Vztah míry nezávislosti centrální banky a míry inflace

Abstract

The aim of this paper is the verification of hypothesis that higher rate of central bank independence means lower rate of inflation in economy. There is a quite big expert`s discussion about the rate of central bank independence in market economies; not only in context with financial crisis impacts and getting into debts in market economies. Central banks are quite young institutions; most of them were established in 20th century. Nevertheless these institutions have big influence on economy, because their most important aim is maintenance of price stability – it means guarantee of appropriate inflation rate. The basic point of this paper is the research of central bank independence based on determination of criterions of independence in four key areas – personal, financial, institutional and functional. Based on the determination of weights we created and calculated index of central bank independence in selected market economies. Then there is calculated an average inflation rate since 1999 in each selected country and in the European monetary union. This period corresponds with last year when the independence of one of selected central banks was changed. The result of this research is interpreted graphical and verbally.