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Central Bank Rerform, Liberalization and Inflation in Transition Economies - an International Perspective

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  • Cukierman, A.
  • Miller, G.P.
  • Neyapti, B.

Abstract

This paper develops extensive new data on the legal independence of central banks in 26 former socialist economies (FSE). This data is constructed using the codification system for measuring legal independence developed in Cukierman, Webb and Neyapti (1992) and in chapter 19 of Cukierman (1992). This makes it comparable with earlier data on central bank independence (CBI) in the industrial democracies and in other developing countries and permits experimentation with alternative indices of CBI.

Suggested Citation

  • Cukierman, A. & Miller, G.P. & Neyapti, B., 2000. "Central Bank Rerform, Liberalization and Inflation in Transition Economies - an International Perspective," Papers 00-19, Tel Aviv.
  • Handle: RePEc:fth:teavfo:00-19
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    References listed on IDEAS

    as
    1. Alex Cukierman, 1998. "The Economics of Central Banking," International Economic Association Series, in: Holger C. Wolf (ed.), Contemporary Economic Issues, chapter 3, pages 37-82, Palgrave Macmillan.
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    4. Alberto Alesina, 1988. "Macroeconomics and Politics," NBER Chapters, in: NBER Macroeconomics Annual 1988, Volume 3, pages 13-62, National Bureau of Economic Research, Inc.
    5. de Melo, Martha & Denizer, Cevdet & Gelb, Alan, 1996. "Patterns of Transition from Plan to Market," The World Bank Economic Review, World Bank Group, vol. 10(3), pages 397-424, September.
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    7. Alex Cukierman, 1992. "Central Bank Strategy, Credibility, and Independence: Theory and Evidence," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262031981.
    8. Cukierman, Alex & Webb, Steven, 1995. "Political Influence on the Central Bank- International Evidence," Working Papers 114, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
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    17. Cukierman, Alex & Webb, Steven B & Neyapti, Bilin, 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," The World Bank Economic Review, World Bank Group, vol. 6(3), pages 353-398, September.
    18. Neyapti, Bilin, 2001. "Central bank independence and economic performance in eastern Europe," Economic Systems, Elsevier, vol. 25(4), pages 381-399, December.
    19. Hochreiter, Eduard & Rovelli, Riccardo & Winckler, Georg, 1996. "Central banks and seigniorage: A study of three economies in transition," European Economic Review, Elsevier, vol. 40(3-5), pages 629-643, April.
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    More about this item

    Keywords

    PRICES ; BANKS ; INFLATION ; ECONOMIC DEVELOPMENT ; EXPERIMENTATION ; MARKET;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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