scholarly journals Economic features of monetary policy of countries in and their influence on unemployment rate of Ukraine

2016 ◽  
Vol 19 ◽  
pp. 15-26
Author(s):  
Iryna Navrotska
Keyword(s):  
Monetary Policy ◽  
Interest Rates ◽  
Unemployment Rate ◽  
Capital Investment ◽  
The World Bank ◽  
National Bank ◽  
Countries In Transition ◽  
The International Monetary Fund ◽  
The Eu

Economic features of monetary policy of countries in transition and their influence on unemployment rate of UkraineThe aim of the article is to investigate the role of monetary policy in stimulating labor markets. The paper identifies instruments of monetary policy that affect labor market of countries in transition. The examined determinants are investment inflows, level of inflation and interest rate. Data were collected from the World Bank, the International Monetary Fund and the National Bank of Ukraine. The empirical results reveal that high interest rates of the countries in the EU are almost the lowest in comparison to those in transition economies, which reflects existing risk and instability of the economic system of countries in transition. Furthermore, the paper discovers gross capital investment to GDP per country and demonstrates Belarus leading in inflows of investment to the country. The research was conducted using the methods of theoretical explanations, descriptive and econometric analysis. The results of the empiric research have determined that for the period 2008–2016 asignificant relationship between refinance rate, amount of government securities and unemployment rate of Ukraine is observed. Consequently, Ukraine is provided with recommendations to decrease refinance rate for the purpose of stimulating inflows of investment to the country.

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 The role of the czech national bank monetary instruments in interest rates targeting during transition

2001 ◽  
Vol 10 (1) ◽  
Author(s):  
Zdeněk Dvorný
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Interest Rates ◽  
Market Economy ◽  
Banking Sector ◽  
Free Market ◽  
Policy Instruments ◽  
National Bank

In this paper, the recent development of Czech interest rates during the Czech Republic's transition to a market economy is discussed. First, the situation in the economy and in the banking sector, as well as the monetary policy of the central bank during the period of 1990 - 1999 is presented. However, the main focus is on monetary policy instruments and their application during transition. The paper also describes the targeting of the central bank's policy by using direct limitations in banking during 1990 - 1991 and refinancing instruments exploited during the period of 1991 - 1992. Finally, the central bank's orientation towards free market operations, starting in 1993, is discussed.

Sukuk and monetary policy transmission in Indonesia: the role of asset price and exchange rate channels

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Suriani Suriani ◽  
M. Shabri Abd. Majid ◽  
Raja Masbar ◽  
Nazaruddin A. Wahid ◽  
Abdul Ghafar Ismail
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Interest Rates ◽  
Asset Price ◽  
Transmission Mechanism ◽  
Monetary Policy Transmission ◽  
Content Type ◽  
Policy Transmission ◽  
Monetary Policy Transmission Mechanism

Purpose The purpose of this study is to empirically analyze the role of sukuk in the monetary policy transmission mechanism through the asset price and exchange rate channels in the Indonesian economy. Design/methodology/approach Using the monthly data from January 2003 to November 2017, this study uses a multivariate vector error correction model causality framework. To examine the role of sukuk in the monetary policy transmission mechanism through the asset price channel, this study uses the variables of consumption, inflation, interest rates, economic growth and the composite stock price index. Meanwhile, to examine the role of sukuk in the monetary policy transmission mechanism through the exchange rate channel, this study used variables of inflation, interest rates, economic growth, foreign investment and exchange rate. Findings This study documented that sukuk has no causal relationship with inflation through asset price and exchange rate channels. Nevertheless, sukuk has a bidirectional causal relationship with economic growth through asset price and exchange rate channels. Sukuk is also documented to have a causal relationship with monetary policy variables of interest rate and stock prices through asset price and exchange rate channels. Finally, a unidirectional causality is recorded running from the exchange rate to sukuk in the exchange rate channel. Research limitations/implications The finding of independence of the sukuk market from interest rates provides evidence that the trading of the sukuk in Indonesia has been in harmony with the Islamic tenets. Practical implications The relevant Indonesian authorities need to enhance both domestic and global sukuk markets as part of efforts to promote the sustainability of Islamic capital market development in Indonesia. Originality/value To the best of the authors’ knowledge, this study is among the first attempts to empirically investigate the role of sukuk in monetary policy transmission through asset price and exchange rate channels in the context of the Indonesian economy.

3. The economic dimension of globalization

2020 ◽  
pp. 38-63
Author(s):  
Manfred B. Steger
Keyword(s):  
World Trade ◽  
Chinese Economy ◽  
Economic Dimension ◽  
The World Bank ◽  
The World ◽  
History Of ◽  
Financial Transactions ◽  
Second World ◽  
The International Monetary Fund

Economic globalization refers to the intensification and stretching of economic connections across the globe. ‘The economic dimension of globalization’ gives a brief history of the emergence of the global economic order. Towards the end of the Second World War, the Bretton Woods Conference laid the foundations for institutions such as the International Monetary Fund, the World Bank, and World Trade Organization. In the 1980s, rising neoliberalism led to the deregulation of financial transactions. Significant developments include the internationalization of trade, the increasing power of transnational corporations, and the enhanced role of international economic institutions. We have recently experienced setbacks like the 2007–10 recession and the slowdown of the Chinese economy.

scholarly journals Rethinking the Role of Escuelas Nuevas and Social Capital in Colombia Through the Lens of Peace-Building and Reconciliation

2008 ◽  
Vol 2 (1) ◽  
pp. 21-29
Author(s):  
Debora Upegui-Hernàndez
Keyword(s):  
Social Capital ◽  
Social Inequalities ◽  
Indigenous Communities ◽  
Peace Building ◽  
Capital Social ◽  
Community Members ◽  
The World Bank ◽  
Poverty And Inequality ◽  
The International Monetary Fund

AbstractThe World Bank and the International Monetary Fund (IMF) endorse social capital to solve poverty and inequality. Colombia proposes urban school reform (Escuelas Nuevas) to increase its social capital. Social capital is accepted by ‘indigenous researchers’ without considering its societal and political context. The psychology of Martín Baró and Freire' de-ideologises such social capital concepts. Interviews with individual teachers, community members, and focus groups of elementary school parents and students were analysed for the consequences of Escuelas Nuevas for social capital, and for peace-building and reconciliation of violent conflict. Social capital did not stand in place of social justice programmes. Using social capital to redirect efforts against social inequalities constitutes ‘structural violence’ perpetuating the colonisation of indigenous communities.

In search for a new anchor: inflation targeting in the czech republic

2000 ◽  
Vol 9 (3) ◽  
Author(s):  
Jiří Jonáš
Keyword(s):  
Monetary Policy ◽  
Czech Republic ◽  
Interest Rates ◽  
Inflation Targeting ◽  
Policy Framework ◽  
The Czech Republic ◽  
Fourth Part ◽  
National Bank ◽  
New Framework ◽  
Monetary Policy Framework

In December 1997 the Czech National Bank introduced a new framework for the conduct of monetary policy, inflation targeting. This article examines the preliminary experience with inflation targeting in the Czech Republic. In the second part, we discuss the reasons that have led the Czech National Bank to introduce this monetary policy framework. Third part describes principal operational features of inflation targeting in the Czech Republic, and discusses the specifics of inflation targeting under the conditions of an economy in transition. Fourth part reviews the conduct of monetary policy under the new regime, focusing particularly on how the new policy framework has affected central bank's decisions about interest rates. Fifth part discusses some reasons why implementation of inflation targeting during the first two years was difficult, and sixth part evaluates the experience with inflation targeting and provides some suggestions for improving the framework.

scholarly journals FEATURES OF INTEREST-BEARING MONETARY POLICY INSTRUMENTS OF THE CZECH NATIONAL BANK

2020 ◽  
pp. 127-133
Author(s):  
A. V. Berdyshev ◽  
N. S. Bobyr
Keyword(s):  
Monetary Policy ◽  
Interest Rates ◽  
Inflation Targeting ◽  
Global Financial Crisis ◽  
Policy Instruments ◽  
Macroeconomic Policies ◽  
Exact Test ◽  
Macroeconomic Indicators ◽  
National Bank ◽  
The Impact

The features of the economic development of the Czech Republic after the global financial crisis, the role of the Czech National Bank in the formation of macroeconomic policies, as well as the peculiarities of monetary regulation in the study period have been defined in the article. The main goal of the paper is to assess the impact of interest rates used by the Czech National Bank in the process of monetary regulation on the dynamics of the main macroeconomic indicators, which is considered as one of the necessary conditions for the effectiveness of the inflation targeting regime. By the results of the correlation analysis and Fisher’s exact test, it has been determined that the Czech National Bank could affect the main macroeconomic indicators based on the percentage of monetary policy instruments used.

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