V. Romanchukevych, ORCID iD 0000-0002-2624-5538, PhD in Economics, O. Lymanska, ORCID iD 0000-0002-4708-1640, Money market analysis section, Chief economist Monetary Policy and Economic Analysis Department, National bank of Ukraine, Kyiv, Ukraine CENTRAL BANK TRANSPARENCY AND EVALUATION OF MONETARY POLICY COMMUNACATIONS

The article reveals approaches to evaluate transparency of the central banks and, operating indices, measures it for the National bank of Ukraine. The quantitative analysis of the informational disclosure of the central banks of Ukraine, Czech Republic, Poland, and Russia is allocated. The aspects of the communications of the National Bank of Ukraine in the process of the monetary regime transformation are explored.

Key words: transparency, central bank, monetary policy, communication policy.

Received: 07/11/2017

1st Revision: 13/11/2017

Accepted: 27/11/2017

DOI: https://doi.org/10.17721/1728-2667.2018/196-1/10


  1. Fry, M., Julius, D., Mahadeva, L., Roger, S. and Sterne, G., 2000. “Key Issues in the Choice of Monetary Policy Framework”, Monetary Policy Frameworks in a Global Context, London: Routledge, pp. 3-17.
  2. Guthrie, G., Wright, J., 2000. Open Mouth Operations [online] Journal of Monetary Economics, 46, pp. 489 – 516. Available at: https://ssrn.com/abstract=251905 [Accessed 03 August 2017].
  3. Bini-Smaghi, L., Gros, D., 2001. Is the ECB sufficiently accountable and transparent? [online] European network of economic policy research institutes working paper, 7. Available at: http://aei.pitt.edu/567/1/1-Barcelona-EIPA.pdf [Accessed 03 August 2017].
  4. Siklos, P., 2002. The Changing Face of Central Banking: Evolutionary Trends Since World War II Cambridge: Cambridge University Press.
  5. Stasavage, D., 2003. Transparency, Democratic Accountability, and the Economic Consequences of Monetary Institutions [online] American Journal of Political Science, 47 (3), pp. 389-403. Available at: http://eprints.lse.ac.uk/id/eprint/186 Accessed [05 August 2017].
  6. Fracasso, A. Genberg, H., Wyplosz, C., 2003. “How do Central Banks Write? An Evaluation of Inflation Targeting Central Banks”, Geneva Reports on the World Economy Special Report, 2.
  7. De Haan, J., Amtenbrik, F., 2006. A. Non-Transparent European Central Bank? Who is Blame [online] University of Groningen. Available at: http://dx.doi.org/10.2139/ssrn.1138224 [Accessed 03 August 2017].
  8. Eijffinger, S., Geraats, P., 2006. How Transparent Are Central Banks? [online] European Journal of Political Economy, 22 (1), pp. 1-22. Available at: https://doi.org/10.1016/j.ejpoleco.2005.09.013 [Accessed 05 August 2017].
  9. Dincer, N., Eichengreen, B., 2007. Central Bank Transparency: Where, Why, and with What Effects? [online] NBER Working Paper, 13003. Available at: https://ssrn.com/abstract=978909 [Accessed 05 August 2017].
  10. Siklos, P., 2010. Central Bank Transparency: Another Look [online] CAMA Working Paper, 23. Available at: http://dx.doi.org/10.2139/ssrn.1668213 [Accessed 03 August 2017].
  11. Dincer, N., Eichengreen, B., 2013. Central Bank Transparency and Independence: Updates and New Measures [online] BOK Working Paper, 21. Available at: http://media.hotnews.ro/media_server1/document-2013-09-16- 15587972-0-bok-13-21-1.pdf [Accessed 05 August 2017].
  12. Moyseev, S., 2008. “The transparency of monetary policy and increasing requirements for information disclosure by the Bank of Russia”, Moscow Financial and industrial academy, Center of Economic Research, 10.
  13. Kang, Y., Koc, A., Luo, X., Muller, A., Pinho, J., Zagaria, N., 2013. Central Bank Communication Policy: A Comparative Study” [online] School of International and Public Affairs, Columbia University in the City of New York. Available at: https://pdfs.semanticscholar.org/8caf/4e74989488fb4dce4917e3c00bc18d232eb9.pdf [Accessed 22 July 2017].
  14. Mishkin, F., 2004. Can Central Bank Transparency Go Too Far? In The Future of Inflation Targeting [online] RBA Annual Conference Volume, in: Christopher Kent & Simon Guttmann (ed.), pp. 48-65. Available at: https://ssrn.com/abstract=603649 [Accessed 26 July 2017].
  15. Levin, A., 2014. The Design and Communication of Systematic Monetary Policy Strategies [online] Journal of Economic Dynamics and Control, 49, pp. 52-69. Available at: https://doi.org/10.10167j.jedc.2014.09.004 [Accessed 26 July 2017].
  16. Blinder, A., Ehrmann, M., Fratzscher, M., De Haan, J., Jansen, D., 2008. Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence [online] Journal of Economic Literature, 46, No.4, pp. 910-945. Available at: https://ssrn.com/abstradF1120764 [Accessed 08 August 2017].
  17. Communication of monetary policy decisions by central banks: what is revealed and why (2009), BIS Papers, 49.
  18. Grimaldi, M., 2011. Up for Count? Central Bank Words and Financial Stress [online] Sveriges Riksbank Working Paper Series, 252. Available at: http://dx.doi.org/10.2139/ssrn.1946262 [Accessed 08 August 2017].
  19. Bulir, A., Cihak, M., Jansen, D., 2011. Clarity of Central Bank Communication about Inflation [online] DNB Working Paper, 333. Available at: http://dx.doi.org/10.2139/ssrn.1979313 [Accessed 10 August 2017].
  20. Shchegliuk, M., 2016. “Enhancing transparency of the National Bank of Ukraine as an important factor of ensuring the banking system stability”, Finance, accounting and audit, Issue 1 (27).
  21. Bulir, A., Cihak, M., Jansen, D., 2014. Does the Clarity of Inflation Reports Affect Volatility in Financial Markets? [online] IMF Working Paper, 14/175. Available at: https://ssrn.com/abstract=2513262 [Accessed 11 August 2017].