Measures Of Central Bank Autonomy
DOWNLOAD
FREE 30 Days
Download Measures Of Central Bank Autonomy PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Measures Of Central Bank Autonomy book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Measures Of Central Bank Autonomy
DOWNLOAD
FREE 30 Days
Author : Jean-François Segalotto
language : en
Publisher: International Monetary Fund
Release Date : 2006-10
Measures Of Central Bank Autonomy written by Jean-François Segalotto 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 2006-10 with Business & Economics categories.
This paper presents an update of the Grilli-Masciandaro-Tabellini (GMT) index of central bank (CB) autonomy, based on CB legislation as of end-2003. The index is applied to a set of OECD and developing countries, and emerging market economies. For a smaller set of countries, the paper presents a reconstruction of the GMT index based on Cukierman (1992) and assesses changes in CB autonomy between 1992 and 2003. The results point to a significant increase in CB autonomy, in particular for developing countries. In most cases, this improvement has involved a three-stage process: an initial stage in which the political foundations for CB autonomy are laid; a second stage in which operational autonomy develops; and a final stage in which CBs gain further political autonomy in terms of policy formulation and the appointment of senior management.
The Measurement Of Central Bank Autonomy
DOWNLOAD
FREE 30 Days
Author : Marco Arnone
language : en
Publisher: International Monetary Fund
Release Date : 2006-10
The Measurement Of Central Bank Autonomy written by Marco Arnone 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 2006-10 with Business & Economics categories.
This paper presents a survey of the literature on the measurement of central bank autonomy. We distinguish inputs that constitute the building blocks in the literature, and the literature that builds on them. Issues including sensitivity analysis, robustness, and endogeneity are discussed. The review shows that empirical evidence regarding the beneficial effects of central bank autonomy is substantial, although some technical issues still remain for further research. In particular, central bank autonomy raises the issue of subjecting the monetary authorities to democratic control; this calls for additional research on the linkages between central bank autonomy and accountability and transparency. Additional empirical analysis on the relationship between the financial strength of the central bank and its de facto autonomy, and between its autonomy and financial stability, would also be desirable.
A New Measure Of Central Bank Independence
DOWNLOAD
FREE 30 Days
Author : Mr. Tobias Adrian
language : en
Publisher: International Monetary Fund
Release Date : 2024-02-23
A New Measure Of Central Bank Independence written by Mr. Tobias Adrian 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 2024-02-23 with Business & Economics categories.
This paper constructs a new index for measuring de jure central bank independence, the first entirely new index in three decades. The index draws on a comprehensive dataset from the IMF’s Central Bank Legislation Database (CBLD) and Monetary Operations and Instruments Database (MOID) and weightings derived from a survey of 87 respondents, mostly consisting of central bank governors and general counsels. It improves upon existing indices including the Cukierman, Webb, and Neyapti (CWN) index, which has been the de facto standard for measuring central bank independence since 1992, as well as recent extensions by Garriga (2016) and Romelli (2022). For example, it includes areas absent from the CWN index, such as board composition, financial independence, and budgetary independence. It treats dimensions such as the status of the chief executive as composite metrics to prevent overstating the independence of statutory schemes. It distills ten key metrics, simplifying current frameworks that now include upwards of forty distinct variables. And it replaces the subjective weighting systems relied on in the existing literature with an empirically grounded alternative. This paper presents the key features of the new index; a companion, forthcoming paper will provide detailed findings by country/region, income level, and exchange rate regime.
Central Bank Independence Accountability And Transparency
DOWNLOAD
FREE 30 Days
Author : B. Laurens
language : en
Publisher: Springer
Release Date : 2016-04-30
Central Bank Independence Accountability And Transparency written by B. Laurens and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-30 with Business & Economics categories.
This book explores three key areas of central banking and governance - autonomy, accountability and transparency. It looks at links between the areas, as well as assessing the impact of central bank autonomy on macroeconomic performance. The issues are approached from theoretical and empirical perspectives.
The Political Economy Of Central Bank Independence
DOWNLOAD
FREE 30 Days
Author : Sylvester C. W. Eijffinger
language : en
Publisher: International Finance Section Department of Econ Ton Univers
Release Date : 1996
The Political Economy Of Central Bank Independence written by Sylvester C. W. Eijffinger and has been published by International Finance Section Department of Econ Ton Univers this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
Measuring Central Bank Independence And Its Effect On Policy Outcomes
DOWNLOAD
FREE 30 Days
Author : Alex Cukierman
language : en
Publisher:
Release Date : 1994
Measuring Central Bank Independence And Its Effect On Policy Outcomes written by Alex Cukierman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.
Central Bank Autonomy Lessons From Global Trends
DOWNLOAD
FREE 30 Days
Author : Jean-François Segalotto
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2007-04-01
Central Bank Autonomy Lessons From Global Trends written by Jean-François Segalotto 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 2007-04-01 with categories.
We calculate indexes of central bank autonomy (CBA) for 163 central banks as of end-2003, and comparable indexes for a subgroup of 68 central banks as of the end of the 1980s. The results confirm strong improvements in both economic and political CBA over the past couple of decades, although more progress is needed to boost political autonomy of the central banks in emerging market and developing countries. Our analysis confirms that greater CBA has on average helped to maintain low inflation levels. The paper identifies four broad principles of central bank autonomy that have been shared by the majority of countries. Significant differences exist in the area of banking supervision where many central banks have retained a key role. Finally, we discuss the sequencing of reforms to separate the conduct of monetary and fiscal policies.
Central Bank Independence And Transparency Evolution And Effectiveness
DOWNLOAD
FREE 30 Days
Author : Christopher W. Crowe
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2008-05-01
Central Bank Independence And Transparency Evolution And Effectiveness written by Christopher W. Crowe 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 2008-05-01 with categories.
This paper examines the current level of central bank independence (CBI) and transparency in a broad sample of countries using newly constructed measures, and looks at the evolution in both measures from an earlier time period. Increases in CBI have tended to occur in more democratic countries and in countries with high levels of past inflation. More independent central banks in turn tend to be more transparent, while transparency is also positively correlated with measures of national institutional quality. Exploiting the time dimension of our data to eliminate country fixed effects and using instrumental variable estimation to overcome endogeneity concerns, we present evidence that greater CBI is associated with lower inflation. We also find that enhanced transparency practices are associated with the private sector making greater use of information provided by the central bank.
Central Bank Independence Targets And Credibility
DOWNLOAD
FREE 30 Days
Author : Francesco Lippi
language : en
Publisher: Edward Elgar Publishing
Release Date : 1999-01-27
Central Bank Independence Targets And Credibility written by Francesco Lippi and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01-27 with Business & Economics categories.
This book integrates new political and economic elements into the analysis of monetary policy credibility and central bank independence. The author considers imperfect monetary control, rational voters, distributional issues and uncertainty about future policy objectives in his welfare analysis of central banking. The role played by the different institutional elements that contribute to the making of an independent central bank is also assessed. A distinction is made between central bank independence and targets offering new insights into how a more inflation averse monetary policy may actually be achieved. Finally, explanations for the variation of central bank independence and conservatism across different countries are provided. This book will appeal to researchers, academics and policy makers in the fields of monetary policy, financial economics, money and banking and political economy.
The Changing Face Of Central Banking
DOWNLOAD
FREE 30 Days
Author : Pierre L. Siklos
language : en
Publisher: Cambridge University Press
Release Date : 2002-11-21
The Changing Face Of Central Banking written by Pierre L. Siklos and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-11-21 with Business & Economics categories.
Central banks have emerged as the key players in national and international policy making. This book explores their evolution since World War II in 20 industrial countries. The study considers the mix of economic, political and institutional forces that have affected central bank behaviour and its relationship with government. The analysis reconciles vastly different views about the role of central banks in the making of economic policies. One finding is that monetary policy is an evolutionary process.