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Book Cover
Author Laurens, Bernard.

Title Central Bank Autonomy
Published Washington : International Monetary Fund, 2007
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Description 1 online resource (55 pages)
Series IMF Working Papers
IMF Working Papers
Contents Acronyms; I. Introduction; II. Methodology for Assessing Central Bank Autonomy; III. Literature on the Benefits of Central Bank Autonomy; Tables; 1. Matrix of Central Bank Samples and Indexes; IV. CBA: Comparison Across Countries and Evolution over Time; 2. Scores of Central Bank Autonomy in the Late 1980s and 2003; A. Assessment of Central Bank Autonomy in the Late 1980s; Figures; 1. Autonomy by Income-Level Groups (late 1980s); 2. Autonomy by Sub-Groups (late 1980s); B. Assessment of Central Bank Autonomy as of End-2003; Comparison by income groups
3. Autonomy by Income-Level Groups (2003)4. Autonomy by Sub Groups (2003); 5. Relative Frequencies of Political Autonomy (2003); Detailed discussion of sub-components of autonomy; 3. Performance on Sub-Components of the Political Autonomy Index (2003); 6. Relative Frequencies of Economic Autonomy (2003); Regional patterns; 4. Performance on Sub-Components of the Economic Autonomy Index (2003); C. Developments in Central Bank Autonomy Over Time; Trends by income groups; 5. Regional Patterns of Central Bank Autonomy (end 2003); 7. Global Trends in Central Bank Autonomy
6. Regional Trends in Central Bank Autonomy (1980s-2003)15. Inflation in Emerging Markets, 1960-2005; 7. Inflation in Emerging Markets (Probit Estimates, Five-Year Averages); VI. Lessons Emerging from Global Trends; A. Consensus Views; Principle 1: Set price stability as the primary objective of monetary policy; Principle 2: Curtail direct lending to governments; Principle 3: Ensure full autonomy for setting the policy rate; Principle 4: Ensure no government involvement in policy formulation; B. Departure from the Literature: The Role of Central Banks in Bank Supervision
8. Trends in Central Bank Autonomy for Advanced Economies9. Trends in Central Bank Autonomy for Emerging Markets; 10. Trends in Central Bank Autonomy for Selected Developing Countries; 11. Trends in Central Bank Autonomy for all Developing Countries; 12. Trends in the Distribution of Central Bank Autonomy in Advanced Economies; 13. Trends in the Distribution of Central Bank Autonomy in Emerging Markets; 14. Trends in the Distribution of Central Bank Autonomy in Developing Countries; Regional trends; V. Central Bank Autonomy and Inflation
C. Sequencing of ReformsStep 1: Clarify objectives and establish basic instrument autonomy; Step 2: Strengthen further instrument autonomy; Step 3: Strengthen further political autonomy; VII. Conclusions; Statistical Tables; 1. Advanced Economies: GMT Political Autonomy Scores (2003); 2. Emerging Markets: GMT Political Autonomy Scores (2003); 3. Developing Countries: GMT Political Autonomy Scores (2003); 4. Advanced Economies: GMT Economic Autonomy Scores (2003); 5. Emerging Markets: GMT Economic Autonomy Scores (2003); 6. Developing Countries: GMT Economic Autonomy Scores (2003)
Summary 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 t
Notes 7. Cukierman versus GMT Conversion Table
Print version record
Form Electronic book
Author Arnone, Marco.
Segalotto, Jean-Fran├žois.
Sommer, Martin.
ISBN 145191105X