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Some Aspects of Actual CBI and Inflation in the Countries of Southeast Europe

Damir Piplica, Ivo Speranda and Zvonimir Josip Perkovic

Montenegrin Journal of Economics, 2018, vol. 14, issue 2, 41-57

Abstract: Although the countries of Southeast Europe are connected in many ways, there are a lot differences among them with reference to development of the market economy, and especially in the way of conducting of the monetary policy and achieving of the price stability. The subject of this article's research is the actual central bank independence and its impact on monetary stability in the specific environment of Southeast European countries. Therefore, we applied it TOR as a research method because shorter average duration of the mandate of a central bank governor can be an obstacle for conducting of the monetary policy in the long run, as in such a case central bank would be less interested in obtaining its primary goal – keeping of monetary stability. The main hypothesis in this study is that there was a significant influence of the actual central bank independence to monetary stability, regardless of different implementations of the monetary policies of the central banks of the observed countries. We have used statistical methods to prove the hypotheses and then we gave an adequate explanation of the research results. The result of our research has shown that in the period 2000-2016, despite their differences, actual independence of the respective central banks was strengthening, while the inflation rate in the countries of the Southeast Europe was decreasing, but the connection between the two was weak.

Date: 2018
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