Naslov
Central bank independence and price stabilization in Croatia
(Central bank independence and price stabilization in Croati)

Autori
Piplica, Damir

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
3rd International Conference "An Enterprise Odyssey: Integration or Disintegration# : proceedings / Galetić, Lovorka - Zagreb : Faculty of Economics and Business : Mikrorad, 2006, 725-743

ISBN
953-6025-18-3

Skup
International Conference An Enterprise Odyssey: Integration and Disintegration (3 ; 2006 ; Zagreb)

Mjesto i datum
Zagreb, Hrvatska, 15.06.2006. - 17.06.2006

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
central bank independence ; price stability ; central bank reform ; inflation ; monetary policy

Sažetak
Central bank independence is significant for the fulfilment of the central bank´s most important monetary objective, which for the enormous majority of central banks is to maintain price stability. The meaning of price stability arises from empirical experience with the world economy, which confirms that high inflation has negative economic consequences. The fundamental reason for an inflation bias is today seen in the fact that a monetary policy is time inconsistent. Central bank independence is a requirement for the successful implementation of monetary policy. The Croatian National Bank has a high degree of independence from political structures when realizing its statutory duties. The relationship between central bank independence and inflation in Croatia is negative and significantly different from zero. The degree of actual central bank independence is going to be in the level with the degree of legal independence. A further increasing of both legal and actual central bank independence will be needed for Croatia to fulfill the requirements of a future EU accession.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA