On The Long And Short Of Central Bank Independence Policy Coordination And Economic Performance
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Author | : Mr.Alberto Musalem Borrero |
Publisher | : INTERNATIONAL MONETARY FUND |
Total Pages | : 0 |
Release | : 2001-02-01 |
Genre | : Business & Economics |
ISBN | : 9781451843743 |
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This paper examines the implications of central bank independence for equilibrium macroeconomic performance. The focus is on institutional arrangements governing financial relationships between central banks and ministries of finance, in the presence of competing objectives and constraints across institutions. Abstracting from long-run considerations, higher central bank independence increases fiscal discipline and results in lower inflation and growth, generating a short-run institutional Phillips curve. In the presence of sufficiently strong negative long-run externalities of inflation onto growth, higher CBI also increases fiscal discipline and generates lower inflation, however, it also yields higher growth and generates an inverted institutional Phillips curve. Strikingly, higher central bank independence is found to be frequently sub-optimal for a wide set of stylized economies. Whether these economies are empirically relevant is an open question.
Author | : Alberto Musalen Borrero |
Publisher | : |
Total Pages | : 24 |
Release | : 2001 |
Genre | : |
ISBN | : |
Download On the long and short of central bank independence. policy coordination, and economic performance Book in PDF, Epub and Kindle
Author | : |
Publisher | : |
Total Pages | : |
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Download On the Long and Short of Central Bank Independence, Policy Coordination, and Economic Performance Book in PDF, Epub and Kindle
The International Monetary Fund (IMF) presents the full text of the February 2001 paper entitled "On the Long and Short of Central Bank Independence, Policy Coordination, and Economic Performance," prepared by Alberto Musalem Borrero. The text is available in PDF format. This paper discusses the implications of central bank independence for equilibrium macroeconomic performance, focusing on institutional arrangements governing financial relationships between central banks and ministries of finance.
Author | : Gerald Epstein |
Publisher | : Edward Elgar Publishing |
Total Pages | : 576 |
Release | : 2019 |
Genre | : Business & Economics |
ISBN | : 1788978412 |
Download The Political Economy of Central Banking Book in PDF, Epub and Kindle
Central banks are among the most powerful government economic institutions in the world. This volume explores the economic and political contours of the struggle for influence over the policies of central banks such as the Federal Reserve, and the implications of this struggle for economic performance and the distribution of wealth and power in society.
Author | : Board of Governors of the Federal Reserve System |
Publisher | : |
Total Pages | : 0 |
Release | : 2002 |
Genre | : Banks and Banking |
ISBN | : 9780894991967 |
Download The Federal Reserve System Purposes and Functions Book in PDF, Epub and Kindle
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 1998-03-01 |
Genre | : Business & Economics |
ISBN | : 1451844239 |
Download Coordination of Monetary and Fiscal Policies Book in PDF, Epub and Kindle
Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Author | : Otmar Issing |
Publisher | : |
Total Pages | : 42 |
Release | : 1993 |
Genre | : Business & Economics |
ISBN | : |
Download Central Bank Independence and Monetary Stability Book in PDF, Epub and Kindle
Central bank independence is now a major issue in debates about institutional reforms designed to improve economic performance. Professor Issing's paper is notable for its scholarly discussion of the meaning of 'independence' and his analysis of its effects. Moreover, because of his position inside the Bundesbank which is among the most independent of central banks and which provides a model for the constitution of the proposed European Central Bank he writes with a degree of expertise not available to most authors. Interest in central bank independence arose from the world-wide acceleration of inflation in the 1 970s which stimulated interest in means of 'anchoring' anti-inflation policy. Germany was in advance of other countries in recognising the importance of price stability and es-tablishing an institution to produce it, making the Bundesbank independent in 1957. Professor Issing argues that when independence is coupled with a price stability objective, economic performance appears to improve. Not only is inflation lower, but there is evidence that real growth is higher. In his view, central bank independence comes 'top of the list' of institutional arrangements designed to safeguard the stability of money.
Author | : Sylvia Maxfield |
Publisher | : Princeton University Press |
Total Pages | : 198 |
Release | : 1998-07-13 |
Genre | : Business & Economics |
ISBN | : 1400822289 |
Download Gatekeepers of Growth Book in PDF, Epub and Kindle
Central banks can shape economic growth, affect income distribution, influence a country's foreign relations, and determine the extent of its democracy. While there is considerable literature on the political economy of central banking in OECD countries, this is the first book-length study focused on central banking in emerging market countries. Surveying the dramatic worldwide trend toward increased central bank independence in the 1990s, the book argues that global forces must be at work. These forces, the book contends, center on the character of international financial intermediation. Going beyond an explanation of central bank independence, Sylvia Maxfield posits a general framework for analyzing the impact of different types of international capital flows on the politics of economic policymaking in developing countries. The book suggests that central bank independence in emerging market countries does not spring from law but rather from politics. As long as politicians value them, central banks will enjoy independence. Central banks are most likely to be independent in developing countries when politicians desire international creditworthiness. Historical analyses of central banks in Brazil, Mexico, South Korea, and Thailand, and quantitative analyses of a larger sample of developing countries corroborate this investor signaling explanation of broad trends in central bank status.
Author | : Stan Du Plessis |
Publisher | : Cambridge University Press |
Total Pages | : 362 |
Release | : 2024-05-02 |
Genre | : Business & Economics |
ISBN | : 1108621341 |
Download Reconsidering Central Bank Independence Book in PDF, Epub and Kindle
Central bank independence has become one of the most widely accepted tenets of modern monetary policy. According to this view, the main role of independent central banks is to maintain price stability through the adjustment of short-term interest rates. Reconsidering Central Bank Independence argues that the global financial crisis has undermined confidence in this view as central banks increasingly have to address concerns other than price stability, such as financial stability, the need for output recovery and other broader policy goals. Large balance-sheet expansion by central banks followed the global financial crisis, which overlapped considerably with the financial policy of their respective governments. Exploring the consequences of this shift to a more diverse set of policy challenges, this book calls for a return to the consensus role for central banks and analyses what this might mean for their future independence.
Author | : Sylvester C. W. Eijffinger |
Publisher | : International Finance Section Department of Econ Ton Univers |
Total Pages | : 100 |
Release | : 1996 |
Genre | : Business & Economics |
ISBN | : |
Download The Political Economy of Central-bank Independence Book in PDF, Epub and Kindle