Any Link Between Legal Central Bank Independence and Inflation? : Evidence from Latin America and the Caribbean /

This paper reviews central bank legislation in 24 countries in Latin America and the Caribbean during the 1990s. Using panel regressions, we find a negative relationship between legal central bank independence (CBI) and inflation. This result holds for three alternative measures of CBI and after con...

Полное описание

Библиографические подробности
Главный автор: Jacome, Luis
Другие авторы: Vazquez, Francisco
Формат: Журнал
Язык:English
Опубликовано: Washington, D.C. : International Monetary Fund, 2005.
Серии:IMF Working Papers; Working Paper ; No. 2005/075
Online-ссылка:Full text available on IMF
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100 1 |a Jacome, Luis. 
245 1 0 |a Any Link Between Legal Central Bank Independence and Inflation? :   |b Evidence from Latin America and the Caribbean /  |c Luis Jacome, Francisco Vazquez. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2005. 
300 |a 1 online resource (41 pages) 
490 1 |a IMF Working Papers 
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500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a This paper reviews central bank legislation in 24 countries in Latin America and the Caribbean during the 1990s. Using panel regressions, we find a negative relationship between legal central bank independence (CBI) and inflation. This result holds for three alternative measures of CBI and after controlling for international inflation, banking crises, and exchange regimes. The result is also robust to the inclusion of a broader indicator of structural reforms that usually go along with changes in central bank legislation, illustrating the complementary nature of various aspects of economic reform. The paper fails, however, to find a causal relationship running from CBI to inflation. 
538 |a Mode of access: Internet 
700 1 |a Vazquez, Francisco. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2005/075 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2005/075/001.2005.issue-075-en.xml  |z IMF e-Library