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Financial Policy in Ukraine: Key Issues for Analysis

Financial Policy in Ukraine: Key Issues for Analysis. Lesya Ilchenko-Syuyva, Associate Professor, Economic Policy Department National Academy of Public Administration, Office of the President of Ukraine e-mail: lesya@rocketmail.com.

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Financial Policy in Ukraine: Key Issues for Analysis

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  1. Financial Policy in Ukraine:Key Issues for Analysis Lesya Ilchenko-Syuyva, Associate Professor, Economic Policy Department National Academy of Public Administration, Office of the President of Ukraine e-mail: lesya@rocketmail.com

  2. Policy consistency in overcoming current financial crisis

  3. Selective Macroeconomic Data

  4. Financial policy • Fiscal - MoF  budgets  public revenues and expenditures • Monetary – Central banks  money supply Public Finance Individual Finance Legal Entities Finance International Finance

  5. Monetary policy • In Ukraine it mainly relay on banking sector (~180 banks, but only 150 are operating) – under supervision of central bank • Credit (to both individuals and legal entities provided by bank and non-bank financial institutions – with are under supervision of the State Committee on Financial Services Market of Ukraine)

  6. Monetary policy

  7. ? Problem Identification ? ? Background ? Evaluation ? Alternatives ? Monitoring ? Consultations ? Action Plan Decision-Making Policy Cycle

  8. Key issue -1 Problem Identification “Cheshire Cat” she began, rather timidly, “Would you please tell me, please, which way I ought to go from here?” “That depends a good deal on where you want to get to,” said the Cat. “I don’t much care where,” said Alice. “Then it doesn’t matter which way you go,” said the Cat. L. CARROL, “Alice in Wonderland”

  9. Key Issue - 2 Evidence Based Policy-Making • Background information as a basis for sound policy (bank secrecy) • Alternatives • Consultations

  10. Key Issue - 3 Transparency in Policy-Making • Duplication of responsibilities (MoF vs. Central Bank) • Sticking to institutionalized procedures • Consultations • Cooperation with civil society

  11. Key Issue - 4 Policy Effectiveness and Efficiency • How to measure? • How to assess policy at least medium-run effects (time-leg for both fiscal and monetary policy is 1.5 – 2 years) • Top-down vs. bottom-up assessment

  12. Key Issues - 5 Capacity Building • MoF – “being bureaucrats” NBU – “being bankers” • Outsourcing – nice option but… • Academic education • In-service training

  13. Thank you for your kind attention!

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