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Central banking, democratic governance and polítical authority: case of Brazil in a regional perspective

Author

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  • Lourdes Sola
  • Christopher Garman
  • Moises Marques

Abstract

By examining the relationship between democratic governance and monetaryauthority this paper accomplishes two principal tasks. First, it justifies placing the study ofmonetary authority as a central item on the research agenda of political scientists. Beginningfrom the premise central banks constitute a special mode of political authority, we examinetrade-offs between questions of transparency, democratic accountability, and public sectorefficiency. Second, by conducting an empirical study of monetary authority for the Braziliancase, the paper inverts a commonly held assumption within the study of central banks. Ratherthan argue price stability follows from an autonomous central bank, the Brazilian casedemonstrate nearly the opposite can take place. JEL Classification: E58.

Suggested Citation

  • Lourdes Sola & Christopher Garman & Moises Marques, 1998. "Central banking, democratic governance and polítical authority: case of Brazil in a regional perspective," Brazilian Journal of Political Economy, Center of Political Economy, vol. 18(2), pages 321-348.
    • Handle: RePEc:ekm:repojs:v:18:y:1998:i:2:p:321-348:id:1138
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1138/1123
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    Cited by:

    1. Ojo, Marianne, 2013. "Recovering from the Global Financial Crisis: achieving financial stability in times of uncertainty," MPRA Paper 47350, University Library of Munich, Germany.
    2. Ayadi, Felix & Ojo, Marianne, 2013. "Central bank independence: monetary policies in selected jurisdictions (II)," MPRA Paper 45684, University Library of Munich, Germany.
    3. repec:dau:papers:123456789/284 is not listed on IDEAS

    More about this item

    Keywords

    Central bank; central bank autonomy; monetary policy; political economy; accountability;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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