EXTERNAL EXPERIENCE FOR THE EXECUTION OF EXCHANGE REGULATION AND POSSIBILITIES OF ITS APPLICATION IN UKRAINE

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  Yevgen Barash

  Yurii Kryvytskyi

  Sergii Ablamskyi

Abstract

The aim of the article is to conduct a comparative legal study of statutory legal acts, which define the legal framework for the implementation of currency regulation in some foreign countries and in Ukraine and which determine on this basis ways to improve domestic legislation in this area. The subject of the research is the experience of currency regulation in some European countries, USA, China, and Ukraine. Methodology. The research is based on a comparison of foreign exchange regulation in Ukraine and in foreign countries. Advantages and disadvantages of different modes of state control over currency circulation are determined, on the basis of the analysis of peculiarities of the state regulation of currency circulation in the United Kingdom, Germany, France, Poland, the USA, China, and in some other countries: from floating rate regime to rigorous state control. On the basis of the comparative legal study of certain provisions of the administrative legislation of Ukraine, the possibilities and limits of the application of positive foreign experience in this field are determined. The results of the study have shown that in order to implement foreign exchange management experience, it is necessary to postpone the final transition untill establishing a floating rate regime. It is possible to make it by reinforcing state interference. At the same time, it is necessary to strengthen currency control not only over the implementation of foreign exchange operations but also over the activities of subjects that determine the state policy in the field of currency regulation, as well as over those, who directly carry out the corresponding activity using the tools specified by provisions of the current legislation. Practical impact. The positive experience of the formation of the foreign exchange market in foreign countries shows that the gradual transition from a fixed to a floating exchange rate is the beginning of a natural market exchange rate and the equalization of the balance of payments and the gradual release of the national economy from the pressure of administrative and corruption restrictions. Value/originality. Conducting the comparative analysis of foreign exchange regulation in foreign countries is the basis for developing the most promising directions for the development of domestic legislation in this field.

How to Cite

Barash, Y., Kryvytskyi, Y., & Ablamskyi, S. (2018). EXTERNAL EXPERIENCE FOR THE EXECUTION OF EXCHANGE REGULATION AND POSSIBILITIES OF ITS APPLICATION IN UKRAINE. Baltic Journal of Economic Studies, 4(1), 25-30. https://doi.org/10.30525/2256-0742/2018-4-1-25-30
Article views: 645 | PDF Downloads: 131

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Keywords

foreign experience, currency regulation, exchange rate, currency control, EU countries

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