Central Bank Governance: A Survey of Boards and Management

December 1, 2004

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Format: Chicago

JoAnne Morris, and Tonny Lybek. Central Bank Governance: A Survey of Boards and Management, (USA: International Monetary Fund, 2004) accessed July 9, 2025

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

This paper identifies issues to consider when designing the structure, size, and composition of the governing boards and management of a central bank. While central bank autonomy and accountability are generally accepted as good practice, there is less consensus regarding the structure, size, and composition of the governing bodies. This paper surveys 101 central bank laws covering 113 countries and classifies the governance structure according to degree of autonomy, functions performed, size, composition, appointment procedures, and terms of the members. The paper concludes that an appropriate balance must be struck between the functions of the governing entities, simplicity, and country specific factors. The functions of the various bodies follow logically if a greater appreciation exists for the type of autonomy delegated to the central bank.

Subject: Banking, Central bank accountability, Central bank autonomy, Central bank legislation, Central bank operations, Central bank organization, Central banks, Price stabilization, Prices

Keywords: Accountability provision, Africa, Caribbean, Central bank accountability, Central bank autonomy, Central bank governance, Central bank Governors, Central bank independence, Central bank law, Central bank legislation, Central bank operations, Central bank organization, Democratic deficit, Exchange rate, Financial condition, Governance structure, Government policy, Implementation board, Management board, Middle East, Minister of finance, Monetary policy, Price stabilization, Supervisory board, WP

Publication Details

Pages:

53
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2004/226
Stock No:

WPIEA2262004
ISBN:

9781451875416
ISSN:

1018-5941

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