Central Bank Legal Frameworks in the Aftermath of the Global Financial Crisis

Ashraf Khan

No 2017/101, IMF Working Papers from International Monetary Fund

Abstract: Drawing on the 2016 update of the IMF’s Central Bank Legislation Database, this paper examines differences in central bank legal frameworks before and after the Global Financial Crisis. Examples from select countries show that many central bank laws have undergone changes in objectives, decision-making, accountability, and data collection. A wider cross-country survey illustrates the common occurrence of price stability in central bank objectives, and varying practices in defining financial stability, “independence” versus “autonomy,” and who within a central bank determines monetary policy. The highlighted facts illustrate the uses of the database and could be a starting point for further analyses.

Keywords: WP; central bank; central bank law; committee; financial system; article; bank; country; government; Central banking; law; governance; financial supervision; financial stability; independence; autonomy; financial crisis; monetary policy; executive management; deputy governor; Board of the bank; currency board arrangement; advisory council; CBLD finding; central bank laws of the country; database in the world; central bank topic; banking services review panel; central bank law database; Financial sector stability; Central bank legislation; Price stabilization; Legal support in revenue administration; Central bank mandate; Global (search for similar items in EconPapers)
Pages: 41
Date: 2017-05-01
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Citations: View citations in EconPapers (10)

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