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 ASSESSMENT OF DIRECTION FOR COORDINATION OF MONETARY REGULATION OF INVESTMENT IN THE INTEGRATION UNIONS

2021 ◽  
pp. 27-36
Author(s):  
Marina Zelenkevich ◽  
Natallia Bandarenka
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Supply And Demand ◽  
Central Banks ◽  
Eurasian Economic Union ◽  
National Bank ◽  
Economic Union ◽  
The Republic ◽  
The Impact ◽  
Method Of Correlation

In the context of globalization and regionalization, central banks pursuing monetary policy in the country at the same time become subjects of monetary regulation within the framework of the integrational associations of which they are members. The purpose of the article is to assess the impact of monetary policy on investment and economic growth in integration unions and determine the appropriateness of their coordination. To achieve the goal, a method of correlation-regression analysis is proposed, one which allows for the identifying and assessing of the degree of influence of certain directions of monetary policy of the countries of the integration association on the indicators of investment and economic growth. As a result of the analysis, the expediency of coordination and implementation of a coordinated policy of central banks to stimulate the deposit and credit policy of commercial banks was proved, which positively affects the characteristics of supply and demand in the integrated investment market. The assessment of the directions of the coordination of monetary investments regulation was carried out on the example of an integration association - the Union of Belarus and Russia and can be extended to other integration associations with the participation of Belarus, in particular, to the monetary interaction of countries within the Eurasian Economic Union. The analysis is based on the statistical data of the National Statistical Committee and the National Bank of the Republic Belarus, the EAEU Department of Statistics, as well as statistical information from the Central Bank of Russia and the Union of Russia and Belarus.

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>

scholarly journals Monetary policy change of the Central bank of Poland

2015 ◽  
Vol 15 (3) ◽  
pp. 246-259
Author(s):  
Ireneusz Kraś
Keyword(s):  
Monetary Policy ◽  
Economic Policy ◽  
Central Bank ◽  
Policy Change ◽  
Financial System ◽  
Financial Statements ◽  
Democratic Character ◽  
National Bank ◽  
The Republic ◽  
The Government

Abstract The National Bank of Poland is an institution which, in conjunction with the government is responsible for the implementation of country’s economic policy reinforces its democratic character. Provisions of its operation are governed by the Constitution of The Republic of Poland and by the Act on the National Bank of Poland. To this end, the objective of the present research is to analyse the proposed amendments in the Act on the NBP. The latter concerns the amendment procedures, term of office and the rotations and numbers of Monetary Policy Council. The remaining part of the analyses is dedicated to the issue of dismissal of a MPC’s member in conjunction with the prohibition of occupying other positions, the adoption of the NBP’s financial statements and the separation of instruments of monetary policy’s instruments for stability of domestic financial system. Introduced changes in the proposed draft reduce the independence of the NBP while making it more subject to the Cabinet. Following the result of further consultations on the draft of Act on the NBP, provisions which reduce the independence of the NBP shall be partially removed.

scholarly journals Comparison of the Approach of the Czech National Bank and the European Central Bank to the Effects of the Global Financial Crisis

2021 ◽  
Vol 10 (2) ◽  
pp. 18-46
Author(s):  
Andrea Cecrdlova
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Financial Crisis ◽  
Central Bank ◽  
European Central Bank ◽  
Global Financial Crisis ◽  
Central Banks ◽  
European Central ◽  
National Bank ◽  
The Global Financial Crisis

The latest global crisis, which fully erupted in 2008, can have a significant impact on central banks credibility in the long run. During the last crisis, monetary authorities encountered zero interest rate levels and, as a result, started to use non-standard monetary policy instruments. The Czech National Bank decided to use a less standard instrument in November 2013, when it started to intervene on the foreign exchange market in order to keep the Czech currency at level 27 CZK / EUR. However, the European Central Bank also adopted a non-standard instrument, when chose a path of quantitative easing in 2015 in order to support the euro area economy by purchasing financial assets. The question remains whether the approach of Czech National Bank or the approach of European Central Bank in the crisis and post-crisis period was a more appropriate alternative. With the passage of time from the global financial crisis, it is already possible to compare the approaches of these two central banks and at least partially assess what approach was more appropriate under the given conditions. When comparing the central banks approaches to the crisis, the Czech National Bank was better, both in terms of the rate of interest rate cuts and the resulting inflation with regard to the choice of a non-standard monetary policy instrument. The recent financial crisis has revealed the application of moral hazard in practice, both on behalf of the European Central Bank and the Czech National Bank, which may have a significant impact on their credibility and independence in the coming years.

scholarly journals ROMANIAN INTERBANK INTEREST RATES AND CENTRAL BANK’S MONETARY POLICY

2019 ◽  
Vol 66 (4) ◽  
pp. 487-506
Author(s):  
Giovanni Verga ◽  
Nicoleta Vasilcovschi
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Interest Rates ◽  
Central Banks ◽  
The European Union ◽  
European System ◽  
National Bank ◽  
Lending Rates ◽  
Main Determinants

Interbank rates are affected by the monetary policy of a country and represent a link to other financial and credit markets. In 2007, Romania became a member of the European Union and its central bank, the National Bank of Romania (NBR), joined the European System of Central Banks (ESCB) but not the Eurosystem. This paper analyses the role of the central bank and the use of its instruments concerning interbank rates. The research evaluates the influence of the Romanian Central Bank on interbank rates and shows that the policy rate and bank liquidity are among the main determinants of interbank rate movements. It is also presented that the NBR’s deposit and lending rates can limit the free movements of the interbank rate of interest. This research confirms that interbank interest rates influence bank rates strongly. The methodology used in this research includes cointegration, dynamic econometric measurement and analyses with Granger causality. Our research uses mainly ROBID and ROBOR of different maturities, showing that the influence of the Romanian Central Bank (NBR) on the interbank rate is strong, while the influence of the ECB and Fed is weak.

scholarly journals APPLICATION OF UNCONVENTIONAL MONETARY POLICY INSTRUMENTS IN MITIGATION OF THE ECONOMIC CONSEQUENCES OF THE COVID 19 VIRUS PANDEMIC

2020 ◽  
pp. 231
Author(s):  
Marina Đorđević ◽  
Jadranka Đurović Todorović ◽  
Milica Ristić Cakić
Keyword(s):  
Monetary Policy ◽  
Aggregate Demand ◽  
Policy Instruments ◽  
Central Banks ◽  
Economic Consequences ◽  
Quantitative Easing ◽  
Unconventional Monetary Policy ◽  
Monetary Authorities ◽  
The Republic ◽  
Theoretical Overview

Unconventional monetary policy instruments are used in conditions when monetary policy has exhausted all the usual measures and instruments that are otherwise applied by the central bank in the regular process of conducting monetary policy. The most commonly used instruments are, of course, quantitative easing or quantitative alleviation.The aim of this paper is to point out the application of unconventional monetary policy instruments during the economic crisis caused by the COVID 19 virus pandemic in the most important banks in the world. After a theoretical overview of the concept of quantitative easing, the paper presents the empirical experiences of the Bank of Japan, the Fed, the ECB, and other central banks. Based on the analysis of applied measures and data on the use of quantitative facilities in selected central banks, it can be concluded that they resorted to the use of this instrument in times of crisis to a greater or lesser intensity. Also, the increased liquidity caused by their implementation had a significant impact on aggregate demand, inflation and GDP. This analysis can be useful to the monetary authorities in Serbia if they are to review the application of QE in the leading monetary institutions and help them to draw the conclusions that would lead to the most painless application of this instrument in the Republic of Serbia.

scholarly journals G20 in the Second Decade of the 21st Century.Steering the World Towards Inclusive Growthand Sustainable Development

2021 ◽  
Vol 16 (2) ◽  
pp. 7-14
Author(s):  
Svetlana Lukash ◽  
Keyword(s):  
Sustainable Development ◽  
International Cooperation ◽  
World Economy ◽  
Large Scale ◽  
Inclusive Growth ◽  
World Community ◽  
Global Challenge ◽  
Global Institutions ◽  
The World ◽  
Near Future

In 2020, the world community, states and citizens faced the serious global challenge. The COVID-19 pandemic jeopardized the implementation of the goals of sustainable development and inclusive growth, and has become a major challenge for the international cooperation and the action of global institutions. Being the main platform for cooperation among the world's leading economies, the G20 is often criticized for its inability to effectively withstand crises. However, as shown in this article, the G20 managed to quickly implement a coordinated set of large-scale measures to overcome the pandemic and its consequences and become a coordinator of anti-crisis actions. The author concludes that the unique characteristics of the G20 will allow it to remain the flagship of international efforts to ensure strong, sustainable, balanced and inclusive growth of the world economy, and suggests a number of priorities for the implementation of which the G20 agenda should be aimed at in the near future.

scholarly journals Inflation targeting and its discontents: The case of Poland

2015 ◽  
Vol 65 (s1) ◽  
pp. 107-122
Author(s):  
Piotr Ciżkowicz ◽  
Andrzej Rzońca
Keyword(s):  
Monetary Policy ◽  
Research Agenda ◽  
Inflation Targeting ◽  
Price Level ◽  
Central Banks ◽  
Eu Accession ◽  
General Evaluation ◽  
National Bank ◽  
Leaning Against The Wind ◽  
High Uncertainty

The paper provides a general evaluation of inflation targeting in Poland with some reference to challenges faced by major central banks. First, it argues that inflation targeting has proved to be relatively successful in Poland and attributes this success to a bias towards the aggressive mitigation of inflationary risks, whenever they have arisen. Second, it briefly explains why the National Bank of Poland does not need to search for an alternative to inflation targeting. Then, it presents the negative aspects of the price level targeting and nominal GDP targeting. Third, it refers to the post- EU accession experience of Poland as being supportive for the “leaning against the wind” approach to monetary policy conducting. Fourth, it argues that such an approach is supported by evidence on the effects of the crisis’ outburst and aggressive interest rate cuts on trust in central banks. Fifth, it indicates the determinants of slow post-crisis restructuring and persistently high uncertainty as desired priorities in the research agenda in central banks.

scholarly journals Monetary policy of the National Bank of Poland in period 1999–September 2008

Equilibrium ◽  
2008 ◽  
Vol 1 (1-2) ◽  
pp. 23-37 ◽  
Author(s):  
Ilona Pietryka
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
World Economy ◽  
Raw Materials ◽  
Central Banks ◽  
Central Banking ◽  
Economic Situation ◽  
External Demand ◽  
National Bank

At present, the basic and the most important final aim for central banking is to achieve and maintain stable, low inflation. During the last several years BCI conception gained considerable popularity, which is reflected in the growth of number of central banks leading monetary policy according to that strategy. The aim of this paper is to review the realization of the monetary policy in Poland in years 1999–2008 as well as in long-term perspective. The reason of non-achieving the inflationary aims are situated in supply factors (such as changes of controlled process, fluctuation of food process or changes of raw materials prices), fluctuation of economic situation in world economy, dynamics of internal and external demand and expansive fiscal policy.

scholarly journals CONVENTIONAL AND UNCONVENTIONAL MONETARY POLICY. THE CASE OF ROMANIA

2016 ◽  
Author(s):  
Ioana Plescau
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Credit Risk ◽  
Interest Rates ◽  
Banking System ◽  
Central Banks ◽  
Unconventional Monetary Policy ◽  
National Bank ◽  
Recent Financial Crisis ◽  
The Relationship

The aim of our paper is to analyze the conventional and unconventional monetary policy in Romania, in the context of the recent financial crisis. We study the relationship between interest rates and credit risk, but also the non-standard monetary measures that were adopted by the National Bank of Romania and their impact on the banking system. Our results point to a decrease of interest rates in the years after the crisis, which is in line with the majority of central banks that have reduced monetary rates in order to sustain the economy and the credit activity.

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