Currency market regulation mechanisms and efficiency of its tools analysis

Economic Annals-ХХI: Volume 154, Issue 9-10, Pages: 68-72

Citation information:
Veriha, H. (2015). Currency market regulation mechanisms and efficiency of its tools analysis. Economic Annals-XXI, 9-10, 68-72. https://ea21journal.world/index.php/ea-v154-16/

Hanna Veriha
D.Sc. (Economics),
Professor,
Donbass State Engineering Academy
72 Shkadinov Str., Kramatorsk, 84313, Ukraine
annaveriga@gmail.com

Currency market regulation mechanisms and efficiency of its tools analysis

Abstract. Introduction. The complexity and hierarchy of the currency market cause diversity of approaches towards its regulation which include different forms of action, market and administrative components, a combination of supranational currency regulation, state regulation and self-regulation, a division into independent but interrelated segments. In turn, the existence of separate mechanisms of regulation requires the usage of precise tools for their functioning and interrelation. The purpose of the article is to systematize and formalize regulatory mechanisms of the Ukrainian currency market, to analyze their interrelation and interaction, to characterize and review the instruments of realization of currency policy by the actors in currency relations and to make proposals aimed at enhancement of their use. The methods applied in the present research are system analysis, ranking, formalization, comparison. Results. The currency market has been reviewed from the standpoint of multi-aspect mechanisms of its regulation and the usage of the appropriate tools. Instruments of currency market regulation have been determined. A critical review of efficiency of their use has been given. We have grounded expediency and suggested a classification of regulatory mechanisms by their content was suggested. We have also shown their interconnection and systematized corresponding tools with regard to each mechanism. The content and the goal of each tool has been determined. Other classificatory features of mechanisms and regulatory tools for the currency market have been suggested, such as the form of action, the nature of action, participation of the state. Their graphic image has been built upon the results of formalization. Conclusions. We suppose that the proposed approach to building regulatory mechanisms of the currency market would promote its effective functioning and ensure stability of the national monetary unit.

Keywords: Currency Market; Mechanisms; Instruments; Regulation; Efficiency

JEL Classіfіcatіon: Е52; Е58; F31; G18

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Received 22.10.2015