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The whys and how of central bank independence: from legal principles to operational accountability

Author

Listed:
  • Maqsood Aslam
  • Etienne Farvaque

    (LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

  • Piotr Stanek

Abstract

This chapter details the founding principles that can explain the drive towards central bank independence, and then looks at the consequences formal independence induces for the communication and understanding of monetary policy. The first part of the chapter examines the principles that have underpinned and stimulated the move towards independent central banks, and explains that these principles can be found in both the economic and legal domains. The second part examines how central banks deal with the accountability, transparency and disclosure requirements that flow from the independence principle itself. If central banks are independent, which constraints does this exerts on the need to communicate and explain monetary policy, to the markets and lay people.

Suggested Citation

  • Maqsood Aslam & Etienne Farvaque & Piotr Stanek, 2022. "The whys and how of central bank independence: from legal principles to operational accountability," Post-Print hal-03980529, HAL.
    • Handle: RePEc:hal:journl:hal-03980529
    DOI: 10.4337/9781800372238.00010
    as

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