Independência e autonomia do Banco Central: mais sobre o debate [Central Bank independence and autonomy: more on this debate]

Marco Crocco () and Frederico Jayme ()

Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: The aim of this paper is to analyze critically the Independence of Central Banks (ICB). By presenting the theoretical arguments that support the independence, as well as some empirical studies regarding this topic, we introduce the main critical concerns about the argument of ICB. Besides, we set the most striking aspects of the effectiveness of the Independence of Central Banks as a "panacea" for solving the inflationary pressures in developing countries. Conclusions highlight the limits of ICB in countries with high external constraints such as Brazil.

Keywords: central bank; central bank independence; Brazil (search for similar items in EconPapers)
JEL-codes: E50 E58 (search for similar items in EconPapers)
Date: 2003-05
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