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Socio-political and economic determinants of de facto monetary institutions and inflationary outcomes

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Author Info
Fabrizio Carmignani () (Department of Economics, University of Milan-Bicocca)
Emilio Colombo () (Department of Economics, University of Milan-Bicocca)
Patrizio Tirelli () (Department of Economics, University of Milan-Bicocca)

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Abstract

In this paper we estimate a model where in°ation, a measure of de facto central bank independence and an index of de facto exchange rate regime are simultaneously determined by a set of economic, political and institutional variables. De facto central bank independence is hampered by socio-political turbulence and bene¯ts from the balance of powers between the executive and the parliament. In°ation is explained by de facto central bank independence, by the level and volatility of public expenditure and by the de facto exchange rate regime. Openness (real and ¯nancial) a®ects in°ation through the ex- change rate regime channel. Success in controlling in°ation, in turn is crucial to sustain central bank independence and exchange rate stability.

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File URL: http://dipeco.economia.unimib.it/repec/pdf/mibwpaper107.pdf
File Format: application/pdf
File Function: First version, 2007
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Publisher Info
Paper provided by University of Milano-Bicocca, Department of Economics in its series Working Papers with number 107.

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Length: 28 pages
Date of creation: 2007
Date of revision: 2007
Handle: RePEc:mib:wpaper:107

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Related research
Keywords: Infation; central bank independence; exchange rate regime; system estimation;

Find related papers by JEL classification:
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models

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