Central Bank Independence and Monetary Policymaking Institutions PDF Download

Author: Alex Cukierman
Publisher:
ISBN:
Category : Banks and banking, Central
Languages : en
Pages : 48

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Author: Paul Tucker
Publisher: Princeton University Press
ISBN: 0691196303
Category : Business & Economics
Languages : en
Pages : 662

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Book Description
Tucker presents guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good.

Author: Jan Kleineman
Publisher: BRILL
ISBN: 9004481303
Category : Law
Languages : en
Pages : 238

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Book Description
In December 1999, prior to the forming of a Stockholm Centre for Commercial Law, an international symposium entitled Central Bank Independence was held at the Department of Law at Stockholm University in co-operation with the Swedish Central Bank (The Riksbank) and Queen Mary and Westfield College, London University. The participants were principally political, economic and legal specialists in the field, all with considerable international experience. This led to the topic being examined in detail from many different perspectives. 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.

Author: William T. Bernhard
Publisher: University of Michigan Press
ISBN: 0472023136
Category : Political Science
Languages : en
Pages : 252

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Book Description
Banking on Reform examines the political determinants of recent reforms to monetary policy institutions in the industrial democracies. With these reforms, political parties have sought to draw on the political credibility of an independent central bank to cope with electoral consequences of economic internalization and deindustrialization. New Zealand and Italy made the initial efforts to grant their central banks independence. More recently, France, Spain, Britain, and Sweden have reformed their central banks' independence. Additionally, members of the European Union have implemented a single currency, with an independent European central bank to administer monetary policy. Banking on Reform stresses the politics surrounding the choice of these institutions, specifically the motivations of political parties. Where intraparty conflicts have threatened the party's ability to hold office, politicians have adopted an independent central bank. Where political parties have been secluded from the political consequences of economic change, reform has been thwarted or delayed. The drive toward a single currency also reflects these political concerns. By delegating monetary policy to the European level, politicians in the member states removed a potentially divisive issue from the domestic political agenda, allowing parties to rebuild their support constructed on the basis of other issues. William T. Bernhard provides a variety of evidence to support his argument, such as in-depth case accounts of recent central bank reforms in Italy and Britain, the role of the German Bundesbank in the policy process, and the adoption of the single currency in Europe. Additionally, he utilizes quantitative and statistical tests to enhance his argument. This book will appeal to political scientists, economists, and other social scientists interested in the political and institutional consequences of economic globalization. William T. Bernhard is Assistant Professor of Political Science, University of Illinois, Urbana-Champaign.

Author: Eric Schaling
Publisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 288

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Book Description
Central bank independence is a key issue for political and monetary authorities in many countries. In this text, the author looks at the impact of different central banks on price stability and macroeconomic performance, and their optimal degree of legislative independence.

Author: Francesco Lippi
Publisher: Edward Elgar Publishing
ISBN: 9781782542971
Category : Business & Economics
Languages : en
Pages : 180

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Book Description
This book integrates new political and economic elements into the analysis of monetary policy credibility and central bank independence. The author considers imperfect monetary control, rational voters, distributional issues and uncertainty about future policy objectives in his welfare analysis of central banking. The role played by the different institutional elements that contribute to the making of an independent central bank is also assessed. A distinction is made between central bank independence and targets offering new insights into how a more inflation averse monetary policy may actually be achieved. Finally, explanations for the variation of central bank independence and conservatism across different countries are provided. This book will appeal to researchers, academics and policy makers in the fields of monetary policy, financial economics, money and banking and political economy.

Author: Christopher Adolph
Publisher: Cambridge University Press
ISBN: 110703261X
Category : Business & Economics
Languages : en
Pages : 389

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Book Description
Adolph illustrates the policy differences between central banks run by former bankers relative to those run by bureaucrats.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451966423
Category : Business & Economics
Languages : en
Pages : 59

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Book Description
There has been growing interest recently in the scope for promoting monetary stability through the establishment of independent central banks. This paper reviews the issues involved in central bank independence against the background of arrangements in nine countries. The analysis suggests that detailed institutional arrangements would need to be carefully designed if the potential benefits of central bank independence are to be delivered. Particularly important are the nature of arrangements to resolve various types of conflicts involving monetary policy, and arrangements to promote accountability and public monitoring of monetary policy performance.

Author: Maximilian Schosser
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
Central bank independence refers to the personal, functional, institutional and financial independence of monetary policymakers from political institutions. The idea to make monetary policymaking independent from political influence originates from an implication of the time inconsistency concept, which motivates the assumption that politicians will make monetary decisions that lead to a worse economic outcome than decisions of independent policymakers. This holds, if independent policymakers are more inflation-averse than politicians are. Several measurements have been developed to describe either the degree of legal independence of central banks and the degree of actual independence. Actual independence differs from legal independence as soon as decisions are made without legal foundation, for example if a central bank official is removed from office without reason while the central bank legislation requires valid grounds for this action. Empirical evidence shows that both the inflation rate and the variability of inflation are negatively correlated to central bank independence with the majority of existing measurements of central bank independence. There is no statistical proof of a correlation between the degree of central bank independence and the level of output growth. Empirical evidence shows a significant positive correlation between the Sacrifice Ratio and central bank independence although a theoretical explication for this phenomenon lacks. Central bank independence has increased worldwide during the last decades. Most of the central banks of industrial countries show a high degree of independence and more and more developing countries have passed new central bank legislations granting more independence to its central banks.

Author: Dinçer, Hasan
Publisher: IGI Global
ISBN: 1799816451
Category : Business & Economics
Languages : en
Pages : 286

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Book Description
Central banking independence is a crucial factor for sustainable economic development of multiple countries. The multiple components for such systems, however, makes it difficult to evaluate how the success of such a system may be determined. Monetary Policies and Independence of the Central Banks in E7 Countries is an essential reference source that evaluates the effectiveness of monetary policies and the independence of central banks to contribute to economic development within seven emerging economies (E7): Brazil, China, India, Indonesia, Mexico, Russia, and Turkey. Featuring research on topics such as global economics, independent banking, and foreign investing, this book is ideally designed for financial analysts, economists, government officials, policymakers, researchers, academicians, industry professionals, and students seeking coverage on improved econometric methods for effective financial systems.