Political Pressure on Central Banks: The Case of the Czech National Bank
AbstractAs the independence of national central banks in the European Union is one of the main institutional features of the monetary constitution of the EU, the paper tries to find out whether central banks are factually independent in their decisions about interest rates if they face political pressure. The Havrilesky (1993) methodology of the political pressure on central banks is applied to the Czech National Bank, a central bank of one of the new EU Member States, in order to test whether the conducted monetary policy has been influenced by political pressure from various interest groups.
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Bibliographic InfoPaper provided by Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies in its series Working Papers IES with number 2006/08.
Length: 27 pages
Date of creation: Apr 2006
Date of revision: Apr 2006
political economy; monetary policy; pressure groups;
Find related papers by JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-12-09 (All new papers)
- NEP-CBA-2006-12-09 (Central Banking)
- NEP-MAC-2006-12-09 (Macroeconomics)
- NEP-MON-2006-12-09 (Monetary Economics)
- NEP-POL-2006-12-09 (Positive Political Economics)
- NEP-TRA-2006-12-09 (Transition Economics)
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