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
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- EP ID EP395207
- DOI 10.17721/1728-2667.2018/196-1/10
- Views 61
- Downloads 0
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