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Role of Regulatory Bodies in the Banking and Energy Sectors

Author

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  • Miomir Jakšić

    (Faculty of Economics, University of Belgrade)

Abstract

The article discusses the status and role of regulatory bodies and the aftermaths of their independence and accountability to the public and the parliament. The author analyses different legal statuses of regulatory bodies in Montenegro and Serbia in the central banking and energy sectors and concludes that it is necessary that national constitutions, as the highest legal acts in each state, prescribe in a separate article that “Regulatory bodies are independent and accountable to Parliament”. Relevant separate legal acts should closely define the procedures for establishing, enforcing, and sanctioning of possible breaching of: 1) independence of regulatory bodies, 2) accountability of regulatory bodies to the parliament, and 3) transparency of their activities.

Suggested Citation

  • Miomir Jakšić, 2016. "Role of Regulatory Bodies in the Banking and Energy Sectors," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 5(1), pages 5-23.
    • Handle: RePEc:cbk:journl:v:5:y:2016:i:1:p:5-23
    as

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    File URL: http://www.cbcg.me/repec/cbk/journl/vol5no1-1.pdf
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    References listed on IDEAS

    as
    1. Sylvester Eijffinger (ed.), 1997. "Independent central banks and economic performance," Books, Edward Elgar Publishing, number 1143.
    2. Jacint Jordana & David Levi-Faur (ed.), 2004. "The Politics of Regulation," Books, Edward Elgar Publishing, number 3167.
    3. Cukierman, Alex & Miller, Geoffrey P. & Neyapti, Bilin, 2002. "Central bank reform, liberalization and inflation in transition economies--an international perspective," Journal of Monetary Economics, Elsevier, vol. 49(2), pages 237-264, March.
    4. Jacint Jordana & David Levi-Faur, 2004. "The Politics of Regulation in the Age of Governance," Chapters, in: Jacint Jordana & David Levi-Faur (ed.), The Politics of Regulation, chapter 1, Edward Elgar Publishing.
    5. Colin Scott, 2004. "Regulation in the Age of Governance: The Rise of the Post-Regulatory State," Chapters, in: Jacint Jordana & David Levi-Faur (ed.), The Politics of Regulation, chapter 7, Edward Elgar Publishing.
    6. Georgios Chortareas & David Stasavage & Gabriel Sterne, 2002. "Does it pay to be transparent? international evidence form central bank forecasts," Review, Federal Reserve Bank of St. Louis, vol. 84(Jul), pages 99-118.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    institutions; good governance; public sector; public services; regulation; regulatory bodies; independence; accountability.;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • H40 - Public Economics - - Publicly Provided Goods - - - General

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