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April 4, 2026International Review of Economics & FinanceOpen Access

How Central Bank Transparency and Independence Shape Inflation in the Western Balkans

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Authors

VGVera GojčajMBMartin M. BojajVKVesna Karadžić

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Overview

Examines inflation dynamics in the Western Balkans, highlighting the impacts of institutional and macroeconomic factors.

Key Points

  • The research aims to analyze how central bank transparency and independence influence inflation in the Western Balkans.
  • Analyzed inflation data from six Western Balkan countries from 2010 to 2022
  • Utilized autoregressive distributed lag models for country-specific analysis
  • Incorporated real GDP and euro-area inflation as control variables
  • Significant differences observed in inflation dynamics across countries
  • Euro-area inflation identified as the main long-term influence in most economies
  • The impact of institutional factors diminishes when accounting for macroeconomic conditions
  • Kosovo and North Macedonia show short-run relevance of institutional factors
  • Serbia maintains stronger control over its inflation dynamics

Cite This Study

Gojčaj et al. (2026) studied this question.

synapsesocial.com/papers/69d0af68659487ece0fa56abhttps://doi.org/10.1016/j.iref.2026.105211
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1Does Central Bank Independence Affect Inflation?2025
  2. 2The Effects of Energy Prices on the Inflation Rate of Western Balkan Countries2024
  3. 3Energy Products and the Incidence of Inflation: Empirical Evidence from the Countries of the Western Balkans2024
  4. 4Determinants of Inflation in a Fully Euroized Regime: Dynamic Evidence from Montenegro (2008–2025)2026
  5. 5Analysis of the Transparency Index of the Central Banks of the Western Balkan Countries2024