hrcak mascot   Srce   HID

Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2015.1028244

Legal central bank independence and inflation in various phases of transition

Damir Piplica

Puni tekst: engleski, pdf (487 KB) str. 167-186 preuzimanja: 168* citiraj
APA 6th Edition
Piplica, D. (2015). Legal central bank independence and inflation in various phases of transition. Economic research - Ekonomska istraživanja, 28 (1), 167-186. https://doi.org/10.1080/1331677X.2015.1028244
MLA 8th Edition
Piplica, Damir. "Legal central bank independence and inflation in various phases of transition." Economic research - Ekonomska istraživanja, vol. 28, br. 1, 2015, str. 167-186. https://doi.org/10.1080/1331677X.2015.1028244. Citirano 25.01.2020.
Chicago 17th Edition
Piplica, Damir. "Legal central bank independence and inflation in various phases of transition." Economic research - Ekonomska istraživanja 28, br. 1 (2015): 167-186. https://doi.org/10.1080/1331677X.2015.1028244
Harvard
Piplica, D. (2015). 'Legal central bank independence and inflation in various phases of transition', Economic research - Ekonomska istraživanja, 28(1), str. 167-186. https://doi.org/10.1080/1331677X.2015.1028244
Vancouver
Piplica D. Legal central bank independence and inflation in various phases of transition. Economic research - Ekonomska istraživanja [Internet]. 2015 [pristupljeno 25.01.2020.];28(1):167-186. https://doi.org/10.1080/1331677X.2015.1028244
IEEE
D. Piplica, "Legal central bank independence and inflation in various phases of transition", Economic research - Ekonomska istraživanja, vol.28, br. 1, str. 167-186, 2015. [Online]. https://doi.org/10.1080/1331677X.2015.1028244

Sažetak
The transition environment of 11 EU member countries has created an exceptional opportunity for research on the influence of legal central bank independence (LCBI) on inflation within significantly different circumstances in comparison to developed Western countries. I construct my own transformed GMT (TGMT) model for estimation
of the LCBI, researching transition in its early stages and later on, thus comprising the total period of transition. Even in early stages of the transition LCBI has significantly negative effects on inflation. In later phases all the countries show evidently high levels of the LCBI and low inflation rates, but in this phase increasing the LCBI would not result in decreasing the inflation rate. Only studying the entire
period of the transition would show that LCBI has significant negative influence on inflation, clearly showing different levels of the LCBI and inflation, which was not so obvious in shorter intervals. Moreover, negative influence of the LCBI on inflation does not change even if I add budget deficit as an independent variable to my research.

Ključne riječi
central bank independence (CBI); transformed GMT (TGMT) index; inflation; transition countries; budget deficit

Hrčak ID: 171497

URI
https://hrcak.srce.hr/171497

Posjeta: 243 *