The Journal

The Visnyk of the National Bank of Ukraine is a peer-reviewed open access journal. The journal publishes theoretical and empirical research in economics, finance, and banking.

The journal's aim is to enhance the central bank’s communications with the academic community and policymakers in order to provide quality research and to implement its results in the areas of monetary policy, financial markets, and micro- and macroprudential institutional regulation. The publication is oriented at readers interested in and dealing with issues related to the central banks’ activities and responsibilities.

The journal was founded in 1995. Since 2015, (No. 233) the journal has been published online in English with a Ukrainian translation.

The priority areas for papers are as follows:

  • monetary policy;
  • financial stability;
  • macroeconomic modeling and forecasting;
  • other issues falling within the competence of central banks.

Frequency: semiannual.
Language: English (with Ukrainian translation).
Founder and Publisher: The National Bank of Ukraine.
ISSN: 2414-987X
e-mail: [email protected]
Indexed by: RePEc, Index Copernicus, Dimensions, DOAJ, OUCI, ERIH Plus

Editorial Board
Mihnea Constantinescu
PhD, Manager, Research Division, Monetary Policy and Economic Analysis Department, National Bank of Ukraine, Kyiv, Ukraine

Editorial Board Members
  •  Tom Coupe
    PhD, Associate Professor, University of Canterbury, Christchurch, New Zealand
  •  Oleksandr Faryna
    PhD, Head of Research Division, Monetary Policy and Economic Analysis Department, National Bank of Ukraine, Kyiv, Ukraine
  •  Yuriy Gorodnichenko
    PhD, Professor, University of California, Berkeley, USA
  •  Oleg Korenok
    PhD, Associate Professor, Virginia Commonwealth University, Richmond, USA
  •  Viktor Koziuk
    ScD, Professor, West Ukrainian National University, Ternopil, Ukraine
  •  Oleksiy Kryvtsov
    PhD, Senior Research Director, International Economic Analysis Department, Bank of Canada, Ottawa, Canada
  •  Volodymyr Lepushynskyi
    PhD, Director of Monetary Policy and Economic Analysis Department, National Bank of Ukraine, Kyiv, Ukraine
  •  Tymofiy Mylovanov
    PhD, President of Kyiv School of Economics, Kyiv, Ukraine
  •  Sergiy Nikolaychuk
    PhD, Deputy Governor, National Bank of Ukraine, Kyiv, Ukraine
  •  Oleksandr Petryk
    ScD, Kyiv, Ukraine
  •  Marko Skreb
    Central Banking Consultant, Sarajevo, Bosnia and Herzegovina
  •  Dmytro Sologub
    Economist, International Monetary Fund, Washington, USA
  •  Inna Spivak
    ScD, Head of International Economy Analysis Division, Monetary Policy and Economic Analysis Department, National Bank of Ukraine, Kyiv, Ukraine
  •  Oleksandr Talavera
    PhD, Professor, University of Birmingham, Birmingham, United Kingdom
  •  Andriy Tsapin
    PhD, Deputy Head of Research Division, Monetary Policy and Economic Analysis Department, National Bank of Ukraine, Kyiv, Ukraine
  •  Vitaliy Vavryshchuk
    Head of Macroeconomic Research Department, ICU, Kyiv, Ukraine
  •  Vadym Volosovych
    PhD, Associate Professor, Erasmus University Rotterdam, Rotterdam, Netherlands

Support Contact:

  •  Tetiana Borysova, Principal Specialist, Research Division, Monetary Policy and Economic Analysis Department, National Bank of Ukraine, Kyiv, Ukraine, [email protected]
Publication Ethics

The journal ensures that publication ethics standards are complied with, preventing any unethical practices when making acceptance/rejection decisions, reviewing, or publishing papers. All authors, reviewers, and editorial board members also must comply with publication ethics standards such as guidelines provided by the Committee on Publication Ethics (COPE).

The opinions expressed in the Visnyk of the National Bank of Ukraine are those of the authors and contributors and do not necessarily reflect those of the editorial board or the National Bank of Ukraine.

Ethical Guidelines for Authors

Authors should acknowledge that a submitted manuscript is original, it has not been published before and has been submitted solely to this journal.

Authors are required to confirm that their submissions contain final and verified data. At the request of editors, authors should be able to provide the data they used in their calculations, models, and forecasts to verify the results and findings of the investigation or to prove the data’s validity.

Manuscripts should include a reasonable number of facts and bibliographical references to provide grounds for findings.

Any form of plagiarism is unethical and unacceptable. In the case of plagiarism, a submission will be rejected.

Anyone who has made a significant contribution to the article’s data collection, analysis, research and preparation should be listed as an author.

The authors must report any financial or other conflicts of interest that may be interpreted as having a potential influence on the results of the research. Authors should provide information on the sources of research funding.

Author(s) must inform the publishing editors of the journal of any errors, and make all efforts to correct any errors discovered at any stage of the preparation of the article for publication.

Ethical Guidelines for Editors

A final decision on whether to accept or reject a paper for publication in the Visnyk of the National Bank of Ukraine is made by the editors, based on the importance, originality, intellectual content, clarity, and relevance of the paper, regardless of their personal views, scientific views, or any author’s gender, race, ethnicity, or nationality. The decision to publish an article is taken only based on the conclusions of the reviewers.

Editors should ensure there are no breaches of the law, cases of plagiarism, or copyright violations.

Editorial Board members should respect and protect the confidentiality of reviewers and the author(s).

Editors should take all steps to avoid conflicts of interest between a reviewer and an author.

Editors do not disclose information about the submitted manuscript, its subject, etc. to anyone except reviewers and members of the Editorial Board.

Editors may not use unpublished materials for their research without the author’s permission.

Ethical Guidelines for Reviewers

All manuscripts that are received for review must be treated as confidential. Reviews should be conducted objectively.

Reviewers should avoid using information obtained in the peer review process for their personal benefit.

Reviewers should decline to review a submission if they feel unable to provide a good review for various reasons (e.g., they have no subject expertise or have no access to required data, etc.).

Reviewers should express their views clearly, objectively, and constructively in their reports. Personal criticism of authors and baseless judgments are inappropriate.

Reviewers have to inform the editors about any plagiarism. Reviewers should indicate published research that the author (s) did not mention in the manuscript.

Reviewers should declare all potential conflicts of interest.

Reviewers cannot be:

  • the heads of organizations, educational institutions, staff from the departments, laboratories, or other subdivisions in which the authors work;
  • subordinates or relatives of the authors;
  • co-authors of previously published articles and current submissions;
  • scientific supervisors of the authors.

Reviewers should respect the confidentiality of material supplied to them and may not discuss unpublished manuscripts with colleagues, or use the information in their work. Reviewers may not use unpublished materials in their research without the author’s permission.

Plagiarism Policy

The Visnyk of the National Bank of Ukraine accepts original research works that have not been published before and are not under consideration for publication by other journals. All submitted manuscripts are checked with "Unicheck" software for plagiarism before reviewing. Papers in which there is plagiarism or a breach of ethical standards will be rejected.

Peer Review Process

The Visnyk of the National Bank of Ukraine uses a double-blind peer review to select the most valuable research and maintain the high quality of the journal’s articles.

Each submitted paper undergoes the following steps for publication:

1. An author sends a manuscript to the journal's e-mail. At the initial stage, the responsible member of the Editorial Board checks the structure, compliance with submission requirements, and completeness of information about the paper. If the manuscript does not meet the submission requirements, the author is asked to resubmit a full package of documents.

2. At the next stage, the manuscript is sent to an editor, who revises the relevance of the article to the priority areas, confirms its ethical standards, checks for plagiarism, and analyzes the quality of the research. A manuscript that does not meet the journal’s standards, or is of low research quality, is rejected without further peer review (desk reject). The author receives a letter that the manuscript has been rejected.

3. The manuscript that meets the journal requirements is submitted for review by two reviewers. The choice of the reviewers for each article is based on their expertise, reputation, specific recommendations and previous experience. The author receives a letter that the work has been submitted for review.

4. The journal uses the procedure of double-blind peer review, which means that the reviewer does not receive information about the author(s) of the article (and vice versa). The reviewer undertakes to comply with the ethical standards of the journal and provide a review. The decision about publication of the submitted papers is based on the feedback from these reviewers and the Editors' final judgment.

5. An article that has received two positive reviews will be noted in the journal publication plan as "accepted." The authors receive a letter of acceptance of their paper for publication.

6. If both reviews are positive, but include remarks and comments from the reviewers, the authors receive a letter that they should revise and resubmit the paper. The authors should take into account the recommendations of reviewers and correct any detected errors.

7. Authors should prepare a response letter with comments on the improvements made after the referee’s report has been received.

8. If the article receives one positive review and another review is negative, and the Editorial Board considers the results of the conducted research to be significant, such papers are sent back to the author(s) for further improvement.

9. If the authors strongly disagree with reviewers’ opinions and refuse to make improvements to their work, the paper is given the status of "rejected."

10. If the article receives two negative reviews, it is not accepted for publication. The author receives a letter that the article has been rejected without any right to resubmit.

11. All editorial changes should be approved by the author(s). The final versions of the article are agreed with the author(s). Upon agreement, original layouts of the article shall be assigned the "for publication" status in the publication plan of the Visnyk of the National Bank of Ukraine.

Open Access Statement

The Visnyk of the National Bank of Ukraine pursues an open access policy to its content. All published articles are freely available without charge to the user immediately from the date of publication. We operate under Creative Commons Attribution 4.0 International License CC-BY-NC. Anyone is allowed to read, download, copy, distribute, print, search or link to the articles’ full texts for any non-commercial purpose, as long as the authors and original source are properly cited.

The journal allows the author(s) to hold the copyright to the work without restrictions. All authors publishing in this journal accept these as the terms of publication.

The author may distribute electronic copies of the article (including in its final published journal format with reference to it) on: authors’ personal web resources (websites, web pages, blogs, etc.); web resources of the institutions where authors worked when the research for the article was carried out (websites, institutional repositories); noncommercial, open access web-resources (multidisciplinary and subject repositories). In all cases, the appropriate bibliographic citation and DOI are to be included.

The journal supports the Initiative for Open Citations (I4OC)

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