Kredibilita centrálnych bánk vo vybraných ekonomikách strednej a východnej Európy v kontexte dvoch kľúčových kríz 21. storočia
CREDIBILITY OF CENTRAL BANKS IN SELECTED CENTRAL AND EASTERN EUROPEAN ECONOMIES IN THE CONTEXT OF TWO KEY CRISES OF THE 21ST CENTURY
Published: 26.1.2026
https://doi.org/10.24040/aap.2026.23.1.1-14
Abstract: This paper examines the evolution of central bank credibility in selected Central and Eastern European economies in the context of the global financial crisis and the Covid-19 pandemic. The aim is to compare how central bank credibility responded to two fundamentally different macroeconomic shocks of the 21st century. The empirical analysis employs a credibility index based on deviations of inflation expectations from time-varying inflation targets. The results reveal substantial cross-country heterogeneity, with the Covid-19 pandemic causing a more widespread and pronounced loss of credibility than the global financial crisis. The findings document notable differences in the magnitude and dynamics of credibility developments across the analyzed central banks.
Keywords: central bank, central bank credibility, central and eastern Europe, inflation, inflation expectations, inflation target, global financial crisis, Covid-19 pandemic
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ŠAJTER, R. Kredibilita centrálnych bánk vo vybraných ekonomikách strednej a východnej Európy v kontexte dvoch kľúčových kríz 21. storočia. Acta aerarii publici. Online. vol. 23 (2026), no. 1, s. 1 – 14. Dostupné na: https://doi.org/10.24040/aap.2026.23.1.1-14. [dátum citovania RRRR-MM-DD].