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The new issue of "Visnyk of the National Bank of Ukraine": land reform, asymmetric information in banking and fiscal policy response to business cycles

28 November 2018

Press Release

 

The new issue of "Visnyk of the National Bank of Ukraine" is concerned with topical issues related to land reform, asymmetric information in banking and fiscal policy response to business cycles. The obtained findings allow us to get more insight on how to make financial markets more efficient and deepen our knowledge about the implementation of fiscal policy in crisis.

 

In this issue of Visnyk NBU authors focused on the following topics:

 

Land Reform in the Credit Cycle Framework: The Case of Ukraine

 

The issue opens with an article "Land Reform in the Credit Cycle Framework: The Case of Ukraine" by Mykhailo Matvieiev, which uses a conventional framework for Dynamic Stochastic General Equilibrium models with collateral constraints to model the effect of agricultural land reforms. This study concludes that lifting the moratorium allows land to be used as an additional way to secure loans. This additional collateral enables impatient economic agents to ease binding borrowing constraints.

 

Communicative Efficiency in Ukraine’s Banking System: Evidence from Independent Auditor Reports

 

The article "Communicative Efficiency in Ukraine’s Banking System: Evidence from Independent Auditor Reports" by Oleksandr Sykhomlyn claims that Ukrainian banks rely on information from Auditor Reports when choosing their policies concerning the key financial indicators. Moreover, the negative tone of an auditor report is associated with an increase in bank ROA and ROE in the following year.

 

Estimating the Fiscal Impulse in Ukraine

 

The issue closes with an article "Estimating the Fiscal Impulse in Ukraine" by Artem Vdovychenko that estimates fiscal policy stance and finds that the fiscal policy response to the 2014 crisis was significantly tighter than the response to the crisis of 2008–2009. It is also important that this investigation identifies the particular budget items that are most sensitive to fluctuations in the business cycle.

 

The editorial board invites academics, experts, financiers and representatives of banking academic community to join the research within the scope of the journal and send research materials to be reviewed and published to email: journal@bank.gov.ua.

 

Detailed information about the publication and requirements to articles can be found via the link:

Visnyk of the National Bank of Ukraine


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Last modification   28.11.2018