Institutional Framework of Central Bank Independence: Revisited
Author: Jacek Lewkowicz
Publisher:
Published: 2021
Total Pages:
ISBN-13:
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Credibility of Central Bank Independence Revisited
Author: Mr.Timo Valila
Publisher: International Monetary Fund
Published: 1999-01-01
Total Pages: 17
ISBN-13: 1451841744
DOWNLOAD EBOOKThe specific role of central bank independence in determining the overall credibility of monetary policy is addressed in this paper. It is argued that the credibility of delegating monetary policy to an independent central bank is endogenous to the credibility of the inflation target because a “conservative” inflation target may not be compatible with the fiscal policy stance. Also, lack of transparency in designing the institutional set-up is shown to be welfare-reducing.
Central Bank Independence Revisited
Author: G.C. Harcourt
Publisher:
Published: 2018
Total Pages: 24
ISBN-13:
DOWNLOAD EBOOKIn major advanced economies, including Australia, independent central banks have become established institutions. Yet there are reasons why the sustained presence of such an institution in a democratic society should be challenged. This paper considers the arguments usually advanced for central bank independence, and the underlying arguments for a failure of democracy including the standard argument based on the importance of central bank credibility. This argument depends crucially on the role of inflationary expectations on the actual inflation rate. We question whether the standard story is really relevant - and, if not, then independence depends on the argument that politicians may not always act in the best long-term interests of their constituencies but bankers are more likely to. We show that this is a questionable assumption. The post World War 2 development of Europe and the emergence of the European Central Bank is examined to illustrate our underlying proposition that Central bank independence is not the result of economic argument, but of political ones leading to suboptimal economic results.
Central Bank Independence
Author: Jan Kleineman
Publisher: BRILL
Published: 2021-10-18
Total Pages: 238
ISBN-13: 9004481303
DOWNLOAD EBOOKIn December 1999, prior to the forming of a Stockholm Centre for Commercial Law, an international symposium entitled Central Bank Independence was held at the Department of Law at Stockholm University in co-operation with the Swedish Central Bank (The Riksbank) and Queen Mary and Westfield College, London University. The participants were principally political, economic and legal specialists in the field, all with considerable international experience. This led to the topic being examined in detail from many different perspectives. This publication includes contributions by the participants and contains many important facts for those readers who wish to study and understand the different consequences of the yielding of control over financial policymaking by the traditional political organisations to a body of experts. For readers in some countries, who realise that the subject will revolutionise traditional Constitutional and Administrative Law, the topic and therefore this publication, cannot be ignored.
Central Bank Independence Revisited
Author: Edward Balls
Publisher:
Published: 2018
Total Pages: 137
ISBN-13:
DOWNLOAD EBOOK"After the financial crisis, countries around the world significantly expanded the objectives and powers of central banks. As central banks have acquired more powers, the trade-off between independence and accountability has become more complex and as a result, the pre-crisis academic consensus around central bank independence has broken down. Popular discontent towards central banks is growing. A new model of central bank independence is needed."--Abstract.
Challenges in Central Banking
Author: Pierre L. Siklos
Publisher: Cambridge University Press
Published: 2010-04-12
Total Pages: 416
ISBN-13: 1139488449
DOWNLOAD EBOOKChanges in the field of central banking over the past two decades have been nothing short of dramatic. They include the importance of central bank autonomy, the desirability of low and stable inflation, and the vital role played by how central banks communicate their views and intentions to the markets and the public more generally. There remains considerable diversity nevertheless in the institutional framework affecting central banks, the manner in which the stance of monetary policy is determined and assessed, and the forces that dictate the conduct of monetary policy more generally. The global financial crisis, which began in the United States in 2007, only serves to highlight further the importance of central bank policies. The aim of this volume is to take stock of where we are in the realm of the practice of central banking and considers some of the implications arising from the ongoing crisis.
Political institutions and central bank independence revisited
Author: Davide Ferrari
Publisher:
Published: 2009
Total Pages: 5
ISBN-13:
DOWNLOAD EBOOKThe Chicago Plan Revisited
Author: Mr.Jaromir Benes
Publisher: International Monetary Fund
Published: 2012-08-01
Total Pages: 71
ISBN-13: 1475505523
DOWNLOAD EBOOKAt the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
The Political Economy of Central-bank Independence
Author: Sylvester C. W. Eijffinger
Publisher: International Finance Section Department of Econ Ton Univers
Published: 1996
Total Pages: 100
ISBN-13:
DOWNLOAD EBOOKCentral Bank Independence
Author: International Monetary Fund
Publisher: International Monetary Fund
Published: 1991-06-01
Total Pages: 59
ISBN-13: 1451966423
DOWNLOAD EBOOKThere has been growing interest recently in the scope for promoting monetary stability through the establishment of independent central banks. This paper reviews the issues involved in central bank independence against the background of arrangements in nine countries. The analysis suggests that detailed institutional arrangements would need to be carefully designed if the potential benefits of central bank independence are to be delivered. Particularly important are the nature of arrangements to resolve various types of conflicts involving monetary policy, and arrangements to promote accountability and public monitoring of monetary policy performance.
