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| Author: | Gregorcic, L. |
| Title: | About the Central bank, its role, autonomy and relationship with the treasury |
| Journal: | Bancni vestnik
1996 : VOL. 45:3, p. 23-30 |
| Index terms: | |
| Freeterms: | central banks, activities, task, independency, monetary policy, goal, reserves, financial market, state, USA, Great Britain |
| Language: | slv |
| Abstract: | The views on the autonomy of the central bank in performing these tasks are still divided.The prevailing view is that in implementing its policy the central bank should not be dependent on the latest distribution of political power in the country.This prevalent opinion is in different countries actualised in very different ways.The German Bundesbank and Swiss SNB are truly autonomous banks.The Bank of Japan is less dependent in practice than is stipulated by its laws.In the USA the Federal Reserve is tormolly autonomous but is sensible to the lobbying of different political power groups.The Bank of England and the Bank of France may only advise their governments and are expected to follow the policy set by the governments.In the Netherlands and New Zealand the central banks are subordinate to their governments.However, should the banks disagree with the policy set by the governments, their opposing views must be made public.There is no general agreement as to which arrangement is best from the macroeconomic point of view.It is generally accepted, though, that countries in which the central banks are granted most autonomy enjoy the lowest rates of inflation and have the strongest national currencies. |
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