Nezávislost centrální banky v období hospodářské krize

Abstract

In recent decades, many developed countries have significantly strengthened the independency of central banks. But then came the financial and economic crisis, which have deeply influenced global economy. In view of this development, I have tried to answer the questions as to how the economic development has changed the position of the chosen central banks. This paper investigates the central bank independecy “de jure“ and “de facto“ with focus on development of these factors during the economic crisis. The first part of the paper deals with the theoretical background of the central banks' independency and different approaches to this topic. The second and third part of the study deals with the laws governing four central banks – The Czech National Bank, The Central Bank of Iceland, The Rezerve bank of India and The Federal Reserve System – and the turnover of their governor From the time of each banks' establishment to 2010. The fourth part of the paper is focused on how the current economic crisis has affected the central banks' independecy, and the changes which have affected their laws and the turnover of governor.