Formation and de velopment of the monetary system during the ukrainian national democratic revolution of 1917-1921: terminology and ways to its solution

The purpose of the study is the analysis of the terminological apparatus and generalizations of domestic researchers of the modern era regarding the formation of the monetary system of the Ukrainian People's Republic of 1917-1921. The methodology of the study is based on the principles of historicism, objectivity, comprehensiveness and integrity, and a comprehensive approach, which involves the study of the monetary system in a historical-chronological and historical and economic aspects. Methods of analysis and synthesis, historical-genetic, historical-comparative, problem-chronological, were used. The scientific novelty consists in a complex historical and economic analysis of the formation of the monetary system of the Russian Federation in 1917-1921. Conclusions. During 1917-1921, its governments pursued a purposeful policy of creating their own monetary system. The concept of "monetary system" as a legally established form of money circulation is generalized. It was determined that the monetary system of the Ukrainian People's Republic included the following main elements: its own monetary unit - karbovanets, hryvnia, shag; official forms of money - cash (paper banknotes), non-cash; emission mechanism - the issuance of money is conditioned by the availability of precious metals, however, in case of its shortage or even absence, the volume of emission was determined by the urgent needs of the government; issuers – State Bank, State Treasury; the exchange rate was made on the basis of agreements with the authorities of allied countries or on the market. H. Baranovskyi, M. Tugan-Baranovskyi, M. Kryvetskyi, B. Martos, and H. Lebid-Yurchyk were active funders of the formation and development of the monetary system of the Ukrainian People's Republic. Under the influence of the variability of the political situation, military problems, and the economic crisis, the monetary system of the Ukrainian People's Republic underwent constant transformations, an increase in state monetary emissions, and the introduction of foreign and private banknotes into circulation.