Why Do Central Banks Go Weak?
Determinants of central banks' profitability are studied using a statistical analysis of their balance sheets, country characteristics, and the macroeconomic and institutional environments in which they operate. Central banks at both tails of the distribution of profits generally operate in poorer countries with more troubled macroeconomic and institutional environments. For these central banks, profitability is strongly influenced by fiscal dominance and, to a lesser extent, by how actively central banks used their balance sheet for monetary policy purposes.
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- Alain Ize, 2007.
"Spending Seigniorage: Do Central Banks Have a Governance Problem?,"
IMF Staff Papers,
Palgrave Macmillan, vol. 54(3), pages 563-589, July.
- Alain Ize, 2006. "Spending Seigniorage; Do Central Banks Have a Governance Problem?," IMF Working Papers 06/58, International Monetary Fund.
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- Alain Ize, 2005.
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05/15, International Monetary Fund.
- Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises; A New Database," IMF Working Papers 08/224, International Monetary Fund.
- Peter Stella & Ulrich H. Klueh, 2008. "Central Bank Financial Strength and Policy Performance; An Econometric Evaluation," IMF Working Papers 08/176, International Monetary Fund.
- Peter Stella, 2005. "Central Bank Financial Strength, Transparency, and Policy Credibility," IMF Staff Papers, Palgrave Macmillan, vol. 52(2), pages 335-365, September.
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