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 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>

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.

scholarly journals Қазақстанның ЕАЭО аясындағы өзара саудасы

2021 ◽  
Author(s):  
B. Urazymbetov ◽  
Б. Уразымбетов
Keyword(s):  
Comparative Analysis ◽  
Economic Activity ◽  
International Market ◽  
Member States ◽  
Mutual Trade ◽  
Eurasian Economic Union ◽  
Economic Union ◽  
The Republic ◽  
Dynamic Series ◽  
The Impact

This article analyses the main results of the impact of Eurasian integration on Kazakhstan's economy, in particular, mutual trade for the period from 2015 to 2019. A structural analysis is conducted and the main trends and dynamics factors, commodity structure of Kazakhstan's exports and imports within the framework of the Eurasian Economic Union are presented. Integration effects in mutual trade of Kazakhstan with EAEU member states are assessed. Research methods: a comparative analysis of dynamic series, structural-logical, economic-statistical, comparative analysis. As a result of the analysis, preliminary conclusions can be made that in most areas of Kazakhstan's cooperation with the EAEU countries, there has been an outperformance. The comparative analysis of mutual trade between EAEU member states reveals that the coronavirus pandemic has hit the economic activity of the Eurasian Economic Union states, including Kazakhstan, significantly and has revealed a trend of imbalanced mutual trade in Kazakhstan during the EAEU functioning period, which demonstrates weak diversification and low intersectoral importance and dependence of the Republic on the international market. Accordingly, this may hurt harm Kazakhstan's national economy within the EAEU. В настоящей статье анализируются основные результаты влияния евразийской интеграции на экономику Казахстана, в частности взаимная торговля за период с 2015 по 2019 годы. Проведен структурный анализ и приведены основные тенденции и факторы динамики, товарная структура экспорта и импорта Казахстана в рамках Евразийского экономического союза. Проведена оценка интеграционных эффектов во взаимной торговле Казахстана со странами-участницами ЕАЭС. Методы исследования: сравнительный анализ динамических рядов, структурно-логический, экономико-статистический, сравнительный анализ. В результате проведенного анализа можно сделать предварительные выводы о том, что в большинстве сфер сотрудничества Казахстана со странами ЕАЭС наблюдалась опережающая динамика. В ходе проведенного сравнительного анализа взаимной торговли между странами-участницами ЕАЭС выявлено, что пандемия коронавируса ощутимо ударила по экономической активности государства Евразийского экономического союза, включая Казахстан. Выявлена тенденция дисбаланса взаимной торговли Казахстана в период функционирования ЕАЭС, это демонстрирует слабую диверсификацию и низкую внутриотраслевую значимость и зависимости республики от международного рынка. Соответственно, это может иметь негативное влияние для национальной экономики Казахстана в рамках ЕАЭС.

Impact of Economic Regulation through Monetary Policy: Impact Analysis of Monetary Policy Tools on Economic Stability in Uzbekistan

2017 ◽  
Vol 3 (1) ◽  
pp. 65-69 ◽  
Author(s):  
Umidjon Duskobilov
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Exchange Rate ◽  
Money Supply ◽  
Impact Analysis ◽  
Supply And Demand ◽  
Economic Regulation ◽  
Policy Tools ◽  
Financial Flows ◽  
The Impact

Monetary policy is an integral part of economic development strategy in any economy due to its significant impact on economic sustainability. It has been an effective tool for regulating the economy through several tools. Nowadays the use of monetary policy tools to manage economic growth processes is a common practice in all market economies by balancing money supply and demand in domestic markets, increasing the benefits from foreign trade by exchange rate and overall financial flows by monitoring inflation rate trends. However, most effective tools are refinancing rate, mandatory reserve requirements and sterilization operations, which have direct linkages to financial flows, money supply, inflation, and exchange rate. In this paper, the author examined the impact of monetary policy tools on economic regulation in Uzbekistan by analyzing the relationship between monetary policy tools and economic growth. Empiric analysis revealed that monetary policy tools influenced positively on economic growth with a long-term relationship.

scholarly journals Analysis of monetary regulation of the investment sphere in the Republic of Belarus

2021 ◽  
Vol 107 ◽  
pp. 09001
Author(s):  
Marina Zelenkevich ◽  
Natallia Bandarenka
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Open Economy ◽  
Financial Stability ◽  
Developing Economies ◽  
Small Open Economy ◽  
Price Stability ◽  
Practical Implementation ◽  
The Republic ◽  
The Impact

The purpose of the article is to substantiate the possibility and necessity of the central bank’s monetary policy to stimulate investment and economic growth for developing economies on the example of the investment sphere and monetary policy in Belarus. It was determined that the impact of monetary regulation on investment and economic growth is achieved in the course of the central bank’s activities to maintain indicators of price and financial stability which reflect favourable conditions for investment. Price stability is achieved through the implementation of various central bank strategies such as targeting the exchange rate, money supply and inflation. These strategies are defined as the objectives of monetary policy. The article discusses the advantages of monetary regulation in comparison with fiscal regulation, and also contains an analysis of its practical implementation in the Republic of Belarus in the period 2000–2019. As a result of the study the economic and financial results of the strategies applied at different stages were determined, their consequences for the economy were substantiated, and the strategies that best affect the financial and economic indicators in the country were identified. For countries with a small open economy which includes Belarus maintaining price and financial stability is complemented by a set of measures to reduce the devaluation expectations of market entities and create a favorable foreign economic environment.

scholarly journals KAZAKHSTAN IN THE EURASIAN ECONOMIC UNIT. RESULTS OF THE FIRST FIVE YEARS

2021 ◽  
pp. 111-121
Author(s):  
Daulet SAUTBEKOV ◽  
Erlan KYLBAYEV
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
International Trade ◽  
Economic Integration ◽  
National Economy ◽  
Eurasian Economic Union ◽  
Subsequent Period ◽  
Socio Economic Development ◽  
Economic Union ◽  
The Republic

The article discusses topical issues of economic integration of Kazakhstan within the framework of the Eurasian Economic Union (EAEU). Individual indicators of the socio-economic development of the republic on the eve of joining the EAEU and in the subsequent period of Kazakhstan's presence in the integration association are analyzed, tables and diagrams are compiled, reflecting the dynamics of the development of the national economy. The main problems in the structure of the economy of Kazakhstan are highlighted and some mechanisms for their solution are proposed. It is concluded that the integration potential of Kazakhstan is not fully utilized, certain industries have not been developed in the context of international trade, and the development of cooperative ties with the EAEU countries requires the use of additional measures in the investment and industrial policy of Kazakhstan. At the same time, in the changing conditions of international trade, Kazakhstan has the opportunity to strengthen its position, and integration opportunities can become a driver of economic growth in the coming years despite criticism from skeptics.

scholarly journals The Equilibrium on Money Market and the Central Bank Issuing Policy

2015 ◽  
Vol 15 (1) ◽  
pp. 141-152
Author(s):  
Richard Pospíšil
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Central Bank ◽  
Financial Markets ◽  
Interest Rates ◽  
Central Banks ◽  
Price Stability ◽  
Monetary Aggregate ◽  
Monetary Equilibrium ◽  
The Impact

Abstract The issue of money and establishing interest rates are the main activities of central banks. Th rough this, the banks immediately influence the behaviour of households, companies, financial markets and the state with the impact on real outcome, employment and prices. When monitoring the issue of money, it is necessary to focus not only on its volume, but also on the attributes and functions carried by money. Among the first economists who considered the quality monetary aspect were J. Locke, D. Hume, D. Ricardo and others. The founders of modern monetarism of the 20th century were I. Fisher and M. Friedman. Fisher was the first to define the equation of monetary equilibrium in the present-day form. The objective of the paper is to point out different approaches to the equation and its modifications and different meanings of its variables. As regards the monetary aggregate M - Money - the paper also deals with the denomination of the aggregate to its various elements, which is significant for fulfilling monetary policy targets. This approach is very important especially at present in the time of crisis when central banks are performing their policy considering contradictory targets of price stability and economic growth.

Sign in / Sign up

Export Citation Format

Share Document