У статті досліджується дієвість каналів монетарного трансмісійного механізму в Україні після переходу НБУ до режиму інфляційного таргетування (ІТ) і налаштування нового операційного дизайну монетарної політики. Автори доходять висновку, що центральний банк достатньою мірою контролює короткострокові процентні ставки на міжбанківському ринку та через них впливає на інші показники фінансових ринків. Водночас подальша трансмісія процентним каналом суттєво обмежується слабким рівнем кредитування та повільним відновленням банківської системи після кризи. Канал обмінного курсу залишається найпотужнішим у монетарній трансмісії. Після переходу НБУ до плаваючого обмінного курсу та активної процентної політики ключова ставка НБУ стала елементом впливу на динаміку обмінного курсу. Очікується, що провідна роль каналу обмінного курсу поступово знижуватиметься, проте цей канал залишатиметься важливим, що характерно для малих відкритих економік.
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