Central bank independence and its relationship to inflation

Helder de Mendonça ()

Revista CEPAL, 2005

Abstract: This paper builds on earlier studies of central bank independence (CBI);, making a comparison of the rankings of central banks for 15 countries through three different indices. The analysis reveals that there is no shared concept of CBI and that the indices are a measure of the inflation bias. The Brazilian case is used as an example, with the objective of examining the impact on inflation of an increase in independence over time, as measured by Cukierman's index. The findings indicate that CBI is a consequence of the conduct of monetary policy and that it is not an adequate framework for developing credibility.

Date: 2005-12
Note: Includes bibliography
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://repositorio.cepal.org/handle/11362/11121

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ecr:col070:11121

Access Statistics for this article

More articles in Revista CEPAL from Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL) Contact information at EDIRC.
Bibliographic data for series maintained by Biblioteca CEPAL ().