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Central bank institutional structure and effective central banking: cross-country empirical evidence

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  • Hasan , Iftekhar

    ()
    (Rensselaer Polytechnic Institute and Bank of Finland)

  • Mester, Loretta

    ()
    (Federal Reserve Bank of Philadelphia and University of Pennsylvania)

Abstract

Over the last decade, the legal and institutional frameworks governing central banks and financial market regulatory authorities throughout the world have undergone significant changes. This has created new interest in better understanding the roles played by organizational structures, accountability and transparency in increasing the efficiency and effectiveness of central banks in achieving their objectives and ultimately yielding better economic outcomes. Although much has been written pointing out the potential role institutional form can play in central bank performance, little empirical work has been done to investigate the hypothesis that institutional form is related to performance. This paper attempts to help fill this void.

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Bibliographic Info

Paper provided by Bank of Finland in its series Research Discussion Papers with number 29/2008.

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Length: 38 pages
Date of creation: 05 Dec 2008
Date of revision:
Publication status: Published as Hasan, Iftekhar and Loretta Mester, 'Central bank institutional structure and effective central banking: cross-country empirical evidence' in Comparative Economic Studies , 2008, pages 620-645.
Handle: RePEc:hhs:bofrdp:2008_029

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Postal: Bank of Finland, P.O. Box 160, FI-00101 Helsinki, Finland
Web page: http://www.suomenpankki.fi/en/
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Keywords: central banking; institutional structure; accountability; transparency; performance;

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References

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