CBDC та управління макроекономічною стабілізацією: уроки для України в умовах війни
Ключові слова:
CBDC, е-гривня, макроекономічна політика, виклики воєнної економіки, макроекономічна стійкість, стабілізація, цифрова трансформація
Анотація
Актуальність. Тривала повномасштабна війна в Україні спричинила глибокі макроекономічні шоки, що проявляються у фіскальних дисбалансах, інфляційному тиску, порушеннях зовнішньої торгівлі та підвищеній невизначеності. За таких умов традиційні інструменти макроекономічної стабілізації стикаються зі значними обмеженнями, що підвищує актуальність інноваційних монетарних та інституційних рішень. Метою дослідження є обґрунтування перспектив впровадження цифрової валюти центрального банку (CBDC) в Україні та її потенційної ролі для підвищення ефективності політики макроекономічної стабілізації. Результати. Досвід країн-піонерів у запровадженні цифрової валюти центрального банку свідчить, що CBDC поки що не виступає самостійним драйвером економічного зростання, однак може його стимулювати за умови розвитку у стабільному інституційному середовищі. Запровадження е-гривні в Україні може позитивно впливати на ключові канали макроекономічної стабілізації. У монетарній сфері CBDC сприяє посиленню трансмісійного механізму грошово-кредитної політики, покращенню управління ліквідністю та контроль над інфляційними очікуваннями. У фіскальній площині вона може підвищити прозорість державних видатків, знизити трансакційні витрати та покращити таргетування соціальних програм. У структурному вимірі е-гривня має потенціал до покращення фінансової інклюзії, прискорення цифровізації економічної діяльності та зменшення масштабів тіньової економіки. Висновки. Е-гривню слід розглядати не лише як технологічну інновацію, а як інституційний інструмент макроекономічної стабілізації. Її ефективне впровадження потребує поетапного підходу, узгодженості регуляторної політики, належного рівня кібербезпеки та синхронізації з цілями фіскальної й монетарної політики. За цих умов вона може стати важливою складовою стійкої макроекономічної системи України.Завантаження
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Посилання
REFERENCES
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Das, M., Mancini-Griffoli, T., Nakamura, F., Otten, J., Soderberg, G., Sole, J., & Tan, B. (2023). Implications of central bank digital currencies for monetary policy transmission (IMF Fintech Note 2023/010). International Monetary Fund. https://www.imf.org/-/media/files/publications/ftn063/2023/english/ftnea2023010.pdf
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Eichengreen, B., Gupta, P., & Simpson-Bell, C. (2023). Priorities for the G20 Finance Track. Journal of International Commerce and Economics, 15, 1–11. https://journals.sagepub.com/doi/10.1177/00252921231205982
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Giraldo-Gordillo, F. E., & Bustillo-Mesanza, R. (2026). CBDCs and liquidity risks: Evidence from the SandDollar’s impact on deposits and loans in The Bahamas. FinTech, 5(1), Article 5. https://doi.org/10.3390/fintech5010005
Iddenden, G. (2024, September 16). How central bank digital currencies (CBDCs) can enhance cross-border inefficiencies. The Payments Association. https://thepaymentsassociation.org/article/how-central-bank-digital-currencies-cbdcs-can-enhance-cross-border-inefficiencies/
Iefymenko, T., & Dmytrenko, T. (2025). Development and integration of digital currencies in the virtual asset market. Science and Innovation. https://doi.org/10.15407/scine21.02.003
Illes, A., Kosse, A., & Wierts, P. (2025). Advancing in tandem – Results of the 2024 BIS survey on central bank digital currencies and crypto (BIS Paper No. 159). Bank for International Settlements. https://www.bis.org/publ/bppdf/bispap159.pdf
Infante, S., Kim, K., Orlik, A., Silva, A. F., & Tetlow, R. J. (2022). The macroeconomic implications of CBDC: A review of the literature (FEDS Paper No. 2022-076). Board of Governors of the Federal Reserve System. https://www.federalreserve.gov/econres/feds/files/2022076pap.pdf
International Monetary Fund. (2025). Central Bank Digital Currency (CBDC) – Virtual Handbook. https://www.imf.org/en/topics/digital-payments-and-finance/central-bank-digital-currency/virtual-handbook
International Monetary Fund. (2026). DataMapper profile. International Monetary Fund. https://www.imf.org/external/datamapper/profile
Jha, P. (2025, November 12). UAE’s Digital Dirham CBDC pilot goes live – Global list of launched, piloting, and developing CBDCs. CCN. https://www.ccn.com/news/crypto/global-list-launched-piloting-developing-cbdcs/
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Kemmerer, D. (2025, September 4). CBDC developments 2025: Which countries are leading the digital currency race? CoinLedger. https://coinledger.io/research/cbdc-developments
Khutorna, M., Zaporozhets, S., & Tkachenko, Y. (2021). Central banks’ digital currencies: World trends and prospects in Ukraine. Social Economics, 61, 123–134. https://doi.org/10.26565/2524-2547-2021-61-12
Koziy, N., Dudnyk, M., & Kondaurova, O. (2025). Digital currencies: Challenges, prospects and regulatory aspects. Ekonomichnyi Analiz, 35(2), 48–56. https://doi.org/10.35774/econa2025.02.048
Kushwaha Devashish, Dr Dipti Malpani (2025) The Impact of Fintech on Financial Inclusion in India: An Empirical Analysis of Digital Payment Adoption and Banking Access. International Journal of Environmental Sciences, 11 No. 12s, https://theaspd.com/index.php 218-227.
Lannquist, A., & Tan, B. J. (2023). Central bank digital currency’s role in promoting financial inclusion (IMF Fintech Note No. 2023/011). International Monetary Fund. https://www.imf.org/-/media/files/publications/ftn063/2023/english/ftnea2023011.pdf
Latkovskyi, P. P. (2025). The role of digital currencies in ensuring the stability of the international financial system. Scientific Bulletin of Uzhhorod National University: Law Series, 90(5), 195–199. https://doi.org/10.24144/2307-3322.2025.90.5.23
Lavruk, V., Havryliuk, V., Burlakov, O., Burdeniuk, S., & Poprozman, N. (2025). Prospects for the implementation of the digital currency of the National Bank of Ukraine in the context of global digitalisation. Economics of Development. https://doi.org/10.63341/econ/2.2025.41
Li, Z., & Li, J. (2025). Architecting Inclusion in e-CNY: Settlement-Upon-Payment, Domestic Interoperability, and User Control. Encyclopedia, 5(4), 179. https://doi.org/10.3390/encyclopedia5040179
Malaika, M., Soderberg, G., & Zhabska, K. (2025). Payment resilience in fragile and conflict-affected states: Lessons for central bank digital currency (CBDC) (IMF Fintech Note No. 009). International Monetary Fund. https://www.imf.org/-/media/files/publications/ftn063/2025/english/ftnea2025009a.pdf
Mancini Griffoli, T., Martinez Peria, M. S., Agur, I., Ari, A., Kiff, J., Popescu, A., & Rochon, C. (2018). Casting light on central bank digital currency (IMF Staff Discussion Note No. 18/08). International Monetary Fund. https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2018/11/13/Casting-Light-on-Central-Bank-DigitalCurrencies-46233
Maslov, D. (2023). Introduction of the Central Bank’s Digital Currency in Ukraine: Analysis and Prospects. Business Inform. https://doi.org/10.32983/2222-4459-2023-11-248-257
Meenakshi Mritunjay, Dr. Ranjit Singh (2025). Financial Inclusion, Digital Payment Growth, and Macroeconomic Dynamics: An Empirical Study of the Indian Economy, 12(11), https://doi.org/10.51244/IJRSI.2025.12110031
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Nanavov, A., & Blyzniuk, M. (2025b). Implementation of European standards for stablecoin regulation in Ukraine. Scientific Bulletin of Kherson State University: Economic Sciences. https://doi.org/10.32999/ksu2307-8030/2025-55-6
National Bank of Ukraine. (2019). Analytical report on E-hryvnia Pilot Project. https://bank.gov.ua/admin_uploads/article/Analytical%20Report%20on%20E-hryvnia.pdf
National Bank of Ukraine. (2025). Analytical memo on the results of the pilot project on the implementation of the “E‑hryvnia” platform and National Bank electronic money. https://bank.gov.ua/admin_uploads/article/Analitichna_zapiska_E-grivnya.pdf
National Bank of Ukraine. (2026a). About e-hryvnia – digital money of the National Bank. https://bank.gov.ua/ua/payments/e-hryvnia
National Bank of Ukraine. (2026b). Comment of the National Bank on the level of inflation in 2025. https://bank.gov.ua/ua/news/all/komentar-natsionalnogo-banku-schodo-rivnya-inflyatsiyi-u-2025-rotsi
Nesterenko, A. S. (2024). Digital money and the financial system: Regulation, advantages, and risks. Legal Scientific Electronic Journal, 12, 612–615. https://doi.org/10.32782/2524-0374/2024-12/143
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Переглядів анотації: 8 Завантажень PDF: 3
Опубліковано
2026-05-22
Як цитувати
Федірко, Н. (2026). CBDC та управління макроекономічною стабілізацією: уроки для України в умовах війни. Аспекти публічного управління, 14(2), 46-59. https://doi.org/10.15421/152605
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