Works and articles

assistant teacher at Banking University - 2018 - and now

graduate of PhD school of Banking University - 2015 - 2018.

Doctoral Thesis: The regulation of foreign exchange rate volatility in delivering of the price stability

Innovation mechanism (2020).pdf

Innovation Mechanism in Monetary Policy Forecasting: Unification of all Macroeconomic Puzzles in SVAR Model

The article is devoted to developing a forecasting mechanism unifying all macroeconomic puzzles, which violate fundamental macroeconomic relationships among variables of the monetary transmission mechanism in Ukraine. The violations mentioned above caused by breaking one-law price (PPP puzzle), uncovered interest rates rule (UIP puzzle), plausible emergence of new sophisticated financial instruments and causality of international risk-sharing conditions under the financial capital spillover. The authors calculated the residuals in the VAR model of monetary transmission mechanism (MTM) to analyze the correlations between shocks and disturbances in these variables. Furtherly these correlations were put in constructing the restriction matrix for building structural vector autoregressive model. The correlations between shocks and disturbances were employed for estimating the impulse response functions used for determining the duration of half-life shocks for the real exchange rate. The obtained results allowed noticing that relationships between macroeconomic variables in the monetary transmission mechanism were not similar if considering the established foreign exchange arrangement. In particular, during 2007-2020, relationships among MTM variables were violated. Besides, a half-life duration of the real exchange rate was far longer. While in cases for Ukraine before switching to floating exchange rate regime and after it became less explicit and half-lives were shorter. The findings allowed confirming the impact of the currency arrangement switching on violation of traditional linkages between the variables of foreign exchange rate channel of MTM. Thus, it showed that during the fixed arrangement, absolutely all reactions were violated. Although after the introduction of a flexible exchange rate, the sign of REER correlation with foreign trade terms has changed to positive and more strengthened. Therefore, it has demonstrated a positive impact on the dynamics of real GDP and lower inflation. The findings of the current study could be used to improve existed methodical approaches for establishing structural constraints on variables responses to the shock of the exchange rate. The algorithm for designing optimal monetary policy strategies could take place in empirical data and forecasting exchange rate volatility.

Klishchuk (2018)_Економіка і прогнозування_4_129_150.pdf

The Low Sensibility of Monetary Transmission Mechanism in Low-income Countries

The paper deals with the low sensibility of the main channels of the monetary transmission mechanism in in low-income countries. In the article, the hypothesis of low-responsiveness and disconnection properties between the variables of monetary transmission mechanism has been tested. For that purpose, into the sample, 6 low-middle income countries were included among which were Algeria, Bangladesh, China, Nigeria, Poland and Ukraine with SVAR modelling technique.

Klishchuk O. (2018)-Вісник УБС 2(31)-Banking University Bulletin.pdf

Empirical Analysis of Foreign Exchange Volatility and Rational Expectations on Central Bank Transparency

Today the Central Bank actions are under a big scrutiny from economic agents and government. Thus, it has been raised the question of the reasonable level of regulator’s openness. Under risen volatility in the foreign exchange rate and range of financial variables it has opened the question of rebuilding a current communication policy of monetary authority with the aim to maintain the confidence of economic agents that supporting price stability is the prior task of Central Bank.

Кліщук (2018)_Причорноморський вісник_(31).pdf

The Reaction of Emergent Markets Asset Prices on ECB Interest Rate Policy: Ukraine's Example

The Euro area has been challenged by numerous range of threats such as defation pressure, zero output growth rate and lack of liquidity for banking institutions. These problems have more deepen through the modest strengthening in the US economy, the slump in China and the oil price decline. The answer of ECB consists of unconventional Quantitative Easing program and key rate cut. Although such measures provide unpredictable outcomes on asset markets in countries with emerging economies such as Ukraine and provide new causes for volatility risk at financial markets. This sequence has been considered in the article on the example of Ukraine and further suggestions given regardingly to providing sustainable monetary policy model by European and Ukrainian regulators.

Klishchuk O. (2018) - NDFI.pdf

Rule and Hierarchy of NBU Monetary Policy Targets Under Price Stability Regime

This paper considers the evolution of monetary policy rule forms and analyzes the main world tendencies caused by deviation from the rule-based approach. We admit that nowadays the violation of the rule-based approach has resulted in hardening the rebounding of the pre-crisis economic growth path in mature and developing economies. Thus, for discovering this hypothesis we estimated the monetary policy rule designed especially for a small open economy as Ukraine’s with an arrangement of a price stability commitment, with giving an analysis of the deviation of actual NBU’s discount rate policy from the rule-based one.

Bank and Bank Systems_2017_04_Kuznyetsova, Misiats and Klishchuk(2017).pdf

THE EQUILIBRIUM MODEL OF DEMAND AND SUPPLY AT THE UKRAINIAN INTERBANK FOREIGN EXCHANGE MARKET: DISCLOSURE OF PROBLEMATIC ASPECTS

This article is devoted to building of the equilibrium model between demand and sup- ply on foreign currency at the Ukrainian Interbank Foreign Exchange Market (non-cash share). Te authors discussed that appeared trade-offs are a product of established current foreign arrangement, administrative measures provided by the National Bank of Ukraine and range of fundamental variables, which are traditionally significant for Ukrainian economy.

Кліщук (2017).pdf

The Impact of Foreign Exchange Market Liberalization on Volatility of Hryvnia

In this article, it has been considered the issue of impact, which goes from foreign exchange liberalization in Ukraine during 2016–2017, on hryvnia’s exchange rate volatility and its persistence. This step of National Bank of Ukraine was the one of the numerous in a sequence of steps in direction of realization policy of inflation targeting and measure in supporting meeting price stability target, including foreign exchange rate stability.

Klischuk (2017) Theoretical concept of rer targeting.pdf

THEORETICAL CONCEPT OF FOREIGN EXCHANGE TARGETING: SWITCHING BETWEEN MONETARY RULE OR DISCRETION

A theoretical concept of foreign exchange targeting till to our days has been reviewed like a strict monetary rule with explicit target, which must be fulfilled in medium time horizon.

Кузнєцова, Кліщук (2017) Фінансово-кредитна діяльність_теорія і практика 2(23).pdf

THEORETICAL CONCEPTION OF PRICE STABILITY TARGETING ARRANGEMENT: INVESTIGATION OF BASIC PRINCIPLES OF IMPLEMENTATION MONETARY REGIME

The issue of choosing appropriate regime of targeting of internal and external national currency unit’s stability for small open economy becomes more and more challenging. Due to less lag effect of inflation targeting for such type of economy as Ukrainian small open economy system the targeting of price stability would be most optimal alternative in monetary regulation area. Furthermore, it’s been considered that pure persuading of strict inflation targeting rule causes higher volatility of foreign exchange rate, than under flexible regime like the agreement, which will be outlined in the work. Foreign exchange targeting evokes additional costs in conducting open market operations and monetary aggregates targeting is not robust in tackling inflation. Therefore, price stability targeting regimewill support in committing of all these goals. Next part of paper will be prearranged in such manner: in discussion section authors will provide comparisons of views on problem of switching between rule and discretion, necessity of central bank independence and what is conceptually underlined basis of price stability – the rule or arrangement.

Кліщук (2016) SEPIKE.pdf

Enhancing of Methods to Avoid Non-stationarity in Autoregressive Models of Free-floating Hryvnya's Exchange Rate

The issue of non-stationarity of exchange rate time series nature was discussed. Such issue is very important because of the implementation of flexible exchange rate arrangement in Ukraine has let to the greatest financial vulnerability and evoked threats for financial stability in banking sector.

Klishchuk (2015) 62-67.pdf

WORLD EXPERIENCE IN TRANSFORMING TRANSMISSION MECHANISM

The article considers the world of world Central banks in confronting to deflation result would be shown most sensitive internal variables of transmission mechanism suitable after transmission mechanism, autoregression model, experience evolution of using transmission mechanism for avoiding macroeconomic shocks by conducting Central banks policy. Have been disclosed new instruments of the monetary strategy expectation and financial market securitization. In a introduction of inflation targeting regime in National bank of Ukraine policy.

Міщенко, Кліщук (2014)_Фінансовий простір 4(23).pdf

THE EFFECT OF CURRENCY CHANNEL OF TRANSMISSION MECHANISM UNDER CURRENCY REGIME TRANSFORMATION IN UKRAINE

At the article the features of using currency channel transmission mechanism in modeling Central banks acting as an answer on macroeconomic shocks were considered. As a result have been received significant relations between links of currency transmission for generating confidence forecast estimation of national monetary unit movement.

Also for see my works cited in Web of science you can visit my publons profile

Google Sites

Report abuse