CENTRAL BANK TRANSPARENCY AND EVALUATION OF MONETARY POLICY COMMUNACATIONS
Journal Title: Вісник Київського національного університету імені Тараса Шевченка. Економіка. - Year 2018, Vol 1, Issue 196
Abstract
Central banks transparency has increased rapidly in recent time. This paper focuses on structured review of the theoretical literature on transparency evaluation. It proposes a comprehensive analysis of measuring transparency for the central banks of Ukraine, Czech Republic, Poland, and Russia. The investigation is based on actual information disclosure employing EijffingerGeraats Transparency Index in 2010-IQ2017. It comprises the political, economic, procedural, policy and operational aspects of transparency. The result indicates that the National bank of Ukraine score increased from 5 in 2010 to 12 in IQ2017 out of 15 points. However, looking at specific aspects, it exhibits weak performance in the procedural and operational transparency. Considering the aggregate score, the central bank of Ukraine can be regarded as being transparent in its monetary policy. Notable changes in transparency of central banks tend to greater provision of information (and the National bank of Ukraine is not an exception) that is relevant to the evaluation of monetary policy communication instruments. The publication of the Inflation Report by the National bank of Ukraine is aimed at enhancing the transparency, predictability and confidence by explaining to the public the inflation determinants, the goals pursued by the regulator and the respective instruments used to achieve these goals over the medium term. Quantitative analysis of monetary policy communications show that regular and straightforward information contribute to strengthening the transparency of the central bank by enabling it to express its opinion on the macroeconomic development, and raising financial literacy among the population.
Authors and Affiliations
Vitalii Romanchukevych, Olena Lymanska
Keywords
Related Articles
- EP ID EP395207
- DOI 10.17721/1728-2667.2018/196-1/10
- Views 71
- Downloads 0
THE IMPROVEMENT OF THE CONCEPT OF THE EFFICIENCY OF VENTURE BUSINESS'S ATTRACTION
The concept of the efficiency of venture business's attraction was developed in the article. The theoretical foundations of venture business's concept were explored, four approaches to venture business's understanding we...
THE ESSENCE AND NEED TO MOVE TOWARDS SUSTAINABLE ECONOMIC DEVELOPMENT
In the article has been investigated the essence of sustainable economic development, which, in contrast to the concept of sustainable economic growth, does not provide stimulation of public demand, but suggests a transi...
POLAND AND UKRAINE IN THE LIGHT OF PARADYSZ'S PERIOD FERTILITY MODEL
The article reflects research issues, which are currently considered to be of utmost importance in methodology of period fertility analysis. In the cohort analysis we dispose many possibilities to describe human reproduc...
INSTITUTIONALISM AND CRISIS
Contemporary scientific reunions and debates are focusing, for several years, on economic crisis. As a result, there are an unnumbered ways to analyse and to interpret the crisis. Our intention, in the present paper, is...
British Model of Higher Education Financing: Lessons for Ukraine
The modern system of higher education constantly emphasizes the lack of state funding to ensure the high competitiveness of educational services. The article refers to the main and largest component of the budget of Euro...