Central Bank Legal Frameworks in the Aftermath of the Global Financial Crisis
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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
Format:
Paper
Pages:
41
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