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Central Bank Independence in Transition Economies

In: Palgrave Dictionary of Emerging Markets and Transition Economics

Author

Listed:
  • Jane Bogoev
  • Goran Petrevski

Abstract

Starting from the early 1980s, the legal status of central banks all over the world has changed substantially in the direction of getting greater independence. The move towards greater degrees of CBI has been especially prominent in the emerging economies, including transition economies from Central and Eastern Europe. In this chapter we assess political and economic arguments for establishing independent central banks. Furthermore, we analyse and critically evaluate different indices that attempt to quantify the extent of legal and actual CBI. In addition, we provide a comprehensive overview of the evolution of CBI in former transition economies from Central and Eastern Europe. Finally, we provide a critical assessment of the empirical literature on CBI-inflation relationship.

Suggested Citation

  • Jane Bogoev & Goran Petrevski, 2015. "Central Bank Independence in Transition Economies," Palgrave Macmillan Books, in: Jens Hölscher & Horst Tomann (ed.), Palgrave Dictionary of Emerging Markets and Transition Economics, chapter 1, pages 5-27, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-37138-6_2
    DOI: 10.1007/978-1-137-37138-6_2
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    Cited by:

    1. 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.
    2. Martin Stojanovikj & Goran Petrevski, 2021. "Macroeconomic effects of inflation targeting in emerging market economies," Empirical Economics, Springer, vol. 61(5), pages 2539-2585, November.

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