Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/217618
Authors: 
Fabris, Nikola
Vujanović, Nina
Year of Publication: 
2017
Citation: 
[Journal:] Journal of Central Banking Theory and Practice [ISSN:] 2336-9205 [Volume:] 6 [Issue:] 2 [Publisher:] De Gruyter Open [Place:] Warsaw [Year:] 2017 [Pages:] 23-43
Publisher: 
De Gruyter Open, Warsaw
Abstract: 
Serbia has applied inflation targeting against the backdrop of financial dollarization for almost a decade. In such circumstances, efficiency of monetary policy instruments decreases and begs the question of efficiency of the monetary regime efficiency issue. Although there is some empirical testing of financial dollarization effects on monetary policy performance in the inflation targeting regime for some countries, such studies for Serbia mostly cover periods of early application of the regime. Therefore, the authors analysed financial dollarization effects on prices, i.e. exchange rate pass-through effect using Serbia as an example. The study concludes that although unpredictable changes in financial dollarization strongly affect nominal exchange rate, prices level is subject to moderate but persistent increase upon this shock.
Subjects: 
Serbia
financial dollarization
inflation targeting
passthrough effect
JEL: 
E42
E52
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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