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Inflation Performance and Constitutional Central Bank Independence
MissEva Gutierrez
其他書名
Evidence From Latin America and the Caribbean
出版International Monetary Fund, 2003-03-01
主題Business & Economics / Banks & BankingBusiness & Economics / Inflation
ISBN14518474089781451847406
URLhttp://books.google.com.hk/books?id=JFMYEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋This paper explores the relationship between the constitutional entrenchment of central bank independence and inflation performance. Empirical studies for developing countries have not found a relationship between central bank independence, proxied by the "de jure" independence established in the central bank law, and inflation. We argue that the constitution is likely to be better enforced than ordinary statutes owing to its higher legal rank. Our empirical analysis finds that in a sample of Latin American and Caribbean countries, those countries that entrench the independence of the central bank in the constitution have a better inflation performance.