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ALBERTO ALESINA LAWRENCE H. SUMMERS Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence THE DEGREE OF CENTRAL BANK INDEPENDENCE varies con-siderably across countries. Several authors including Bade and Parkin (1982), Ale-sina (1988, 1989), and Grilli, Masciandaro, and Tabellini (1991) found that more
Alberto Alesina and Lawrence Summers. Journal of Money, Credit and Banking, 1993, vol. 25, issue 2, 151-62 Abstract: This note uses information on a sample of sixteen OECD countries to assess the relationship between central bank independence and macroeconomic performance. As previous work suggests, politically controlled central banks are more ...
- Alberto Alesina, Lawrence H. Summers
- 1993
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May 1, 1993 · DOI: 10.2307/2077833 Corpus ID: 153627861; Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence @article{Alesina1993CentralBI, title={Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence}, author={Alberto F. Alesina and Lawrence H.l Summers}, journal={Journal of Money, Credit and Banking}, year={1993}, volume={25}, pages={151-162 ...
Index of Central Bank Independence Source: Alesina and Summers (1993). bank independence affects the rate of inflation in the expected direction.”°This result was also found by Cukierman, Webb and Neyapti (1992).” Central Bank Independence and the Real Economy Although most of the empirical work focused on the relationship between central ...
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Over thirty years ago, Alberto Alesina and Larry Summers observed that “[t]he central difficulty in examining the question of central bank independence is measuring the independence of the central bank in different countries” (Alesina and Summers 1993, 152). At the time, three different measures were in use: Bade and
studies have found that an independent central bank may lower inflation (Alesina and Summers, 1993; Arnone and Romelli, 2013; Cukierman et al., 1992; Grilli et al., 1991; Klomp and De Haan, 2010b,a), other studies that have used a broader range of characteristics of a nation’s economy have been unable to find such a
A recent example is Zimbabwe, which saw its annual inflation rate rise from 24,411 percent in 2007 to an estimated 89.7 sextillion percent in mid-November 2008. 1 That's 89,700,000,000,000,000,000,000 percent. The willingness of governments to force their central banks to print excessive amounts of money, or put in place policies that lead to ...
