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Inflation, Central Bank Independence, and the Legal System

Bernd Hayo () and Stefan Voigt ()

Journal of Institutional and Theoretical Economics (JITE), 2008, vol. 164, issue 4, 751-777

Abstract: We argue that a higher degree of de facto independence of the legal system from other government branches as well as strong public trust in the working of the legal system may reduce the average inflation rate of countries through two channels: by lowering transaction costs in the economy and by strengthening de facto central bank independence. In the empirical section of the paper, we present evidence in favour of both channels after controlling for other influences in a sample containing both developed and less-developed countries.

JEL-codes: D72 D78 H11 K42 (search for similar items in EconPapers)
Date: 2008
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Working Paper: Inflation, Central Bank Independence and the Legal System (2005) Downloads
Working Paper: Inflation, Central Bank Independence and the Legal System (2005) Downloads
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