scholarly journals Economic policy responses to the COVID-19 pandemic: The role of central bank independence

2021 ◽  
Vol 204 ◽  
pp. 109874
Author(s):  
Ceyhun Elgin ◽  
Abdullah Yalaman ◽  
Sezer Yasar ◽  
Gokce Basbug
Keyword(s):  
Economic Policy ◽  
Central Bank ◽  
Central Bank Independence ◽  
Policy Responses

scholarly journals Role of Central Bank Independence in Banking and Financial Stability Ensuring

2020 ◽  
Vol 4 (2) ◽  
pp. 115-121 ◽  
Author(s):  
Victoria Dudchenko
Keyword(s):  
Developing Countries ◽  
Central Bank ◽  
Financial Stability ◽  
Fixed Effects ◽  
Developed Countries ◽  
Central Bank Independence ◽  
Stage Of Development ◽  
Banking Stability ◽  
The Impact

This paper is devoted to defining the role of the central bank in ensuring banking and financial stability. The main purpose of the study is to assess the direction and strength of the impact of central bank independence in terms of its individual aspects on the parameters of banking and financial stability for different groups of countries. Systematization of literature sources and the results of existing empirical research has shown that the expected effects of increasing the independence of the central bank are to improve banking and financial stability. For the study, a sample of statistical data for 10 developed and 10 developing countries for the period 1991-2012 was formed. The methodological basis of the study were the tools of panel regression modeling with fixed effects with Stata software use. The article presents the results of empirical analysis, which showed that the independence of the central bank is an important factor in ensuring banking stability. At the same time, the impact on financial stability has not been conclusively confirmed. The study empirically confirms and theoretically proves that the stage of development of the country determines the strength of such influence. Thus, developed countries generally show closer links between central bank independence and banking and financial stability, which in most cases are directly dependent, while developing countries have less lasting effects. The results of the analysis of the links between certain aspects of central bank independence and the level of banking and financial stability are of great practical value. The results of the study create a scientific basis for substantiating the sequence of actions aimed at strengthening the independence of the central bank. Thus, in developing countries, the focus should be on defining and prioritizing central bank goals, while developed countries should take a deeper approach to this issue and ensure the independence of monetary policy and financial independence of the central bank. Keywords: central bank, independence, banking stability, financial stability, Z-score, non-performing loans, capitalization, developed countries, developing countries, panel data.

On the meaning of central bank independence

1998 ◽  
Vol 1 (2) ◽  
pp. 254-267
Author(s):  
G. M. Wessels
Keyword(s):  
Economic Policy ◽  
Central Bank ◽  
Policy Making ◽  
Public Support ◽  
Central Banks ◽  
Democratic Society ◽  
Central Bank Independence ◽  
Economic Independence ◽  
Absolute Sense ◽  
Relative Independence

This article aims to clarify the meaning of the multifaceted term central bank independence. Such independence cannot be understood in an absolute sense, because the elected government in a democratic society remains the highest authority in respect of economic policy-making too. Nevertheless, central banks globally are currently endowed with strong relative independence. This may be separated into two broad categories, namely formal and informal independence. Political and economic independence are identified as elements of the former, and their various subcategories are expounded below. Informal independence is then highlighted as the more important component of independence, of which personalities, professionalism and public support are crucial. However, an ideal combination of the determinants of independence is hard to find.

National projects, socio-economic policy and public equilibrium

2020 ◽  
pp. 6-16
Author(s):  
Elena Ustinovich ◽  
Michael Kulikov
Keyword(s):  
Economic Policy ◽  
Social Policy ◽  
Central Bank ◽  
Russian Federation ◽  
Public Welfare ◽  
Democratic State ◽  
The Social ◽  
Modern Economic ◽  
The Russian Federation

The article presents a brief analysis of modern economic policy in Russia. Attention is paid to the role of the Central Bank of the Russian Federation in public welfare and its role in the effectiveness of the social policy of Russia as a democratic state. Critical opinions of famous political scientists and economists on the role of the Central Bank of the Russian Federation in these processes are presented.

Sign in / Sign up

Export Citation Format

Share Document