Valutni odbor, monetarna regulacija i makroprudenciona regulacija u Bosni i Hercegovini
Currency Board, Monetary Regulation, and Macroprudential Regulation in Bosnia and Herzegovina

Summary/Abstract: This research presents the effects of discretionary and automatic instruments’ application in four cases of monetary and macroprudential regulation in Bosnia and Herzegovina. The effectiveness of currency board policy is increasing if its orthodoxy is decreasing. We have measured mon­etary conditions before and after the global crisis. Monetary conditions had been improving since Q2 2014. The effects of negative remuneration on excess reserves on BH public debt’s primary market are isolated. We have also estimated the effects of the differentiated reserve requirement rate on the maturity structure of BH banking sector’s liability. Finally, we tested the relationship between the reserve requirement as a monetary regulation instrument and loan growth. The research showed that the Central Bank of Bosnia and Herzegovina can influence some operative variables/indicators of monetary policy. All findings show that the Central Bank of Bosnia and Herze­govina is not an “ordinary exchange office”, and that it can, indeed, conduct autonomous and discretionary monetary policy.

• Details
• Contents