Abstract | Keywords | Export | Availability | Bookmark

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper presents an update of the Grilli-Masciandaro-Tabellini (GMT) index of central bank (CB) autonomy, based on CB legislation as of end-2003. The index is applied to a set of OECD and developing countries, and emerging market economies. For a smaller set of countries, the paper presents a reconstruction of the GMT index based on Cukierman (1992) and assesses changes in CB autonomy between 1992 and 2003. The results point to a significant increase in CB autonomy, in particular for developing countries. In most cases, this improvement has involved a three-stage process: an initial stage in which the political foundations for CB autonomy are laid; a second stage in which operational autonomy develops; and a final stage in which CBs gain further political autonomy in terms of policy formulation and the appointment of senior management.

Banks and banking, Central -- Law and legislation -- Developing countries. --- Banks and banking, Central -- Law and legislation -- OECD countries. --- Electronic books. -- local. --- Monetary policy -- Developing countries. --- Monetary policy -- OECD countries. --- Finance --- Business & Economics --- Banking --- Banks and banking, Central --- Monetary policy --- Law and legislation --- Monetary management --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Economic policy --- Currency boards --- Money supply --- Banks and banking --- Banks and Banking --- Finance: General --- Public Finance --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Taxation, Subsidies, and Revenue: General --- Monetary Policy --- Public finance & taxation --- Emerging and frontier financial markets --- Central bank autonomy --- Central bank legislation --- Legal support in revenue administration --- Financial markets --- Revenue administration --- Financial services industry --- Revenue --- Mexico