INFLUENCE OF G7 AND G20 COUNTRIES ON THE DEVELOPMENT OF WORLD ECONOMY УДК 339.72; 339.74 JEL: 1Institute for Economics and Forecasting of the NAS of Ukraine, Research ID : http://www.researcherid.com/rid/https://publons.com/researcher/3265049/yevhenii-redziuk/ MONETARY AND FINANCIAL POLICY OF THE G7 COUNTRIES IN THE CONTEXT OF THE NEGATIVE IMPACT OF GLOBALIZATION At the present stage of development of the G7 countries, the active use of monetary and financial policy instruments is carried out by all its members. This is due to the fact that monetary and financial policy has an immediate impact on modern globalized trade, economic and geopolitical relations. The optimal and timely use of monetary policy instruments at the national level ensures the productive accumulation of savings, high social standards of living and sustainable economic growth. The complex stimulus measures used by the monetary and financial policy include: strengthening of internal market self-sufficiency, access to financial markets and their instruments, promotion of innovations, preferential lending to foreign economic activity, administrative measures to increase labor productivity and production automation, promotion of educational measures aimed at developing creativity and entrepreneurship in the population, introducing a flexible restriction policy and giving preferences in export-import operations and so on. But even these measures do not give key benefits in today's context of increasing international and regional competition; only China wins the most, and G7 countries have seen a rise in government debt and slow growth. The development of crises in the global economy will significantly limit the instruments of state stimulation of the economy in the G7 countries. In addition, they keep discount rates low to activate the business sector. Keywords:monetary and financial policy; financial globalization; international economic relations; world economy.
1. Bohdan T. Global conditions and country specific risks for functioning foreign exchange and financial sectors in Ukraine. Finance of Ukraine, 2017, No. 1, pp. 52-74 [in Ukrainian]. doi.org/10.33763/finukr2017.01.052 2. Heyets V. The macroeconomic assessment of Ukraine's monetary and currency exchange policy before and during the financial crisis. Economy of Ukraine, 2009, No. 2, pp. 5-23 [in Ukrainian]. 3. Sidenko V. Globalization - European Integration - Economic Development: Ukrainian Model. Vol. 1: Globalization and Economic Development. Kyiv, Phoenix, 2008 [in Russian]. 4. Sharov O. Monetary and currency wars as an instrument of economic policy. Visnyk of the National Bank of Ukraine, 2013, No. 10, pp. 12-19 [in Ukrainian]. 5. Lutsyshyn Z. Global financial market trends, economic crisis, and Ukraine's integration course. Financial Market of Ukraine, 2008, No. 11 (61), pp. 6-11 [in Ukrainian]. 6. Stiglitz J. Globalization and Its Discontents. Kyiv, Academia, 2003 [in Ukrainian]. 7. Pishchik V., Kuznetsov A., Alekseev P. European Economic and Monetary Union: 20 years after. World Economy and International Relations, 2019, Vol. 63, No. 9, pp. 76-85 [in Russian]. doi.org/10.20542/0131-2227-2019-63-9-76-85 8. Stakhanova A. Mutual hostility. Lenta.RU, in: Economics. August 19, 2019, available at: lenta.ru/articles/2019/08/19/china_vs_us/ [in Russian]. 9. Macron E. Discours du Président de la République à la conférence des desambassadeurs et des ambassadrices de, 27.08.2019, available at: www.elysee.fr/emmanuel-macron/2019/08/27/discours-du-president-de-la-republique-a-la-conference-des-ambassadeurs-1 [in French]. 10. Ershov M. Russian economic prospects with low inflation. World Economy and International Relations, 2019, Vol. 63, No. 8, pp. 29-38 [in Russian]. doi.org/10.20542/0131-2227-2019-63-8-29-38 11. Redziuk Ye. Transformation of financial and economic relations in the world in times of instability, in: Theories of Micro-Macroeconomics, 2010, Iss. 35, pp. 35-40 [in Ukrainian]. 12. Redziuk Ye. Financial markets and investment in Ukraine: achievements, problems and prospects. Economist, 2016, Iss. 6, pp. 9-15 [in Ukrainian]. 13. Moiseev R. Hype around (non)monetary (non)theory. Economic Issues, 2019, No. 9, pp. 112-122 [in Russian]. doi.org/10.32609/0042-8736-2019-9-112-122 |
|
Published since September 1958 |
|||
| Login |
| |||