<abstract xmlns="http://www.w3.org/1999/xhtml"><p>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.</p></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.

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

Journal of Central Banking Theory and Practice

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

{"article-title":"Central Bank Independence \u2013 The Case of the Central Bank of Montenegro"}

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...

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

Published Online: Sep 10, 2018

Page range: 25 - 40

Received: Dec 01, 2017

Accepted: Dec 25, 2017

DOI: https://doi.org/10.2478/jcbtp-2018-0021

Keywords
central bank independence, indices, Montenegro

© 2018 Milivoje Radovic et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

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

Published Online: Sep 10, 2018

Page range: 25 - 40

Received: Dec 01, 2017

Accepted: Dec 25, 2017

DOI: https://doi.org/10.2478/jcbtp-2018-0021

Keywordscentral bank independence, indices, Montenegro

© 2018 Milivoje Radovic et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Keywords
central bank independence, indices, Montenegro