The aim of this paper is to analyze critically the Independence of Central Banks (ICB). By presenting the theoretical arguments that support the independence, as well as some empirical studies regarding this topic, we introduce the main critical concerns about the argument of ICB. Besides, we set the most striking aspects of the effectiveness of the Independence of Central Banks as a "panacea" for solving the inflationary pressures in developing countries. Conclusions highlight the limits of ICB in countries with high external constraints such as Brazil.
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Length: 17 pages Date of creation: May 2003 Date of revision: Handle: RePEc:cdp:texdis:td199
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Find related papers by JEL classification: E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
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