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Central Bank Independence and the Lessons for Transition Economies from Developed and Developing Countries

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  • Helmut Wagner
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    Abstract

    There is nowadays a wide consensus among economists that central banks should be independent. The substantiation of this claim was derived from the modern theory of monetary policy and from empirical experiences with central bank independence, both concentrated on developed industrial countries. This paper analyzes the question of the lessons that might be drawn from this for transition countries. The main result is: as long as central bank independence is only “legal”, i.e. only exists on paper, as still in many transition countries, there is a danger that it will not only be ineffective but even counterproductive. Further institutional supplements are necessary.

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal Comparative Economic Studies.

    Volume (Year): 41 (1999)
    Issue (Month): 4 (December)
    Pages: 1-22

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    Handle: RePEc:pal:compes:v:41:y:1999:i:4:p:1-22

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    Web page: http://www.palgrave-journals.com/

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    Cited by:
    1. Feist, Holger, 2001. "The Enlargement of the European Union and the Redistribution of Seigniorage Wealth," Discussion Papers in Economics 16, University of Munich, Department of Economics.
    2. Kanybek Nur-tegin, 2007. "Do Transition Economies and Developing Countries Have Similar Destinies?," Atlantic Economic Journal, International Atlantic Economic Society, vol. 35(3), pages 327-342, September.
    3. Helmut Wagner, 2007. "Information and Uncertainty in the Theory of Monetary Policy," SUERF Studies, SUERF - The European Money and Finance Forum, number 2007/1 edited by Morten Balling, November.
    4. Helmut Wagner, 2001. "Implications of Globalization for Monetary Policy," IMF Working Papers 01/184, International Monetary Fund.
    5. Feist, Holger, 2001. "The Enlargement of the European Union and the Redistribution of Seigniorage Wealth," Kyklos, Wiley Blackwell, vol. 54(4), pages 533-46.
    6. Holger Feist, 2001. "The Enlargement of the European Union and the Redistribution of Seigniorage Wealth," CESifo Working Paper Series 408, CESifo Group Munich.

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