The problem of definition of term «Central bank»

Abstract. The actuality of this research is conditioned that the notion “central bank” (CB) is background, base and equally often is used the modern researcher in ensemble of the scientific work. However at present considering happened changes to modern world economy (as follows, appeared the notion “supranational CB”), is absent the modern universal interpretation for notion “CB”. This article is devoted to study of the problem of definition of term “central bank”. This problem is explained that at present nor one of existing modern wordings given notions in domestic and foreign scientific literature is not full, also not is taken into account world experience to activity CB. We offer to systematize domestic and foreign theoretical approaches to determination “CB” depending on made in determinations main accent. We received the following systematization of Russian definitions: definitions, with an emphasis on the fact that the Central Bank – is the main bank of the country (or group of countries), which regulates monetary and credit sphere of the State; a bank that pursues the monetary and credit policy (MCP); this is a government bank, which depends on the state and / or providing services to the government; this is a government bank, which is issuing institution; a financial intermediary between the state and the economy; is a national financial institution; definitions with an emphasis on belonging to the state and the Central Bank of the fulfillment of the basic functions that distinguish it from a commercial bank; definitions with emphasis only on the Central Bank's functions. We received the following systematization of foreign definitions: definitions with an emphasis on the fact that the Central Bank is the main bank of the country, endowed with the dominant competence with respect to commercial banks; this is the country's central bank or monetary union, to perform certain functions in the state; this is bank conducting MCP serving the state and commercial banks and executing certain functions. As a result we have installed modern Russian-speaking, English-speaking and German-speaking theoretical approaches to determination “CB”, which similar between itself and have value and defect. The Analysis and systematization Russian and foreign determinations for term «central bank» allow us to do the findings about similarities and difference between national and supranational CB. Occidental economic literature is ahead of the Russian scientific literature on timeliness of basic economic conceptual apparatus renovation. Despite the variety of points of view, the similarity of understanding and interpretation of the term “Bank” by Russian and Western economists, unity in formulating definitions for the Central Bank is not observed. We offer to carry in scientific economy-vocabulary turn new elaborated wording for term “CB”, which, on our opinion, more universal and actual and can be equally applying for explanation of essence national and supranational CB. The proposed determination has an essential superiority.