Governance und Unabhängigkeit von Nationalbanken: das Beispiel der Schweizerischen Nationalbank
We argue that there is a natural trade-off between the independence and the accountability of a central bank. Economist's emphasis on the independence aspect has contributed to creating situations, where the central banks' accountability is largely deficient. Attempts to resolve this issue by giving the central bank a clear legal mandate are no solution. A central bank with insufficient accountability can violate its legal mandate. We illustrate this by comparing the lagela rules defining the Swiss central bank's profit distribution with its actual behaviour over the last 3 decades.
|Date of creation:||Feb 2003|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: ++41 21 692.33.20
Web page: http://www.hec.unil.ch/deep/publications/cahiers/series
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Frey, Bruno S. & Schneider, Friedrich, 1981. "Central bank behavior : A positive empirical analysis," Journal of Monetary Economics, Elsevier, vol. 7(3), pages 291-315.
When requesting a correction, please mention this item's handle: RePEc:lau:crdeep:03.01. 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: (Gaëlle Sarda)
If references are entirely missing, you can add them using this form.