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Political Institutions and Central Bank Independence : A Cross Country Analysis

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  • Nader Habibi
  • F. M. Bagheri

Abstract

Using three quantitative measures of Central Bank independence, the authors apply OLS and TSLS regression methods to investigate the possible correlation between political liberty, political instability and central bank independence. For a sample of Western democracies and highly democratic developing countries they show that Cukierman's legal independence index is positively correlated with political freedom and regime political stability. It is negatively correlated with party political stability. For a sample of developing countries that excludes dictatorships the authors show that a special index of legal central bank autonomy is positively associated with political freedom and political stability. Finally, they observe that, for the same sample of nations, the turnover index of central bank independence is not sensitive to the authors' political variables. Copyright 1998 by Kluwer Academic Publishers

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Bibliographic Info

Paper provided by Bilkent University, Department of Economics in its series Departmental Working Papers with number 973.

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Date of creation: 1997
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Handle: RePEc:bil:bilpap:973

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Cited by:
  1. 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.
  2. Benjamin Furlan & Martin Gächter & Bob Krebs & Harald Oberhofer, 2013. "Democratization and real exchange rates," FIW Working Paper series 125, FIW.
  3. Lucotte, Yannick, 2010. "The choice of adopting inflation targeting in emerging economies: Do domestic institutions matter?," MPRA Paper 27118, University Library of Munich, Germany.
  4. Hayo, Bernd & Hefeker, Carsten, 2002. "Reconsidering central bank independence," European Journal of Political Economy, Elsevier, vol. 18(4), pages 653-674, November.
  5. Daunfeldt, Sven-Olov & Hellström, Jörgen & Landström, Mats, 2009. "Why Do Politicians Implement Central Bank Independence Reforms?," Ratio Working Papers 143, The Ratio Institute.
  6. Marcello D'Amato & Barbara Pistoresi & Francesco Salsano, 2009. "On the determinants of Central Bank independence in open economies," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 14(2), pages 107-119.
  7. Bernd Hayo & Carsten Hefeker, 2001. "Do We Really Need Central Bank Independence? A Critical Re- examination," Macroeconomics 0103006, EconWPA.
  8. Brumm, Harold J., 2011. "Inflation and central bank independence: Two-way causality?," Economics Letters, Elsevier, vol. 111(3), pages 220-222, June.
  9. Meseguer, Covadonga, 2006. "Learning and economic policy choices," European Journal of Political Economy, Elsevier, vol. 22(1), pages 156-178, March.

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