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Central Bank Independence

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  • International Monetary Fund

Abstract

There has been growing interest recently in the scope for promoting monetary stability through the establishment of independent central banks. This paper reviews the issues involved in central bank independence against the background of arrangements in nine countries. The analysis suggests that detailed institutional arrangements would need to be carefully designed if the potential benefits of central bank independence are to be delivered. Particularly important are the nature of arrangements to resolve various types of conflicts involving monetary policy, and arrangements to promote accountability and public monitoring of monetary policy performance.

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File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=935
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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 91/58.

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Length: 59
Date of creation: 01 Jun 1991
Date of revision:
Handle: RePEc:imf:imfwpa:91/58

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Postal: International Monetary Fund, Washington, DC USA
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Cited by:
  1. Eijffinger, S.C.W. & Rooij, M. van & Schaling, E., 1994. "Central bank independence: A paneldata approach," Discussion Paper 1994-93, Tilburg University, Center for Economic Research.
  2. Tonny Lybek, 1999. "Central Bank Autonomy, and Inflation and Output Performance in the Baltic States, Russia, and Other Countries of the Former Soviet Union, 1995-1997," IMF Working Papers 99/4, International Monetary Fund.
  3. Carl E. Walsh, 1995. "Recent Central-Bank Reforms and the Role of Price Stability as the Sole Objective of Monetary Policy," NBER Chapters, in: NBER Macroeconomics Annual 1995, Volume 10, pages 237-252 National Bureau of Economic Research, Inc.
  4. Stephan Barisitz, 2004. "Developments in Selected Countries," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 10-48.

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