Анализ эффективности процентного канала монетарной политики в Республике Беларусь
Abstract
Для стран с развитой экономикой характерна доминирующая роль процентного канала в осуществлении монетарной политики. В статье проведена оценка эффективности процентного канала монетарной политики Национального банка Республики Беларусь на основе трех верификационных критериев: роль аукционных операций, ширина коридора по инструментам предоставления и изъятия ликвидности, волатильность ставки МБК и величина спреда между ставкой МБК и ставкой рефинансирования. The dominant role of the interest rate channel of monetary policy is typical for developed economies. The article provides an assessment of the effectiveness of interest rate channel of the National Bank of the Republic of Belarus monetary policy on the basis of three criteria: the role of auction transactions, the width of the corridor by providing tools and withdrawal of liquidity, volatility of interbank rates and the value of the spread between the interbank rate and the refinancing rate.References
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