Central Bank Autonomy, and Inflation and Output Performance in the Baltic States, Russia, and Other Countries of the Former Soviet Union, 1995-1997

Author/Editor:

Tonny Lybek

Publication Date:

January 1, 1999

Electronic Access:

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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:

A higher degree of de jure autonomy and accountability of the central banks of the Baltic states, Russia, and other countries of the former Soviet Union appears to be positively correlated with lower average inflation. There also seems to be some positive correlation between greater central bank autonomy and higher average real growth, after the initial period of reforms. Central banks with a higher degree of autonomy and accountability have apparently also reformed their operations more aggressively.

Series:

Working Paper No. 1999/004

Subject:

Banking Central bank accountability Central bank autonomy Central bank credit Central bank legislation Central banks Inflation Prices

English

Publication Date:

January 1, 1999

ISBN/ISSN:

9781451842029/1018-5941

Stock No:

WPIEA0041999

Pages:

38

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