Інфраструктурний аналіз монетарної трансмісії України в період економічної нестабільності

Vasyl Zhuk

doi:10.18523/2519-4739112016124794

Автор(и)

Vasyl Zhuk Національний університет «Києво-Могилянська академія», Ukraine

DOI:

https://doi.org/10.18523/2519-4739112016124794

Ключові слова:

економічна політика, монетарна трансмісія, фінансова криза, державні фінанси, нестабільність

Анотація

У статті розглянуто систему детермінант ефективності (інфраструктуру) механізму монетарної трансмісії. Досліджено, що для економік, які переживають значні системні зміни чи періоди економічної нестабільності, ця інфраструктура визначає особливості роботи монетарної трансмісії у порівнянні із класичною її моделлю. Крім того, наведено числові виміри деяких інфраструктурних детермінант та їхні значення для економіки України.

Матеріал надійшов 31.03.2016

Посилання

Lukianenko, I. G. (2013). Doslidzhennia vplyvu obminnoho kanalu transmisiinoho mekhanizmu na realnyi sektor ukrainskoi ekonomiky [Investigation the influence of exchange rate channel of transmission mechanism on the ukrainian economy real sector]. Economic cybernetics, 1-3 (79-81), 22-36.
Lukianenko, I. G., & Semko, R. B. (2012). Prohnozuvannia naslidkiv ekonomichnoi polityky za dopomohoiu modeli zahalnoi rivnovahy [Forecasing the outcomes of the economicpolicy with the help of a general equilibrium model]. Actual problems of economics, 1, 303-319.
Mischenko, V. I., Lysenko, R. S., Somyk, A. V., Shulga, S. O., Petryk, O. I., & Nikolaichuk, S. A. (2008). Monetarnyj transmisijnyj mexanizm v Ukrayini [Monetary transmission mechanism in Ukraine]. Kyiv: National Bank of Ukraine.
Nikolaichuk, S. A. (2007). Otsinka alternatyvnykh rezhymiv monetarnoji polityky na osnovi Kvartalnoji prognoznoji modeli Natsionalnogo Banku Ukrajiny [The estimation of alternative regimes of monetary policy base on the Quarterly frecast model by National Bank of Ukraine]. Ekonomist, 11, 56-60.
Castillo, P., Montoro, C., & Tuesta, V. (2006). An estimated stochastic general equilibrium model with partial dollarization: a bayesian approach. Working paper No. 381. Chile.
Sims, C. A., & Zha, T. (2006). Were there regime switches in US monetary policy? The American Economic Review, 96 (1), 54–81. Retrieved from http://www.jstor.org/stable/30034354.
Kapetanios, G., Labhard, V., & Price, S. (2008). Forecast combination and the Bank of England’s suite of statistical forecasting models. Economic Modelling, 25 (4), 772-792. Retrieved from http://doi.org/10.1016/j.econmod.2007.11.004.
Égert, B., & Macdonald, R. (2006). Monetary Transmission Mechanism in Transition Economies: Surveying the Surveyable. MNB Working Papers.
McKinnon, R. I. (1992). The order of economic liberalization: financial control in a transition to a market economy. Baltimore: John Hopkins Univ. Press.
Savva, C., & Neanidis, K. C. (2009). Financial Dollarization: Short-Run Determinants in Transition Economies. Centre for Growth and Business Cycle Research Discussion Paper Series, 113. Retrieved from http://ideas.repec.org/p/man/cgbcrp/114.html.
Billmeier, A., & Bonato, L. (2004). Exchange rate pass-through and monetary policy in Croatia. Journal of Comparative Economics, 32 (3), 426-444.
Mischenko, V. I, Petryk, O. I, Somyk, A. V & Lysenko, R. S. (2008). Monetarnyi transmisijnyi mekhanizm v Ukrajini: naukovo analitychni materialy. [Monetary transmission mechanism in Ukraine: scientific and analytical papers.] Kyiv: National Bank of Ukraine.
Petryk, O., & Sholomytskyi, Y. (2007). Dynamichni stokhastychni modeli zahalnoji rivnovahy: sutnist, dosvid vykorystannya v tsentranlykh bankakh. [Dynamic stochastic general equilibrium models: the essence, the practice of usage by the central banks]. Bankivska sprava, 4, 43-53.
Zakon Ukrajiny “Pro Natsionalnyi Bank Ukrajiny” (679–14) [Law of Ukraine “About the National Bank of Ukraine”]. (1999). Vidomosti Verkhovnoji Rady Ukrajiny [The information bulletin of Verkhovna Rada of Ukraine], 29, 238.
Monetary Policy. (2015). In Merriam-Webster. Retrieved from http://www.merriam-webster.com/dictionary/monetary policy.
Clarida, R., Gali, J., & Gertler, M. (1999). The Science of Monetary Policy: A New Keynesian Perspective. Journal of Economic Literature, XXXVII, 1667-1707.
Kapetanios, G., Pagan, A., & Scott, A. (2007). Making a match: Combining theory and evidence in policy-oriented macroeconomic modeling. Journal of Econometrics, 136 (2), 565–594. Retrieved from http://doi.org/10.1016/j.jeconom.2005.11.007.
Égert, B., & Macdonald, R. (2008). Monetary Transmission Mechanism in Central and Eastern Europe : Surveying the Surveyable. Budapest.
Égert, B., & Macdonald, R. (2009). Monetary transmission mechanism in Central and Eastern Europe: Surveying the surveyable. Journal of Economic Surveys, 23 (2), 277–327. Retrieved from http://doi.org/10.1111/j.1467-6419.2008.00563.
Mishra, P., Montiel, P. J., & Spilimbergo, A. (2011). Monetary Transmission in Low Income Countries. IMF, Washington.
Rogoff, K. S., Husain, A. M., Mody, A., Brooks, R., & Oomes, N. (2004). Evolution and performance of exchange rate regimes. IMF Occasional Papers, 229, 1–55. Retrieved from http://doi.org/10.5089/9781589063273.084.
Arnone, M., Laurens, B. J., & Segalotto, J. (2006). Measures of Central Bank Autonomy: Empirical Evidence for OECD, Developing, and Emerging Market Economies. IMF Working Paper, WP/06/228. Retrieved from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=941290.
Mishra, P., & Montiel, P. (2012). How Effective Is Monetary Transmission in Low-Income Countries? A Survey of the Empirical Evidence How Effective Is Monetary Transmission in Low-Income Countries? A Survey of the Empirical Evidence Prepared by Prachi Mishra and Peter Montiel. IMF, Washington.
Kamin, S., Turner, P., & Van, J. (1997). The transmission mechanism of monetary policy in emerging market economies : an overview. BIS, Bazel Swithezland.
Park, Y. S. (1999). Characters and Measurement Indicators of International Financial Integration in Developing Countries. Retrieved from http://www.sciencemag.org/cgi/doi/10.1126/science.1247727.
Lane, P. R., & Milesi-Ferretti, G. M. (2007). The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004. Journal of International Economics, 73(2), 223–250. Retrieved from http://doi.org/10.1016/j.jinteco.2007.02.003.
Quinn, D., Schindler, M., & Toyoda, a M. (2011). Assessing Measures of Financial Openness and Integration. IMF Economic Review, 59 (3), 488–522. Retrieved from http://doi.org/10.1057/imfer.2011.18.
Ciccarelli, M., Maddaloni, A., & Peydró, J.-L. (2013). Heterogeneous transmission mechanism: monetary policy and financial fragility in the euro area. Retrieved from http://ssrn.com/abstract_id=2233313.
Mischenko, V. I, Somyk, A.V. & Lysenko, R. S. (2010). Osoblyvosti diji transmisijnogo mekhanizmu groshovo-kredytnoji polityky v umovakh kryzy [The idiosincrasies of monetary policy transmissionmechanizm functioning in terms of crisis]. Kyiv: National Bank of Ukraine.