Applying a uniform monetary policy by all European Union member states also require harmonization of monetary policy instruments and national interbank market integration also. Monetary policy instruments used by NBR (National Bank of Romania) have evolved over time as a result of alignment with...

Periodically, there are raised discussions regarding a liquidity crisis following the possibility of massive cash withdrawal from Romania, operation that is likely to be initiated by foreign banks. The paper analyzes the evolution of liquidity based on statistical data from August, September and...

В статье проведен эмпирический анализ операций РЕПО ЦБ РФ по данным 2006-2010 гг. С помощью инструментальных переменных и двухэтапного «Обобщенного метода...

This paper studies as to what asset price can tell us about the evolving credibility of the monetary policy of the Czech National Bank (CNB). The focus of our analysis is to examine the effect of changes in the two-week repo rate (the official interest rate) on short and long–maturity market...