{
  "title": "Central Bank Financial Strength and Policy Performance: An Econometric Evaluation",
  "publication": "IMF Working Papers, July 1, 2008",
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  "summary": "The financial health of central banks and its relation to policy outcomes has recently been recognized as an important policy issue.",
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    {
      "heading": "Summary and main finding",
      "content": "- The paper provides a quantitative evaluation of the relationship between measures of central bank financial strength and policy performance, in particular inflation.\n- The paper's major finding is that there indeed is a negative relationship between central bank financial strength and inflation outcomes.\n- This negative relationship is reported as robust to:\n  - the choice of alternative country samples,\n  - control variables,\n  - estimation strategies,\n  - conceptualizations of central bank financial strength."
    },
    {
      "heading": "Motivation and research gap",
      "content": "- Case study evidence indicates that weak central bank finances can hamper effective policy implementation.\n- Prior to this paper, the question of whether central bank financial strength influences policy performance lacked econometric evidence.\n- The paper is presented as a first step toward filling this econometric gap."
    },
    {
      "heading": "Methodology (high-level)",
      "content": "- The study conducts an econometric evaluation linking measures of central bank financial strength to policy performance indicators, with a focus on inflation.\n- Robustness checks include alternative country samples, alternative control variables, different estimation strategies, and different conceptualizations of central bank financial strength."
    },
    {
      "heading": "Key subjects and keywords",
      "content": "- Subjects: Banking, Central bank autonomy, Central bank balance sheet, Financial statements, Inflation\n- Keywords: central bank financial strength, exchange rate, financial condition, WP\n\n---\n\n Content in this bundle\n\n- wp08176\n  - wp08176 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp08176 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/central-bank-financial-strength-and-policy-performance-an-econometric-evaluation-22140"
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    "Authors: Peter Stella, Ulrich H Klueh",
    "Published: July 1, 2008",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451870343.001",
    "The paper provides a quantitative evaluation of the relationship between measures of central bank financial strength and policy performance, in particular inflation.",
    "The paper's major finding is that there indeed is a negative relationship between central bank financial strength and inflation outcomes.",
    "This negative relationship is reported as robust to:",
    "Case study evidence indicates that weak central bank finances can hamper effective policy implementation.",
    "Prior to this paper, the question of whether central bank financial strength influences policy performance lacked econometric evidence.",
    "The paper is presented as a first step toward filling this econometric gap.",
    "The study conducts an econometric evaluation linking measures of central bank financial strength to policy performance indicators, with a focus on inflation.",
    "Robustness checks include alternative country samples, alternative control variables, different estimation strategies, and different conceptualizations of central bank financial strength.",
    "Subjects: Banking, Central bank autonomy, Central bank balance sheet, Financial statements, Inflation",
    "Keywords: central bank financial strength, exchange rate, financial condition, WP",
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