We build on earlier studies regarding Central Bank independence (CBI) by relating it to political, institutional and economic variables. The data suggest that CBI is positively related to the presence of federalism, the features of the electoral system and parties, the correlation between the shocks to the level of economic activity in the countries included in the sample and, for a sub-sample of economies, the convergence criteria to join the European Monetary Union (EMU).
D., Ferrari e Barbara, Pistoresi. "Political Institutions and Central Bank Independence revisited" Working paper, MATERIALI DI DISCUSSIONE, Dipartimento di Economia Politica - Università di Modena e Reggio Emilia, 2009. https://doi.org/10.25431/11380_616537
Political Institutions and Central Bank Independence revisited
PISTORESI, Barbara
2009
Abstract
We build on earlier studies regarding Central Bank independence (CBI) by relating it to political, institutional and economic variables. The data suggest that CBI is positively related to the presence of federalism, the features of the electoral system and parties, the correlation between the shocks to the level of economic activity in the countries included in the sample and, for a sub-sample of economies, the convergence criteria to join the European Monetary Union (EMU).
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