The Concept of Independence of Central Bank on the Example of the National Bank of Poland

The need for independence of the central bank results from the fiduciary nature of modern money. Independence of the central bank is generally understood as depriving the executive of the influence on the bank's decisions, while depriving the legislative authority of the right to interfere in t...

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Main Author: Agata Tarnacka
Format: Article
Language:English
Published: University of Applied Sciences in Bielsko-Biała 2019-07-01
Series:Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej
Subjects:
Online Access:https://ssl.wsfip.edu.pl/index.php/asej/article/view/370
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author Agata Tarnacka
author_facet Agata Tarnacka
author_sort Agata Tarnacka
collection DOAJ
description The need for independence of the central bank results from the fiduciary nature of modern money. Independence of the central bank is generally understood as depriving the executive of the influence on the bank's decisions, while depriving the legislative authority of the right to interfere in the pursued monetary policy. Most talked about financial, functional and institutional independence. The results of the independence studies of the National Bank of Poland quoted in the article show that the level of NBP independence is high, often close to or equal to the maximum values for given measures. However, it should be noted that these studies relate to the formal (legal) independence of the NBP, and not the real one, because independence guaranteed by legal provisions does not necessarily correspond to the actual independence of the central bank. The legal regulations shape only the conditions of monetary authorities' actions, while the final result of these actions depends on the persons taking them. The article also presents arguments for both the central bank's independence and a summary.
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spelling doaj.art-12497f7d203b4b1f9b36554ef99270b82024-03-25T11:33:27ZengUniversity of Applied Sciences in Bielsko-BiałaZeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej2543-91032543-411X2019-07-01232The Concept of Independence of Central Bank on the Example of the National Bank of PolandAgata Tarnacka0Uniwersytet Jagieloński w Krakowie Faculty of Law and Administration, University name Jagiellonian University, Gołębia 24, 31-007 Kraków - PolandThe need for independence of the central bank results from the fiduciary nature of modern money. Independence of the central bank is generally understood as depriving the executive of the influence on the bank's decisions, while depriving the legislative authority of the right to interfere in the pursued monetary policy. Most talked about financial, functional and institutional independence. The results of the independence studies of the National Bank of Poland quoted in the article show that the level of NBP independence is high, often close to or equal to the maximum values for given measures. However, it should be noted that these studies relate to the formal (legal) independence of the NBP, and not the real one, because independence guaranteed by legal provisions does not necessarily correspond to the actual independence of the central bank. The legal regulations shape only the conditions of monetary authorities' actions, while the final result of these actions depends on the persons taking them. The article also presents arguments for both the central bank's independence and a summary. https://ssl.wsfip.edu.pl/index.php/asej/article/view/370central bankindependenceNational Bank of Poland
spellingShingle Agata Tarnacka
The Concept of Independence of Central Bank on the Example of the National Bank of Poland
Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej
central bank
independence
National Bank of Poland
title The Concept of Independence of Central Bank on the Example of the National Bank of Poland
title_full The Concept of Independence of Central Bank on the Example of the National Bank of Poland
title_fullStr The Concept of Independence of Central Bank on the Example of the National Bank of Poland
title_full_unstemmed The Concept of Independence of Central Bank on the Example of the National Bank of Poland
title_short The Concept of Independence of Central Bank on the Example of the National Bank of Poland
title_sort concept of independence of central bank on the example of the national bank of poland
topic central bank
independence
National Bank of Poland
url https://ssl.wsfip.edu.pl/index.php/asej/article/view/370
work_keys_str_mv AT agatatarnacka theconceptofindependenceofcentralbankontheexampleofthenationalbankofpoland
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