IDEAS home Printed from https://ideas.repec.org/a/ime/imemes/v14y1996i2p79-101.html
   My bibliography  Save this article

Central Bank Independence Indexes in Economic Analysis: A Reappraisal

Author

Listed:
  • Hiroshi Fujiki

    (Research Division 1, Institute for Monetary and Economic Studies, Bank of Japan)

Abstract

The paper, by means of panel data analysis, reexamines the empirical regularities strongly advocated by Alesina and Summers (1993), i.e., that (1) central bank independence and inflation are negatively correlated in industrialized countries; and that (2) central bank independence and real growth are not correlated in industrialized countries. The analysis here shows that both regularities become unstable when stricter conditions are imposed, and have not proved to be robust. Therefore, one may conclude that Alesina and Summers' results have not yet provided a reliable basis for policy recommendations.

Suggested Citation

  • Hiroshi Fujiki, 1996. "Central Bank Independence Indexes in Economic Analysis: A Reappraisal," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 14(2), pages 79-101, December.
  • Handle: RePEc:ime:imemes:v:14:y:1996:i:2:p:79-101
    as

    Download full text from publisher

    File URL: http://www.imes.boj.or.jp/research/papers/english/me14-2-4.pdf
    Download Restriction: no

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Thomas F. Cargill & Gerald P. O'Driscoll Jr., 2013. "Federal Reserve Independence: Reality or Myth?," Cato Journal, Cato Journal, Cato Institute, vol. 33(3), pages 417-435, Fall.
    2. Berlemann, Michael & Hielscher, Kai, 2011. "A Time-varying Indicator of Effective Monetary Policy Conservatism," Working Paper 112/2011, Helmut Schmidt University, Hamburg.
    3. Michael Berlemann & Kai Hielscher, 2016. "Measuring Effective Monetary Policy Conservatism of Central Banks: A Dynamic Approach," Annals of Economics and Finance, Society for AEF, vol. 17(1), pages 105-132, May.
    4. repec:eee:ecmode:v:67:y:2017:i:c:p:215-227 is not listed on IDEAS
    5. 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.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ime:imemes:v:14:y:1996:i:2:p:79-101. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Kinken). General contact details of provider: http://edirc.repec.org/data/imegvjp.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.