The influence of financial market development on de jure central bank independence in the Asia–Pacific
Law Chee-Hong
Abstract:PurposeThis study investigates the impact of financial development, measured by the ratio of broad money to gross domestic products, on de jure central bank (CB) independence (CBI) in 17 countries in the Asia–Pacific region from 1995 to 2014.Design/methodology/approachThis study uses the feasible generalized least squares (FGLS) approach, which is suitable since the CBI equation suffers from contemporaneous correlation, serial correlation and heteroscedasticity.FindingsThe FGLS results suggest a positive assoc… Show more
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