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Central bank independence in another eleven countries

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  • S. EIJFFINGER

    (Tilburg University)

  • M. VAN KEULEN

    (University of South Carolina)

Abstract

The rationale for the independence of central banks is the so-called 'Rules versus Discretion' debate, which is described in this article. Central bank independence is considered an effective measure against governments from manipulating policy instruments to spur short-term economic growth and employment. Several, recent indices that purport to measure central bank independence are amalgamated and applied to ten European countries, plus New Zealand. Appendices are included on the central bank laws in the eleven countries.

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File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10553/10438
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Bibliographic Info

Article provided by Banca Nazionale del Lavoro in its journal Banca Nazionale del Lavoro Quarterly Review.

Volume (Year): 48 (1995)
Issue (Month): 192 ()
Pages: 39-81

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Handle: RePEc:psl:bnlqrr:1995:13

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Keywords: Finland; Austria; Denmark; Laws; regulations and rules; Czech Republic; Poland; Hungary; Spain; Norway; Portugal; New Zealand; Luxembourg;

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  1. Jakob De Haan & Jan Egbert Sturm, 1992. "The Case for Central Bank Independence," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 45(182), pages 305-327.
  2. 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.
  3. Alberto Alesina, 1988. "Macroeconomics and Politics," NBER Chapters, in: NBER Macroeconomics Annual 1988, Volume 3, pages 13-62 National Bureau of Economic Research, Inc.
  4. Eijffinger, S.C.W. & Schaling, E., 1992. "Central bank independence: Criteria and indices," Research Memorandum 548, Tilburg University, Faculty of Economics and Business Administration.
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