Central Bank Independence, Accountability, and Transparency: by Bernard Laurens, Jean-François Segalotto, Marco Arnone, B.

By Bernard Laurens, Jean-François Segalotto, Marco Arnone, B. Laurens, M. Arnone, J. Segalotto

This publication explores 3 key components of vital banking and governance - autonomy, responsibility and transparency. It seems to be at hyperlinks among the components, in addition to assessing the influence of valuable financial institution autonomy on macroeconomic functionality. the problems are approached from theoretical and empirical perspectives.

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Cukierman also calculates for 58 countries a de facto independence index, defined as the turnover rate of CB governors – TOR – with a view to identifying actual deviations from the law. While easy to calculate, Cukierman cautions that a low TOR could be mistakenly perceived as a sign of independence in the case of a CB that is relatively subordinate to the executive branch and, consequently, tends to leave its position unchanged for a long period. However, the TOR is still a useful indicator based on the assumption that – at least above a certain threshold – a higher TOR does point to lower independence.

Contrary to expectations, the non-political TOR has a marginally significant positive sign. , Brazil, Korea, and Botswana), a negative, statistically significant sign is obtained for the political vulnerability index within six months, suggesting that greater political dependence tends to slow down growth. Finally, the authors find that the TOR increases the variability of real interest rates. Both the non-political TOR and the political vulnerability index increase the variability of real interest rates, while the legal index has little significance.

However, the relationship between independence and the average (and variance) of GDP growth is not clear. Similar results are found with regard to the relationship between unemployment and independence, as well as the relationship between independence and real interest rate movements. However, in line with expectations a negative relationship is observed between independence and interest rate variability. 13 To review the conversion in detail, see the aggregation method section of the Alesina and Summers (1993) index in the Summary table of base indicators of de jure independence, in Appendix III.

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