IMF Working Papers

Central Bank Independence: Issues and Experience

June 1, 1991

Preview Citation

Format: Chicago

Central Bank Independence: Issues and Experience, (USA: International Monetary Fund, 1991) accessed December 22, 2024
Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Banking, Central bank autonomy, Central bank operations, Central banks, Deposit insurance, Exchange rate policy, Foreign exchange, Inflation, Monetary policy, Monetary policy frameworks, Prices

Keywords: Central bank autonomy, Central bank independence, Central bank involvement, Central bank operations, Central banks monopoly note issue privilege, Eastern Europe, Economic policy, Europe, Exchange rate, Exchange rate policy, Government banker, Government debt, Government intervention, Government responsibility, Government-central bank relationship, Independence arrangement, Independence classification, Inflation, Land bank, Lender of last resort, Monetary management, Monetary policy behavior, Monetary policy frameworks, Monetary policy independence, Monopoly note issue privilege, Private sector, WP

Publication Details

  • Pages:

    59

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Working Paper No. 1991/058

  • Stock No:

    WPIEA0581991

  • ISBN:

    9781451966428

  • ISSN:

    1018-5941