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Central Bank Independence and Private Investment in the Developing World

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  • M. Pastor, Jr
  • S. Maxfield

Abstract

We argue that central bank independence (CBI) can raise private investment through signalling commitment to reform and suggest that such an effect might be larger in democracies where CBI can also limit populist access to economic policy-making. Random effects regressions on private investment behavior in a sample of 20 developing countries support these hypotheses. Copyright 1999 Blackwell Publishers Ltd..

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  • M. Pastor, Jr & S. Maxfield, 1999. "Central Bank Independence and Private Investment in the Developing World," Economics and Politics, Wiley Blackwell, vol. 11(3), pages 299-309, November.
  • Handle: RePEc:bla:ecopol:v:11:y:1999:i:3:p:299-309
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    Cited by:

    1. repec:trp:01jefa:jefa0007 is not listed on IDEAS
    2. Yong Kyun Kim, 2013. "Inequality and Sovereign Default under Democracy," European Journal of Economic and Political Studies, Fatih University, vol. 6(1), pages 5-40.
    3. J Benson Durham, "undated". "A Survey of the Econometric Literature on the Real Effects of International Capital Flows in Lower Income Countries," QEH Working Papers qehwps50, Queen Elizabeth House, University of Oxford.

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