The NBU’s Balance Sheet: Before, During, and After the Crisis
Journal Title: Visnyk of the National Bank of Ukraine - Year 2016, Vol 0, Issue 237
Abstract
Looking at the evolution of the central bank’s balance sheet gives us a unique window on the forces that have shaped our economy and central bank reaction functions. This paper considers the evolution of the NBU’s balance sheet over the period from 2001-2016, focusing on explicit and implicit monetary policy priorities at different periods. We then make simulations on the NBU’s balance sheet for the next five years assuming current NBU priorities for monetary policy. We then draw conclusions on the likely financial position of the NBU in the future and recommendations to ensure the NBU’s financial strength – essential for its continued independence.
Authors and Affiliations
Volodymyr Lepushynskyi, Iryna Kachur, Robert Zammit
Keywords
Related Articles
- EP ID EP426511
- DOI 10.26531/vnbu2016.237.006
- Views 188
- Downloads 0
How Does Fiscal Policy Affect GDP and Inflation in Ukraine?
In this study, we apply the Blanchard-Perotti approach to estimating the impact of fiscal policy on GDP and inflation in Ukraine. By disaggregating fiscal data, we were able to determine which items of the budget have th...
Efficiency in the Market for Financial Advisory Services to Businesses
This paper considers whether company decisions on their advisors promote efficiency in the market for business advisory services. We employ a fixed effects measure of advisor quality and find that no fine-grained measure...
Inflation Expectations in Ukraine: A Long Path to Anchoring?
We study survey data of inflation and exchange rate expectations in Ukraine. These data are available for households, firms and professional forecasters. We document some unique properties of these data as well as some l...
What Drives the Difference between Online and Official Price Indexes?
This paper examines the associations between online price indexes and official statistics. First, we generate online CPI component sub-indexes, which are later aggregated to an Online Price CPI. This approach is applied...
A Financial Stress Index for Ukraine
In this paper, we develop a daily Financial Stress Index (FSI) for the comprehensive quantitative measurement of the degree of stress in Ukraine’s financial system. We use 14 individual indicators grouped into four sub-i...