Cover IMF Working Papers
Central Bank Autonomy, and Inflation and Output Performance in the Baltic States, Russia, and Other Countries of the Former Soviet Union, 1995-1997
Author: Mr. Tonny Lybek
Series:
IMF Working Papers
Volume/Issue:
Volume 1999: Issue 004
Language:
English
Publication Date:
01 Jan 1999
DOI:
https://doi.org/10.5089/9781451842029.001
ISBN:
9781451842029
ISSN:
1018-5941
Pages:
38
Keywords:
WP; central bank; autonomy; government; country; BRO country; Central bank independence; transition economies; BRO central bank law; financial condition; central bank governor; instrument autonomy; central bank authority; target autonomy; draft central bank law; Central bank autonomy; Central bank accountability; Central bank legislation; Inflation; Central bank credit; Baltics
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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.
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A higher degree of de jure autonomy and accountability of the central banks of the Baltic states, Russia, and other countries of the former Soviet Union appears to be positively correlated with lower average inflation. There also seems to be some positive correlation between greater central bank autonomy and higher average real growth, after the initial period of reforms. Central banks with a higher degree of autonomy and accountability have apparently also reformed their operations more aggressively.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund