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Legal Central Bank independence and inflation in Latin America during the 1990s

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  • Luis I. Jacome H.

    (Fondo Monetario Internacional)

Abstract

This paper reviews central banks' legal reform in Latin America during the 1990s and discusses the status of central bank independence in the region. Based on this information, it builds a simplified index of central bank independence which, in addition to the commonly used criteria of political and economic independence, incorporates provisions of central banks' financial autonomy, accountability, and lender-of-last-resort. The paper finds a moderate negative correlation between increased central bank independence and inflation during 1999-2001 in 14 Latin American countries. Disaggregating the index, the same analysis suggests that economic independence is the key component driving the observed negative correlation between legal central bank independence and inflation.

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Bibliographic Info

Article provided by Banco Central de Bolivia in its journal Revista de Análisis.

Volume (Year): 5 (2002)
Issue (Month): 1 (June)
Pages: 157-194

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Handle: RePEc:blv:journl:v:5:y:2002:i:1:p:157-194

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Related research

Keywords: central bank independence; inflation; Latin American countries;

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Cited by:
  1. Noha Farrag & Ahmed Kamaly, 2007. "Measuring the Degree of Central Bank Independence in Egypt," Working Papers 4, The German University in Cairo, Faculty of Management Technology.
  2. Ourania Dimakou, 2010. "Central Bank Independence, Bureaucratic Corruption and Fiscal Responses - Empirical Evidence," Birkbeck Working Papers in Economics and Finance 1012, Birkbeck, Department of Economics, Mathematics & Statistics.

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