scholarly journals THE INFLUENCE OF THE INSTRUMENTS OF MONETARY POLICY OF THE NATIONAL BANK OF POLAND ON THE LEVEL AND VARIABILITY OF SHORT-TERM RATES OF INTEREST

2006 ◽  
Vol 2 (1) ◽  
pp. 253
Author(s):  
Magdalena Cendal
Keyword(s):  
Monetary Policy ◽  
Short Term ◽  
National Bank

scholarly journals Monetary and exchange policy of Kazakhstan: current problems and ways of improvement

2021 ◽  
pp. 70-76
Author(s):  
S. N. Abieva ◽  
G. G. Ilyasova
Keyword(s):  
Monetary Policy ◽  
Inflation Targeting ◽  
Inflation Rate ◽  
Balance Of Payments ◽  
Medium Term ◽  
Short Term ◽  
Market Participants ◽  
Expected Inflation ◽  
National Bank ◽  
Exchange Policy

The National Bank of Kazakhstan continues to pursue monetary policy in accordance with the principles of inflation targeting. As part of the medium-term strategy, the National Bank has reduced the target inflation corridor by one percentage point in 2020. Due to the global crisis of recent years, the National Bank has set a task to keep the inflation rate in the 4-6% corridor to stabilize the economy. The inflation rate at the end of 2020 was 7.5%. The National Bank has set a task to reduce this indicator to the level of the target corridor of 4-6% in 2021. Also, in conducting monetary policy, the National Bank has made decisions that have an anti-inflationary effect for the medium term, that is, the target level will decrease by 4% in 2021 and beyond. The preservation of monetary conditions by the regulator at a neutral level was characterized by a decrease in short-term rates after slow inflation. In 2019, against the background of a further decrease in inflation, it was decided to raise the base rate. At the same time, market participants may regard monetary conditions as the beginning of tightening. In Kazakhstan, the financial regulator sets the rate depending on the size of real and expected inflation in the country, external factors that determine the state of the balance of payments, as well as taking into account the need to maintain economic development. The article discusses the methods of conducting the monetary and monetary policy of Kazakhstan, as well as issues and ways to improve it.

Perspectives on inflation Targeting Regime in Russia

2014 ◽  
pp. 107-121 ◽  
Author(s):  
S. Andryushin
Keyword(s):  
Monetary Policy ◽  
Financial Markets ◽  
Interest Rates ◽  
Inflation Targeting ◽  
Short Term ◽  
Indirect Control ◽  
Financial Account ◽  
Domestic Prices ◽  
Macroeconomic Indicators ◽  
Private And Public

The paper analyzes monetary policy of the Bank of Russia from 2008 to 2014. It presents the dynamics of macroeconomic indicators testifying to inability of the Bank of Russia to transit to inflation targeting regime. It is shown that the presence of short-term interest rates in the top borders of the percentage corridor does not allow to consider the key rate as a basic tool of monetary policy. The article justifies that stability of domestic prices is impossible with-out exchange rate stability. It is proved that to decrease excessive volatility on national consumer and financial markets it is reasonable to apply a policy of managing financial account, actively using for this purpose direct and indirect control tools for the cross-border flows of the private and public capital.

scholarly journals Monetary policy implications of short-term capital flows in Turkey

Empirica ◽  
2017 ◽  
Vol 45 (4) ◽  
pp. 747-763 ◽  
Author(s):  
Tolga Dağlaroğlu ◽  
Baki Demirel ◽  
Syed F. Mahmud
Keyword(s):  
Monetary Policy ◽  
Capital Flows ◽  
Policy Implications ◽  
Short Term

Measuring the Short-Term Effects of the ECB’s Unconventional Monetary Policy on Financial Markets: A Review

2021 ◽  
Vol 54 (1) ◽  
pp. 37-77
Author(s):  
Lisa-Maria Kampl
Keyword(s):  
Monetary Policy ◽  
Financial Markets ◽  
Event Studies ◽  
Empirical Literature ◽  
Unconventional Monetary Policy ◽  
Short Term ◽  
Comprehensive Overview ◽  
Announcement Effects ◽  
Policy Measures ◽  
Short Term Effects

Following the financial crisis in 2008, the ECB implemented various unconventional policy measures to respond to the tensions on the market. These measures had a significant impact and short-term effects on financial markets. This literature review provides a extensive overview of the empirical literature dealing with the short-term effects of this unconventional monetary policy using event studies. Furthermore, a methodological analysis of conducted event studies is carried out. First, we review empirical event studies focusing on the effects on the bond market, the stock market, as well as on international spill-over effects. Secondly, we carry out a methodological analysis of event studies that estimate the announcement effects of the ECB’s unconventional measures. In this context, the analysis provides insight into the process of determining relevant events, the categorization of those, measuring the surprise component, and determining control variables. By comparing the different approaches applied, we give a comprehensive overview of similarities as well as differences in the methodology used.

scholarly journals Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates

2014 ◽  
Vol 104 (10) ◽  
pp. 3154-3185 ◽  
Author(s):  
Eric T. Swanson ◽  
John C. Williams
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Lower Bound ◽  
Private Sector ◽  
Interest Rates ◽  
Zero Lower Bound ◽  
Short Term ◽  
Macroeconomic Models ◽  
Monetary And Fiscal Policy ◽  
Effectiveness Of Monetary Policy

According to standard macroeconomic models, the zero lower bound greatly reduces the effectiveness of monetary policy and increases the efficacy of fiscal policy. However, private-sector decisions depend on the entire path of expected future short-term interest rates, not just the current short-term rate. Put differently, longer-term yields matter. We show how to measure the zero bound's effects on yields of any maturity. Indeed, 1- and 2-year Treasury yields were surprisingly unconstrained throughout 2008 to 2010, suggesting that monetary and fiscal policy were about as effective as usual during this period. Only beginning in late 2011 did these yields become more constrained. (JEL E43, E52, E62)

scholarly journals Cashless Society and de-Dollarization in Ukraine. What is Missing from Present Discussions?

2016 ◽  
pp. 6-12 ◽  
Author(s):  
Marko Skreb ◽  
Kostiantyn Khvedchuk
Keyword(s):  
Monetary Policy ◽  
Financial System ◽  
Underground Economy ◽  
Transmission Mechanism ◽  
Substantial Part ◽  
Negative Consequences ◽  
National Bank ◽  
System Improvement

The National Bank of Ukraine stepped on the track to a cashless economy aiming at reforming the financial system, improvement of the transmission mechanism, and reduction of the underground economy and corruption. A substantial part of money in the Ukrainian economy is estimated to be foreign cash in circulation. This article underlines the importance of considering it while conducting monetary policy. Negative consequences of high dollarization and proliferation of cash are emphasized. We discuss measures that are helpful in decreasing usage of cash in general and foreign cash in particular.

scholarly journals MONETARY POLICY OF THE REPUBLIC OF KAZAKHSTAN

2019 ◽  
Vol 7 (5) ◽  
pp. 103-110
Author(s):  
Ilyasova Gulmira Garifollaevna ◽  
Bekmukhametova Assemgul Bauirzhanovna
Keyword(s):  
Sustainable Development ◽  
Monetary Policy ◽  
Central Banks ◽  
Inclusive Growth ◽  
External Shocks ◽  
Credit Policy ◽  
Methodological Research ◽  
National Bank ◽  
The Republic ◽  
Near Future

Purpose: Currently due to Kazakhstan's high vulnerability to external shocks, Kazakhstan needs new growth factors to accelerate and provide more inclusive growth. The National Bank of Kazakhstan, as the central bank, is responsible for the development and implementation of state monetary and credit policy within the framework of powers provided by current legislation. Objectives of monetary policy are primarily carried out to achieve this goal. Restoration of trust to actions of economic authorities is possible only if a balanced and responsible policy, supported by concrete actions and results, is implemented. Methodology: This study provides a literature review of domestic and foreign authors, who conducted the study of monetary policy of Central Banks of countries in various aspects of international experience.  The study gives an analytical overview of the current monetary policy of the Republic of Kazakhstan. Main Findings: The study discusses the importance of Kazakhstan’s monetary-credit regulation as only by means of effective monetary policy state can mitigate economic crises, restrain inflation growth and stimulate investments in various sectors of country's economy. The studies are systematized theoretical and methodological research aspects of the monetary policy of Kazakhstan of which the conclusions and recommendations proposed to improve the economy of our country. Implications/Applications:  This suggests that we should work in the near future, look for drivers of growth, so as to ensure not just an anti-crisis manual management of the economy, but to enter the rails of sustainable development.

scholarly journals Unconventional monetary policy of the European Central Bank: A brief recapitulation

2019 ◽  
Vol 53 (3) ◽  
pp. 43
Author(s):  
Ilona Skibińska-Fabrowska
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Central Bank ◽  
Economic Crisis ◽  
Financial Market ◽  
European Central Bank ◽  
Central Banks ◽  
Unconventional Monetary Policy ◽  
European Central ◽  
National Bank

<p>The financial and economic crisis that has hit many economies in recent years has significantly increased the activity of central banks. After using the standard instruments of conducting monetary policy, in view of the obstruction of monetary impulse transmission channels, they reached for non-standard instruments. Among them, asset purchase programs played a signifciant role. The European Central Bank (ECB) launched the largest asset purchase programme (APP) of this type in 2014 and expired in December 2018. The aim of the undertaken activities was to improve the situation on the financial market and stimulate economic growth. The article reviews the literature and results of research on the effects of the program and indicates the possibility of using the ECB’s experience in conducting monetary policy by the National Bank of Poland.</p>

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