Journal of Central Banking Theory and Practice

Honorary chairman of the Editorial board
Mr. Finn E. Kydland, Nobel Laureate in economics
(Professor, University of California, Santa Barbara, USA)

Editor-in-Chief
Mr. Radoje Žugić
(Governor, CENTRAL BANK OF MONTENEGRO, Montenegro)

Deputy Editor-in-Chief
Mr. Nikola Fabris
(Vice-Governor for Financial Stability, CENTRAL BANK OF MONTENEGRO and
Professor, Faculty of Economics UNIVERSITY OF BELGRADE, Montenegro)

Deputy Editor-in-Chief
Mr. Radoica Luburić
(Executive Director, CENTRAL BANK OF MONTENEGRO, Montenegro)

Secretary General
Ms. Milena Ljumović
(CENTRAL BANK OF MONTENEGRO, Montenegro)

Editorial Board
Mr. Aysan Ahmet Faruk
(Professor, School of Management and Administrative Sciences, İstanbul Şehir University Dragos Campus, Turkey)

Mr. Bogetić Željko
(Lead Economist and Coordinator for Economic Policy for Western Balkans at the World Bank, USA)

Mr. Bogov Dimitar
(former Governor, NATIONAL BANK OF THE REPUBLIC OF MACEDONIA and Regional Lead Economist for Eastern Europe and Caucasus, EBRD, Macedonia)

Mr. Dakić Milojica
(former Governor, CENTRAL BANK OF MONTENEGRO, Montenegro)

Mr. Jakšić Miomir
(Professor, Faculty of Economics, UNIVERSITY OF BELGRADE, Serbia)

Mr. Javadyan Arthur
(Governor, CENTRAL BANK OF ARMENIA, Armenia)

Mr. Knot Klaas
(President, De Nederlandsche Bank, Netherland)

Mr. Krušković Borivoje
(Professor, Faculty of Economics, UNIVERSITY OF BANJA LUKA, Bosnia and Hercegovina)

Mr. Kozarić Kemal
(former Governor, CENTRAL BANK OF BOSNIA AND HERZEGOVINA and
Professor, Department of Economics, UNIVERSITY OF SARAJEVO, Bosnia and Hercegovina)

Mr. Makúch Jozef
(Governor, NATIONAL BANK OF SLOVAKIA and
Professor, UNIVERSITY OF ECONOMICS IN BRATISLAVA, Slovakia)

Mr. Mrak Mojmir
(Professor, Faculty of Economics, UNIVERSITY OF LJUBLJANA, Slovenia)

Mr. Narayan Paresh
(Director, Centre for Financial Econometrics, Deakin Business School, Deakin University, Melbourne, Australia)

Mr. Ozer Mustafa
(Professor, ANADOLY UNIVERSITY, Tureky)

Ms. Praščević Aleksandra
(Professor, Faculty of Economics, UNIVERSITY OF BELGRADE, Serbia)

Mr. Pugh Geoff
(Professor, STAFFORDSHIRE UNIVERSITY, Serbia)

Mr. Rhu Hookyu
(Bank of Korea, Korea)

Mr. Softić Senad
(Governor, CENTRAL BANK OF BOSNIA AND HERZEGOVINA and
Professor, Department of Economics, UNIVERSITY OF SARAJEVO, Bosnia and Hercegovina)

Mr. Sokić Alexandre
(Professor, Ecole Supérieure du Commerce Extérieur POLE UNIVERSITAIRE LEONARD DE VINCI, France)

Mr. Shachmurove Yochanan
(Professor, The City College of New York, UNIVERSITY OF PENNSYLVANIA, USA)

Mr. Šoškić Dejan
(Professor, Faculty of Economics, UNIVERSITY OF BELGRADE, Serbia)

Mr. Vladušić Ljubiša
(Member of the Governing Board, CENTRAL BANK OF BOSNIA AND HERZEGOVINA and Professor of the Faculty of Economics, UNIVERSITY OF EAST SARAJEVO, Bosnia and Hercegovina)

Mr. Vujčić Boris
(Governor, CROATIAN NATIONAL BANK, Croatia)

Mr. Weidmann Jens
(Former President, DEUTSCHE BUNDESBANK, Germany)

Language Editor
Ms. Lidija Ćirović-Popadić
(CENTRAL BANK OF MONTENEGRO)

Technical Editor
Mr. Nikola Nikolić
(CENTRAL BANK OF MONTENEGRO)

Editorial address:
Journal of Central Banking Theory and Practice,
Central bank of Montenegro,
Bulevar Sv. Petra Cetinjskog 6, 81000 Podgorica
Montenegro

E-mail: jcbtp@cbcg.me

Publisher
De Gruyter Poland
Bogumiła Zuga 32A Str.
01-811 Warsaw, Poland
T: +48 22 701 50 15

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Please submit your manuscripts to Journal of Central Banking Theory and Practice via email to:
jcbtp@cbcg.me

Article Processing Charge (APC's)

To publish in Journal of Central Banking Theory and Practice authors are not required to pay an Article Processing Charge.

Open Access License

This journal provides immediate open access to its content under the Creative Commons BY 4.0 license. Authors who publish with this journal retain all copyrights and agree to the terms of the above-mentioned CC BY 4.0 license.

Open Access Statement

The journal is an Open Access journal that allows a free unlimited access to all its contents without any restrictions upon publication to all users.