Inflation Performance And Constitutional Central Bank Independence
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Author | : MissEva Gutierrez |
Publisher | : International Monetary Fund |
Total Pages | : 31 |
Release | : 2003-03-01 |
Genre | : Business & Economics |
ISBN | : 1451847408 |
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This paper explores the relationship between the constitutional entrenchment of central bank independence and inflation performance. Empirical studies for developing countries have not found a relationship between central bank independence, proxied by the "de jure" independence established in the central bank law, and inflation. We argue that the constitution is likely to be better enforced than ordinary statutes owing to its higher legal rank. Our empirical analysis finds that in a sample of Latin American and Caribbean countries, those countries that entrench the independence of the central bank in the constitution have a better inflation performance.
Author | : Eva Gutiérrez |
Publisher | : |
Total Pages | : 38 |
Release | : 2003 |
Genre | : Banks and banking, Central |
ISBN | : |
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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 | : Charles T. Carlstrom |
Publisher | : |
Total Pages | : 14 |
Release | : 2007 |
Genre | : |
ISBN | : |
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We document increased central bank independence within the set of industrialized nations. This increased independence can account for nearly two thirds of the improved inflation performance of these nations over the last two decades.
Author | : Prakash Loungani |
Publisher | : |
Total Pages | : 44 |
Release | : 1995 |
Genre | : Banks and banking, Central |
ISBN | : |
Download Central Bank Independence, Inflation and Growth in Transition Economies Book in PDF, Epub and Kindle
Author | : José De Gregorio |
Publisher | : World Bank Publications |
Total Pages | : 54 |
Release | : 1994 |
Genre | : |
ISBN | : |
Download Inflation, Growth, and Central Banks Book in PDF, Epub and Kindle
Author | : Christopher Adolph |
Publisher | : Cambridge University Press |
Total Pages | : 389 |
Release | : 2013-04-15 |
Genre | : Business & Economics |
ISBN | : 110703261X |
Download Bankers, Bureaucrats, and Central Bank Politics Book in PDF, Epub and Kindle
Adolph illustrates the policy differences between central banks run by former bankers relative to those run by bureaucrats.
Author | : Michael A. Jenkins |
Publisher | : |
Total Pages | : 26 |
Release | : 1995 |
Genre | : Banks and banking |
ISBN | : |
Download Central Bank Independence and the Inflation Performance Book in PDF, Epub and Kindle
Author | : Mr.Alberto Musalem Borrero |
Publisher | : INTERNATIONAL MONETARY FUND |
Total Pages | : 0 |
Release | : 2001-02-01 |
Genre | : Business & Economics |
ISBN | : 9781451843743 |
Download On the Long and Short of Central Bank Independence, Policy Coordination, and Economic Performance Book in PDF, Epub and Kindle
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 | : 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