Business cycle synchronization and monetary policy in Bosnia and Herzegovina

By adopting the currency board at the end of the last century, and by pegging its exchange rate to the Euro, a quarter of a century ago, Bosnia and Herzegovina surrendered a great part of its monetary policy in the hand of European Central Bank in the hope that the synchronization of the business cy...

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Autor principal:	Jović Dragan
Formato:	article
Lenguaje:	EN SR
Publicado:	Association of Serbian Banks 2021
Materias:	business cycle business cycle synchronization monetary policy currency board banking bosnia and herzegovina hodrick-prescott filter gap analysis Finance HG1-9999
Acceso en línea:	https://doaj.org/article/d4eaaf7c4e57413a8fca34960a951423
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spelling	oai:doaj.org-article:d4eaaf7c4e57413a8fca34960a9514232021-12-05T18:01:57ZBusiness cycle synchronization and monetary policy in Bosnia and Herzegovina1451-43542466-549510.5937/bankarstvo2102008Jhttps://doaj.org/article/d4eaaf7c4e57413a8fca34960a9514232021-01-01T00:00:00Zhttps://scindeks-clanci.ceon.rs/data/pdf/1451-4354/2021/1451-43542102008J.pdfhttps://doaj.org/toc/1451-4354https://doaj.org/toc/2466-5495By adopting the currency board at the end of the last century, and by pegging its exchange rate to the Euro, a quarter of a century ago, Bosnia and Herzegovina surrendered a great part of its monetary policy in the hand of European Central Bank in the hope that the synchronization of the business cycle will make foreign monetary policy completely suitable for Bosnia and Herzegovina. At the same time during these two decades, the Central Bank of Bosnia and Herzegovina has been developing and using reserve requirement and remuneration as discretionary instruments of monetary policy. The research shows that the domestic business cycle and the foreign one are relatively weakly synchronized compared to other countries' degree of synchronization, and by this findings current discretionary monetary policy and its further development and enrichment with new instruments is fully justified. Bosnia and Herzegovina must continue with developing its own discretionary monetary policy without relying on foreign monetary policy.Jović DraganAssociation of Serbian Banksarticlebusiness cyclebusiness cycle synchronizationmonetary policycurrency boardbankingbosnia and herzegovinahodrick-prescott filtergap analysisFinanceHG1-9999ENSRBankarstvo, Vol 50, Iss 2, Pp 8-20 (2021)
institution	DOAJ
collection	DOAJ
language	EN SR
topic	business cycle business cycle synchronization monetary policy currency board banking bosnia and herzegovina hodrick-prescott filter gap analysis Finance HG1-9999
spellingShingle	business cycle business cycle synchronization monetary policy currency board banking bosnia and herzegovina hodrick-prescott filter gap analysis Finance HG1-9999 Jović Dragan Business cycle synchronization and monetary policy in Bosnia and Herzegovina
description	By adopting the currency board at the end of the last century, and by pegging its exchange rate to the Euro, a quarter of a century ago, Bosnia and Herzegovina surrendered a great part of its monetary policy in the hand of European Central Bank in the hope that the synchronization of the business cycle will make foreign monetary policy completely suitable for Bosnia and Herzegovina. At the same time during these two decades, the Central Bank of Bosnia and Herzegovina has been developing and using reserve requirement and remuneration as discretionary instruments of monetary policy. The research shows that the domestic business cycle and the foreign one are relatively weakly synchronized compared to other countries' degree of synchronization, and by this findings current discretionary monetary policy and its further development and enrichment with new instruments is fully justified. Bosnia and Herzegovina must continue with developing its own discretionary monetary policy without relying on foreign monetary policy.
format	article
author	Jović Dragan
author_facet	Jović Dragan
author_sort	Jović Dragan
title	Business cycle synchronization and monetary policy in Bosnia and Herzegovina
title_short	Business cycle synchronization and monetary policy in Bosnia and Herzegovina
title_full	Business cycle synchronization and monetary policy in Bosnia and Herzegovina
title_fullStr	Business cycle synchronization and monetary policy in Bosnia and Herzegovina
title_full_unstemmed	Business cycle synchronization and monetary policy in Bosnia and Herzegovina
title_sort	business cycle synchronization and monetary policy in bosnia and herzegovina
publisher	Association of Serbian Banks
publishDate	2021
url	https://doaj.org/article/d4eaaf7c4e57413a8fca34960a951423
work_keys_str_mv	AT jovicdragan businesscyclesynchronizationandmonetarypolicyinbosniaandherzegovina
_version_	1718371267183116288

Business cycle synchronization and monetary policy in Bosnia and Herzegovina

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