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Transparentnost i monetarna politika HNB-a

Author

Listed:
  • Katja Gattin Turkalj

    (Croatian National Bank, Croatia)

  • Igor Ljubaj

    (Croatian National Bank, Croatia)

Abstract

Transparentnošću središnje banke smatra se jasnoća i otvorenost provođenja monetarne politike te razumljivost u obraćanju stručnoj i široj javnosti. Transparentnost uključuje različite aspekte djelovanja, ponajprije transparentnost instrumenata monetarne politike, ali i proceduralnu te provedbenu transparentnost. Ona je bitno povezana s nezavisnošću središnje banke, koja podrazumijeva i najvišu razinu odgovornosti. Također, transparentnost je značajno određena okvirom provođenja monetarne politike i posebice tečajnim režimom. Literatura koja mjeri transparentnost središnjih banaka razmjerno je oskudna, a uspostavljene su mjere pristrane prema režimima ciljanja inflacije, koji se u literaturi smatraju najtransparentnijima. Stoga bitne značajke monetarnog okvira same po sebi mogu činiti pojedine središnje banke više odnosno manje transparentnima. Ako se uzmu u obzir različiti okviri provođenja monetarne politike kao i različiti tečajni režimi, transparentnost je HNB-a oko prosjeka usporedivih zemalja, a glede financijske stabilnosti i znatno iznad prosjeka. Hrvatska središnja banka od 2010. do 2017. povećala je transparentnost, što je u skladu s općim trendom.

Suggested Citation

  • Katja Gattin Turkalj & Igor Ljubaj, 2017. "Transparentnost i monetarna politika HNB-a," Pregledi 31, Hrvatska narodna banka, Hrvatska.
    • Handle: RePEc:hnb:pregle:31
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    File URL: https://www.hnb.hr/documents/20182/1998425/p-031.pdf/d8cbe3a9-1dfc-445e-bd53-d5e19fb8c06e?version=1.2&t=1508244775214
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    Keywords

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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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