The mechanism of synergetic interaction of policy instruments of central banks with the governments of their countries as an element of increasing the level of economic development in the face of an epidemic threat

Keywords: mechanism, synergy, tools, economic policy, public policy, government, central bank, development, economy, epidemic threat

Abstract

Goal. The purpose of the research is to conduct a comparative study of the work of the Central Bank of the world with their governments in the context of forming a mechanism for synergistic interaction of its economic policy instruments to improve the level of economic development. Topicality. The actualization of this study is the need to establish effective formal and informal links between the central bank as a system-forming financial institution that shapes the monetary policy of the state and the government as a governing body that creates a virgin economic policy. There is a need for a systematic comparative analysis of the experience of developed and developing countries in order to form an effective tool for economic policy of the central bank with its government and make effective management decisions aimed at improving the level of economic development. Results. The system of relations between the central bank of developed and developing countries and their governments is described. Factors of positive and negative influence on the formation of economic policy tools of the central bank of the countries and their governments are revealed. Formal and informal links have been analyzed between the world country’s central bank and its government in the process of implementing the central bank’s economic policy. The mechanism of synergetic interaction of the tools of economic policy of the central bank of the countries with their governments is improved, which contains indicative indicators of the interactions of the central bank, ministries, government of the countries for the purpose of making effective management decisions. The necessity of systematic work of all stakeholders (central bank, government, other stakeholders) in the process of forming economic policy, the implementation of which can affect the level of economic development of the state, is substantiated. Conclusions. The comparative analysis with elements of benchmarking estimation is carried out The mechanism of relations of the central bank of the country with its government is improved. The role of this interaction of the country's central bank with its government and other stakeholders was assessed.

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Published
2020-10-30
How to Cite
Taraniuk, L., Zamora, O., & Demikhov, O. (2020). The mechanism of synergetic interaction of policy instruments of central banks with the governments of their countries as an element of increasing the level of economic development in the face of an epidemic threat. Public Administration Aspects, 8(5), 13-21. https://doi.org/10.15421/152089
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Article