department
National University of State Fiscal Service of Ukraine
 
FISCAL AND MONETARY INSTRUMENTS TO STIMULATE EXPORTS IN UKRAINE
 
Background. Maximization of national exports is one of the most serious challenges facing the governments of small open economies. It is necessary to explore mechanisms of national exports stimulation, which are at the disposal of the state. Traditionally, such mechanisms are fiscal and monetary policy.
The aim of the article is a theoretical analysis of the mechanisms of influence and comparison of options for the use of monetary and fiscal policies instruments to promote export activity.
Materials and methods. The theoretical basis of the article consists of foreign and domestic academic literature. As a methodological basis, analysis of fundamental and applied research and the synthesis of its main results have been used in order to compare the potential effects of fiscal and monetary policies on Ukrainian exports.
Results. In this research a theoretical analysis of possible channels of some fiscal and monetary policy instruments influence on export was conducted. It was revealed that the positive effect of the exchange rate devaluation, which is considered a classic monetary mechanism of export promotion, in small open economies is constrained by a number of objective and subjective factors. The cumulative effect of these factors is confirmed by the weak effect of hryvnia devaluation on the national exports.
As an alternative to monetary instruments were defined mechanisms of the fiscal consolidation positive impact on national exports in the context of the need to stabilize the public finance system in Ukraine.
Conclusion. Exchange rate devaluation as a monetary instrument to stimulate exports in Ukraine is not effective. Implementation of a fiscal consolidation policy, which is accompanied by a positive effect on exports, may be a possible option. This positive effect is confirmed by a number of academic studies in foreign countries.
 
Keywords: fiscal policy, monetary policy, promotion of exports, the devaluation of the exchange rate, fiscal consolidation.

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