Central Bank Independence – The Case of the Central Bank of Montenegro

Milivoje Radovic (), Milena Radonjic () and Jovan Djuraskovic ()
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Milivoje Radovic: Faculty of Economics, University of Montenegro, Podgorica, Montenegro
Milena Radonjic: Faculty of Economics, University of Montenegro, Podgorica, Montenegro
Jovan Djuraskovic: Faculty of Economics, University of Montenegro, Podgorica, Montenegro

Journal of Central Banking Theory and Practice, 2018, vol. 7, issue 3, 25-40

Abstract: In recent decades, there has been a trend in increasing the level of independence of central banks. The key factor that has contributed to a growing interest in this concept is grounded in economic theory that confirms the link between a lower inflation rate and a greater level of central bank independence. For this reason, in many countries, the existing regulations relating to central bank have been modified to protect its position from the absolute influence of the executive power of the state. This trend was particularly prevalent in transition countries, which was conditioned primarily by the EU accession criteria. The aim of this paper is to analyse independence of the Central Bank of Montenegro through the prism of functional, institutional, financial, and personal independence, and to assess the level of its legal independence by using appropriate indices.

Keywords: central bank independence; indices; Montenegro. (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2018
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