Utjecaj neovisnosti središnje banke na stabilnost cijena i zaposlenost

master's thesis

• Title (english): The impact of central bank independence on price stability and employment
• Author: Robertina Meaški
• Mentor: Martina Nakić (mentor)
• Committee member: Gordana Kordić (predsjednik povjerenstva)
• Committee member: Maja Mihelja Žaja (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2019-09-25, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Neovisnost središnjih banka počinje se razvijati 1990-ih godina. Kako bi središnja banka uspješno ispunila svoje ciljeve, vrlo je važno da je neovisna. Prema dosadašnjim istraživanjima neovisnost središnje banke je temelj za uspješno provođenje monetarne politike, a time i ispunjenje ciljeva središnje banke. Nadalje, dosadašnja empirijska istraživanja, kojim su se pokušali utvrditi utjecaji razine neovisnosti središnje banke na makroekonomske varijable su dokazala inverzan odnos između inflacije i razine neovisnosti, dok utjecaj na ostale makroekonomske varijable nije dokazan.
Cilj rada je pomoću indeksa neovisnosti središnje banke utvrditi stupanj neovisnosti Hrvatske narodne banke, Europske središnje banke i Bank of England te utvrditi utjecaj neovisnosti središnje banke na stabilnost cijena i zaposlenost.
U radu, da bi se utvrdila razina neovisnosti Hrvatske narodne banke, Europske središnje banke i Bank of England, se koriste četiri indeksa: LVAW, indeks prema Peturssonu, Indeks eurozone i TOR. Izračunate promjene razine neovisnosti su promatrane u odnosu na stopu inflacije i zaposlenost u razdoblju od 1998. do 2018. godine. Rezultati izračunatih indeksa pokazuju visoku razinu neovisnosti Hrvatske narodne banke i Europske središnje banke, a vrlo nisku razinu neovisnosti središnje banke Ujedinjenog Kraljevstva. Provedenom analizom nije moguće potvrditi vezu između razine neovisnosti središnje banke i ciljeva, stabilnosti cijena i zaposlenosti.

Abstract (english)

Central banks independence began to develop in the 1990s. In order to successfully achieve its objectives, it is very important for the central bank to be independent. According to today's research, the central bank independence is the foundation of successful implementation of monetary policy and the fulfillment of the central bank goals. Furthermore, the empirical studies on the impact of the central bank independence on macroeconomic variables, have proven the inverse relationship between inflation and independence, while the impact on other macroeconomic variables has not been proven.
The aim of the thesis is to determine the degree of independence of the Croatian National Bank, the European Central Bank and the Bank of England by using the central bank independence index and to determine the impact of central bank independence on price stability and employment.
In order to determine the level of independence of the Croatian National Bank, the European Central Bank and the Bank of England, four indices are used: LVAW, Petursson Index, Eurozone Index and TOR. The calculated changes in the level of independence have been observed in relation to the inflation rate and employment in the period 1998 to 2018. The results of the calculated indices show a high level of independence of the Croatian National Bank and the European Central Bank and a very low level of independence of the Bank of Englan. It is not possible to confirm the link between the central bank's level of independence and its goals, price stability and employment.

• Keywords: neovisnost središnje banke; stabilnost cijena; zaposlenost; ECB; HNB; Bank of England
• Keywords (english): central bank independance; price stability; employment; ECB; CNB; Bank of England
• Language: croatian
• URN:NBN: urn:nbn:hr:148:658669
• Study programme: Title: Business Economics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to authenticated users
• Created on: 2019-09-25 19:17:15