| Description |
1 online resource (85 pages) : illustrations |
| Series |
IMF working paper ; WP/06/227 |
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IMF working paper ; WP/06/227.
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| Contents |
Contents -- I. INTRODUCTION TO INDICATORS OF CENTRAL BANK AUTONOMY -- II. BASE INDICATORS OF DE JURE AUTONOMY -- III. SUBSEQUENT LITERATURE AND EMPIRICAL STUDIES ON BASE INDICATORS -- IV. CONCLUDING REMARKS -- Appendix I. Statistical Tables -- Appendix II. Summary of Base Indicators of De Jure Autonomy Robin Bade, Michael Parkin (1977). -- Appendix III. Summary of Base Indicators of De Facto Autonomy Alex Cukierman (1992). -- Appendix IV. Summary of Empirical Studies on De Jure Autonomy -- Appendix V. Summary of Empirical Studies on De Facto Autonomy -- REFERENCES |
| Summary |
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 |
| Bibliography |
Includes bibliographical references (pages 79-85) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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Print version record |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
| Subject |
Banks and banking, Central -- Management -- Econometric models
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Monetary policy -- Econometric models
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Monetary policy -- Econometric models
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| Form |
Electronic book
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| Author |
Laurens, Bernard, author.
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Segalotto, Jean-François, author.
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International Monetary Fund. Monetary and Capital Markets Department
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| ISBN |
128351351X |
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9781283513517 |
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9781451909401 |
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1451909403 |
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