Central Bank Autonomy, and Inflation and Output Performance in the Baltic States, Russia, and Other Countries of the Former Soviet Union, 1995-1997

Tonny Lybek

No 1999/004, IMF Working Papers from International Monetary Fund

Abstract: A higher degree of de jure autonomy and accountability of the central banks of the Baltic states, Russia, and other countries of the former Soviet Union appears to be positively correlated with lower average inflation. There also seems to be some positive correlation between greater central bank autonomy and higher average real growth, after the initial period of reforms. Central banks with a higher degree of autonomy and accountability have apparently also reformed their operations more aggressively.

Keywords: WP; central bank; autonomy; government; country; BRO country; Central bank independence; transition economies; BRO central bank law; financial condition; central bank governor; instrument autonomy; central bank authority; target autonomy; draft central bank law; Central bank autonomy; Central bank accountability; Central bank legislation; Inflation; Central bank credit; Baltics (search for similar items in EconPapers)
Pages: 38
Date: 1999-01-01
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Citations: View citations in EconPapers (26)

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