This paper summarizes the arguments and counterarguments within the scientific discussion on the central bank independence and central bank transparency interaction. he main purpose of the research is to define the substantial relationships between central banks’ independence and transparency based on scientific research results. Systematization literary sources and approaches for the definition of the central bank's independence and transparency indicate that there is no generalized approach to the hierarchy of these concepts. Existing empirical studies have shown that the independence and transparency of the central bank can be interconnected components to increase the effectiveness and flexibility to solve tasks regarding the provision of currency stability and financial stability in general. Methodological tools of the research methods are Google Trends and VOSviewer instruments. The presented results of an empirical analysis of trends regarding the dynamics of the search query number by the keywords “central bank independence” and “central bank transparency” show a decrease from 2004 to the present, with a significant predominance of central bank independence over transparency throughout the study period. The results of bibliometric analysis of keyword coincidence while writing scientific articles show that researchers of the central bank independence very rarely link its solution with the transparency aspects study, while researchers of central bank transparency often study this problem in direct connection with their independence analysis. Along with this, the issues of transparency of central banks are often studied simultaneously with the analysis of their independence. The research empirically confirms and theoretically proves that the central bank’s independence is the primary category that creates the conditions for the study of its transparency. The study results provide a scientific ground to study the strength and direction of the relationship between the levels of transparency and independence of the central bank, identifying quantitative indicators to describe these relationships and can be useful for further research to ensure the central bank efficiency. Keywords: Bibliometric Analysis, Central Bank, Coincidence, Google Trends, Independence, Interaction, Transparency, VoSviewer.

This paper is devoted to defining the role of the central bank in ensuring banking and financial stability. The main purpose of the study is to assess the direction and strength of the impact of central bank independence in terms of its individual aspects on the parameters of banking and financial stability for different groups of countries. Systematization of literature sources and the results of existing empirical research has shown that the expected effects of increasing the independence of the central bank are to improve banking and financial stability. For the study, a sample of statistical data for 10 developed and 10 developing countries for the period 1991-2012 was formed. The methodological basis of the study were the tools of panel regression modeling with fixed effects with Stata software use. The article presents the results of empirical analysis, which showed that the independence of the central bank is an important factor in ensuring banking stability. At the same time, the impact on financial stability has not been conclusively confirmed. The study empirically confirms and theoretically proves that the stage of development of the country determines the strength of such influence. Thus, developed countries generally show closer links between central bank independence and banking and financial stability, which in most cases are directly dependent, while developing countries have less lasting effects. The results of the analysis of the links between certain aspects of central bank independence and the level of banking and financial stability are of great practical value. The results of the study create a scientific basis for substantiating the sequence of actions aimed at strengthening the independence of the central bank. Thus, in developing countries, the focus should be on defining and prioritizing central bank goals, while developed countries should take a deeper approach to this issue and ensure the independence of monetary policy and financial independence of the central bank. Keywords: central bank, independence, banking stability, financial stability, Z-score, non-performing loans, capitalization, developed countries, developing countries, panel data.