Inflation Performance And Constitutional Central Bank Independence

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Inflation Performance And Constitutional Central Bank Independence

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Author : MissEva Gutierrez
language : en
Publisher: International Monetary Fund
Release Date : 2003-03-01

Inflation Performance And Constitutional Central Bank Independence written by MissEva Gutierrez and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-03-01 with Business & Economics categories.

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.

Inflation Performance And Constitutional Central Bank Independence

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Author : Eva Gutiérrez
language : en
Publisher:
Release Date : 2003

Inflation Performance And Constitutional Central Bank Independence written by Eva Gutiérrez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Banks and banking, Central categories.

Central Bank Independence And Monetary Stability

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Author : Otmar Issing
language : en
Publisher:
Release Date : 1993

Central Bank Independence And Monetary Stability written by Otmar Issing and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.

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.

Central Bank Independence

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1991-06-01

Central Bank Independence written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-06-01 with Business & Economics categories.

There has been growing interest recently in the scope for promoting monetary stability through the establishment of independent central banks. This paper reviews the issues involved in central bank independence against the background of arrangements in nine countries. The analysis suggests that detailed institutional arrangements would need to be carefully designed if the potential benefits of central bank independence are to be delivered. Particularly important are the nature of arrangements to resolve various types of conflicts involving monetary policy, and arrangements to promote accountability and public monitoring of monetary policy performance.

Central Bank Independence And Inflation

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Author : Charles T. Carlstrom
language : en
Publisher:
Release Date : 2009

Central Bank Independence And Inflation written by Charles T. Carlstrom and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.

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 past two decades.

Credibility Of Central Bank Independence Revisited

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Author : Mr.Timo Valila
language : en
Publisher: International Monetary Fund
Release Date : 1999-01-01

Credibility Of Central Bank Independence Revisited written by Mr.Timo Valila and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01-01 with Business & Economics categories.

The specific role of central bank independence in determining the overall credibility of monetary policy is addressed in this paper. It is argued that the credibility of delegating monetary policy to an independent central bank is endogenous to the credibility of the inflation target because a “conservative” inflation target may not be compatible with the fiscal policy stance. Also, lack of transparency in designing the institutional set-up is shown to be welfare-reducing.

Central Bank Independence Inflation And Growth In Transition Economies

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Author : Prakash Loungani
language : en
Publisher:
Release Date : 1995

Central Bank Independence Inflation And Growth In Transition Economies written by Prakash Loungani and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Banks and banking, Central categories.

A Political Agency Theory Of Central Bank Independence

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Author : Mr.Eric Le Borgne
language : en
Publisher: International Monetary Fund
Release Date : 2003-07-01

A Political Agency Theory Of Central Bank Independence written by Mr.Eric Le Borgne and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-07-01 with Business & Economics categories.

We propose a theory to explain why, and under what circumstances, a politician gives up rent and delegates policy tasks to an independent agency. We apply this theory to monetary policy by extending a standard dynamic "New-Keynesian" stochastic general equilibrium model. This model gives a new theory of central bank independence that is unrelated to the standard inflation bias problem. We derive several new predictions and show that they are consistent with the data. Finally, we show that while instrument independence of the central bank is desirable, goal independence is not.

Central Bank Autonomy And Inflation And Output Performance In The Baltic States Russia And Other Countries Of The Former Soviet Union 1995 1997

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Author : Mr.Tonny Lybek
language : en
Publisher: International Monetary Fund
Release Date : 1999-01-01

Central Bank Autonomy And Inflation And Output Performance In The Baltic States Russia And Other Countries Of The Former Soviet Union 1995 1997 written by Mr.Tonny Lybek and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01-01 with Business & Economics categories.

A higher degree of de jure autonomy and accountability of the central banks of the Baltic states, Russia, and other countries of the former Soviet Union appears to be positively correlated with lower average inflation. There also seems to be some positive correlation between greater central bank autonomy and higher average real growth, after the initial period of reforms. Central banks with a higher degree of autonomy and accountability have apparently also reformed their operations more aggressively.

Central Bank Independence And The Inflation Performance

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Author : Michael A. Jenkins
language : en
Publisher:
Release Date : 1995

Central Bank Independence And The Inflation Performance written by Michael A. Jenkins and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Banks and banking categories.