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Central Bank Independence and Fiscal equilibrium

Author

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  • Helder Ferreira de Mendonça

Abstract

The objective of this paper is to analyze the main theoretical arguments for the analysis of the conduction of monetary policy on the fiscal side. Besides this, an analysis is made of the possible effects on the fiscal balance from the conduction of the monetary policy in the search for price stability after the Real Plan and due to an increase in the central bank independence (CBI) in the Brazilian case. The findings denote that the strategy for the conduction of the adopted monetary policy and the increase in the degree of CBI did not contribute to an improvement in the fiscal balance. JEL Classification: E58; E63.

Suggested Citation

  • Helder Ferreira de Mendonça, 2006. "Central Bank Independence and Fiscal equilibrium," Brazilian Journal of Political Economy, Center of Political Economy, vol. 26(1), pages 23-38.
    • Handle: RePEc:ekm:repojs:v:26:y:2006:i:1:p:23-38:id:588
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    More about this item

    Keywords

    central bank independence; inflation; public debt;
    All these keywords.

    JEL classification:

    • 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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