PROSPECTS OF FOREIGN EXCHANGE MARKET DEVELOPMENT IN UKRAINE
Abstract
The article is devoted to the search for effective mechanisms for organizing the work of the foreign exchange market of Ukraine in the postwar period. It is determined that foreign exchange transactions play a significant role in the system of financial and economic processes. The analysis of the peculiarities of the development of the foreign exchange market allowed the author to identify the advantages and disadvantages of the processes of liberalization and regulation of foreign exchange markets. Each of the systems has certain advantages that should be used in a specific period, in specific conditions of external and internal development. Factors influencing foreign exchange markets, exchange rate fluctuations and their direct impact on financial and economic processes are identified. In order to model the system of possible construction of the foreign exchange market of Ukraine in the post-war reconstruction, a retrospective analysis of the transformations of the currency systems of European countries in the postwar period was conducted. The article analyzes the Bretton Woods International Monetary System, which was developed in 1944 to restore investment and financial activity on the European continent. In the 1970s, this system was replaced by the Jamaican monetary system, which completely changed the architecture of the global foreign exchange market and allowed to ensure the rapid recovery of Europe's economy through the efficient use of financial mechanisms. The analysis of the foreign exchange market system of the Balkan Peninsula in the postwar period identified their advantages and disadvantages, which did not allow these countries to make the most effective use of international financial assistance and ensure self-development of the financial system as a key element of economic development. As a result of the analysis, mechanisms for implementing measures to liberalize Ukraine's monetary system with partial implementation of regulatory mechanisms by the National Bank of Ukraine are proposed, which will reduce exchange rate fluctuations in the postwar period, ensure investment activity and stability of financial and economic systems. Modeling of prospects of development of the foreign exchange market of Ukraine by definition of factors of influence both external, and internal, for the purpose of search of optimum approaches to management and regulation of the foreign exchange market in the conditions of new social and economic challenges is carried out.
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