IMF Working Papers Volume 2017 Issue 101: Central Bank Legal Frameworks in the Aftermath of the Global Financial Crisis (2017)

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

Author:

Mr. Ashraf Khan

Mr. Ashraf Khan
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https://orcid.org/0000-0002-0084-0240

Series:: IMF Working Papers

Volume/Issue:: Volume 2017: Issue 101

Publication Date:: 01 May 2017

DOI:: https://doi.org/10.5089/9781475595802.001

ISBN:: 9781475595802

ISSN:: 1018-5941

Pages:: 41

Keywords:: WP; central bank; central bank law; committee; financial system; article; bank; country; government; Central banking; law; governance; financial supervision; financial stability; independence; autonomy; financial crisis; monetary policy; executive management; deputy governor; Board of the bank; currency board arrangement; advisory council; CBLD finding; central bank laws of the country; database in the world; central bank topic; banking services review panel; central bank law database; Financial sector stability; Central bank legislation; Price stabilization; Legal support in revenue administration; Central bank mandate; Global

Legal-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.

Series:: IMF Working Papers

Volume/Issue:: Volume 2017: Issue 101

Language:: English

Publication Date:: 01 May 2017

DOI:: https://doi.org/10.5089/9781475595802.001

ISBN:: 9781475595802

ISSN:: 1018-5941

Pages:: 41

Keywords:: WP; central bank; central bank law; committee; financial system; article; bank; country; government; Central banking; law; governance; financial supervision; financial stability; independence; autonomy; financial crisis; monetary policy; executive management; deputy governor; Board of the bank; currency board arrangement; advisory council; CBLD finding; central bank laws of the country; database in the world; central bank topic; banking services review panel; central bank law database; Financial sector stability; Central bank legislation; Price stabilization; Legal support in revenue administration; Central bank mandate; Global

Legal-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.

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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.

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IMF Working Papers

ISSN:: 1018-5941

Publisher:: International Monetary Fund

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