Articles by : Unkovska Tetiana № 1/2005
MacroeconomicsUNKOVSKA Tetiana 1
1Institute for Innovation Development INTENS
The concept of equilibrium of an economic system: methodological paradoxes
ABSTRACT ▼
The article deals with the problem of the lack of a generalized universal definition of equilibrium in an economic system for economic systems of different type, which is one the reasons of the methodological gap between macro and microeconomic theories. The author makes an attempt to elaborate such a definition on the basis of the concept of functional invariant.
Keywords:
Article in Russian (pp. 81 - 94) | Download | Downloads :324 |
Article in Ukrainian (pp. 81 - 93) | Download | Downloads :312 |
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№ 1/2009
Political economyUNKOVSKA Tetiana 1
1Institute for Innovation Development INTENS
Systematic comprehension of financial stability: the paradox solving
ABSTRACT ▼
A new methodological approach to a financial stability phenomenon definition and its quantitative evaluation is introduced. Use of this theoretical apparatus developments, which incorporate concept of financial destabilization potentials and financial equilibrium regimes according to the constitution of the economic system sectors, may lay down the foundation of general financial stability theory. This makes it possible to point out the monetary regulation paradox existing and to develop financial crisis early warning system on the systematic basis.
Keywords:
Article in Russian (pp. 14 - 33) | Download | Downloads :303 |
Article in Ukrainian (pp. 14 - 33) | Download | Downloads :368 |
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№ 2/2009
MacroeconomicsBUKOVYNSKYI S. A., UNKOVSKA Tetiana 1, YAREMENKO Oleh 2
1Institute for Innovation Development INTENS
2Institute for Economics and Forecasting, NAS of Ukraine
The ways to overcome the financial crisis in Ukraine
ABSTRACT ▼
The authors consider the causes of the global financial crisis and peculiarities of its manifestation in Ukraine. They justify the conclusion on the necessity to submit the current anti-crisis measures to the prospective goals of the creation of a well balanced system of financial institutions.
Keywords:
Article in Russian (pp. 47 - 60) | Download | Downloads :601 |
Article in Ukrainian (pp. 47 - 60) | Download | Downloads :630 |
REFERENCES ▼
№ 1/2011
International economyBUKOVYNSKYI S. A., UNKOVSKA Tetiana 1, YAREMENKO Oleh 2
1Institute for Innovation Development INTENS
2Institute for Economics and Forecasting, NAS of Ukraine
The lessons of the Global Economic Crisis: Methodological Problems of Reforming the International Standards of Banking Regulation and Oversight
ABSTRACT ▼
Fundamental problems of international standards of banking regulation and supervision related to their cyclical nature and limitations of micro-structural approach are scrutinized. The authors argue that such an approach leaves out of the regulatory framework the threats to financial stability in global environment – the systemic risks. The need to alter the paradigm of the regulation is emphasized and methodological approaches to the assessment of systemic risks are developed.
Keywords:
Article in Russian (pp. 79 - 90) | Download | Downloads :561 |
Article in Ukrainian (pp. 79 - 89) | Download | Downloads :684 |
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№ 1/2012
MacroeconomicsUNKOVSKA Tetiana 1
1Institute for Innovation Development INTENS
Fundamental short cycles in the dynamics of bank liquidity
ABSTRACT ▼
Specific features of the functioning of the sphere of health care in different countries are considered taking into account the need to improve the quality of medical services in Ukraine. Typical problems of providing health care services are described and conditions for resolving these problems are outlined under the perspective of activization of the role of public sector of economy.
Keywords:
Article in Russian (pp. 82 - 94) | Download | Downloads :311 |
Article in Ukrainian (pp. 82 - 94) | Download | Downloads :311 |
REFERENCES ▼
№ 1/2013
MacroeconomicsUNKOVSKA Tetiana 1
1Institute for Innovation Development INTENS
Macroeconomik modeling: modern challenges and developmentprospects
ABSTRACT ▼
The article provides the results of a research on the tendencies of desubjectivation of the modern Information space and the directions of the growth of informational asymmetry. The author shows the contradiction of the humanism of the information society displayed in the conflict between unlimited possibilities in obtaining necessary, for human development, information and unlimited destructive impact of the Information space on the socioinstitutional space. The article proves the necessary to overcome the crisis of professionalism in order to modernize and structure the sociocultural space.
Keywords:
Article in Russian (pp. 43 - 60) | Download | Downloads :329 |
Article in Ukrainian (pp. 43 - 60) | Download | Downloads :329 |
REFERENCES ▼
1. Sornette D., Becke S. von der. Systemic risk in banking: It is complex but not that complicated. A response to Andrew G. Haldane & Robert M. May, Neil Johnson and Thomas Lux h
www.er.ethz.ch/Systemic_risk_in_banking_It_is_complex_but_not_that_complicated_2.2.2011.pd
2. Minsky H. Stabilizing an Unstable Economy. N-Y, McGraw-Hill Professional, 1986.
3. Taleb N.N. ChYornyj lebed`. Pod znakom nepredskazuemosti. – M, 2008. – S. 123.
4. Kay J. The Map is Not the Territory: An Essay on the State of Economics Institute for New Economic Thinking, 2011. – P. 1.
5. Andrew G. Haldane. The dog and the frisbee. – Speech at the Federal Reserve Bank of Kansas City’s 366th economic policy symposium, “The changing policy landscape”, Jackson Hole, Wyoming, 31 August, 2012.
6. Andrew G. Haldane. The dog and the frisbee.Puankare A. Nauka y gypoteza. – M., 2011. – S. 14.
7. Keynes J.M., Tinbergen J. Professor’s Tinbergen’s Method Economic Journal. – 1939–1940. – 49. – P. 558–568.
8. A Reply, by J. Tinbergen,
№ 1/2014
MacroeconomicsUNKOVSKA Tetiana 1
1Institute for Innovation Development INTENS
SYSTEMIC RISKS AND MACRO-PRUDENTIAL POLICY
Ekon. teor. 2014; 1:51-60 | |
ABSTRACT ▼
The term “systemic risks” attracts increasing attention of both theorists and those directly involved in macroeconomic regulation, as it reflects a fundamental problem of the ongoing global financial crisis. Recovery and reconstruction of the financial system after actualization of a systemic risk is a task requiring a deep understanding and a strong political will. Systemic risks are always «deep inside”, they have a structured nature and are connected with the fundamental principles on which the system is built. That is why a redecorating, which only conceals the symptoms of the disease, may not only fail to solve the problem, but even aggravate it by postponing the right decision and due to further worsening of the fundamental structural disproportions. The problem of systemic risks has a long history, but, due to the opportunist behavior of the global players and a conflict of their economic interests with the objectives of financial stability, it still remains unsolved. With the beginning of the global crisis (2008), the issues of macro-prudential policy designed to regulate systemic risks, have aggravated again, and the taken measures have not led to any reliable and efficient results. A retrospective view of the problem, which is presented in the article may clear up the nature of systemic risks and promote the elaboration of adequate measures within the macro-prudential policy.
Keywords:systemic risks, macro-prudential policy, global financial crisis
JEL: F370, F470, G150
Article in Russian (pp. 51 - 60) | Download | Downloads :400 |
Article in Ukrainian (pp. 51 - 60) | Download | Downloads :321 |
REFERENCES ▼
Borio C., Tonilo G., Clement P. (2008) The Past and Future of Central Bank Cooperation. Cambridge University Press.
Clement P. (2010) The term “macroprudential”: origins and evolution. BIS Quarterly Review. March.
Crockett A. Marrying the micro- and macroprudential dimensions of financial stability. BIS. Financial Stability Forum. 21 September. 2000.
Informal Record of the 16th Meeting of the Committee of Banking Regulations and Supervisory Practices held in Basle on 28 and 29 June 1979. BS/79/42, BIS Archives, henceforth BISA- Banking Supervision. Informal Records. File 2.
Issues related to the measurement of market size and macroprudential risks in derivatives markets. Brockmeijer Report. BIS. 1995.
Lamfalussy A. (1963) The United Kingdom and the Six. An Essay on Economic Growth in Western Europe.
Maes I. (2010) Alexandre Lamphalussy and the origins of the BIS macro-prudential approach to financial stability. PSL Quarterly Review. Vol. 63. N. 254. С. 265–292.
Malcolm D. Marrying the micro- and macroprudential dimensions of financial stability: six years on. BIS. 4–5 October. 2006.
The use of prudential measures in the international banking markets. 24th of October. 1979. P. 1–2. In BISA 7.18 (15). Papers Lamphalussy. LAM25/F67.
№ 2/2014
MacroeconomicsBUKOVYNSKYI S. A., UNKOVSKA Tetiana 1
1Institute for Innovation Development INTENS
To the question of optimization of the strategy of monetary policy of the National Bank of Ukraine
Ekon. teor. 2014; 2:70-85 | |
ABSTRACT ▼
Today, that the National Bank of Ukraine has made a transition to the regime of floating exchange rate, there appear a lot of questions and discussions on the advisability of that step. When market agents and society as a whole get used to unchanged exchange rate, which is supported by the central bank, then, in business, in the banking circles, and among general public, there appears a situation of the underestimation of exchange risks and shifting them on the state i.e. onto the shoulders of all tax payers. If the exchange rate is maintained at a level far from the equilibrium, then such a fixed rate suggests only illusory exchange stability leading to the accumulation of deep disproportions and crisis. The article considers the solution of that problem in a wider context of the optimization of the NBU’s monetary policy taking into account the present economic conditions and the international experience in the solution of similar tasks.
Keywords:monetary policy, exchange rate, stability, crisis processes
JEL: E400; E420, F200
Article in Russian (pp. 70 - 85) | Download | Downloads :358 |
Article in Ukrainian (pp. 70 - 85) | Download | Downloads :352 |
REFERENCES ▼
Grycenko A.A., Krychevs'ka T.O., Petryk O.M. (2008) Instytut targetuvannja infljacii': zarubizhnyj dosvid i perspektyvy zaprovadzhennja v Ukrai'ni: Naukova dopovid'. K.: Instytut ekonomiky ta prognozuvannja.
Jerhard L. (2001) Blagosostojanie dlja vseh. M.
Krugman P.R., Obstfeld M. (2003) International Economics. Theory and Policy. Sixth Edition. New York.
Mundell R.A. (1963) Capital mobility and stabilization policy under fixed and flexible exchange rates // Canadian Journal of Economic and Political Science. 29 (4). P. 475–485.
Mundell R.A. The Monetary Dynamics of International Adjustments under Fixed and Flexible Exchange Rates. Chapter in International Economics. – New York: Macmillan, 1968. – P. 152–176 //
www.columbia.edu/~ram15/ie/ie-11.html#1.
№ 3/2021
MacroeconomicsUNKOVSKA Tetiana 1
1Institute for Innovation Development INTENS
Decentralized issues in bitcoin blockchain and Nakamoto monetary rule
ABSTRACT ▼
The paper is devoted to studying the bitcoin blockchain as a new global phenomenon in monetary economics, which requires comprehending from the economic theory view - a self-regulating system of decentralized emission without participation of a central monetary authority. Mathematical modelling is the instrument of this studying. The au-thor has analyzed the Bitcoin system parameters that determine dynamics of a self-regulating emission mechanism. This mechanism operates in a peer-to-peer computer network and provides a smooth increasing of the "money supply" with a gradually de-creasing rate of growth. The limit of this growth is determined by maximal volume 21 million BTC. Self-regulation is implemented through negative feedback between changes of control parameters (the target interval for the hash function values and the Bitcoin Difficulty level) and the speed of mining process. Control parameters depend on the real speed deviations from the target value. This mechanism provides a stable mining speed and determines annual rate of emission.
The author suggests a spline-function for description the annual rate of the cryptocurrency emission in accordance with the Proof-of-Work protocol in the Bitcoin blockchain algorithm. This splinefunction gives possibility to find a monetary rule for annual rate of emission. The author in the paper proposes to call this monetary rule by the name of the Bitcoin system inventor - Nakamoto Monetary Rule. The Nakamoto Monetary Rule could be seen as the first example of a programmable monetary rule of the decentralized emission algorithm on the basis of blockchain technology. Central banks could use a similar approach, with the necessary modifications, to develop their programmable monetary rules for Central Bank Digital Currencies (CBDCs) emission based on DLT or blockchain technology.
Keywords:Central Bank Digital Currency (CBDC), blockchain, bitcoin, cryptocurrency, digital cur-rencies, central banks, decentralized emission, monetary rule
JEL: E44, E51
Article in Russian (pp. 91 - 110) | Download | Downloads :211 |
Article in Ukrainian (pp. 91 - 110) | Download | Downloads :168 |
REFERENCES ▼
1. Tsukarev, T. (2009). The genesis of the rules of monetary policy of central banks. Vestnik Nacionalnogo banka Belarusi. – Bulletin of the National Bank of Belarus [in Russian].
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finance.yahoo.com/cryptocurrencies
4. Diem (2020). The Libra Payment System. Retrieved from
www.diem.com/en-us/white-paper/?noredirect=ru-RU#the-libra-payment-system
5. Diem (2021). Blockchain Libra. Retrieved from
www.diem.com/en-us/white-paper/?noredirect=ru-RU#the-libra-payment-system
6. FINMA (2021). Swiss Financial Market Supervisory Authority FINMA. Retrieved from
www.finma.ch/en
7. Leeson, R. and Palm, Ch. G. (Eds.). (2018). The Collected Works of Milton Friedman. Hoover Institution Library and Archives.
8. Friedman, M. A. (1960). Programm for Monetary Stability. New York: Fordham University Press.
9. G7 Working Group on Stablecoins (2019). Report “Investigating the impact of global stablecoins”. Retrieved from
www.bis.org/cpmi/publ/d187.pdf
10. Goodhart, Ch. (1989). The Conduct of Monetary Policy. The Economic Journal, 99: 396.
doi.org/10.2307/2234028
11. Hayek, F.A. (1990). Denationalization of Money: The Argument Refined. An Analysis of the Theory and Practice of Concurrent Currencies. The Institute of Economic Affair.
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13. Koivu, T., Mehrotra, A., Nuutilainen, R. (2008). McCallum rule and Chinese monetary policy. Bank of Finland, BOFIT Institute for Economies in Transition, Discussion Papers.
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15. McCallum, B. T. (1988). Robustness properties of a rule for monetary policy. Carnegie-Rochester Conference Series on Public Policy, 29, 173-203.
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17. Nakamoto, S. (2008). White Paper “Bitcoin: A Peer-to-Peer Electronic Cash System”. Retrieved from
bitcoin.org/bitcoin.pdf
18. Nakamoto, S. (2008). A letter with a comment to White paper. Retrieved from
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19. Nakamoto S. et al. (2008-2010). Full correspondence of Satoshi Nakamoto with colleagues on improving the Bitcoin system. Retrieved from
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20. Renteria, N., Wilson T., Strohecker K. (2021). In a world first, El Salvador makes bitcoin legal tender. Retrieved 2021-06-09 from
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