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Central Bank Independence and Accountability: a Trade-off

In: Building Credible Central Banks

Author

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  • Noël K. Tshiani

Abstract

The case for a credible and independent central bank is becoming increasingly accepted. This new orthodoxy is based on three foundations: the success of the Bundesbank and the German economy over the past 50 years and its successor, the European Central Bank; the theoretical academic literature on the inflationary bias of discretionary policy-making; and the empirical academic literature on central bank independence. The purpose of this chapter is to examine whether this accepted concept of independence can be traded off and balanced with a reasonable degree of accountability for a central bank in an emerging democracy such as the Democratic Republic of the Congo.

Suggested Citation

  • Noël K. Tshiani, 2008. "Central Bank Independence and Accountability: a Trade-off," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Building Credible Central Banks, chapter 2, pages 10-57, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-59425-8_2
    DOI: 10.1057/9780230594258_2
    as

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