Efficiency of Currency Interventions: Estimation Criteria and the Results of Analysis of the NBU Interventions in the Internal Currency Market
Journal Title: Бізнес Інформ - Year 2015, Vol 8, Issue 0
Abstract
The article is aimed to study the theoretical-methodological framework for estimation of efficiency of currency interventions by the Central Bank and analyze the efficiency of interventions by the National Bank of Ukraine. Basis of the study are the scientific publications by both Ukrainian and foreign authors (first and foremost by specialists of the International Monetary Fund as well as the World Bank). Results of a critical review of the specialized literature suggest applying in the world practice three basic criteria of efficiency of currency interventions by the Central Bank: «direction», «smoothing» and «reversal». The author was offered an additional criterion of «compensation» in order to improve the shortcomings of the other criteria. Based on this criterion, an analyzis of effectiveness of currency interventions in the foreign exchange market of Ukraine has been conducted, which led to the conclusion of a low level of efficiency of such activities. The purposes of the future researches are found in the area of finding and implementing ways to improve the mechanism for implementing by the National Bank of Ukraine currency interventions at the internal currency market of the country. The practical value of this research work is determined by the need of a scientific substantiation of currency interventions during the transition to a market-based exchange rate. The scientific value of the research consists in validation and testing of the criterion of efficiency of currency interventions, proposed by the author.
Authors and Affiliations
Sergii Sheludko
Keywords
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