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Any Link Between Legal Central Bank Independence and Inflation? Evidence from Latin America and the Caribbean, Luis Jácome, Francisco Vazquez

Abstract
This paper reviews central bank legislation in 24 countries in Latin America and the Caribbean during the 1990s. Using panel regressions, we find a negative relationship between legal central bank independence (CBI) and inflation. This result holds for three alternative measures of CBI and after controlling for international inflation, banking crises, and exchange regimes. The result is also robust to the inclusion of a broader indicator of structural reforms that usually go along with changes in central bank legislation, illustrating the complementary nature of various aspects of economic reform. The paper fails, however, to find a causal relationship running from CBI to inflation
Table Of Contents
""Contents""; ""I. INTRODUCTION""; ""II. MEASURES OF LEGAL CENTRAL BANK INDEPENDENCE""; ""III. A MAP OF CENTRAL BANK REFORM IN LATIN AMERICA AND THE CARIBBEAN DURING THE 1990S""; ""IV. LEGAL CENTRAL BANK INDEPENDENCE AND INFLATION IN LATIN AMERICA AND THE CARIBBEAN, IS THERE A LINK?""; ""V. CONCLUDING REMARKS""; ""REFERENCES""
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (42 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781283513722

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