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Central bank financial strength and inflation: Is there a robust link?

Author

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  • Perera, Anil
  • Ralston, Deborah
  • Wickramanayake, Jayasinghe

Abstract

Central bank financial strength has not been a fundamental issue for a substantial period of time. However, recent theoretical and empirical studies argue that central banks need to maintain a sufficient level of financial strength to perform their functions effectively and to achieve monetary policy objectives. In this study, we examine the empirical relationship between central bank financial strength and inflation using an unbalanced panel data set for a sample of selected advanced and emerging countries. We observe a statistically significant and robust negative relationship between central bank financial strength and inflation. This relationship is robust in the presence of other determinants of inflation and for alternative estimation methods. Our results have important implications for policy makers and central bankers. Particularly, our results suggest that avoiding persistent losses and maintaining the health of the central bank balance sheet remain vital pre-conditions for desirable policy outcomes of a central bank.

Suggested Citation

  • Perera, Anil & Ralston, Deborah & Wickramanayake, Jayasinghe, 2013. "Central bank financial strength and inflation: Is there a robust link?," Journal of Financial Stability, Elsevier, vol. 9(3), pages 399-414.
    • Handle: RePEc:eee:finsta:v:9:y:2013:i:3:p:399-414
    DOI: 10.1016/j.jfs.2013.06.005
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    6. Mr. Andrew J Swiston & Ms. Florencia Frantischek & Mr. Przemek Gajdeczka & Alexander Herman, 2014. "Central Bank Financial Strength in Central America and the Dominican Republic," IMF Working Papers 2014/087, International Monetary Fund.
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    10. Aljughaiman, Abdullah A. & Cao, Ngan Duong & Trinh, Vu Quang & Albarrak, Mohammed & Vo, Xuan Vinh, 2023. "Does gender diversity affect financial strength differently in conventional and Islamic banks? Evidence from MENA countries," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
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    13. Mojmir Hampl & Tomas Havranek, 2018. "Central Bank Financial Strength and Inflation: A Meta-Analysis," Research and Policy Notes 2018/01, Czech National Bank.
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    More about this item

    Keywords

    Central bank financial strength; Central bank capital; Inflation; Panel estimates; GMM method;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • 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
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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