Financial Policy in Ukraine: Key Issues for Analysis Lesya Ilchenko-Syuyva, Associate Professor,...
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![Page 1: Financial Policy in Ukraine: Key Issues for Analysis Lesya Ilchenko-Syuyva, Associate Professor, Economic Policy Department National Academy of Public.](https://reader036.fdocuments.us/reader036/viewer/2022062515/56649c925503460f9494d8ce/html5/thumbnails/1.jpg)
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: [email protected]
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Policy consistency in overcoming current financial crisis
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![Page 4: Financial Policy in Ukraine: Key Issues for Analysis Lesya Ilchenko-Syuyva, Associate Professor, Economic Policy Department National Academy of Public.](https://reader036.fdocuments.us/reader036/viewer/2022062515/56649c925503460f9494d8ce/html5/thumbnails/4.jpg)
Selective Macroeconomic Data
Real GDP CPI
2006 107,3 110,3
2007 107,9 111,6
2008 102,3 116,6
2009 84,9 (-15,1) 122,3 (+22,3)
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Financial policy
Fiscal - MoF budgets public revenues and expenditures
Monetary – Central banks money supply
Public Finance Individual Finance Legal Entities Finance
International Finance
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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)
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Monetary policy
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Policy Cycle
? Problem Identification ?
? Background ?
? Alternatives ?
? Consultations ?
Decision-Making
Action Plan
Monitoring
Evaluation
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Key issue -1
“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”
Problem Identification
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Key Issue - 2
Evidence Based Policy-Making Background information as a basis for sound
policy (bank secrecy) Alternatives Consultations
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Key Issue - 3
Transparency in Policy-Making Duplication of responsibilities (MoF vs. Central
Bank) Sticking to institutionalized proceduresSticking to institutionalized procedures Consultations Cooperation with civil society
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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 Top-down vs. bottom-up assessment
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Key Issues - 5
Capacity Building MoF – “being bureaucrats”
NBU – “being bankers” Outsourcing – nice option but… Academic education Academic education In-service trainingIn-service training
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Thank you for your kind attention!