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. JEL classification: E52, E58
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Bibliographic InfoPaper provided by Oesterreichische Nationalbank (Austrian Central Bank) in its series Working Papers with number 40.
Length: 33 pages
Date of creation: 01 Mar 2000
Date of revision:
Postal: Oesterreichische Nationalbank, Economic Studies Division, c/o Beate Hofbauer-Berlakovich, POB 61, A-1011 Vienna, Austria
Other versions of this item:
- Eduard Hochreiter & Tadeusz Kowalski, 2000. "Central banks in European emerging market economies in the 1990s," Banca Nazionale del Lavoro 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," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 53(212), pages 45-70.
- 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-
This paper has been announced in the following NEP Reports:
- NEP-ALL-2000-08-15 (All new papers)
- NEP-HIS-2000-08-15 (Business, Economic & Financial History)
- NEP-MON-2000-08-15 (Monetary Economics)
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