Central Bank Independence, Policies and Reforms: Addressing Political and Economic Linkages

assessing political stability and instability in central asia and caucasus; case study, azerbaijan and kyrgyzstan

منطقه ی آسیای مرکزی وقفقاز به عنوان منطقه ای تاریخی و به دلیل دارا بودن ذخایر عظیم هیدرو کربنی از اهمیت ویژه ای برخوردار است. کشورهای این منطقه از عوامل عمده ی بی ثباتی نظیر عوامل جغرافیایی، اقتصادی، امنیتی، اجتماعی و سیاسی رنج می برند. پس از فروپاشی اتحاد جماهیر شوروی کشورهای منطقه از نعمت استقلال ناخواسته ای برخوردار شدند که مشکلات فوق را برای آن ها چندین برابر می کرد. در این روند برخی از این...

Central Bank Independence and Central Bank Conservatism: Theory with an Application to Iran

New monetary literatures widely concentrates on the importance of institutional arrangements in the effectiveness of monetary policy. The debate regarding the optimal institutional design of central banks, independence and conservatism are usually considered to be the most important ingredients for a stable and successful monetary policy. Therefore, the purpose of this study is to deal with the...

Central Bank Independence and Macro- prudential Regulation

We consider the optimality of various institutional arrangements for agencies that conduct macro-prudential regulation and monetary policy. When a central bank is in charge of price and financial stability, a new time inconsistency problem may arise. Ex-ante, the central bank chooses the socially optimal level of inflation. Ex-post, however, the central bank chooses inflation above the social o...

Debt, inflation and central bank independence

Increasing the independence of a central bank from political influence, although ex-ante socially beneficial and initially successful in reducing inflation, would ultimately fail to lower inflation permanently. The smaller anticipated policy distortions implemented by a more independent central bank would induce the fiscal authority to decrease current distortions by increasing the deficit. Ove...

Central Bank Independence and Financing Government Spending*