engleski

Monetary policy frameworks and the role of central bank in the economies of Central and Eastern Europe

This paper explores different monetary policy regimes and the role of the central bank in an economy. First, the brief review of monetary policy in developed market economies identifies the main elements of modern and successful central banking. This then allows an investigation of how the specific features of the transition environment may make the role of monetary policy different from that in the developed economies, at least during the initial phases of the transition process towards market economy. This sets the basis for the investigation and assessment of different monetary policy frameworks in the economies of Central and Eastern Europe. The paper also investigates how the consensus on the appropriate (successful) conduct of monetary policy achieved in the 1990s may be challenged with the new role that the central banks have played around the world during the global financial crisis the world is still facing.

monetary policy and its role in an economy; Central and Eastern Europe; financial crisis

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