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Analysis of the Transparency Index of the Central Banks of the Western Balkan Countries

Author

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  • Vera Gojčaj

    (Directorate for Monetary Policy, Monetary and Financial Statistics and Fiscal Research, Central Bank of Montenegro)

Abstract

Transparency in the work of central banks has become one of the key features of monetary policy. Because of this, many economists have diverted to finding the most suitable way to measure it. Although a unique method of measurement has yet to be achieved, there are various studies in the literature that deal with the calculation of the transparency index of central banks. Most studies have focused on measuring transparency of the largest central banks, while countries of the Western Balkans have been neglected. In the literature, there are no studies related to the analysis and measurement of transparency of the central banks in the Western Balkan countries. Starting from the index calculated by Eiffinger & Geraats, this paper aims to calculate the transparency index for five central banks: the Central Bank of Montenegro, the Croatian National Bank, the Central Bank of Bosnia and Herzegovina, the National Bank of the Republic of North Macedonia, and the Bank of Albania.

Suggested Citation

  • Vera Gojčaj, 2024. "Analysis of the Transparency Index of the Central Banks of the Western Balkan Countries," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 13(2), pages 109-128.
    • Handle: RePEc:cbk:journl:v:13:y:2024:i:2:p:109-128
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    More about this item

    Keywords

    central bank transparency; central bank transparency index; monetary policy.;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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