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Central bank reform, liberalization and inflation in transition economies--an international perspective

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  • Cukierman, Alex
  • Miller, Geoffrey P.
  • Neyapti, Bilin

Abstract

This paper develops extensive new data on the legal independence of central banks in 26 former socialist economies (FSE). This data is constructed using the codification system for measuring legal independence developed in Cukierman, Webb and Neyapti (1992) and in chapter 19 of Cukierman (1992). This makes it comparable with earlier data on central bank independence (CBI) in the industrial democracies and in other developing countries and permits experimentation with alternative indices of CBI.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Monetary Economics.

Volume (Year): 49 (2002)
Issue (Month): 2 (March)
Pages: 237-264

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Handle: RePEc:eee:moneco:v:49:y:2002:i:2:p:237-264

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Web page: http://www.elsevier.com/locate/inca/505566

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  1. Roubini, Nouriel & Sachs, Jeffrey D., 1989. "Political and economic determinants of budget deficits in the industrial democracies," European Economic Review, Elsevier, vol. 33(5), pages 903-933, May.
  2. Barro, Robert J., 1979. "On the Determination of the Public Debt," Scholarly Articles 3451400, Harvard University Department of Economics.
  3. Hochreiter, Eduard & Rovelli, Riccardo & Winckler, Georg, 1996. "Central banks and seigniorage: A study of three economies in transition," European Economic Review, Elsevier, vol. 40(3-5), pages 629-643, April.
  4. Prakash Loungani & Nathan Sheets, 1995. "Central bank independence, inflation and growth in transition economies," International Finance Discussion Papers 519, Board of Governors of the Federal Reserve System (U.S.).
  5. Cukierman, A., 1996. "The Economics of Central Banking," Papers 36-96, Tel Aviv.
  6. Eijffinger, S. & van Keulen, M., 1994. "Central Bank Independence in Another Eleven Countries," Papers 9494, Tilburg - Center for Economic Research.
  7. Eijffinger, S. & De Hann, J., 1995. "The Political Economy of Central Bank Independence," Papers 9587, Tilburg - Center for Economic Research.
  8. Conway, P, 1995. "Currency Proliferation : The Monetary Legacy of the Soviet Union," Princeton Studies in International Economics 197, International Economics Section, Departement of Economics Princeton University,.
  9. Eijffinger, S.C.W., 1993. "Central bank independence in twelve industrial countries," Open Access publications from Tilburg University urn:nbn:nl:ui:12-152908, Tilburg University.
  10. Alberto Alesina, 1988. "Macroeconomics and Politics," NBER Chapters, in: NBER Macroeconomics Annual 1988, Volume 3, pages 13-62 National Bureau of Economic Research, Inc.
  11. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-62, May.
  12. Bilin Neyaptý, 2000. "Central bank Independence and Economic Performance in Eastern Europe," Departmental Working Papers 0007, Bilkent University, Department of Economics.
  13. Cukierman, Alex & Webb, Steven B & Neyapti, Bilin, 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," World Bank Economic Review, World Bank Group, vol. 6(3), pages 353-98, September.
  14. Chris Melliss & Mark Cornelius, 1994. "New currencies in the Former Soviet Union: a recipe for hyperinflation or the path to price stability," Bank of England working papers 26, Bank of England.
  15. Cukierman, Alex & Webb, Steven B, 1995. "Political Influence on the Central Bank: International Evidence," World Bank Economic Review, World Bank Group, vol. 9(3), pages 397-423, September.
  16. Nouriel Roubini & Jeffrey Sachs, 1988. "Political and Economic Determinants of Budget Deficits in the IndustrialDemocracies," NBER Working Papers 2682, National Bureau of Economic Research, Inc.
  17. Conway, P, 1995. "Currency Proliferation : The Monetary Legacy of the Soviet Union," Princeton Essays in International Economics 197, International Economics Section, Departement of Economics Princeton University,.
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  1. Central Bank Independence, Transparency, and Accountability
    by Guest Author in the big picture on 2010-05-31 12:30:15
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