Central Bank Independence: Issues and Experience

International Monetary Fund

No 1991/058, IMF Working Papers from International Monetary Fund

Abstract: There has been growing interest recently in the scope for promoting monetary stability through the establishment of independent central banks. This paper reviews the issues involved in central bank independence against the background of arrangements in nine countries. The analysis suggests that detailed institutional arrangements would need to be carefully designed if the potential benefits of central bank independence are to be delivered. Particularly important are the nature of arrangements to resolve various types of conflicts involving monetary policy, and arrangements to promote accountability and public monitoring of monetary policy performance.

Keywords: WP; central bank independence; exchange rate; government-central bank relationship; independence arrangement; economic policy; government debt; lender of last resort; private sector; monetary management; monopoly note issue privilege; monetary policy independence; independence classification; central banks monopoly note issue privilege; land bank; central bank involvement; monetary policy behavior; government banker; government responsibility; government intervention; Central bank autonomy; Inflation; Central bank operations; Monetary policy frameworks; Exchange rate policy; Europe; Eastern Europe (search for similar items in EconPapers)
Pages: 59
Date: 1991-06-01
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Citations: View citations in EconPapers (6)

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