MONETARY MEASURES AND CURRENCY REGULATION DURING MACROECONOMIC INSTABILITY AND WORLD UNCERTAINTY

This study is devoted to the comparative analysis of the rules of foreign exchange regulation and control, as well as monetary measures implemented in developed counties during 2003-2020. Accordingly, the purpose is to compare currency restrictions imposed as a response to several economic, political and epidemiological situations and determine their relevance. The study consists of three main parts. The first section highlights the evolution of the monetary policies of different countries during the rapid global economic growth (2003-2007) and key monetary novation before and after the 2008-2009 great recession (macroprudential approach to monetary regulation). The second section describes the world post-crisis monetary system in terms of foreign exchange regimes. Finally, in the third section, the main focus is directed on the period of the COVID-19 crisis and, eventually, key monetary policy measures imposed in the leading economic areas as a reaction to macroeconomic instability and world uncertainty. The practical implications of this study are noteworthy to consider as the problem is outlined in three aspects: 1) evolutionary (with a step-by-step analysis of economic events from 2003 to 2020); 2) instrumental (with analysis of the tools of monetary, macroprudential and monetary policy); 3) country (in the context of world uncertainty). In most cases, the results show that countries produce shocks that transferred to the rest of the world (spillbacks effect). Also, in a financially integrated world, macroprudential policies are valuable and essential because instability becomes a key defect of the modern market system. That is why monetary policy, especially after the crisis, is critical in stabilizing macroeconomic fluctuations.