scholarly journals Assessment of the Influence of the National Bank of Ukraine Monetary Policy on Food Security of the State

2020 ◽  
pp. 45-51
Author(s):  
Donatello Caruso ◽  
◽  
Tetiana Lunkina ◽  
Alla Burkovska ◽  
Anna Burkovska ◽  
...  
Keyword(s):  
Monetary Policy ◽  
Food Security ◽  
Interest Rates ◽  
Discount Rate ◽  
Economic Security ◽  
Security System ◽  
Financial Resources ◽  
National Bank ◽  
Integrated Food Security ◽  
The Impact

Food security is central to the state's economic security system and is an important component of its sovereignty. Attracting financial resources by agricultural producers on favorable terms has a direct impact on improving agricultural infrastructure, product quality management systems, modernization of means of production, etc., which contributes to food security in terms of its main components: food availability and food security. At the same time, cheaper consumer loans for the population can strengthen an equally important element of food security – the affordability of food. The object of the study is the processes of food security regulation of the country due to changes in the discount rate of the National Bank. The subject of the study is a set of theoretical, methodical and practical aspects of the monetary policy of the National Bank of Ukraine and their impact on the formation of food security. The purpose of the article is a comprehensive analysis and assessment of the impact of monetary policy of the National Bank of Ukraine, which is recently reflected in lowering the discount rate on food security, which is expressed in the availability of credit resources to meet consumer demand and modernize agricultural enterprises. The analysis of the discount rate and interest rates for loans on different periods, which were given to the enterprises of Ukraine, was performed. The authors propose to improve the financial component of the integrated food security mechanism, which aims to ensure the use of economic levers and create conditions for attracting financial resources for the functioning of the food security system by forming a system of multi-channel financing.

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.

STUDY OF THE NBU’S DISCOUNT RATE ROLE IN THE MACROECONOMIC REGULATION OF THE UKRAINIAN ECONOMY

2017 ◽  
Author(s):  
Lidiia Bondarenko ◽  
Keyword(s):  
Monetary Policy ◽  
Discount Rate ◽  
Economic Activity ◽  
Banking Sector ◽  
Deterrent Effect ◽  
Economic Cycles ◽  
National Bank ◽  
Strategic Goals ◽  
Domestic Banks ◽  
The Impact

The article is devoted to the analysis of the essence, specifics of use and the main trends of the discount rate of the National Bank of Ukraine as an effective and one of the most important instruments of the state monetary policy. An assessment of the NBU’s discount rate dynamics over the past 15 years allows us to build a holistic picture of monetary regulation of economic cycles in Ukraine. Furthermore, particular attention is paid to the study of the Ukrainian economy’s specific conditions, which influenced the change in the discount rate, and of the macroeconomic goals, the achievement of which was planned by the NBU. Additionally, the article profoundly analyzes the relationship between the discount rate and the inflation intensity. It is observed that the discount rate increases with increasing inflation, as the higher discount rate has a deterrent effect on inflation processes. The article also shows how the level of the discount rate depends on the level of economic activity, which is characterized by GDP. Taking into consideration the specific economy conditions and strategic goals set during the NBU's monetary policy implementation, it becomes obvious that raising the discount rate suspends the economic activity of counterparties, while reducing it stimulates economic development. Based on statistical data of 2006-2020, the impact of the discount rate on the volume of attracted deposits and loans provided by the Ukrainian banking sector is confirmed. Moreover, it is found that in the period of economic instability, when the discount rate rises, the volume of loan and deposit portfolios of domestic banks is significantly reduced. To sum up, forecast judgments on the further dynamics of the NBU’s discount rate in the context of the COVID-19 pandemic are made and the validity of the current discount rate on compliance with the needs and state of the Ukrainian economy is characterized.

scholarly journals MONETARY DISCRETION BY FISCAL MEANS: THE CASE OF BULGARIA

2019 ◽  
Vol 7 ◽  
Author(s):  
Preslav Dimitrov ◽  
Ivan Todorov ◽  
Stoyan Tanchev ◽  
Petar Yurukov
Keyword(s):  
Interest Rates ◽  
Balance Sheet ◽  
Liquidity Effect ◽  
Currency Board ◽  
Automatic Adjustment ◽  
Adjustment Mechanism ◽  
Study Results ◽  
National Bank ◽  
The Impact ◽  
Reserve Ratio

The specific design of the Bulgarian currency board arrangement (CBA), which provides an opportunity for the Bulgarian government to conduct discretionary monetary policy by changes in the fiscal reserve, was analyzed. The impact of government deposit fluctuations on the dynamics of reserve money and interbank interest rates was investigated. The hypotheses of an automatic adjustment mechanism and a liquidity effect under the Bulgarian currency board arrangement were tested. The methodology employed was a vector autoregression, which included the following variables: MB – monetary base; BP – the balance of payments; GD – government deposit on the balance sheet of the Issue Department of the Bulgarian National Bank; MRR – minimum required reserve ratio of commercial banks. The target variable was MB. Monthly data for the period of January 1998 - December 2018 were used. The study results did not provide evidence of a statistically significant impact of changes in government deposit on reserve money and interbank interest rates. The hypotheses for the existence of an automatic adjustment mechanism and a liquidity effect did not find an empirical confirmation.

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 Monetary Policy Surprises over Time

2018 ◽  
Vol 08 (01) ◽  
pp. 1840002 ◽  
Author(s):  
Marcello Pericoli ◽  
Giovanni Veronese
Keyword(s):  
Monetary Policy ◽  
Financial Markets ◽  
Interest Rates ◽  
Euro Area ◽  
Yield Curve ◽  
Sovereign Spreads ◽  
Definition Of ◽  
Term Premia ◽  
The Impact ◽  
Over Time

We document how the impact of monetary surprises on euro-area and US financial markets has changed from 1999 to date. We use a definition of monetary policy surprises, which singles out movements in the long-end of the yield curve — rather than those changing nearby futures on the central bank reference rates. By focusing only on this component of monetary policy, our results are more comparable over time. We find a hump-shaped response of the yield curve to monetary policy surprises, both in the pre-crisis period and since 2013. During the crisis years, Fed path-surprises, largely through their effect on term premia, account for the impact on interest rates, which is found to be increasing in tenor. In the euro area, the path-surprises reflect the shifts in sovereign spreads, and have a large impact on the entire constellation of interest rates, exchange rates and equity markets.

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 Urbanization as a challenge for the food safety of a country

2018 ◽  
pp. 121-128
Author(s):  
Lesya Sheludko
Keyword(s):  
Economic Development ◽  
Food Security ◽  
Economic Security ◽  
Consumer Products ◽  
World Population ◽  
Global Trends ◽  
The World ◽  
Impact Of Urbanization ◽  
High Level ◽  
The Impact

Actuality of the research topic. A number of global trends affects food supply and consumption, as well as food security in the world. The main one is the growth of the world population primarily in emerging countries and urbanization of the population. Accordingly, the topic of food security in the context of urbanization becomes highly relevant. Problem statement. It should be noted, that urbanization changes the quantity and structure of food products, increases the demand for quality products, impacts on food security and economic security of the country in general. Review of recent research and publications. Urbanization is a very complex subject; so many well-known foreign and domestic scientists from different fields of science have studied various aspects of urbanization. At the same time, the vast majority of publications are mostly theoretical and cover the demographic and geographical aspects of urban processes, while the issues of economic analysis and the impact of urbanization on food security remain inadequately studied. Task statement, research methods. The article aims to study the process of urbanization in the world and in Ukraine, as well as to identify the impact of urban processes on the economic development of countries and food security in order to develop recommendations on prospects and opportunities for Ukraine. Presentation of the main material (results of work). The paper describes the main processes of urbanization, which take place in different countries and in the world as a whole, as well as in Ukraine. The influence of urbanization processes on the economic development of the countries is determined, namely, that the countries with high level of urbanization have high economic development and accordingly the high Gross National Product per capita. It has been discovered, that urbanization also affects the food security of countries, as the number of urban population increases, the structure of consumer products changes, and the demand for food increases as well. Summary. Urbanization represents both a challenge and an opportunity for the development of agriculture, as well as food security. Urbanization provides opportunities for Ukraine in the face of growing demand for food, to improve its export potential.

scholarly journals External effects of US monetary policy

2018 ◽  
Vol 11 (2) ◽  
pp. 82-99
Author(s):  
M. Yu. GOLOVNIN
Keyword(s):  
Monetary Policy ◽  
Emerging Markets ◽  
Interest Rates ◽  
Capital Flows ◽  
Treasury Bills ◽  
The Us ◽  
National Economies ◽  
The Impact ◽  
Us Monetary Policy

The article focuses on the changes in US monetary policy since the  beginning of the 21st century and reveals the impact of this policy  on the national economies of other countries, especially emerging markets. The US monetary policy influenced the emerging  markets both through the real and financial channels. Through the  latter, the main impact was on the Treasury bills rates and on the  exchange rates. At the same time, the influence on different  countries varied in different periods. For example, interest rates in  Thailand, Mexico and Pakistan before the global economic and  financial crisis in general followed the cycle of US monetary policy.  The “quantitative easing” policy, the statements and the follow-up  actions to abolish it, have influenced cross-border capital flows to  emerging markets. A number of countries, including Russia,  experienced the impact of US monetary policy through the dynamics  of oil prices. Emerging markets face restrictions on their monetary  policy from the US monetary policy, but in practice they seek to  circumvent them through exchange rate regulation, restrictions on  crossborder capital flows and the pursuit of an independent monetary policy, not following the  cycles of interest rate changes in the US.

scholarly journals An Insight Regarding Economic Growth and Monetary Policy in Romania

2015 ◽  
Vol 62 (s1) ◽  
pp. 85-95 ◽  
Author(s):  
Valentina Mera ◽  
Monica Pop Silaghi
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Interest Rate ◽  
Sacrifice Ratio ◽  
National Bank ◽  
Potential Gdp ◽  
The Interest Rate ◽  
The Cost ◽  
The Impact ◽  
The Sacrifice

Abstract This study introduces some aspects regarding the link between monetary policy and economic growth, through a rule well known in the literature which is named Taylor’s rule and through the concept of sacrifice ratio which encompasses the impact of the cost of disinflation on the economic growth of a country. In this paper, we rely on estimates of the growth of potential GDP of the National Bank of Romania for the period 2003-2006 while for the period 2007-2012 we rely on the estimates reported by the International Monetary Fund. Thus, we carry a deterministic exercise for computing the interest rate on the period 2003-2012 as depicted from the Taylor’s rule and we compare it with the effective monetary policy interest rate used by the National Bank of Romania. In the same time, we calculate the sacrifice ratio for the period 1997-2013 so as to be able to form an opinion regarding the cost of disinflation and its comparison with the typical estimates for larger time spans and for other countries.

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