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Central Bank Independence, Economic Freedom, and Inflation Rates

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  • Banaian, King
  • Luksetich, William A

Abstract

Measures of central bank independence combine many attributes that may or may not affect inflation. Central bank attributes are chosen as a result of political calculations over the distribution of resources between competing interest groups. Simultaneity bias results from regressions of central bank independence or of economic and political freedom on inflation or growth. Our estimates demonstrate the connections between economic and political freedom and central bank attributes that lead to inflation. Countries showing high degrees of economic freedom adopt structures that lead to lower inflation; those that show high degrees of political freedom do not adopt inflation-reducing institutional structures. Copyright 2001 by Oxford University Press.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Economic Inquiry.

Volume (Year): 39 (2001)
Issue (Month): 1 (January)
Pages: 149-61

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Handle: RePEc:oup:ecinqu:v:39:y:2001:i:1:p:149-61

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Cited by:
  1. Edwards, Jeffrey A., 2006. "Politics, Inflation, and the Mundell-Tobin Effect," MPRA Paper 36443, University Library of Munich, Germany.
  2. King Banaian, 2007. "Measuring Central Bank Independence: Ordering, Ranking, or Scoring?," Working Papers 2008-3 Classification-E58, Saint Cloud State University, Department of Economics, revised 28 Feb 2008.
  3. Siklos, Pierre L., 2008. "No single definition of central bank independence is right for all countries," European Journal of Political Economy, Elsevier, vol. 24(4), pages 802-816, December.
  4. Marc Quintyn, 2009. "Independent agencies: more than a cheap copy of independent central banks?," Constitutional Political Economy, Springer, vol. 20(3), pages 267-295, September.
  5. Richard C.K. Burdekin & King Banaian & Mark Hallerberg & Pierre L. Siklos, 2011. "Fiscal and monetary institutions and policies: onward and upward?," Journal of Financial Economic Policy, Emerald Group Publishing, vol. 3(4), pages 340-354, November.
  6. Aleksandra Maslowska, 2007. "Discussion on the Inconsistency of Central Bank Independence Measures," Discussion Papers 21, Aboa Centre for Economics.

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