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Central bank independence-the case of the National Bank of Republic of Macedonia

Anita Angelovska - Bezhoska ()
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Anita Angelovska - Bezhoska: National Bank of the Republic of Macedonia

No 2018-01, Working Papers from National Bank of the Republic of North Macedonia

Abstract: This paper explores the level of independence of the National Bank of the Republic of Macedonia by primarily focusing on the legal provisions that pertain to the key aspects for achieving and maintaining price stability. It provides a historical perspective of the evolution of the independence since the first years of transition. The assessment of the independence of the NBRM is based on the index of Cukierman, Webb, and Neyapti (1992), as one of the most commonly used indices, and the index of Jacome and Vazquez (2005), which incorporates some specific aspects relevant for transition economies. Both indices indicate that throughout the years the legal independence of the NBRM has increased and that the current legal framework provides high level of independence. Yet, it should be emphasized that there is a room for further strengthening, in particular in the areas of policy formulation and the process of appointment of the non-executive members of the council of the NBRM. As the indices are based on the legal provisions, they can serve only as an indication of the actual independence of the central bank.

Keywords: central bank independence; monetary policy; indices; Macedonia (search for similar items in EconPapers)
JEL-codes: E42 E58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac, nep-mon and nep-tra
Date: 2018
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Downloads: (external link) ... _NBRM-WP-1-20108.pdf First version, 2018 (application/pdf)

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