Central banks in European emerging market economies in the 1990s

Eduard Hochreiter and Tadeusz Kowalski

Banca Nazionale del Lavoro Quarterly Review, 2000, vol. 53, issue 212, 45-70

Abstract: This 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.

Keywords: Central banks; Europe; 1990s (search for similar items in EconPapers)
JEL-codes: E58 N24 P24 (search for similar items in EconPapers)
Date: 2000
References: Add references at CitEc
Citations: View citations in EconPapers (11)

Downloads: (external link)
http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10344/10249 (application/pdf)

Related works:
Journal Article: Central banks in European emerging market economies in the 1990s (2000)
Working Paper: Central Banks in European Emerging Market Economies in the 1990s (2000)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:psl:bnlqrr:2000:13

Ordering information: This journal article can be ordered from
http://www.economiacivile.it

Access Statistics for this article

Banca Nazionale del Lavoro Quarterly Review is currently edited by Alessandro Roncaglia

More articles in Banca Nazionale del Lavoro Quarterly Review from Banca Nazionale del Lavoro
Bibliographic data for series maintained by Carlo D'Ippoliti ().