Central Bank Legal Frameworks in the Aftermath of the Global Financial Crisis
Electronic Access:
Download PDF. Use the free Adobe Acrobat Reader to view this PDF file
Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
Summary:
Drawing on the 2016 update of the IMF’s Central Bank Legislation Database, this paper examines differences in central bank legal frameworks before and after the Global Financial Crisis. Examples from select countries show that many central bank laws have undergone changes in objectives, decision-making, accountability, and data collection. A wider cross-country survey illustrates the common occurrence of price stability in central bank objectives, and varying practices in defining financial stability, “independence” versus “autonomy,” and who within a central bank determines monetary policy. The highlighted facts illustrate the uses of the database and could be a starting point for further analyses.
Series:
Working Paper No. 17/101
Subject:
Banking supervision legal framework Central bank governance Central banking Cross-country analysis Financial crisis Financial stability Price stability
English
Publication Date:
May 1, 2017
ISBN/ISSN:
9781475595802/1018-5941
Stock No:
WPIEA2017101
Price:
$18.00 (Academic Rate:$18.00)
Format:
Paper
Pages:
41
Please address any questions about this title to publications@imf.org