‒

 

absence of mechanisms for providing deposit guarantee to legal entities and 

mechanisms for providing investment guarantee in the segment of collective 
investment institutes, corporate investment funds, and non-state pension funds. 

Even though we take into account the problems that the domestic financial market 

is characterized by, we can still distinguish the following areas in which the 
possibilities offered by the financial market could prove to be beneficial for realizing 
monetary and fiscal policy goals, which are systematized in Table 1. 

Table 1 Areas of applying financial market opportunities  

to realize monetary and fiscal policy objectives 

Financial market 

opportunities 

Influence on monetary 

policy 

Influence on fiscal policy 

Realization of classical and 

new financial products and 

services 

Promoting economic 

growth, which is one of the 

objectives of monetary 

policy 

Increase in revenues from the 

taxation of profits of financial 

institutions 

Creating new jobs in the 

financial sector of the 

economy 

Promoting full employment 

Increase in the amount of 

wage tax revenues; reducing 

the pressure laid on the 

budget to pay unemployment 

benefits to temporarily 

unemployed citizens 

Transforming savings into an 

investment resource 

Creating the financial basis 

for economic development 

excluding additional costs 

Creating new sources of tax 

revenues and / or 

opportunities to finance the 

budget deficit 

Generating significant 

volumes of temporarily free 

financial resources 

Loans to various sectors of 

the economy 

Providing opportunities for 

restoration and development 

of various business 

segments 

Developing and maintaining 

the system of non-state 

pension provision 

Ability to create reserves for 

the needs of the national 

economic policy 

Reducing the pressure laid on 

the budget to provide for the 

financial needs of the 

retirement age population 

Service of currency values 

realization 

Making currency 

interventions possible 

Additional source of income, 

that is taxation of currency 

purchase and sale 

Implementing cashless 

settlements mechanisms 

Fighting inflation, 

minimizing the need for 

cash emission and 

increasing the volume of 

money supply 

Ability to control cash flows 
and determine the sources of 

their origin 

Creating the country's positive 

financial image and its 

investment attractiveness in 

the international capital 

market 

Attracting external 

financing, stabilizing the 

balance of payments 

Creating reserves and 

additional opportunities to 

cover the budget deficit 

 

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