Measures of Central Bank Autonomy [electronic resource] : Empirical Evidence for OECD, Developing, and Emerging Market Economies, Segalotto, Jean-François.

Segalotto, Jean-François.
Washington, D.C. : International Monetary Fund, 2006.
IMF eLibrary
IMF Working Papers; Working Paper No. 06/228.
IMF Working Papers; Working Paper No. 06/228
Government document
1 online resource (38 p.)
Local subjects:
Central bank. (search)
Central bank autonomy. (search)
Central banks. (search)
Central Banks and Their Policies. (search)
Developed countries. (search)
Developing countries. (search)
Discount rate. (search)
Emerging markets. (search)
Governance. (search)
Government loans. (search)
Government securities. (search)
Inflation. (search)
Intermediate monetary target. (search)
Market for government securities. (search)
Monetary authorities. (search)
Monetary financing. (search)
Monetary fund. (search)
Monetary institutions. (search)
Monetary instruments. (search)
Monetary integration. (search)
Monetary law. (search)
Monetary objectives. (search)
Monetary policy. (search)
Monetary Policy (Targets, Instruments, and Effects). (search)
Monetary policy decision. (search)
Monetary policy instruments. (search)
Monetary regimes. (search)
Monetary stability. (search)
Monetary target. (search)
Monetary union. (search)
National bank. (search)
Public debt. (search)
Reserve bank. (search)
Belgium. (search)
Brazil. (search)
Egypt. (search)
El Salvador. (search)
France. (search)
Greece. (search)
India. (search)
Iran, Islamic Republic of. (search)
Ireland. (search)
Israel. (search)
Italy. (search)
Mexico. (search)
Morocco. (search)
Nigeria. (search)
Peru. (search)
Philippines. (search)
Poland. (search)
Portugal. (search)
South Africa. (search)
Spain. (search)
Uganda. (search)
Zambia. (search)
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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Arnone, Marco.
Laurens, Bernard.
Segalotto, Jean-François.
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