Central Bank Governance: A Survey of Boards and Management

JoAnne Morris and Tonny Lybek

No 2004/226, IMF Working Papers from International Monetary Fund

Abstract: This paper identifies issues to consider when designing the structure, size, and composition of the governing boards and management of a central bank. While central bank autonomy and accountability are generally accepted as good practice, there is less consensus regarding the structure, size, and composition of the governing bodies. This paper surveys 101 central bank laws covering 113 countries and classifies the governance structure according to degree of autonomy, functions performed, size, composition, appointment procedures, and terms of the members. The paper concludes that an appropriate balance must be struck between the functions of the governing entities, simplicity, and country specific factors. The functions of the various bodies follow logically if a greater appreciation exists for the type of autonomy delegated to the central bank.

Keywords: WP; monetary policy; supervisory board; exchange rate; implementation board; management board; Central bank independence; central bank accountability; central bank governance; financial condition; accountability provision; minister of finance; governance structure; government policy; democratic deficit; Central bank legislation; Central bank autonomy; Central bank organization; Price stabilization; Caribbean; Middle East; Africa; central bank law; central bank Governors; Central bank operations (search for similar items in EconPapers)
Pages: 53
Date: 2004-12-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (45)

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