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Independência e autonomia do Banco Central: mais sobre o debate [Central Bank independence and autonomy: more on this debate]

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Listed:
  • Marco Crocco
  • Frederico G. Jayme Jr.

Abstract

The aim of this paper is to analyze critically the Independence of Central Banks (ICB). By presenting the theoretical arguments that support the independence, as well as some empirical studies regarding this topic, we introduce the main critical concerns about the argument of ICB. Besides, we set the most striking aspects of the effectiveness of the Independence of Central Banks as a "panacea" for solving the inflationary pressures in developing countries. Conclusions highlight the limits of ICB in countries with high external constraints such as Brazil.

Suggested Citation

  • Marco Crocco & Frederico G. Jayme Jr., 2003. "Independência e autonomia do Banco Central: mais sobre o debate [Central Bank independence and autonomy: more on this debate]," Textos para Discussão Cedeplar-UFMG td199, Cedeplar, Universidade Federal de Minas Gerais.
    • Handle: RePEc:cdp:texdis:td199
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    File URL: https://www.cedeplar.ufmg.br/pesquisas/td/TD%20199.pdf
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    References listed on IDEAS

    as
    1. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-162, May.
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    6. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August.
    7. Cukierman Alex, 1992. "CENTRAL BANK STRATEGY, CREDIBILITY, AND INDEPENDANCE: THEORY AND EVIDENCE: Compte Rendu par Dominique Cariofillo," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 3(4), pages 581-590, December.
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    More about this item

    Keywords

    central bank; central bank independence; Brazil;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • 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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