Download or read book Unelected Power written by Paul Tucker and published by Princeton University Press. This book was released on 2019-09-10 with total page 662 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tucker presents guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good.
Download or read book The Measurement of Central Bank Autonomy written by Marco Arnone and published by International Monetary Fund. This book was released on 2006-10 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a survey of the literature on the measurement of central bank autonomy. We distinguish inputs that constitute the building blocks in the literature, and the literature that builds on them. Issues including sensitivity analysis, robustness, and endogeneity are discussed. The review shows that empirical evidence regarding the beneficial effects of central bank autonomy is substantial, although some technical issues still remain for further research. In particular, central bank autonomy raises the issue of subjecting the monetary authorities to democratic control; this calls for additional research on the linkages between central bank autonomy and accountability and transparency. Additional empirical analysis on the relationship between the financial strength of the central bank and its de facto autonomy, and between its autonomy and financial stability, would also be desirable.
Download or read book Measures of Central Bank Autonomy written by Jean-François Segalotto and published by International Monetary Fund. This book was released on 2006-10 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an update of the Grilli-Masciandaro-Tabellini (GMT) index of central bank (CB) autonomy, based on CB legislation as of end-2003. The index is applied to a set of OECD and developing countries, and emerging market economies. For a smaller set of countries, the paper presents a reconstruction of the GMT index based on Cukierman (1992) and assesses changes in CB autonomy between 1992 and 2003. The results point to a significant increase in CB autonomy, in particular for developing countries. In most cases, this improvement has involved a three-stage process: an initial stage in which the political foundations for CB autonomy are laid; a second stage in which operational autonomy develops; and a final stage in which CBs gain further political autonomy in terms of policy formulation and the appointment of senior management.
Download or read book The Political Economy of Central bank Independence written by Sylvester C. W. Eijffinger and published by International Finance Section Department of Econ Ton Univers. This book was released on 1996 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Critical Assessment of Measures of Central Bank Independence written by Thomas F. Cargill and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The methodology of measuring central bank independence suggested by Bade and Parkin three decades ago and inverse correlations between the measures and inflation have been widely accepted. The measurement literature has made important contributions identifying elements of institutional design that establish the relationship between the central bank and the government and the measurements from an ordinal perspective provide some useful insights about the major institutional redesigns of central banks during the past several decades. At the same time, the measurement literature is problematic. First, a dummy variable bifurcating central banks into groups of independent and less independent central banks can duplicate the standard correlations suggesting the information content of the specific measures is limited; second, the correlations between inflation and measures of independence are not as stable as claimed; and most important, the measurements are subject to classification problems that have not been fully appreciated. Review of the institutional design and history of the Bank of Korea, Bank of Japan, and the Federal Reserve provide evidence the classification problems are important. The measures of independence are more appropriately regarded as ordinal rankings of central bank independence rather than considered cardinal measures suitable for econometric modeling.
Download or read book Central Bank Independence Accountability and Transparency written by B. Laurens and published by Springer. This book was released on 2016-04-30 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores three key areas of central banking and governance - autonomy, accountability and transparency. It looks at links between the areas, as well as assessing the impact of central bank autonomy on macroeconomic performance. The issues are approached from theoretical and empirical perspectives.
Download or read book A New Measure of Central Bank Independence written by Mr. Tobias Adrian and published by International Monetary Fund. This book was released on 2024-02-23 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper constructs a new index for measuring de jure central bank independence, the first entirely new index in three decades. The index draws on a comprehensive dataset from the IMF’s Central Bank Legislation Database (CBLD) and Monetary Operations and Instruments Database (MOID) and weightings derived from a survey of 87 respondents, mostly consisting of central bank governors and general counsels. It improves upon existing indices including the Cukierman, Webb, and Neyapti (CWN) index, which has been the de facto standard for measuring central bank independence since 1992, as well as recent extensions by Garriga (2016) and Romelli (2022). For example, it includes areas absent from the CWN index, such as board composition, financial independence, and budgetary independence. It treats dimensions such as the status of the chief executive as composite metrics to prevent overstating the independence of statutory schemes. It distills ten key metrics, simplifying current frameworks that now include upwards of forty distinct variables. And it replaces the subjective weighting systems relied on in the existing literature with an empirically grounded alternative. This paper presents the key features of the new index; a companion, forthcoming paper will provide detailed findings by country/region, income level, and exchange rate regime.
Download or read book Measuring Central Bank Independence and Its Effect on Policy Outcomes written by Alex Cukierman and published by . This book was released on 1994 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Bankers Bureaucrats and Central Bank Politics written by Christopher Adolph and published by Cambridge University Press. This book was released on 2013-04-15 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adolph illustrates the policy differences between central banks run by former bankers relative to those run by bureaucrats.
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Download or read book IMF Working Papers written by Jean-François Segalotto and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Staff Guidance Note on Macroprudential Policy written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-06-11 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries
Download or read book Central Banks at a Crossroads written by Michael D. Bordo and published by Cambridge University Press. This book was released on 2016-06-09 with total page 719 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the role of central banks and draws lessons from examining their evolution over the past two centuries.
Download or read book Central Bank Independence written by Jan Kleineman and published by . This book was released on 2001 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication includes contributions by the participants and contains many important facts for those readers who wish to study and understand the different consequences of the yielding of control over financial policymaking by the traditional political organisations to a body of experts. For readers in some countries, who realise that the subject will revolutionise traditional Constitutional and Administrative Law, the topic and therefore this publication, cannot be ignored."--Jacket.
Download or read book Central Bank Autonomy Lessons from Global Trends written by Jean-François Segalotto and published by INTERNATIONAL MONETARY FUND. This book was released on 2007-04-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We calculate indexes of central bank autonomy (CBA) for 163 central banks as of end-2003, and comparable indexes for a subgroup of 68 central banks as of the end of the 1980s. The results confirm strong improvements in both economic and political CBA over the past couple of decades, although more progress is needed to boost political autonomy of the central banks in emerging market and developing countries. Our analysis confirms that greater CBA has on average helped to maintain low inflation levels. The paper identifies four broad principles of central bank autonomy that have been shared by the majority of countries. Significant differences exist in the area of banking supervision where many central banks have retained a key role. Finally, we discuss the sequencing of reforms to separate the conduct of monetary and fiscal policies.
Download or read book IMF Working Papers written by Jean-François Segalotto and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Political Economy of Central Banking written by Gerald Epstein and published by Edward Elgar Publishing. This book was released on 2019 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks are among the most powerful government economic institutions in the world. This volume explores the economic and political contours of the struggle for influence over the policies of central banks such as the Federal Reserve, and the implications of this struggle for economic performance and the distribution of wealth and power in society.
