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Central Bank Independence - the Case of the National Bank of Republic of Macedonia

Author

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  • Anita Angelovska Bezhoska

    (National Bank of the Republic of Macedonia)

Abstract

This paper explores the level of independence of the National bank of the Republic of Macedonia by primarily focusing on the legal provisions that pertain to the key aspects for achieving and maintaining price stability. It provides a historical perspective of the evolution of the independence since the first years of transition. The assessment of the independence of the NBRM is based on the index of Cukierman, Webb, and Neyapti (1992), as one of the most commonly used indices, and the index of Jacome and Vazquez (2005), which incorporates some specific aspects relevant for transition economies. Both indices indicate that the legal independence of the NBRM has increased over the years and that the current legal framework provides a high level of independence. Yet, it should be emphasized that there is a room for further strengthening, in particular in the areas of policy formulation and the process of appointment of the non-executive members of the council of the NBRM. As the indices are based on the legal provisions, they can serve only as an indication of the actual independence of the central bank.

Suggested Citation

  • Anita Angelovska Bezhoska, 2017. "Central Bank Independence - the Case of the National Bank of Republic of Macedonia," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 6(3), pages 35-65.
    • Handle: RePEc:cbk:journl:v:6:y:2017:i:3:p:35-65
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    File URL: http://www.cbcg.me/repec/cbk/journl/vol6no3-3.pdf
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    Citations

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    Cited by:

    1. Atsushi Tanaka, 2020. "Monetary Base Controllability after an Exit from Quantitative Easing," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 9(3), pages 123-134.
    2. Afees A. Salisu & Elias A. Udeaja & Silva Opuala-Charles, 2022. "Central Bank Independence And Price Stability Under Alternative Political Regimes: A Global Evidence," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 25(2), pages 155-172, August.
    3. Damir Piplica & Ivo Speranda & Zvonimir Josip Perkovic, 2018. "Some Aspects of Actual CBI and Inflation in the Countries of Southeast Europe," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 14(2), pages 41-57.

    More about this item

    Keywords

    central bank independence; monetary policy; indices; Macedonia;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • 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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