TO THE READER!

 

This issue of the journal includes the articles prepared on the basis of reports at the joint Russian-Ukrainian «round table» by the theme «Monetary policy of Russia and Ukraine under conditions of world financial shocks» held in Moscow on October 6, 2008. There were presented the results of studies of scientists of the Institute of Economy of RAS and the Institute of Economy and Forecasting of NASU in the frame of the joint scientific-research project « Monetary policy of Russia and Ukraine on the contemporary stage: new challenges and possible answers». At that time, the official rate of hryvnya relative to that of USD was at the level of 4.87, and the sharp financial-economic crisis in Ukraine did not start else. However, the scientists comprehended that such a crisis is inevitable. This conclusion was supported by the logic of the development of events in recent years, and the situation was repeatedly emphasized in the memoranda sent by the Institute of Economy and Forecasting to the bodies of power and in publications, including those in mass media. As a matter of fact, the choice of a joint study theme was determined by the topical character and the fundamental significance of the problem of the adequacy of a monetary policy to the dynamically varying economic reality.

Some articles of Ukrainian authors were partially revised with regard for the events occurred after the start of the financial-economic crisis in Ukraine, but this did not change the essence of the problems under discussion and only added a historical specificity. The Russian and Ukrainian authors concern a wide circle of problems which require a new comprehension and a renewal of theoretical tools needed for their solution. It is natural that the problems considered do not exhaust the whole list, and the authors’ viewpoints and the approaches proposed can concern different aspects and differ from one another. But this is the unavoidable attribute of any creative discussion.

By making the decision to devote the whole issue to a single theme, the Editorial Board was sure of that it will help the readers to form a more or less complete idea of the scientific searches for a solution of one of the most important actual problems. At the same time, the Editorial Board believe that these publications will attract attention and will become a stimulus for the subsequent profound study of directions and ways to overcome the crisis phenomena and the accumulated disproportions and to come onto a trajectory of the stable socio-economic development.

 

Editor-in-Chief,

Academician of the NAS of Ukraine V. Heets’.

 

Heets’ V. – The macroeconomic estimate of the monetary and currency-rate policy of Ukraine before and during the financial crisis

Nekipelov O. (Moscow)– Risks of the monetary policy and modern financial crises

Hrytsenko A. – Conceptual foundations of the transition to a new paradigm of the monetary policy

Senchagov V., Plysets’kyi. (Moscow) – Purposes and tools of the monetary policy under conditions of a growth of structural disbalances of the economy and the enhancement of a destabilizing influence of external factors

Burlachkov V. (Moscow) –Theoretical foundations of the monetary policy and the world financial crisis

Yaremenko O. – Structural-institutional effects of the monetary policy under conditions of the financial instability

Golovnin M. (Moscow) – Influence of the financial globalization on the monetary policy: theoretical aspects and the reaction to financial crises

Lyubs’kyi M. (Moscow)  – The transmission mechanism of the monetary policy: the essence and the role in a modern economy

Krychevs’ka T. – Organizational forms of the interaction of the global and sovereign monetary space: conclusions for the policy

 

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The subscription to the journal «Ekonomika Ukrainy» is accepted at any post office of Ukraine for any term till the end of  2009.  It is possible to buy separate issues at the specialized shop of the Publishing House «Presa Ukrainy» at the address:

50 Prospect Peremogi (Metro Station «Shulyavs’ka»), Kyiv-47, 03047 Ukraine;

tel. (044) 454-84-39.