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Measures of Central Bank Autonomy : Empirical Evidence for OECD, Developing, and Emerging Market Economies / Jean-François Segalotto, Marco Arnone, Bernard Laurens.
- Format:
- Book
- Government document
- Author/Creator:
- Segalotto, Jean-François.
- Series:
- IMF Working Papers; Working Paper ; No. 2006/228
- IMF Working Papers
- Language:
- English
- Subjects (All):
- Banks and banking, Central--Law and legislation--Developing countries.
- Banks and banking, Central.
- Banks and banking, Central--Law and legislation--OECD countries.
- Monetary policy--Developing countries.
- Monetary policy.
- Monetary policy--OECD countries.
- Physical Description:
- 1 online resource (39 p.)
- Edition:
- 1st ed.
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2006.
- Language Note:
- English
- Summary:
- 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.
- Contents:
- ""Contents""; ""I. INTRODUCTION AND DATA""; ""II. UPDATED INDICATORS OF CENTRAL BANK AUTONOMY IN SELECTED OECD COUNTRIES""; ""III. AUTONOMY INDICATORS FOR EMERGING MARKETS AND DEVELOPING COUNTRIES""; ""IV. PROGRESS TOWARDS AUTONOMY IN EMERGING MARKETS AND DEVELOPING COUNTRIES""; ""V. OVERVIEW OF INDICATORS AND STANDARDIZED RESULTS""; ""VI. CONCLUDING REMARKS""; ""LEGAL SOURCES CONSULTED""; ""CUKIERMAN VARIABLES VERSUS GMT VARIABLES""; ""REFERENCES""
- Notes:
- "October 2006."
- Includes bibliographical references.
- Description based on print version record.
- ISBN:
- 9786613820303
- 9781462389148
- 1462389147
- 9781452755182
- 1452755183
- 9781282391871
- 1282391879
- 9781451909418
- 1451909411
- OCLC:
- 694141072
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