Central Bank Autonomy: Lessons from Global Trends
IMF Working Papers, April 1, 2007
Source details
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- Central Bank Autonomy: Lessons from Global Trends
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Bibliographic details
- Authors: Bernard J Laurens, Martin Sommer, Marco Arnone, Jean-François Segalotto
- Published: April 1, 2007
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451866520.001
Overview and research scope
- Indexes of central bank autonomy (CBA) calculated for 163 central banks as of end-2003.
- Comparable indexes calculated for a subgroup of 68 central banks as of the end of the 1980s.
- Timeframe and coverage focus: cross-country comparison over "the past couple of decades" up to end-2003 with a historical subgroup at end-1980s.
Key empirical findings
- Strong improvements in both economic and political CBA over the past couple of decades.
- Greater CBA has on average helped to maintain low inflation levels.
- More progress is needed to boost political autonomy of central banks in emerging market and developing countries.
- Significant differences exist across countries in the area of banking supervision, where many central banks have retained a key role.
Conceptual contributions and principles
- The paper identifies four broad principles of central bank autonomy that have been shared by the majority of countries.
- Discussion of the sequencing of reforms to separate the conduct of monetary and fiscal policies.
Subject matter and keywords
- Subjects: Banking, Central bank autonomy, Central bank credit, Emerging and frontier financial markets, Inflation
- Keywords: CBA Autonomy, central bank, country, developing country, government, WP
Publication and document identifiers (as stated in the source)
- Pages: 53
- Volume: 2007
- Issue: 088
- Series: Working Paper No. 2007/088
- DOI: https://doi.org/10.5089/9781451866520.001
- Stock No: WPIEA2007088
- ISBN: 9781451866520
- ISSN: 1018-5941
- Authors: Bernard J Laurens, Martin Sommer, Marco Arnone, Jean-François Segalotto
- Publication date on landing page: April 1, 2007
Source: Central Bank Autonomy: Lessons from Global Trends, IMF Working Paper No. 2007/088.