The recent global crisis brought many challenges to the central bankers worldwide, including the issue of monetary policy objectives. In this view, besides price stability maintenance, a special attention by central bankers during the crisis was given to the output stabilization. This paper...

The recent global crisis brought many challenges to the central bankers worldwide, including the issue of monetary policy objectives. In this view, besides price stability maintenance, a special attention by central bankers during the crisis was given to the output stabilization. This paper...

This paper provides an analysis of the export potential and export diversification of Montenegro. Based on this analysis as well as a review of international experience and field discussions, the paper also provides policy recommendations for exploiting its considerable export potential and...

This paper provides an analysis of the export potential and export diversification of Montenegro. Based on this analysis as well as a review of international experience and field discussions, the paper also provides policy recommendations for exploiting its considerable export potential and...

The aim of the paper is to reveal the similarities and differences of export and import demand functions of Bulgaria and Romania over the period 2000-2008 using quarterly data. On one hand, the countries are similar in respect to the convergence process with the euro area that they are...

This study examined the nexus between monetary policy and the achievement of a bank's profit objective. There have been lots of arguments about the benefits of monetary policy implementation on deposit money bank's operations, since the policies have been seen to impact on their performance....

This study provides robust evidence on how the choice ofthe policy instrument for monetary policy influences its impact oneconomic activity. We study the case of South Korea for the period1980-2017. We use FAVAR models that allow a comprehensive explo-ration of different areas of economic...

This paper studies the international transmission of the euro area's monetary policy and financial stress to Russia. The results show that financial stress in the euro area damages Russian economic activity and stock prices, but not its trade balance. The contractionary euro area monetary policy...

Whether or not inflation targeting adoption leads to increased volatility of exchange rates is controversial. The volatility increases with inflation targeting as a result of the flexible exchange rate regime. Others argue that inflation targeting delivers the best outcomes in terms of lower...

This paper deals with the neglected issue of central banks' social responsibility. Since central banks exert the "structural power" on economies as well as on societies, their power should be regulated and controlled by society through a reliable framework of social responsibility. To that aim,...