Working Papers in full text
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
All
Other research-related activities and publications of the IMF can be found at IMF Research
|
Free Email Notification
Receive emails when we post new
items of interest to you.
Subscribe or
Modify your profile
|
|
|
|
Central Bank Autonomy: Lessons from Global Trends
|
Author/Editor: |
Arnone, Marco | Laurens, Bernard | Segalotto, Jean-François | Sommer, Martin |
| Authorized for Distribution: |
April 1, 2007 |
|
Electronic Access: |
Free Full Text (PDF file size is 575KB)
Use the free Adobe Acrobat Reader to view this PDF file.
|
|
|
|
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.
|
|
|
|
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
|
|
|
|
|
| |
Published: |
|
April 1, 2007 |
|
|
|
|
| |
ISBN/ISSN: |
|
1934-7073 |
|
Format: |
|
Paper |
| |
Stock No: |
|
WPIEA2007088 |
|
Pages: |
|
53 |
| |
Price: |
|
US$18.00
|
|
|
|
|
|
|
