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Central Banks - as the Key Public Institutions Aiming at the Improvement of Effectiveness and Efficiency of their Performance, part 1

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  • Leszek Chodorowski

Abstract

This article consists of 2 parts and describes the importance of improving the effectiveness and efficiency of central banks’ performance. Firstly, central banks are seen as important representatives of public institutions, and their effectiveness and efficiency are shown on the grounds of microeconomics. Secondly, the kinds of organizational structures, which are typical for central banks or which are possible to be used, are analyzed due to the effectiveness and efficiency. In the first part of this 2-part article the author refers to the new institutional economics (NIE), the transaction costs theory, the agency theory and the signaling theory and indicates the connection between these theories and the functioning of central banks. The notions of strategy, organizational structure and business process have been briefly analyzed as well. Next, the definition and assessment criteria of effectiveness and efficiency for central banks are created. This definition highlights the fact that the effectiveness and efficiency of a central bank consists of the way of the organization of its integrity and of all the bank’s activities, which assure the achievement of established purposes (such as offered by the bank services) as well as that of a satisfying financial outcome (simultaneously the expenditures are not increased and the services quality is maintained).

Suggested Citation

  • Leszek Chodorowski, 2011. "Central Banks - as the Key Public Institutions Aiming at the Improvement of Effectiveness and Efficiency of their Performance, part 1," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 25.
    • Handle: RePEc:eko:ekoeko:25_105
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    File URL: http://ekonomia.wne.uw.edu.pl/ekonomia/getFile/712
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    References listed on IDEAS

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    3. Williamson, Oliver E, 1998. "The Institutions of Governance," American Economic Review, American Economic Association, vol. 88(2), pages 75-79, May.
    4. Nielson, Daniel L. & Tierney, Michael J., 2003. "Delegation to International Organizations: Agency Theory and World Bank Environmental Reform," International Organization, Cambridge University Press, vol. 57(2), pages 241-276, April.
    5. Kenneth D. Mackenzie, 2000. "Processes and Their Frameworks," Management Science, INFORMS, vol. 46(1), pages 110-125, January.
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