By Bernard Laurens, Jean-François Segalotto, Marco Arnone, B. Laurens, M. Arnone, J. Segalotto
This ebook explores 3 key parts of valuable banking and governance - autonomy, responsibility and transparency. It appears to be like at hyperlinks among the components, in addition to assessing the influence of valuable financial institution autonomy on macroeconomic functionality. the problems are approached from theoretical and empirical perspectives.
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Additional info for Central Bank Independence, Accountability, and Transparency: A Global Perspective
Example text
These results hold good for the average inflation rate for the entire period of 1950–89. The authors also confirm previous findings by Bade and Parkin, and Alesina, that CB reforms brought positive results through their impact on policy credibility and the incentives they had on governments’ behavior. In order to determine whether independence can influence the likelihood of treasuries adopting unsustainable debt policies, the authors regress primary deficits on the combined independence indicator and on three other variables that define countries’ political environment (frequency of government changes, frequency of government changes from one political alignment to another, and the percentage of governments supported by a single party majority).
The second criterion concerns how easy it is for the government to obtain direct or indirect CB funding. The third criterion gives the CB room for manoeuvre in monetary policy conduct. Following Debelle and Fischer (1994) and GMT (1991), the authors distinguish independence with respect to objectives and instruments. 16 It is no accident that the indices of GMT (1991) and Cukierman (1992) assign higher values the more stringent the price stability objective. Independence with respect to instruments proxies the freedom of the CB to use whatever means necessary to achieve its objectives.
The breakdown follows GMT’s four criteria index: the first five points of the GMT political independence index contribute to determining the independence of CB staff; the Survey of Models and Indicators of Independence 27 Consistent with Debelle and Fischer (1994), the regressions calculated by the authors generally show that instruments independence matters for inflation performance while conservatism and other aspects of independence are less important. Based on a sample of twenty-one OECD countries, and for the period 1972–89, the results of regressions of these new measures on the average level of inflation show that the coefficient on the independence index for monetary policy instruments is always significantly different from zero, which is not the case for the conservatism measure.