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The NBU's Balance Sheet: Before, During, and After the Crisis

Author

Listed:
  • Iryna Kachur

    (National Bank of Ukraine)

  • Volodymyr Lepushynskyi

    (National Bank of Ukraine)

  • Robert Zammit

    (Bank of England)

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.

Suggested Citation

  • Iryna Kachur & Volodymyr Lepushynskyi & Robert Zammit, 2016. "The NBU's Balance Sheet: Before, During, and After the Crisis," Visnyk of the National Bank of Ukraine, National Bank of Ukraine, issue 237, pages 6-19.
    • Handle: RePEc:ukb:journl:y:2016:i:237:p:6-19
    DOI: 10.26531/vnbu2016.237.006
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    File URL: https://journal.bank.gov.ua/en/article/2016/237/01
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    References listed on IDEAS

    as
    1. Del Negro, Marco & Sims, Christopher A., 2015. "When does a central bank׳s balance sheet require fiscal support?," Journal of Monetary Economics, Elsevier, vol. 73(C), pages 1-19.
    2. Perera, Anil & Ralston, Deborah & Wickramanayake, Jayasinghe, 2013. "Central bank financial strength and inflation: Is there a robust link?," Journal of Financial Stability, Elsevier, vol. 9(3), pages 399-414.
    3. David Archer & Paul Moser-Boehm, 2013. "Central bank finances," BIS Papers, Bank for International Settlements, number 71.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Central bank finances; National Bank of Ukraine; balance sheet; central bank independence; monetary policy;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • G01 - Financial Economics - - General - - - Financial Crises

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