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The compatibility and the conflict of a Central Bank’s objectives

Author

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  • Жантлеуова А.К.

    (National Bank of Kazakhstan)

Abstract

Мировая практика показывает, что конфликт целей Центрального Банка может привести к неблагоприятным последствиям. В целях предотвращения такой проблемы необходимо изучение совместимости целей. Целью данной статьи является пересмотр эффективности и свойств целей 70 различных стран мира и подтвердить, достаточно эффективна ли цель установленная Законом Республики Казахстан о Национальном Банке Казахстана для того, чтобы обеспечить процветание экономики страны. 6 категорий целей, к которым относятся ценовая стабильность, денежная стабильность, валютная стабильность, финансовая стабильность, экономический рост и стабильность платежных систем, уровень их важности и их комбинации были учтены в анализе мирового опыта центральных банков. // The worldwide experience illustrates that the conflict of the Central Bank’s objectives may lead to extremely tragic consequences. In order to avoid such issue it is crucial to examine the compatibility of the objectives. The purpose of this article is to revise the effectiveness and the features of the objectives of 70 different countries around the World and to verify if the objective stated in the Law of the Republic of Kazakhstan on the National Bank of Kazakhstan is sufficient enough to ensure prosperity of the economy of the country. In the analysis of the world experiences of the Central Banks, 6 categories of the goals, which are price stability, monetary stability, currency stability, financial stability, economic growth, and payment system, the level of their importance and their combinations were considered.

Suggested Citation

  • Жантлеуова А.К., 2017. "The compatibility and the conflict of a Central Bank’s objectives," Economic Review(National Bank of Kazakhstan), National Bank of Kazakhstan, issue 2, pages 13-19.
    • Handle: RePEc:aob:journl:y:2017:i:2:p:13-19
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    References listed on IDEAS

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    1. Witold Koziñski & Tomasz Œwist, 2015. "Short-Term Currency In Circulation Forecasting For Monetary Policy Purposes – The Case Of Poland," "e-Finanse", University of Information Technology and Management, Institute of Financial Research and Analysis, vol. 11(1), pages 65-74, August.
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