№ 6/2020

Fìnansi Ukr. 2020 (6): 25–55https://doi.org/10.33763/finukr2020.06.025

SCIENTIFIC DISCUSSIONS

DZIUBLIUK Oleksandr ¹

¹Ternopil National Economic University
OrcID ID : https://orcid.org/0000-0002-4967-823X

Economic development and banking sector under the conditions of the global pandemic crisis

The article is devoted to the assessment of economic processes and negative effects influencing on the development of all countries of the world, including Ukraine, due to the unfolding of a pandemic crisis, the nature of which, unlike other crises, lies in a number of administrative restrictions affecting the dynamics of production, consumption, employment and business activity. The purpose of this study is to analyze the current state of macroeconomic dynamics of Ukraine and to choose adequate strategic and tactical directions of anti-crisis monetary policy in order to mitigate the impact of the pandemic on the national economy and to ensure effective influence of the banking sector on business processes under the conditions of limited economic resources. The main findings of the study are as follows. Firstly, a deep assessment of the structural shortcomings of the Ukrainian economy, the development of which is excessively dependent on foreign trade, in connection with which the pandemic is a "trigger" for the exacerbation of existing permanent economic problems. Secondly, a critical analysis of anti-crisis measures of the National Bank of Ukraine to ensure a smooth operation of banks, to identify the drawbacks in monetary regulation and to outline the direction of the banking sector’s activity as the main link in transmitting impulses of anti-crisis influence on the economy. Thirdly, the substantiation of the key role of central banks in mitigating the pandemic economic consequences through the use of traditional and non-traditional monetary policy instruments. In conclusion, it should be noted that anti-crisis measures aimed at overcoming the economic consequences of COVID-19 have to comprise tactical and strategic aspects of regulatory policy. The tactical measures must create favorable conditions for the intensification of bank lending to the real sector and the central bank’s actions to increase the monetization of the economy. The strategic objectives are aimed at changing the structure of the Ukrainian economy and reducing its dependence on external shocks.

Keywords:banking sector, crediting, monetary policy, pandemic crisis, central bank, COVID-19, real sector

JEL: E20, E42, E50, E52, F15, F22, F29, F31, G21

DZIUBLIUK O. . Economic development and banking sector under the conditions of the global pandemic crisis / O. . DZIUBLIUK // Фінанси України. - 2020. - № 6. - C. 25-55.

Article original in Ukrainian (pp. 25 - 55)

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