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|z 9781451864885
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|a 1018-5941
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|a Segalotto, Jean-Francois.
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|a Measures of Central Bank Autonomy :
|b Empirical Evidence for OECD, Developing, and Emerging Market Economies /
|c Jean-Francois Segalotto, Marco Arnone, Bernard Laurens.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2006.
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|a 1 online resource (38 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a 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.
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|a Mode of access: Internet
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|a Arnone, Marco.
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|a Laurens, Bernard.
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|a IMF Working Papers; Working Paper ;
|v No. 2006/228
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2006/228/001.2006.issue-228-en.xml
|z IMF e-Library
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