Credibility Of Central Bank Independence Revisited
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Credibility of Central Bank Independence Revisited
Author | : Mr.Timo Valila |
Publsiher | : International Monetary Fund |
Total Pages | : 17 |
Release | : 1999-01-01 |
Genre | : Business & Economics |
ISBN | : 9781451841749 |
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The specific role of central bank independence in determining the overall credibility of monetary policy is addressed in this paper. It is argued that the credibility of delegating monetary policy to an independent central bank is endogenous to the credibility of the inflation target because a “conservative” inflation target may not be compatible with the fiscal policy stance. Also, lack of transparency in designing the institutional set-up is shown to be welfare-reducing.
Central Bank Independence Targets and Credibility
Author | : Francesco Lippi |
Publsiher | : Edward Elgar Publishing |
Total Pages | : 180 |
Release | : 1999-01-27 |
Genre | : Business & Economics |
ISBN | : 1782542973 |
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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.
Central Bank Strategy Credibility and Independence
Author | : Alex Cukierman |
Publsiher | : MIT Press |
Total Pages | : 532 |
Release | : 1992 |
Genre | : Business & Economics |
ISBN | : 0262031981 |
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This book brings together a large body of Cukierman's research and integrates it with recent developments in the political economy of monetary policy.
Institutions and monetary policy credibility flexibility and central bank independence
![Institutions and monetary policy credibility flexibility and central bank independence](https://youbookinc.com/wp-content/uploads/2024/06/cover.jpg)
Author | : Anonim |
Publsiher | : Unknown |
Total Pages | : 249 |
Release | : 1995 |
Genre | : Banks and banking, Central |
ISBN | : OCLC:782216746 |
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Checks and Balances Private Information and the Credibility of Monetary Commitments
![Checks and Balances Private Information and the Credibility of Monetary Commitments](https://youbookinc.com/wp-content/uploads/2024/06/cover.jpg)
Author | : Philip Keefer |
Publsiher | : Unknown |
Total Pages | : 135 |
Release | : 1999 |
Genre | : Electronic books |
ISBN | : OCLC:847543507 |
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February 2001 In economically volatile conditions in which it is more difficult for the public to distinguish inflation deliberately generated by government from inflation created by unanticipated economic shocks, the anti-inflationary effect of central bank independence will be unchanged but the effectiveness of exchange rate pegs will be significantly improved. Keefer and Stasavage develop and test several new hypotheses about the anti-inflationary effect of central bank independence and exchange rate pegs in the context of different institutions and different degrees of citizen information about government policies. Theory provides strong reason to believe that while central bank independence will prove more effective as a commitment mechanism in countries where multiple players in government have veto power (checks and balances), the number of veto players will have no effect on the credibility of exchange rate pegs. Conversely, Keefer and Stasavage argue that central bank independence does not solve problems of commitment that arise when citizens are imperfectly informed about the contribution of government policy to inflation. Exchange rate pegs, however, mitigate these problems. The authors present extensive evidence from cross-country tests using newly developed data that provide strong support for their propositions. This paper--a product of Regulation and Competition Policy, Development Research Group--is part of a larger effort in the group to understand the institutional conditions for policy reform and success. The authors may be contacted at [email protected] or [email protected].
The Political Economy of Central bank Independence
Author | : Sylvester C. W. Eijffinger,Jakob de Haan |
Publsiher | : International Finance Section Department of Econ Ton Univers |
Total Pages | : 100 |
Release | : 1996 |
Genre | : Business & Economics |
ISBN | : STANFORD:36105021434209 |
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Central Banks at a Crossroads
Author | : Michael D. Bordo,Øyvind Eitrheim,Marc Flandreau,Jan F. Qvigstad |
Publsiher | : Cambridge University Press |
Total Pages | : 719 |
Release | : 2016-06-09 |
Genre | : Business & Economics |
ISBN | : 9781107149663 |
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This book discusses the role of central banks and draws lessons from examining their evolution over the past two centuries.
Central Bank Credit to the Government
Author | : Mr.Luis Ignacio Jácome,Ms.Marcela Matamoros-Indorf,Ms.Mrinalini Sharma,Mr.Simon Townsend |
Publsiher | : International Monetary Fund |
Total Pages | : 44 |
Release | : 2012-01-01 |
Genre | : Business & Economics |
ISBN | : 9781463957391 |
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Using a central bank legislation database, this paper documents and analyzes worldwide institutional arrangements for central bank lending to the government and identifies international practices. Key findings are: (i) in most advanced countries, central banks do not finance government expenditure; (ii) in a large number of emerging and developing countries, short-term financing is allowed in order to smooth out tax revenue fluctuations; (iii) in most countries, the terms and conditions of these loans are typically established by law, such that the amount is capped at a small proportion of annual government revenues, loans are priced at market interest rates, and their maturity falls within the same fiscal year; and (iv) in the vast majority of countries, financing other areas of the state, such as provincial governments and public enterprises, is not allowed. The paper does not address central banks' financial support during financial crises.