IMF Working Papers

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

By Ashraf Khan

May 1, 2017

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Ashraf Khan. Central Bank Legal Frameworks in the Aftermath of the Global Financial Crisis, (USA: International Monetary Fund, 2017) accessed November 8, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

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.

Subject: Banking, Central bank legislation, Central bank mandate, Central banks, Financial sector policy and analysis, Financial sector stability, Legal support in revenue administration, Price stabilization, Prices, Revenue administration

Keywords: Advisory council, Article, Autonomy, Bank, Banking services review panel, Board of the bank, CBLD finding, Central bank, Central bank law, Central bank law database, Central bank laws of the country, Central bank legislation, Central bank mandate, Central bank topic, Central banking, Committee, Country, Currency board arrangement, Database in the world, Deputy governor, Executive management, Financial crisis, Financial sector stability, Financial stability, Financial supervision, Financial system, Global, Governance, Government, Independence, Law, Legal support in revenue administration, Monetary policy, Price stabilization, WP

Publication Details

  • Pages:

    41

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

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  • Series:

    Working Paper No. 2017/101

  • Stock No:

    WPIEA2017101

  • ISBN:

    9781475595802

  • ISSN:

    1018-5941