World Economic Crisis and the Operational Efficiency of Central Banks: The Case of Macedonia

Many central banks, especially central banks of the developed countries played critical role during the crisis in maintaining financial stability and supported macroeconomic policy of the government. Hence, these two goals got specific weight and importance in the central banks regulation, certainly without jeopardizing the main goal - maintenance price stability. In order to accomplish these goals central banks might have very high level of independence, transparency and accountability which are certainly the base of its efficient management and governance. Considering these facts, the question we try to elaborate is whether central banks taking other objectives, besides its basic objective - maintaining price stability, are "forced", in some way, to reduce its level of operational efficiency, which means larger volume of human, financial and technical costs. This book may be useful to professionals in central banks and universities, or anyone interested in macroeconomics and central banking.