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Central Bank Autonomy: Lessons from Global Trends

Author/Editor: Arnone, Marco | Laurens, Bernard | Segalotto, Jean-Fran├žois | Sommer, Martin
Authorized for Distribution: April 1, 2007
Electronic Access: Free Full Text (PDF file size is 575KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

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 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.
 
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Series: Working Paper No. 07/88
Subject(s): Central banks | Inflation | Bank supervision | Monetary policy | Fiscal policy
Author's keyword(s): Central bank autonomy | political autonomy | economic autonomy
 
English  
    Published:   April 1, 2007        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA2007088   Pages:   53
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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