Politický tlak na Národní banku Slovenska

Kukuk, Peter

As the independence of central banks is one of the main requirements for well- functioning of an economy according to general economic theory, and one of the main institutional features of the monetary constitution of the EU, this diploma thesis tries to find out whether legally independent central banks are also factually independent when they face political pressure. Firstly, the central bank independence is investigated from the theoretical point of view within the political business cycle framework. Secondly, analysis of the political pressure on the National Bank of Slovakia is conducted to empirically supplement the existing literature. This is accomplished by employing the Havrilesky (1993) methodology for measuring the political pressure. This methodology allows the pressure on the Central Bank of Slovakia to be compared with the pressure on the central banks to which the methodology was already applied, namely - the U.S. Federal Reserve, the Deutsche Bundesbank and the Czech National Bank. The final and principal question to answer is whether monetary policy of the National Bank of Slovakia - the central bank of one of the new EU member states, has been influenced by political pressure from various interest groups.

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