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Central Bank Independence, Inflation, and Poverty in Africa

Agyapomaa Gyeke-Dako, Elikplimi Komla Agbloyor, Abel Mawuko Agoba, Festus Turkson and Emmanuel Abbey

Journal of Emerging Market Finance, 2022, vol. 21, issue 2, 211-236

Abstract: This article discusses the extent to which central bank independence (CBI) can be used to mitigate the regressive nature of inflation. Using 44 Sub-Saharan African (SSA) countries from the period 1970–2012, the article first examines whether CBI has any influence on inflation by distinguishing between legal independence and governor turnover rates. The evidence shows that CBI helps control inflation, and that inflation generally reduces poverty, and this effect is even stronger, in an environment of low CBI. JEL Codes: E02, E58, E31, I32

Keywords: Central bank independence; inflation; poverty; Africa (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1177/09726527221078434

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