On the Assessment and Implementation of 'Institutional' Remedies

Forder, James

doi:10.1093/oxfordjournals.oep.a028560

Cited by 119 publications

(45 citation statements)

References 7 publications

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“…Most empirical studies use an indicator based on central bank laws in place. However, legal measures of CBI may not reflect the true relationship between the central bank and the government (Forder, 1996 andMangano, 1998). Especially in countries where the rule of law is less strongly embedded in the political culture, there can be wide gaps between the formal, legal institutional arrangements and their practical impact (Walsh, 2005).…”

Section: Introductionmentioning

confidence: 99%

Does high inflation cause central bankers to lose their job? Evidence based on a new data set

Dreher

Sturm

Haan

2008

European Journal of Political Economy

143

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This paper introduces new data on the term in office of central bank governors in 137 countries for . Our panel models show that the probability that a central bank governor is replaced in a particular year is positively related to the share of the term in office elapsed, political and regime instability, the occurrence of elections, and inflation. The latter result suggests that the turnover rate of central bank governors (TOR) is a poor indicator of central bank independence. This is confirmed in models for cross-section inflation in which TOR becomes insignificant once its endogeneity is taken into account.JEL Code: E5.

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Section: Introductionmentioning

confidence: 99%

Does high inflation cause central bankers to lose their job? Evidence based on a new data set

Dreher

Sturm

Haan

2008

European Journal of Political Economy

143

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“…This empirical issue is beyond the scope of the present paper but, as argued by Forder (1996), many recent studies may be methodologically flawed. In the present context, it should be noted in particular that simple correlations between indicators of central-bank behaviour and performance indicators like unemployment and inflation can be greatly misleading.…”

Section: Concluding Commentsmentioning

confidence: 84%

Stagflationary Consequences of Prudent Monetary Policy in a Unionized Economy

Skøtt

1997

Oxford Economic Papers

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“…On the one hand extensive cross-country studies have suggested that CBI increases the likelihood of fostering a lower and more stable inflation at no real cost [see for example, Grilli et al (1991), Cukierman et al (1992), and Alesina and Summers (1993)]. On the other hand critics find evidence that CBI is an endogenously determined variable, not an exogenous variable that causes low inflation [see for example, Posen (1993), Forder (1996), and Hayo (1998)]. …”

Section: Introductionmentioning

confidence: 99%

Statutory Central Bank Independence in Taiwan

Hueng¹

2010

ASS

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This paper critically reviews the Central Bank of the Republic of China (Taiwan) Act and finds that the level of legal independence of the central bank is relatively low compared to the rest of the world. However, Taiwan has been able to combine low inflation with a legally dependent central bank. We provide possible explanations to this low inflation/low independence puzzle in Taiwan and argue that Taiwan should still follow the trend of creating a more independent central bank.

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On the Assessment and Implementation of 'Institutional' Remedies

Cited by 119 publications

References 7 publications

Does high inflation cause central bankers to lose their job? Evidence based on a new data set

Does high inflation cause central bankers to lose their job? Evidence based on a new data set

Stagflationary Consequences of Prudent Monetary Policy in a Unionized Economy

Statutory Central Bank Independence in Taiwan

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