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Monetary institutions and inflation performance: cross-country evidence

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  • Bilin Neyapti

Abstract

This paper presents an empirical investigation of the effectiveness of the institutional frameworks of monetary policy in achieving and maintaining price stability. The institutional frameworks considered are central bank independence (CBI), inflation targeting (IT), currency boards (CB) and monetary unions (MU). Against the vast literature that argues for the price stabilizing effects of each of these institutions, the empirical evidence presented here suggests that countries that have adopted the IT and CB regimes have, on average, been associated with lower inflation rates than others during the past decade. This finding is robust to various control variables, while governance appears to be a substitute to formal mechanisms.

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  • Bilin Neyapti, 2012. "Monetary institutions and inflation performance: cross-country evidence," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 15(4), pages 339-354.
    • Handle: RePEc:taf:jecprf:v:15:y:2012:i:4:p:339-354
    DOI: 10.1080/17487870.2012.731805
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    Cited by:

    1. Afees A. Salisu & Elias A. Udeaja & Silva Opuala-Charles, 2022. "Central Bank Independence And Price Stability Under Alternative Political Regimes: A Global Evidence," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 25(2), pages 155-172, August.
    2. Garriga, Ana Carolina & Rodriguez, Cesar M., 2020. "More effective than we thought: Central bank independence and inflation in developing countries," Economic Modelling, Elsevier, vol. 85(C), pages 87-105.
    3. Agyapomaa Gyeke-Dako & Elikplimi Komla Agbloyor & Abel Mawuko Agoba & Festus Turkson & Emmanuel Abbey, 2022. "Central Bank Independence, Inflation, and Poverty in Africa," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 21(2), pages 211-236, June.
    4. Carlos A. Carrasco & Jesus Ferreiro, 2014. "Latin American inflation differentials with USA inflation: does Inflation Targeting make a difference?," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 17(1), pages 13-32, March.
    5. Strong, Christine Olivia, 2021. "Political influence, central bank independence and inflation in Africa: A comparative analysis," European Journal of Political Economy, Elsevier, vol. 69(C).

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