Central banks in European emerging market economies in the 1990s
AbstractThis paper analyzes the institutional framework of central banks in ten Central and East European countries using the ECB as benchmark. It looks at the legislated objectives of these central banks, assesses the degree of political and functional independence and the status of their democratic legitimization and accountability. We find that while much progress has been made in making the statutes "Maastricht compatible," all of them will have to be adapted once again before EMU entry. The legislation provides for democratic accountability comparable to that of the ESCB. In recent years the enacted limitations of fiscal financing have become more binding. Rescue operations in the financial sector might be seen as encroaching the independence of the central bank.
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Bibliographic InfoArticle provided by Banca Nazionale del Lavoro in its journal Banca Nazionale del Lavoro Quarterly Review.
Volume (Year): 53 (2000)
Issue (Month): 212 ()
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Other versions of this item:
- Eduard Hochreiter & Tadeusz Kowalski, 2000. "Central banks in European emerging market economies in the 1990s," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 53(212), pages 45-70.
- Eduard Hochreiter & Tadeusz Kowalski, 2000. "Central Banks in European Emerging Market Economies in the 1990s," Working Papers 40, Oesterreichische Nationalbank (Austrian Central Bank).
- P24 - Economic Systems - - Socialist Systems and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
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