R&D "The impact of monetary policy on economic well-being in Ukraine" (fundamental scientific research)
Period: March 1, 2024 - December 31, 2024
State registration number 0124U002253
Scientific supervisor – candidate of economic sciences, senior researcher, Yuliia Shapoval
Customer – National Academy of Sciences of Ukraine
Main results:
- a conceptual approach to the mechanism of the impact of monetary policy on the economic welfare of the population is proposed, which is based on the understanding that monetary policy has distributional effects that:
- are implemented through the interest rate, credit, currency and asset price channels and
- are manifested through changes in: consumption, investment and debt behaviour, purchasing power, distribution of income and wealth
- a methodical approach to assessing the index of the economic welfare of households in Ukraine is proposed based on an integral indicator that takes into account the impact of monetary policy
- a low level of the economic welfare of households in Ukraine is identified, the reasons for which are dependence on current income, limited purchasing power, high dependence of lending on the economic cycle and a predominant orientation towards consumer loans, limited choice of investment and savings instruments
- recommendations for expanding access to financial services through partnerships between financial and non-financial institutions on joint digital solutions and the development of neobanks are substantiated, given the identified trends in changing the financial behaviour of the population towards digital financial services against the backdrop of a reduction in physical, financial infrastructure in Ukraine