Central Bank Independence, Accountability, and Transparency A Global
This book explores three key areas of central banking and governance - autonomy, accountability and transparency. It looks at links between the areas, as well as assessing the impact of central bank autonomy on macroeconomic performance. The issues are ap
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Also by Marco Arnone: PRIMARY DEALERS IN GOVERNMENT SECURITIES (Co-author) March 2005 II VENTURE CAPITAL PER LO SVILUPPO – UNA ANALISI DEI PAESI EMERGENTI (Co-author) January 2006 THE COST OF CORRUPTION – ECONOMIC, INSTITUTIONAL AND SOCIAL EFFECTS (Co-author) revised English edition, 2007
Central Bank Independence, Accountability, and Transparency A Global Perspective Bernard J. Laurens Marco Arnone Jean-François Segalotto
© International Monetary Fund 2009 Softcover reprint of the hardcover 1st edition 2015 978-0-230-20107-1 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2009 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave®and Macmillan®are registered trademarks in the United States, the United Kingdom, Europe and other countries ISBN 978-1-349-58563-2 ISBN 978-0-230-28212-4 (eBook) DOI 10.1007/978-0-230-28212-4
This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. 10 18
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Contents List of Figures
x
List of Tables
xi
Notes on the Contributors
xiii
Foreword
xv
Preface
xvii
Acknowledgements
xix
Introduction
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Survey of Models and Indicators of Independence Introduction Base indicators of independence First indicator of de jure independence: Bade and Parkin (1977) Alesina’s political response (1988, 1989) Grilli, Masciandaro, and Tabellini (1991) Two of the most widely used indicators: Cukierman (1992) Aggregation of two legal measures: Alesina and Summers (1993) A new legal indicator: Eijffinger and Schaling (1993) Political vulnerability of central banks: Cukierman and Webb (1995)
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