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Author Arnone, Marco, author

Title Measures of central bank autonomy : empirical evidence for OECD, developing, and emerging market economies / Marco Arnone, Bernard J. Laurens, and Jean-François Segalotto
Published [Washington D.C.] : International Monetary Fund., [2006]
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Description 1 online resource (38 pages) : illustrations
Series IMF working paper ; WP/06/228
IMF working paper ; WP/06/228
Summary 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
Bibliography Includes bibliographical references
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. MiAaHDL
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Banks and banking, Central -- Law and legislation -- Developing countries.
Banks and banking, Central -- Law and legislation -- OECD countries.
Monetary policy -- Developing countries.
Monetary policy -- OECD countries.
Form Electronic book
Author Laurens, Bernard, author
Segalotto, Jean-François, author
International Monetary Fund. Monetary and Capital Markets Department.
ISBN 1282391879