The Transformation of the Role and Tasks of the Central Bank (Monetary Authorities) in the Modern Economy

Трансформация роли и задач центральных банков (монетарных властей) в современной экономике

Anna Kiyutsevskaya, Narkevich, Sergei (Наркевич, Сергей) () and Pavel Trunin
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Narkevich, Sergei (Наркевич, Сергей): Gaidar Institute for Economic Policy

Working Papers from Russian Presidential Academy of National Economy and Public Administration

Abstract: Study of transformation of the role and tasks of central banks at different stages of economic development allows us to determine the objective conditions underlying the evolution of monetary policy. For developed economies, the opportunity to conduct independent monetary policy becomes one of the major factors that determine the choice of the monetary regime. In addition, according to the international experience, the choice of goals and objectives of central banks both at present time and in the historical perspective is greatly affected by the degree of financial openness of the country and the development of its financial sector. While countries become more integrated in the world economy, their central banks shifted priorities, firstly, to achieve and maintain price stability, and, secondly, to increase the flexibility of exchange rate formation. The findings on the evolution of the goals and objectives of the central banks of developed and developing countries reveal the most suitable monetary policy regime for the Russian central bank.

Keywords: central banks; monetary policy (search for similar items in EconPapers)
Pages: 93 pages
Date: 2016-03-21
New Economics Papers: this item is included in nep-cis, nep-mon, nep-net and nep-pay
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