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Central Bank Legal Frameworks in the Aftermath of the Global Financial Crisis

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  • Mr. Ashraf Khan

Abstract

Drawing on the 2016 update of the IMF’s Central Bank Legislation Database, this paper examines differences in central bank legal frameworks before and after the Global Financial Crisis. Examples from select countries show that many central bank laws have undergone changes in objectives, decision-making, accountability, and data collection. A wider cross-country survey illustrates the common occurrence of price stability in central bank objectives, and varying practices in defining financial stability, “independence” versus “autonomy,” and who within a central bank determines monetary policy. The highlighted facts illustrate the uses of the database and could be a starting point for further analyses.

Suggested Citation

  • Mr. Ashraf Khan, 2017. "Central Bank Legal Frameworks in the Aftermath of the Global Financial Crisis," IMF Working Papers 2017/101, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2017/101
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    Citations

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    Cited by:

    1. Grégory Levieuge, 2018. "La politique monétaire doit-elle être utilisée à des fins de stabilité financière ?," Revue française d'économie, Presses de Sciences-Po, vol. 0(3), pages 63-104.
    2. Charles Goodhart & Rosa Lastra, 2018. "Populism and Central Bank Independence," Open Economies Review, Springer, vol. 29(1), pages 49-68, February.
    3. Klingebiel,Daniela M. H. & Herrero Montes,Carmen Mileva & Ruiz Gil,Marco Antonio & Seward,James, 2021. "Central Bank Governance and Reserve Portfolios Investment Policies : An Empirical Analysis," Policy Research Working Paper Series 9763, The World Bank.
    4. Levieuge, G. & Lucotte, Y. & Pradines-Jobet, F., 2019. "Central banks’ preferences and banking sector vulnerability," Journal of Financial Stability, Elsevier, vol. 40(C), pages 110-131.
    5. Itai Agur & Carola Binder & Cristina Bodea & Claudio Borio & Italo Colantone & Ana Carolina Garriga & Federico Favaretto & Stefan Gerlach & Ernest Gnan & Ryszard Kokoszczynski & Masaaki Higashijima & , 2020. "Populism, Economic Policies and Central Banking," SUERF Studies, SUERF - The European Money and Finance Forum, number 2020/1 edited by Ernest Gnan and Donato Masciandaro, May.
    6. Alberto Naudon & Andrés Pérez, 2017. "An Overview of Inflation-Targeting Frameworks: Institutional Arrangements, Decision-making, & the Communication of Monetary Policy," Working Papers Central Bank of Chile 811, Central Bank of Chile.
    7. Bryane Michael & Svitlana Osaulenko, 2021. "TOWARD A NEW COMPARATIVE PUBLIC LAW OF CENTRAL BANK LEGISLATION: Designing Legislative Mandates for Central Bank Private Securities Assets Purchases and Nominal GDP Targeting," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 10(1), pages 5-38.
    8. Mr. Ashraf Khan, 2018. "Legal Protection: Liability and Immunity Arrangements of Central Banks and Financial Supervisors," IMF Working Papers 2018/176, International Monetary Fund.
    9. Mr. Ashraf Khan, 2018. "A Behavioral Approach to Financial Supervision, Regulation, and Central Banking," IMF Working Papers 2018/178, International Monetary Fund.

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