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Central bank independence: monetary policies in selected jurisdictions (II)

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  • Ayadi, Felix
  • Ojo, Marianne

Abstract

Through an investigation of selected jurisdictions, this paper aims to contribute to the extant literature in investigating the relationship between central bank independence and price stability, as well as how such a relationship varies between different jurisdictions – even though it is widely argued that political and legislative interference is often contributory to price instability. This paper employs times series data to study the dynamics of central bank independence. It also employs bivariate cointegration methodology to examine the long-term relationship between inflation index and the different measures of financial development.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 45684.

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Date of creation: 31 Mar 2013
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Handle: RePEc:pra:mprapa:45684

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Keywords: inflation; price stability; central bank independence; monetary policy; financial stability;

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  1. Malcolm Sawyer, 2006. "Inflation targeting and central bank independence: we are all Keynesians now! or are we?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(4), pages 639-652, July.
  2. Theodore Panagiotidis & Afrodit Triampella, 2005. "Central Bank Independence and Inflation: The case of Greece," Discussion Paper Series 2005_7, Department of Economics, Loughborough University, revised Jul 2005.
  3. Wojciech S. Maliszewski, 2000. "Central Bank Independence in Transition Economies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(3), pages 749-789, November.
  4. Haan, Jakob de & Kooi, Willem J., 2000. "Does central bank independence really matter?: New evidence for developing countries using a new indicator," Journal of Banking & Finance, Elsevier, vol. 24(4), pages 643-664, April.
  5. Morten Balling & Frank Lierman & Freddy Van den Spiegel & Rym Ayadi & David T. Llewellyn & Martin Merlin & Donato Masciandaro & Marc Quintyn & Rosaria Vega-Pansini & Adam Szyszka & Rym Ayadi & Frank d, 2012. "New Paradigms in Banking, Financial Markets and Regulation?," SUERF Studies, SUERF - The European Money and Finance Forum, number 2012/2 edited by Morten Balling, Frank Lierman, Freddy Van den Spiegel, Rym Ayadi and David T. Llewellyn.
  6. Hayo, Bernd & Hefeker, Carsten, 2002. "Reconsidering central bank independence," European Journal of Political Economy, Elsevier, vol. 18(4), pages 653-674, November.
  7. Otero, Jesus & Ramirez, Manuel, 2006. "Inflation before and after central bank independence: The case of Colombia," Journal of Development Economics, Elsevier, vol. 79(1), pages 168-182, February.
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