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The Effectiveness of Macroeconomic Commitment in Weak(er) Institutional Environments, Marc Quintyn, Sophia Gollwitzer

Abstract
This paper analyzes the institutional conditions affecting the establishment and effectiveness of independent central banks and of budgetary institutions. It draws on the recent theory developed by North, Wallis and Weingast on the transition from a closed and fragile state to an open economic and political environment. The paper presents a composite indicator allowing for the identification of a country’s position along this transition path. The findings suggest that (i) while the establishment of autonomous central banks seems to be relatively independent from the broader institutional framework, sound budgetary institutions tend to be established in countries with higher levels of rule of law for the elites, and (ii) while central bank independence is effective in reducing inflation irrespective of a country’s position along the transition path, budget institutions seem to be most effective as a disciplining device in weak institutional environments
Table Of Contents
Cover Page; Title Page; Copyright Page; Contents; Appendix Tables; Boxes; Tables; Figures; A. Central Bank Independence; B. Budget Institutions; C. The Institutional Framework in Developing Countries; 1: NWW's Limited-and Open-Access Orders and the Transition; A. Doorsteps and the Establishment of MCI; B. Doorsteps and the Effectiveness of MCI; A. First Doorstep: The Rule of Law for Elites; 1: Components of the First Doorstep; B. Second Doorstep: Perpetual Forms of Organizations; 2: Components of the Second Doorstep; C. Third Doorstep: Political Control of the Military
Language
eng
Literary Form
non fiction
Note
"August 2010."
Physical Description
1 online resource (91 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781455205233

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