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Political Pressure on Central Banks: The Case of the Czech National Bank

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Abstract

As the independence of national central banks in the European Union is one of the main institutional features of the monetary constitution of the EU, the paper tries to find out whether central banks are factually independent in their decisions about interest rates if they face political pressure. The Havrilesky (1993) methodology of the political pressure on central banks is applied to the Czech National Bank, a central bank of one of the new EU Member States, in order to test whether the conducted monetary policy has been influenced by political pressure from various interest groups.

Suggested Citation

  • Adam Geršl, 2006. "Political Pressure on Central Banks: The Case of the Czech National Bank," Working Papers IES 2006/08, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2006.
  • Handle: RePEc:fau:wpaper:wp2006_08
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    File URL: http://ies.fsv.cuni.cz/default/file/download/id/3611
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    Cited by:

    1. Ibrahim L. Awad, 2008. "Towards measurement of political pressure on central banks: the case of the central bank of egypt," Prague Economic Papers, University of Economics, Prague, vol. 2008(3), pages 254-275.

    More about this item

    Keywords

    political economy; monetary policy; pressure groups;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation

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