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Journal articles on the topic 'Currency policy mechanism'

Author: Grafiati

Published: 28 May 2022

Last updated: 31 July 2025

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1

o’g’li, Samandarov Zuxriddin Raup. "Mechanism for Optimizing Interbank Currency Exchange to Enhance Market Liquidity and Ensure Exchange Rate Stability." Journal of Management and Economics 5, no. 4 (2025): 59–62. https://doi.org/10.55640/jme-05-04-10.

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In modern monetary policy, optimizing the mechanism of interbank currency trading plays a vital role in enhancing the liquidity of the foreign exchange market and reducing devaluation pressures. Transparent exchange rate formation and reduced transaction costs are key factors that can lead to a more stable and efficient foreign currency system.

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2

Zhang, Hanlin, and Dong Guo. "International Currency Circulation and Monetary Policy." International Journal of Innovation and Entrepreneurship 3, no. 1 (2024): 1. http://dx.doi.org/10.56502/ijie3010001.

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This paper explores the challenges in the internationalization of local currencies and the establishment of a robust International Currency Circulation (ICC) mechanism. Employing an innovative Agent-Based Model (ABM) grounded in Behavioral Finance, our research examines the interdependence between currency circulation and inter-bank treasury bond market. Through simulations, we analyze the impacts of monetary policies, increased overseas holdings, and investor sentiments on treasury bond prices and market activities. Our findings underscore the pivotal role of a robust monetary policy, the str

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Zou, Lixing. "Digital Currencies and Relevant Policy Analysis." Research in Economics and Management 6, no. 3 (2021): p1. http://dx.doi.org/10.22158/rem.v6n3p1.

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The paper collates the relations of digital currencies with the past forms of currencies, studies the operating mechanism of digital currencies, analyzes the influence of digital currencies on the financial order and economic pattern, and probes into how to drive the reform of global monetary system with pragmatic and innovative efforts. The paper highlights: First, the evolution and development of currency reflects the mankind’s social and economic development level. Second, digital currency born with the advances of technology does not change the content of credit money. The credit money-to-

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Tanchev, Stoyan, Ivan Todorov, Mariana Usheva, and Petar Yurukov. "Does a discretionary policy or an automatic adjustment mechanism determine monetary conditions in Bulgaria?" Economic Thought journal 65, no. 4 (2020): 95–114. http://dx.doi.org/10.56497/etj2065403.

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The goal of this research is to find out what determines monetary conditions in Bulgaria under a currency board arrangement – the automatic adjustment mechanism of the orthodox currency boards or discretionary policies of the government and the central bank. A time series vector autoregression for the period 1998-2018 is employed in order to investigate the impact of the fiscal reserve and the minimum required reserves of the commercial banks on the monetary base, the interbank interest rate, the money supply and the inflation rate. The empirical results indicate that the automatic adjustment

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Radukanov, Sergey. "Specifics in Introduction and Functioning of the Currency Board in Bulgaria." Journal of Applied And Theoretical Social Sciences 4, no. - (2022): 1–11. http://dx.doi.org/10.37241/jatss.2022.52.

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The article studies two main aspects of functioning of the currency board in Bulgaria: its characteristics and its specifics and peculiarities. Concerning the characteristics of the currency board in Bulgaria, the attention is focused on several theoretical matters of the nature of the currency board: mechanism for introduction of the currency board; choosing the foreign currency, to which the local monetary unit is to be fixed; financing the initial currency reserve, in order for the currency board to start functioning; setting the fixed exchange rate to the reserve currency; establishi

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Bunevich, K. G., and T. A. Gorbacheva. "THE MECHANISM OF CURRENCY REGULATION IN MODERN CONDITIONS: THEORETICAL ASPECT." Vestnik Universiteta, no. 2 (April 3, 2021): 136–43. http://dx.doi.org/10.26425/1816-4277-2021-2-136-143.

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One of the important factors for improving the economic situation in the Russian Federation is the optimization of the mechanism of currency regulation. Its role as the main means of implementing monetary policy is of particular importance in countries where the national currency has limited convertibility, since it is not in stable demand in the global financial markets. The purpose of this article is to summarize existing theoretical approaches to the problem of formation and regulation of the exchange rate based on the study of the evolution of relevant theories and concepts, as well as the

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Albasoos, Hani, and Hanan Hanan Al-Hadhrami. "China-U.S. Currency Conflict." International Journal of Research in Business and Social Science (2147-4478) 5, no. 6 (2016): 40–50. http://dx.doi.org/10.20525/ijrbs.v5i6.575.

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For more than a decade, China has a policy of managing its currency exchange rate (RMB) to limit its appreciation against other currencies like U.S dollar. This policy has been subjected to many criticisms from United States’ lawmakers as currency manipulation. The U.S. argues that China is gaining an advantage of export and attracting direct foreign investment at the expense of other countries including the United State. The claim also has included that China’s manipulation causes U.S. trade deficit as well as high rate of unemployment. Meanwhile, China’s policy makers argue that its policy o

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Sintsova, E. A., and E. A. Vitsko. "Current Development Trends in the Digital Currency Market." Economics and Management 27, no. 7 (2021): 504–11. http://dx.doi.org/10.35854/1998-1627-2021-7-504-511.

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Aim. The presented study aims to analyze the development of the digital currency market, investigate trends for expanding the use of its tools, identify the peculiarities of the current stage of digital currency use, and consider the mechanism of introducing central bank digital currencies (CBDCs).Tasks. The authors specify the role and content of the digital currency market and its tools in the modern Russian economy; examine the formation and development of the cryptocurrency market from the perspective of introducing the “digital ruble”; identify regulatory prerequisites that hinder the dev

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9

Nakamura, Chikafumi. "Exchange rate risks in a small open economy." Journal of Financial Economic Policy 8, no. 3 (2016): 348–63. http://dx.doi.org/10.1108/jfep-10-2015-0060.

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Purpose This study aims to analyze exchange rate risks and the choice of exchange rate policies in a small open economy indebted in foreign currency, incorporating the financial accelerator mechanism. Design/methodology/approach To examine discussions on the fear of floating, this study develops a dynamic stochastic general equilibrium model in which a small open economy model has an open economy financial accelerator mechanism as the external borrowing restriction. The author then compares and analyzes the macroeconomic dynamics in response to an exchange rate shock under different exchange r

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MISHCHENKO, Volodymyr, Svitlana NAUMENKOVA, and Svitlana MISHCHENKO. "Central bank digital currency: the future of institutional changes in the banking sector." Fìnansi Ukraïni 2021, no. 2 (2021): 26–48. http://dx.doi.org/10.33763/finukr2021.02.026.

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The purpose of the article is to reveal the essence and features of the introduction of digital currency of central banks and their impact on the conditions of monetary policy, financial stability, as well as institutional transformations in the development of national banking systems. The study is based on an analysis of projects of issuance and use of digital currencies of the ECB and central banks of leading countries, as well as the results of pilot projects of the National Bank of China on the use of the digital yuan and NBU on the e-hryvnia circulation. It is proved that digital currency

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Mishchenko, Volodymyr, and Svitlana Naumenkova. "THE IMPACT OF DIGITAL CURRENCY ON THE TRANSFORMATION OF MONETARY POLICY." Three Seas Economic Journal 2, no. 4 (2021): 43–48. http://dx.doi.org/10.30525/2661-5150/2021-4-8.

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The purpose of the paper is to study the specifics of the organization of issue and circulation of digital money by central banks, to summarize existing global expe-rience and assess the potential impact of digital currencies on the conditions of monetary policy, the functioning of the mechanism of money transmission and ensuring financial stability through the implementation of sound decisions of cen-tral banks in the digitalization of finance. Methodology. The study is based on an analysis of the scientific literature and points of view of foreign and domestic ex-perts in the field of digita

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LYUBICH, Oleksandr, and Gennadiy BORTNIKOV. "Digital currency of central banks and monetary policy." Fìnansi Ukraïni 2020, no. 10 (2020): 64–80. http://dx.doi.org/10.33763/finukr2020.10.064.

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The purpose of the study is to determine the potential impact of the introduction of central bank digital currencies (CBDC) on monetary policy. In this paper , we would like to focus on two aspects: the need to save cash in circulation and the potential danger of private digital money for monetary policy. Central bank researchers and independent experts are paying much attention to the CBDC . The reasons are such preconditions as innovations in payment instruments, blockchains, cryptography, globalization in response to the growth of demand for transactions using digital currencies with expect

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13

Pasichnyi, Mykola. "Monetary policy under economic transformation in Ukraine." University Economic Bulletin, no. 43 (November 20, 2019): 173–84. http://dx.doi.org/10.31470/2306-546x-2019-43-173-184.

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The research subject includes the theoretical basis and mechanisms of monetary policy formation and realization as an instrument of macroeconomic regulation. The aim of the study is to determine the features of domestic monetary policy and to systemize the policy’s stages under economic transformations. Methods. In order to achieve the appropriate tasks, we used a set of methods and approaches, that helped to ensure the conceptual unity of our investigation. The dialectical, systemic and structural approaches, methods of analysis and synthesis, comparison, generalization, scientific abstractio

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14

Gao, Yunjie. "The Impact of Bilateral Currency Swaps on Outward Foreign Direct Investment." Transactions on Economics, Business and Management Research 10 (October 10, 2024): 76–82. http://dx.doi.org/10.62051/6g1v6770.

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The outbreak of the 2008 international financial crisis caused many countries around the world to face exchange rate fluctuations and currency crises. At the same time, China's central bank creatively began to sign central bank currency swap agreements with other countries to stabilize exchange rates and avoid the risk of fluctuations in the US dollar. This article is based on panel data from 90 countries from 2000 to 2021, and uses empirical analysis methods to explore the impact of currency swap agreements on China's outward foreign direct investment. On this basis, the intermediary effect i

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15

Kiyutsevskaya, A. "Floating exchange rate of the russian ruble: myth or reality?" Voprosy Ekonomiki, no. 2 (February 20, 2014): 50–67. http://dx.doi.org/10.32609/0042-8736-2014-2-50-67.

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Active globalization of the Russian economy has required more flexible exchange rate policy. By 2015, the Bank of Russia plans to finish transition to the floating exchange rate. Though the regulator has been aspiring to achieve this goal since 2007, the exchange rate policy’s mechanism has been changed only after sharp deterioration of external economic conditions in 2008—2009. Expanding bounds of a currency corridor and reducing volumes of carried out interventions, the Bank of Russia continues to weaken the influence on internal currency market, limited to leveling the speculative expectati

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16

CHEKANOV, Petr E. "The impact of central bank digital currency on the monetary policy of the Bank of Russia." Finance and Credit 28, no. 1 (2022): 213–34. http://dx.doi.org/10.24891/fc.28.1.213.

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Subject. This article deals with prospects and challenges of the impact of the Central Bank's digital currency (CBDC) on the monetary policy in Russia. Objectives. The purpose is to define the impact of digital ruble emission on the monetary policy pursued by the Bank of Russia. Methods. The study rests on general scientific research methods, including analysis, synthesis, comparison, generalization, and abstraction. Results. The paper substantiates the relevance and timeliness of the Central Bank's work to study the prospects for the introduction of digital currency as a response to challenge

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17

Stadler, Wilfried. "Europas Finanzarchitektur im Umbruch." Wirtschaftsdienst 103, no. 2 (2023): 137–43. http://dx.doi.org/10.2478/wd-2023-0037.

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Abstract Since the start of the financial crisis in 2008, European economies have been hit by unprecedented exogenous shocks. The ECB has countered these with unconventional monetary policy, extraordinary high new fiscal borrowing and a permanent Stability Mechanism (ESM). On top of all that, in response to the coronavirus crisis, European Community Bonds have been issued for the first time. All of these new measures have proved helpful, but equally contradictory to the rules of the single currency as laid down in the Maastricht Treaty. The intertwining of monetary and fiscal policies is curre

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18

Kapkanshchikov, S. "The Central Bank of Russia fighting the “Dutch disease”: the effectiveness of the policy chosen is questionnable." Obshchestvo i ekonomika, no. 9 (2022): 79. http://dx.doi.org/10.31857/s020736760021863-8.

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The article questions the effectiveness of the mechanism traditionally used by Russia’s Central Bank to counteract the &quot;Dutch disease&quot; through the purchase of foreign currency from Russian exporters to prevent excessive strengthening of the ruble in an environment of high world oil prices. Revealing the strategic weaknesses of the currency channel of money emission that dominates in Russia, the author substantiates the need for a decisive transition to the stock and credit channels of money emission in order to ensure a reasonable diversification of the domestic economy.

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19

Rodina, I. B. "Digital national currency paradigm: risks and benefits." Vestnik Universiteta, no. 4 (June 3, 2022): 161–68. http://dx.doi.org/10.26425/1816-4277-2022-4-161-168.

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The article analyses the specifics and aspects of the digital national currency in the digital economy to substantiate the evidence of the cardinal transformation of the national market of means of payment of any particular country and the modernisation of the actions of all subjects of the money market. The realisation of this goal may be possible by setting and performing the following tasks: assessment of the role and place of non-cash payments; proof of the collapse in demand for cash; proof of the legitimacy, necessity and features of the formation of a fundamentally new digital modificat

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20

Davlatov, Elyor, and Judit Sági. "The Transmission Mechanism of Monetary Policy and Central Bank Digital Currency: A New Monetary Order?" Journal of Central Banking Theory and Practice 14, no. 1 (2025): 95–119. https://doi.org/10.2478/jcbtp-2025-0006.

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Abstract Over the last decade, monetary policy frameworks and instruments have undergone significant modifications. In this regard, Central Bank Digital Currency (CBDC) has emerged as a new money invention to offset the advancement of cryptocurrencies and maintain central ability to distribute cash as a common good. Thus, the purpose of this study is to examine how the adoption of CBDC can change monetary policy transmission mechanism. CBDC can disintermediate the conventional banking industry and produce inflationary pressure through the money supply unless central banks adopt suitable regula

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21

Leonov, Mikhail Vitalyevich. "Monetary policy and banking intermediation in CBDC economy." Independent Journal of Management & Production 13, no. 4 (2022): s452—s461. http://dx.doi.org/10.14807/ijmp.v13i4.1928.

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Increased dissemination of information and communication technologies in the economy has led many central bankers around the world to consider the introduction of money in the digital form. In academic literature, various central bank digital currency (CBDC) issues from technical design to political influence are discussed, although until now it has not been fully implemented in any country except the Bahamas. The central bank digital currency (CBDC) is an additional form of national currency that combines the properties of cash and bank accounts. This study mainly aims to provide a comprehens

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22

Rybakova, Tetiana. "The instruments of currency regulation of foreign economic activity." University Economic Bulletin, no. 47 (December 17, 2020): 127–35. http://dx.doi.org/10.31470/2306-546x-2020-47-127-135.

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Relevance of research topic. In conditions of the high-level export-oriented national economy of Ukraine, the importance of foreign trade and monetary policy research including the development of currency regulation becomes especially relevant. The need for a system of currency regulation based on the principles of liberalization, which corresponds to both the general economic situation in Ukraine and global trends, requires special attention to studying the instruments of currency regulation. Analysis of recent research and publications. Among the most studied aspects of regulating currency r

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23

Korunoska, Vesna, Biljana Mitrovic, and Pavle Trpeski. "THE IMPACT OF BALANCE OF PAYMENTS ON MONETARY POLICY." Knowledge International Journal 34, no. 5 (2019): 1337–42. http://dx.doi.org/10.35120/kij34051337k.

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The paper monitors the balance of payments in the Republic of N. Macedonia, which determines the amount of the exchange rate through the supply and demand of foreign currency, as well as the impact of the exchange rate on the balance of payments movements. Real exchange rates are essentially equilibrium exchange rates. exchange rate that will keep the balance of payments in balance without taking measures for foreign exchange control, without pronounced inflation and deflationary tendencies and without constant expectation of monetary and foreign exchange reserves.There are several methods by

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24

Kagazbaeva, E. M., та М. К. Axakalova. "Қытайдың монетарлық саясаты: Қазақстан үшін тәжірибе". BULLETIN of the L.N. Gumilyov Eurasian National University.Political Science. Regional Studies. Oriental Studies. Turkology Series. 138, № 1 (2022): 68–78. http://dx.doi.org/10.32523/2616-6887/2022-138-1-68-78.

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This article analyzes the monetary policy of the Central Bank of China and the impact of its individual instruments on economic growth. The economic and political problems affecting the monetary policy of Kazakhstan are considered. The purpose of the scientific article is to identify the features of the monetary mechanism for the development of the Chinese economy, to study innovative tools of China’s monetary policy, and to develop practical recommendations for improving the monetary policy of the Republic of Kazakhstan. China does not seek to copy global trends in monetary policy, but makes

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Blikhar, Mariia, Lesia Vaolevska, Nataliya Ortynska, Mariia Vinichuk, and Maryana Kashchuk. "ECONOMIC AND LEGAL MECHANISM FOR THE FORMATION AND IMPLEMENTATION OF THE STATE’S FINANCIAL POLICY IN THE CONDITIONS OF THE RUSSIAN-UKRAINIAN WAR." Financial and credit activity problems of theory and practice 6, no. 47 (2022): 294–303. http://dx.doi.org/10.55643/fcaptp.6.47.2022.3935.

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The purpose of the article is to study the theoretical and applied principles and identify problematic aspects of the economic and legal mechanism and the peculiarities of the formation and implementation of the state's financial policy in the conditions of the Russian-Ukrainian war. The results of the conducted research made it possible to establish that the formation and implementation of the financial policy of Ukraine are under the influence of significant destabilizing factors.Significant problems regarding the formation and implementation of the financial policy of Ukraine were identifie

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Trpeski, Pavle, Vesna Korunovska, and Miodrag Smelcerovic. "BALANCE OF PAYMENTS AND ITS IMPACT ON THE MONETARY POLICY." KNOWLEDGE - International Journal 47, no. 1 (2021): 101–5. http://dx.doi.org/10.35120/kij4701101t.

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The paper monitors the balance of payments in the Republic of North Macedonia, which determines the amount of the exchange rate through the supply and demand of foreign currency, as well as the impact of the exchange rate on the balance of payments movements. Real exchange rates are essentially equilibrium exchange rates. exchange rate that will keep the balance of payments in balance without taking measures for foreign exchange control, without pronounced inflation and deflationary tendencies and without constant expectation of monetary and foreign exchange reserves.There are several methods

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27

Md., Monzur Hossain, Hamid ACMA Tania, and Shafiqul Islam Md. "Cryptocurrency: A Digital Platform of Virtual Currency and Its Future in Bangladesh." International Journal of Management Sciences and Business Research 09, no. 12 (2020): 103–14. https://doi.org/10.5281/zenodo.5036537.

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<em>The word peeps very first is Cryptocurrency, a digital platform of medium of exchange which is getting ready to take over the existing position of paper currency and also a type of ultra-digital currency. Matter of consideration is that it hasn’t any form of governing body to control the flow and mechanism of the aforesaid digital strait. No intermediaries are required to settle down the payment between customers engaged in currency exchange. The smart blockchain concept has been affiliated to ensure the security and authenticity of transactions except uncovering of customers’

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Nikitishin, Andrіy. "Influence of monetary policy on the modern mechanisms of tax regulation." University Economic Bulletin, no. 41 (March 30, 2019): 195–202. http://dx.doi.org/10.31470/2306-546x-2019-41-195-202.

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This study examines theoretical and applied problems of the influence of monetary policy on the modern mechanisms of tax regulation. The goal of the study is to determine the connection between the instruments, channels, mechanisms and regimes of the monetary policy of the National Bank of Ukraine and the instruments and mechanisms of the tax regulation, their monetary transmission influence on the budget architectonics. Methods of the study. In order to achieve the goals specified in the academic article a systemic approach has been used to determine the connection between the instruments, ch

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Winkler, Bernhard. "Towards a Strategic View on EMU: A Critical Survey." Journal of Public Policy 16, no. 1 (1996): 1–28. http://dx.doi.org/10.1017/s0143814x00007844.

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ABSTRACTThis paper contributes to the ongoing debate over European Monetary Union (EMU), reviewing the economics literature on the merits of a single currency (‘optimum currency area’) and on the requirements for astable currency (‘credibility’). To understand Europe's drive for EMU and the transition strategy adopted at Maastricht both issues must be analysed together. The controversial convergence criteria in the Maastricht Treaty, in particular, primarily address valid concerns about the (price) stability performance of a future single currency by determining the timing and membership of EM

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Klunko, Nataliya Sergeevna. "Mechanism of influencing national financial system by cryptocurrencies." Vestnik of Astrakhan State Technical University. Series: Economics 2023, no. 1 (2023): 64–71. http://dx.doi.org/10.24143/2073-5537-2023-1-64-71.

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The article highlights the specific features of the impact of cryptocurrencies on the financial processes, problems and risks generated by the monetary surrogates that affect the national financial sustainability. The urgent problems have been defined due to identifying the cryptocurrency market area in the national financial system. It has been stated that the cryptocurrencies penetrating into the financial system cause a drop of the demand for the national currency, create the conditions for activating the national wealth abroad, and distort the real picture of the financial market statistic

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Alier, Maker Ghai Duk. "Changing South Sudan Currency: A Best policy or Blunder? First thing Fist, Trust and Confidence, Destructive Announcement and Institutional Capability." International Journal of Science and Business 4, no. 12 (2020): 1–20. https://doi.org/10.5281/zenodo.4231786.

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This article focus mainly on alternative policy mechanism as opposed to the government plan to change national currency as it lack the solutions to core economic problems facing South Sudan economy today. For example, hyperinflation, unemployment, poor investment climate, low aggregate GDP and GDP per capita, corruption and economic sabotage. The way out of these economic phenomenon has been elaborated beyond mere statement in the article, and these includes investment in both private and public sector, agricultural productivity to create food surplus in the country as well as fixing the excha

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Muzyka, P. M., B. B. Brychka, and L. V. Honcharenko. "Aspects of influence of monetary policy on dynamics of agro-industrial com-plex development." Scientific Messenger of LNU of Veterinary Medicine and Biotechnologies 22, no. 96 (2020): 3–8. http://dx.doi.org/10.32718/nvlvet-e9601.

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The main approaches to the interpretation of the essence of monetary policy arepresented in the article, as well as the author’s definition are substantiated. The author highlights the main characteristics of monetary policy, in particular its target orientation, specific time horizon, the presence of a clear mechanism of monetary policy, as well as the coordinated and balanced using of a set of monetary instruments to achieve each goal. In addition, the components of the stability of the currency are substantiated, which includes price stability, stability of interest rates, as well as the st

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Ahmad B, El-Yaqub,, and Yahaya Ismail. "Impact of Digital Currency on Deposit Money Bank in Nigeria." International Journal of Research and Innovation in Social Science IX, no. I (2025): 1363–77. https://doi.org/10.47772/ijriss.2025.9010114.

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This study investigates the impact of digital currency on deposit money banks in Nigeria from 2010 to 2023. Employing a quantitative approach, the study utilizes econometric analysis, specifically the Ordinary Least Squares (OLS) method, to examine the relationship between digital currency transactions, money supply, interest rates, and deposit money bank performance. The study addresses the stationarity of time series variables through unit root tests and employs the Johansen cointegration test to determine long-term equilibrium relationships. The Error Correction Mechanism (ECM) model is the

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Lonardo, Luigi. "European Union’s Banking Diplomacy Law: A Legal Fragment of EU’s Foreign Affairs." European Foreign Affairs Review 25, Issue 1 (2020): 23–40. http://dx.doi.org/10.54648/eerr2020003.

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This article takes the move from the recognition that the law of EU external relations is fragmentary. EU foreign affairs are conducted through a Common Foreign and Security Policy (CFSP), a Common Commercial Policy, and other competences with external implications. This article is dedicated to one of such competences, whose external side has been hitherto largely underexplored: the monetary policy of Member States whose currency is the Euro. With a view of offering a first assessment of this ‘banking diplomacy’ law, the article outlines the main legal features of the external aspects of Banki

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Antipa, Pamfili M. "How Fiscal Policy Affects Prices: Britain's First Experience with Paper Money." Journal of Economic History 76, no. 4 (2016): 1044–77. http://dx.doi.org/10.1017/s0022050716000978.

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For almost 25 years between 1797 and 1821, the gold standard in Britain was suspended in order to finance the Napoleonic Wars, creating a paper pound or a fiat currency. Suspension was accompanied by substantial inflation and the accumulation of public debt. By identifying shifts in the spot exchange rate of paper pounds for gold, I document how contemporaries' expectations of how debt would be stabilized in the future shaped the pound's internal value. Thus, it is argued that during the “paper pound” period, fiscal prospects provided a third mechanism, beyond monetary and real factors, affect

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КИНШИН, С. В. "THE ESTIMATION OF POLICY RATE DYNAMICS IMPACT ON ECONOMIC GROWTH." Экономика и предпринимательство, no. 3(152) (June 12, 2023): 198–201. http://dx.doi.org/10.34925/eip.2023.152.3.038.

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В статье производится количественная оценка эффекта от изменения ключевой ставки Банка России на устойчивую компоненту темпов экономического роста российской экономики. Предлагается модель трансмиссионного механизма, симулирующая процентный и валютный каналы. Даётся численное представление эффекта от импульса ключевой ставки на трендовую составляющую темпов экономического роста России. The article quantifies the effect of the change in the Bank of Russia key rate on the sustainable component of the Russian economic growth rate. A model of a transmission mechanism is proposed, simulating intere

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He, Hao. "Research on the Regulatory System of Digital Currency under the Background of Digital Finance." BCP Business & Management 49 (August 16, 2023): 91–95. http://dx.doi.org/10.54691/bcpbm.v49i.5395.

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From the perspective of the composition of the world financial system, the emergence and development of digital finance are closely related to information technology, especially artificial intelligence, big data, blockchain, Internet of Things and other technologies, which have transformed the traditional financial system from a "credit" framework to a "data"-based digital financial business model. Digital currency lacks unified industry standards and mature policy supervision, and its advantages of no geographical restrictions and anonymity of transactions are easily seized by criminals and b

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Hudima, T. S., and V. A. Ustymenko. "CENTRAL BANK DIGITAL CURRENCY: ECONOMIC AND LEGAL CHARACTERISTICS." Legal horizons, no. 19 (2019): 94–100. http://dx.doi.org/10.21272/legalhorizons.2019.i19.p94.

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The article is devoted to identifying the peculiarities of the central bank digital currency (CBDC), explaining their impact on the monetary policy of the state, and identifying the prospects for the transformation of domestic banking legislation in connection with the implementation of the CBDC. It is noted that the scope of competence of the Central Bank and the legal basis for the issuance of the CBDC will depend on the economic and legal features of the digital currency, the degree of its impact on the monetary policy, the financial stability of the country’s economy and so on. In the proc

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Hryniv, Volodymyr. "Tasks and instruments of the domestic economic policy mechanism." Ukrainian Journal of Applied Economics and Technology 2025, no. 1 (2025): 183–87. https://doi.org/10.36887/2415-8453-2025-1-30.

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Implementing domestic economic policy involves outlining its objectives and determining its instruments. Ensuring the effectiveness of its implementation requires economic regulation, reflected in compliance with the laws and rules of economic behavior. The regulation of economic relations is determined by state economic policy, which is part of social policy, and the actions of economic agents. State economic regulation is represented by macroeconomic policy tasks, which are based on regulating the volume of money supply in the context of determining its real value and its redistribution in t

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Dolgieva, Madina. "Punishability of crimes committed using virtual currency." Gosudarstvo i pravo, no. 4 (2023): 192. http://dx.doi.org/10.31857/s102694520021176-4.

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Innovations in the field of computer technology and financial assets affect all spheres of life of society and the state, including its law enforcement and judicial bodies. New types of encroachments, which include crimes committed using virtual currency or in relation to it, which certainly have an increased public danger, often go unpunished due to the lack of regulatory regulation and uniform judicial practice. The greatest risks from the lack of effective criminal legal counteraction to these crimes are borne by society, since the absence of punishment, as the final stage of the mechanism

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Sandholtz, Wayne. "Europe's monetary malaise: international institutions and domestic policy commitments." Review of International Studies 22, no. 3 (1996): 257–73. http://dx.doi.org/10.1017/s0260210500118546.

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A yearlong nightmare for the European Monetary System (EMS) began in September 1992. Amid name–calling, finger–pointing, and hand–wringing, the British pound and the Italian lira dropped out of the Exchange Rate Mechanism (ERM). In succeeding months, virtually every other ERM currency came under attack.1 Three of them—the Spanish peseta, the Portuguese escudo, and the Irish punt—devalued within the system. Three others—the French franc, the Belgian franc, and the Danish krone—avoided devaluation, but only at the price of recurrent and costly rounds of intervention by multiple central banks. Fi

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Sakthivel, P., Krishna Reddy Chittedi, and Daniel Sakyi. "Price Discovery and Volatility Transmission in Currency Spot and Futures Markets in India: An Empirical Analysis." Global Business Review 20, no. 4 (2017): 931–45. http://dx.doi.org/10.1177/0972150917721834.

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This article investigates the price discovery and volatility transmission between currency spot and futures markets in India. Daily closing currency spot and futures prices of United States dollar/Indian Rupee (USD/INR), Japanese Yen/Indian Rupee (JPY/INR), Great Britain Pound/Indian Rupee (GBP/INR) and Euro/Indian Rupee (EUR/INR) from 1 March 2010 to 20 January 2015 were used. Both long-and short-run relationship as well as volatility transmission was investigated by the use of Engle Granger co-integration test, error correction mechanism, causality test and the bivariate GARCH model. The co-

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Valerіia O., Valerіia O. "Global Experience of Central Bank Digital Currency Research and Implementation: The Institutional Aspect." PROBLEMS OF ECONOMY 1, no. 55 (2023): 23–31. http://dx.doi.org/10.32983/2222-0712-2023-1-23-31.

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The purpose of the article is to disclose the influence of institutional factors on the formation of the effects of the introduction of a central bank digital currency and to substantiate the prerequisites for the possible introduction of a central bank digital currency (CBDC) in the Ukrainian system of financial and institutional coordinates. The carried out study concludes that the global regulatory community has no final certainty about the very fact of creating such a revolutionary payment mechanism. At the same time, approaches to the design, goals, and possible results of putting the CBD

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Ali, Hameed Hindi Al-Ali Mortada Salim Kadhim Al-Asady. "The Impact Of The Currency Auction On The Direct Cash Credit Granted By Banks (An Applied Study Of A Sample Of Commercial Banks In Iraq For The Period 2014-2019)." Multicultural Education 7, no. 3 (2021): 163. https://doi.org/10.5281/zenodo.4618897.

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<em>The main purpose of the study is to shed light on an important financial policy adopted by the Central Bank of Iraq some years ago, which is the policy of selling foreign currency (the dollar) or as it is called (currency auction) and indicating the size of its impact on the dependent variable, which is the direct cash credit granted by banks, the study sample, The study was conducted for a sample consisting of (16) banks dealing in currency auctions for the period (2014-2019), as the study relied on the annual data of the banks, the study sample, and the annual purchases of dollars were c

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Qiu, Jingshen. "Research on Policy Coordination and Benefit Distribution in Regional Economic Integration." SHS Web of Conferences 213 (2025): 01015. https://doi.org/10.1051/shsconf/202521301015.

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In recent years, regional economic integration has become an increasingly important component of the development strategies of many countries as a result of globalization and regional integration. There is an increasing emphasis on policy coordination and benefit distribution during the process of regional economic integration, and this puts greater demands on mutual trust and long-term cooperation among participating nations. In this article, we demonstrate the importance of policy coordination mechanisms and principles of benefit distribution in promoting regional economic integration, as we

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Popoola, Mufutau Akanmu, Jimoh Olayinka Ajayi, and Tijani Saheed Abiodun. "Exchange Rate Policy Regimes, Private Investment Behaviour and Economic Growth in Nigeria (1960 -2020)." Financial Markets, Institutions and Risks 6, no. 3 (2022): 105–15. http://dx.doi.org/10.21272/fmir.6(3).105-115.2022.

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To improve economic growth acceleration, the Nigerian government should continue to formulate and implement several policies including exchange rate policy regimes. Exchange rate policy regime of any government could be a fixed exchange rate regime when the price of a country’s currency in terms of another country’s currency is fixed to a value by the monetary authority; it could be a floating regime when the price of a country’s currency in terms of another country’s currency is left to be determined by the forces of demand and supply, while a managed-floating regime is undertaken when there

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Jeanne, Olivier, and Lars E. O. Svensson. "Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank." American Economic Review 97, no. 1 (2007): 474–90. http://dx.doi.org/10.1257/aer.97.1.474.

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Central banks target CPI inflation; independent central banks are concerned about their balance sheet and the level of their capital. The first fact makes it difficult for a central bank to implement the optimal escape from a liquidity trap, because it undermines a commitment to overshoot the inflation target. We show that the second fact provides a solution. Capital concerns provide a mechanism for an independent central bank to commit to inflate ex post. The optimal policy can take the form of a currency depreciation combined with a crawling peg, a policy advocated by Svensson as the “Foolpr

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Furtula, Srđan, and Milan Kostić. "Key Policy Rate as the Main or Additional Instrument of Inflation Targeting Strategy in Serbia." Economic Themes 55, no. 2 (2017): 143–59. http://dx.doi.org/10.1515/ethemes-2017-0009.

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AbstractIn achieving price stability as the primary objective of monetary policy, the National Bank of Serbia uses the key policy rate as the main instrument of monetary policy, while other instruments have a supporting role - contribute to a smooth transmission of the key policy rate on the market, as well as the development of financial markets. However, because the conditions in which economic and financial system of the Republic of Serbia works, transmission mechanism of monetary policy is conducted mainly through the exchange rate channel, while the channel of interest rates almost did no

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Konduktorov, A. S. "Replacing the US Dollar with the Russian Ruble in Payments for Russian Exports: AFinancial and Legal Mechanism for Implementation and Implications for the Monetary Policy." Lex Russica, no. 2 (February 25, 2022): 24–33. http://dx.doi.org/10.17803/1729-5920.2022.183.2.024-033.

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The paper examines the reasons for the use of the US dollar as a means of payment in the implementation of foreign economic activity, determines shortcomings that do not allow the use of the Russian ruble in international trade. An organizational and legal mechanism has been developed that makes it possible to switch to the use of the Russian ruble when foreign buyers pay for certain exports of Russia. The mechanism under consideration is based on market principles and it is implemented on the basis of the absence of administrative coercion to apply it. The consequences of using the mechanism

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CHOW, HWEE KWAN, PETER NICHOLAS KRIZ, ROBERTO S. MARIANO, and AUGUSTINE H. H. TAN. "MONETARY POLICY COOPERATION TO SUPPORT ASIAN ECONOMIC INTEGRATION." Singapore Economic Review 55, no. 01 (2010): 83–101. http://dx.doi.org/10.1142/s0217590810003626.

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This paper considers the form of monetary policy coordination and regional exchange rate arrangement that would best support economic and financial integration in East Asia. In view of the region's economic diversity, we propose a graduated program of informal policy cooperation from weak forms of cooperation to more intensive modes of cooperation such as the adoption of common monetary policy objectives. An array of informal monetary arrangements rooted to the degree of institutional development can improve the effectiveness of both sovereign and regional institutions, and promote integration

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