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Значение и роль фондового рынка в повышении эффективности монетарной политики. // The importance and role of the stock market in improving the effectiveness of monetary policy

Author

Listed:
  • Дускалиева Сауле // Duskaliyeva Saule

    (National Bank of Kazakhstan)

  • Белгібаев Заңғар // Belgibayev Zanggar

    (National Bank of Kazakhstan)

Abstract

Центральные банки в процессе своей деятельности непрерывно стремятся повысить эффективность воздействия своей политикой на экономические процессы и уровень цен в стране. В данном исследовании анализировалась возможность использования фондового рынка в качестве потенциального канала трансмиссии центрального банка в борьбе с инфляцией. С этой целью изучалась взаимосвязь между доходностью рынка акций Казахстана и макроэкономическими показателями с применением модели векторной авторегрессии с экзогенной переменной до и в период инфляционного таргетирования.

Suggested Citation

  • Дускалиева Сауле // Duskaliyeva Saule & Белгібаев Заңғар // Belgibayev Zanggar, 2023. "Значение и роль фондового рынка в повышении эффективности монетарной политики. // The importance and role of the stock market in improving the effectiveness of monetary policy," Working Papers #2023-7, National Bank of Kazakhstan.
    • Handle: RePEc:aob:wpaper:45
    as

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    References listed on IDEAS

    as
    1. Mr. Zhongxia Zhang, 2021. "Stock Returns and Inflation Redux: An Explanation from Monetary Policy in Advanced and Emerging Markets," IMF Working Papers 2021/219, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    фондовый рынок; векторная авторегрессия; денежно-кредитная политика; инфляция; денежная масса; stock market; VAR; monetary policy; inflation;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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