IDEAS home Printed from https://ideas.repec.org/a/oup/oxecpp/v50y1998i3p468-92.html
   My bibliography  Save this article

Measuring Central Bank Independence: A Tale of Subjectivity and of Its Consequences

Author

Listed:
  • Mangano, Gabriel

Abstract

This paper first scrutinizes the two indices of central bank independence (CBI) most commonly used in the empirical literature. It defines and discovers an impressive interpretation spread, a major criteria spread but a negligible weighting spread in those indices. Second, it examines the robustness of the empirical 'common knowledge' on the benefits of CBI. It finds that, when rankings produced by various CBI indices are regressed with, among others, average inflation, 87.5 percent of the regression coefficients are not statistically significant. Third, following recent theoretical developments, it suggests an alternative approach to the measurement of a central bank's operational status. Copyright 1998 by Royal Economic Society.

Suggested Citation

  • Mangano, Gabriel, 1998. "Measuring Central Bank Independence: A Tale of Subjectivity and of Its Consequences," Oxford Economic Papers, Oxford University Press, vol. 50(3), pages 468-492, July.
    • Handle: RePEc:oup:oxecpp:v:50:y:1998:i:3:p:468-92
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:oxecpp:v:50:y:1998:i:3:p:468-92. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press (email available below). General contact details of provider: https://academic.oup.com/oep .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.