In order to stimulate research and innovation in Bosnia and Herzegovina in the field of financial sector development, the Central Bank of Bosnia and Herzegovina is publishing Working paper series. Our aim is to act as a medium for dissemination of high-quality research in the area of financial sector development, by organizing once a year a round of seminars at which the selected research will be presented, and by publishing the papers on the Central Bank of Bosnia and Herzegovina website. Researchers from academic and policy-making institutions from Bosnia and Herzegovina and abroad are invited to submit the paper proposals.

In order to promote the international character of the initiative, the working papers should be delivered in English only. Published working papers are shorter scientific papers, created by the bank employees and external associates. Their purpose is an academic discussion that could be used by the interested institutions as a basis for the formulation of the economic policies or further refinement and publication.

All authors, whose papers are published in this section, submitted a signed statement that these were their papers originally and that they were not previously published. The authors are responsible for proofreading and editing, and the Central Bank of Bosnia and Herzegovina does not take any responsibility for that. The opinions expressed in the papers are those of the author's and do not reflect the opinions of the Central Bank of Bosnia and Herzegovina. All papers are published on the Central Bank of Bosnia and Herzegovina website with the authors approval.

Working Papers