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Central Bankers and Central Bank Independence

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  • Miroslav Beblavy

Abstract

This paper uses results of a questionnaire survey to look at how central bankers inthe Czech Republic, Hungary, Poland and Slovakia view various criteria of centralbank independence and compares their responses with central bankers in industrialcountries. Central bankers from both groups agree very strongly on the importanceof two pillars of central bank independence: goal independence and freedom toimplement these goals, together with a system of how credit is granted by a centralbank to a government that gives the central bank powers to determine terms andlimits the extent of such credit. Based on the responses, the paper also identifiessome weaknesses of the most frequently used indices of central bank independenceand makes recommendations on how to improve them.

Suggested Citation

  • Miroslav Beblavy, 2003. "Central Bankers and Central Bank Independence," Scottish Journal of Political Economy, Scottish Economic Society, vol. 50(1), pages 61-68, February.
    • Handle: RePEc:bla:scotjp:v:50:y:2003:i:1:p:61-68
    DOI: 10.1111/1467-9485.00254
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    References listed on IDEAS

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    Cited by:

    1. Enrico Gisolo, 2007. "The Degree of Legal Independence of the Mediterranean Central Banks: International Comparison and Macroeconomic Implications," RSCAS Working Papers 2007/30, European University Institute.
    2. Goran Petrevski & Jane Bogoev & Bruno Sergi, 2012. "The link between central bank independence and inflation in Central and Eastern Europe: are the results sensitive to endogeneity issue omitted dynamics and subjectivity bias?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 34(4), pages 611-652.

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