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Central Bank Independence and Private Investment in the Developing World

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  • M. Pastor, Jr
  • S. Maxfield

Abstract

We argue that central bank independence (CBI) can raise private investment through signalling commitment to reform and suggest that such an effect might be larger in democracies where CBI can also limit populist access to economic policy‐making. Random effects regressions on private investment behavior in a sample of 20 developing countries support these hypotheses.

Suggested Citation

  • M. Pastor, Jr & S. Maxfield, 1999. "Central Bank Independence and Private Investment in the Developing World," Economics and Politics, Wiley Blackwell, vol. 11(3), pages 299-309, November.
    • Handle: RePEc:bla:ecopol:v:11:y:1999:i:3:p:299-309
    DOI: 10.1111/1468-0343.00063
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    Cited by:

    1. Fang‐Shuo Chang & Shiu‐Sheng Chen & Po‐Yuan Wang, 2020. "Politics and the UK's monetary policy," Scottish Journal of Political Economy, Scottish Economic Society, vol. 67(5), pages 486-522, November.
    2. Syed, Shabib Haider & Majeed, Muhammad Tariq, 2007. "Public Policy and Private Investment in Pakistan," MPRA Paper 57675, University Library of Munich, Germany.
    3. Yong Kyun Kim, 2017. "Inequality and Sovereign Default under Democracy," Journal of Economics and Financial Analysis, Tripal Publishing House, vol. 1(1), pages 81-115.
    4. Cep Jandi Anwar & Indra Suhendra, 2023. "Measuring Response of Stock Market to Central Bank Independence Shock," SAGE Open, , vol. 13(1), pages 21582440231, February.
    5. J Benson Durham, "undated". "A Survey of the Econometric Literature on the Real Effects of International Capital Flows in Lower Income Countries," QEH Working Papers qehwps50, Queen Elizabeth House, University of Oxford.

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