Latin America: Increases in Central Bank Independence
|Monetary Stabilization Introduced||Central Bank Law or Constitution Changed||Index of Central Bank Independence1|
|“Hard” Exchange Rate Objective|
|Argentina||April 1991||September 1992||18.5|
|Brazil||July 1994||June 1999||12.0|
|Mexico||April 1988||April 1994||16.0|
|Uruguay||November 1990||March 1995||12.5|
|“Soft” Exchange Rate Objective|
|Paraguay||April 1989||June 1995||10.5|
|Venezuela||April 1989||December 1992||9.5|
|Chile||October 1989||October 1989||16.5|
|Colombia2||January 1991||August 1991||15.0|
|Peru||January 1993||January 1993||17.0|
Following changes in the law; the higher the index, the more independent is the central bank.
Corresponds to the date when the new, independent central bank board was appointed.