TY  - BOOK
AU  - Jácome,Luis Ignacio
TI  - Legal Central Bank Independence and Inflation in Latin America During the 1990s
T2  - IMF Working Papers; Working Paper
SN  - 1451874898 :
SN  - 1018-5941
PY  - 2001///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Central Bank Independence
KW  - imf
KW  - Central Bank
KW  - Independence
KW  - Latin American Countries
KW  - Monetary Fund
KW  - Argentina
KW  - Brazil
KW  - Dominican Republic
KW  - Guatemala
KW  - Venezuela, República Bolivariana de
N2  - This paper reviews central banks' legal reform in Latin America during the 1990s and discusses the status of central bank independence in the region. Based on this information, it builds a simplified index of central bank independence which, in addition to the commonly used criteria of political and economic independence, incorporates provisions of central banks' financial autonomy, accountability, and lender-of-last-resort. The paper finds a moderate negative correlation between increased central bank independence and inflation during 1999-2001 in 14 Latin American countries. Dissagregating the index, the same analysis suggests that economic independence is the key component driving the observed negative correlation between legal central bank independence and inflation
UR  - http://elibrary.imf.org/view/IMF001/04247-9781451874891/04247-9781451874891/04247-9781451874891.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451874891
ER  -