Feedback Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore
Feedback
UA EN
menu
close
Homepage / Publication / The concept of monetary policy of Ukraine in the war and post-war periods

The concept of monetary policy of Ukraine in the war and post-war periods

Bublyk, Ye.O. (2026). The concept of monetary policy of Ukraine in the war and post-war periods. State Organization "Institute for Economics and Forecasting of the National Academy of Sciences of Ukraine". Kyiv [in Ukrainian].

The authors: Bublyk Yevhen, Shapoval Yuliia, Yershova Galyna, Drobiazko Anatoliy, Harkavenko Valentyna, Halustian Robert, Brus Svitlana, Lopatenko Daria, Brydun Ihor, Shapel-Yukhta Oleksii

Year of publication: 2026

Pages: 300

ISBN 978-617-14-0544-8 (electronic edition)

Language: Ukrainian

Publisher: State Organization "Institute for Economics and Forecasting of the National Academy of Sciences of Ukraine"

Place: Kyiv

DOI: https://doi.org/10.15407/978-617-14-0544-8

The scientific monograph is dedicated to identifying the key obstacles that restrict credit support for the Ukrainian economy by domestic banks, and substantiating proposals to improve the effectiveness of monetary policy during wartime and post-war recovery. It is shown that the monetary policy model that has emerged in Ukraine is characterised by the dominance of a strict inflation targeting regime, which ensures financial stability at the cost of blocking the credit transmission channel. A concept of monetary policy adapted to the requirements of war and post-war recovery is substantiated, which is oriented towards strengthening the ability of the monetary transmission mechanism to provide targeted credit support to the economy. A number of measures are proposed, which include limiting the unproductive profitability of the banking system, providing differentiated support for the profitability of bank lending to the real economy, and close coordination of monetary policy with fiscal and credit policy.

Show more Less

References

  1. Acharya, V. V., Crosignani, M., Eisert, T., & Steffen, S. (2022). Zombie lending: Theoretical, international, and historical perspectives. Annual Review of Financial Economics, (14), 21–38. https://doi.org/10.1146/annurev-financial-111620-114424
  2. Amberg, N., Jansson, T., Klein, M., & Picco, A. R. (2022). Five facts about the distributional income effects of monetary policy shocks. American Economic Review: Insights, 4(3), 289–304. https://doi.org/10.1257/aeri.20210262
  3. Bahadir, B., De, K., & Lastrapes, W. D. (2020). Household debt, consumption and inequality. Journal of International Money and Finance, (109), 102240. https://doi.org/10.1016/j.jimonfin.2020.102240
  4. Baquie, S., et al. (2025). Industrial policies – Handle with care. International Monetary Fund. https://doi.org/10.5089/9798229000642.006; https://www.elibrary.imf.org/view/journals/006/2025/002/article-A001-en.xml
  5. Battiston, S., & Monasterolo, I. (2020). The climate spread of corporate and sovereign bonds. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3376218
  6. Battiston, S., & Monasterolo, I. (2020). The climate spread of corporate and sovereign bonds (SSRN Working Paper). https://doi.org/10.2139/ssrn.3376218
  7. Bean, C. (2010). The great moderation, the great panic, and the great contraction. Journal of the European Economic Association, 8(2–3), 289–325. https://doi.org/10.1111/j.1542-4774.2010.tb00495.x
  8. Beckworth, D., & Horan, P. J. (2024). A two-for-one deal: Targeting nominal GDP to create a supply-shock robust inflation target. Journal of Policy Modeling, 46(6), 1071–1089. https://doi.org/10.1016/j.jpolmod.2024.05.014
  9. Berisha, E., Meszaros, J., & Olson, E. (2018). Income inequality, equities, household debt, and interest rates: Evidence from a century of data. Journal of International Money and Finance, (80), 1–14. https://doi.org/10.1016/j.jimonfin.2017.09.012
  10. Berk, J. M., & van den End, J. W. (2022). Excess liquidity and the usefulness of the money multiplier. Credit and Capital Markets – Kredit und Kapital, 55(4), 457–488. https://doi.org/10.3790/ccm.55.4.457
  11. Bohdan, I. V., & Danylyshyn, B. M. (2021). Evolution of views on the role of central bank policy: Lessons for Ukraine. Finance of Ukraine, (4), 7–23. https://doi.org/10.33763/finukr2021.04.007
  12. Bublyk, Y., Shapoval, Y., Brus, S., et al. (2025). Green finance in agriculture sector of Ukraine: PROGRESS stocktaking for country framework on financing climate change adaptation and resilience in agriculture (Ukraine Country Report for Output IV). State Organization "Institute for Economics and Forecasting of the National Academy of Sciences of Ukraine". https://ief.org.ua/files/library/903/ukraine-report-output-iv.pdf
  13. Bublyk, Ye. O. (Ed.). (2023). Effectiveness of monetary policy in Ukraine under global economic destabilization. State Organization "Institute for Economics and Forecasting of the National Academy of Sciences of Ukraine". https://ief.org.ua/publication/monohrafii/2023/efektyvnist-hroshovo-kredytnoi-polityky
  14. Campiglio, E., Deyris, J., Romelli, D., & Scalisi, G. (2025). Warning words in a warming world: Central bank communication and climate change. European Economic Review, (178), 105101. https://doi.org/10.1016/j.euroecorev.2025.105101
  15. Carney, R., El Ghoul, S., Guedhami, O., & Wang, H. (2024). Geopolitical risk and the cost of capital in emerging economies. Emerging Markets Review, (61), Article 101149. https://doi.org/10.1016/j.ememar.2024.101149
  16. Chang, H.-J. (2002). Kicking away the ladder: An unofficial history of capitalism, especially in Britain and the United States. Challenge, 45(5), 63–97. https://doi.org/10.1080/05775132.2002.11034173; http://www.jstor.org/stable/40722165
  17. Davtyan, K. (2023). Unconventional monetary policy and economic inequality. Economic Modelling, Article 106380. https://doi.org/10.1016/j.econmod.2023.106380
  18. De Grauwe, P., & Ji, Y. (2017). Structural reforms and monetary policies in a behavioural macroeconomic model. CEPR Discussion Paper, (12336). https://doi.org/10.2139/ssrn.2999719
  19. De Luigi, C., Feldkircher, M., Poyntner, P., & Schuberth, H. (2019). Effects of the ECB’s unconventional monetary policy on real and financial wealth. Working Paper Series, (286). 
  20. Dhital, S., Jiang, S., & Reese, J. (2023). Effects of monetary and government spending policy on economic inequality. Journal of Macroeconomics, (77), 103547. https://doi.org/10.1016/j.jmacro.2023.103547
  21. Dziubliuk, O. (2025). Target benchmarks of monetary policy under martial law. The World of Finance, 2(83), 96–121. https://doi.org/10.35774/sf2025.02.096
  22. Eling, M., & Lehmann, M. (2018). The impact of digitalization on the insurance value chain and the insurability of risks. The Geneva Papers on Risk and Insurance – Issues and Practice, (43), 359–396. https://doi.org/10.1057/s41288-017-0073-0
  23. Elkhadrawy, A. F. (2024). What can SVAR models tell us about the impact of monetary policy shocks on aggregate demand components and inflation in Egypt? Science Journal for Commercial Research, (3). https://doi.org/10.33763/sjcr2024.03
  24. Faryna, O. (2016). Nonlinear exchange rate pass-through to domestic prices in Ukraine. Visnyk of the National Bank of Ukraine, (236), 30–42. https://doi.org/10.26531/vnbu2016.236.030
  25. Feldkircher, M., & Kakamu, K. (2018). How does monetary policy affect income inequality in Japan? Evidence from grouped data. Working Papers in Regional Science, 2018(03). https://doi.org/10.1007/s00181-021-02102-7 
  26. Ferrari, A., & Landi, V. N. (2024). Whatever it takes to save the planet? Central banks and unconventional green policy. Macroeconomic Dynamics, 28(2), 299–324. https://doi.org/10.1017/S1365100523000032
  27. Fierro, L. E., Giri, F., & Russo, A. (2023). Inequality-constrained monetary policy in a financialized economy. Journal of Economic Behavior & Organization, (216), 366–385. https://doi.org/10.1016/j.jebo.2023.10.031
  28. Garkavenko, V. I., & Yershova, G. V. (2024). Foreign exchange policy and its impact on the development of the corporate sector of Ukraine's economy. Economy of Ukraine, 67(12), 26. https://doi.org/10.15407/economyukr.2024.12.026
  29. Garkavenko, V., & Yershova, G. (2023). Interest rate policy of the National Bank of Ukraine and its impact on the country's economy. Economy of Ukraine, 66(11), 27–51. https://doi.org/10.15407/economyukr.2023.11.027
  30. Gatzert, N., & Hanika, M. (2024). Survey-based insights from choice-based conjoint analyses on customer preferences for company characteristics of life insurers. Risk Management and Insurance Review, 27(4), 451–482. https://doi.org/10.1111/rmir.12264
  31. Gozzi, J. C., & Schmukler, S. L. (2016). Public credit guarantees and access to finance. WERP Report, (1122). https://doi.org/10.22004/ag.econ.269324
  32. Harkavenko, V. I., & Yershova, H. V. (2024). Exchange rate policy and its impact on the development of the corporate sector of Ukraine. Economy of Ukraine, 67(12), 26. https://doi.org/10.15407/economyukr.2024.12.026
  33. Harkavenko, V., & Yershova, H. (2023). Interest rate policy of the National Bank of Ukraine and its impact on the economy. Economy of Ukraine, 66(11), 27–51. https://doi.org/10.15407/economyukr.2023.11.027
  34. Huang, Y., Shen, Y., Cheng, D., & Chen, X. (2023). Assessing effectiveness of structural monetary policy in China. Asian Economic Papers, 22(3), 127–146. https://doi.org/10.1162/asep_a_00873
  35. Kirshner, J. (2001). The political economy of low inflation. Journal of Economic Surveys, 15(1), 41–70. https://doi.org/10.1111/1467-6419.00132
  36. Korablin, S. (2021). Monetary security: Selected definitions and assessments. Finance of Ukraine, (1), 7–45. https://doi.org/10.33763/finukr2021.01.007
  37. Kovel, P. M. (2024). Analysis of foreign direct investment inflows to Ukraine. Business Inform, (3), 87–95. https://doi.org/10.32983/2222-4459-2024-3-87-95
  38. Lezhnenko, L. I., & Kruhla, M. M. (2024). Historical aspects of IFRS implementation in the world and in Ukraine. Entrepreneurship and Trade, (41), 54–60. https://doi.org/10.32782/2522-1256-2024-41-07
  39. Mason, J. W., & Jayadev, A. (2014). Fisher dynamics in US household debt, 1929–2011. American Economic Journal: Macroeconomics, 6(3), 214–234. https://doi.org/10.1257/mac.6.3.214
  40. Mazzuca, M., Costanzo, D. G., & Coscarelli, A. (2024). Disclosure on climate-related risks in the insurance sector: The state of the art in Europe. In Green finance and sustainable development goals (pp. 209–241). https://doi.org/10.1142/9781800614482_0008
  41. McConnell, A., Yanovski, B., & Lessmann, K. (2022). Central bank collateral as a green monetary policy instrument. Climate Policy, 22(3), 339–355. https://doi.org/10.1080/14693062.2021.2012112
  42. McKibbin, W. J., Morris, A. C., Wilcoxen, P. J., & Panton, A. J. (2020). Climate change and monetary policy: Issues for policy design and modelling. Oxford Review of Economic Policy, 36(3), 579–603. https://doi.org/10.1093/oxrep/graa040
  43. Pfister, C., & Valla, N. (2021). Financial stability is easier to green than monetary policy. Intereconomics, 56(3), 154–159. https://doi.org/10.1007/s10272-021-0972-y
  44. Quiggin, J. (2023). The RBA (Reserve Bank of Australia) Review 2023: A missed opportunity. The Economic and Labour Relations Review, 34(3), 610–616. https://doi.org/10.1017/elr.2023.39
  45. Schoenmaker, D. (2021). Greening monetary policy. Climate Policy, 21(4), 581–592. https://doi.org/10.1080/14693062.2020.1868392
  46. Shapoval, Y., Bublyk, Y., & Korablin, S. (2024). Monetary policy, income inequality, and the need for flexibility: Evidence from Ukraine. Banks and Bank Systems, 19(4), 150–162. https://doi.org/10.21511/bbs.19(4).2024.12
  47. Wang, J., & Herwartz, H. (2025). Central bank green policy, financial stability, and the environment. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.5327732
  48. Xiang, L., Wang, W., Ren, J., & Zhao, Y. (2022). The impact of monetary policy shocks on income inequality: A tale of two countries. Economic Research-Ekonomska Istraživanja, 36(2). https://doi.org/10.1080/1331677X.2022.2106269
Less