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| Tekijä: | Sikken, B. J. Haan, J. de |
| Otsikko: | Budget deficits, monetization, and central-bank independence in developing countries |
| Lehti: | Oxford Economic Papers
1998 : JUL, VOL. 50:3, p. 493-511 |
| Asiasana: | Central banks Economic indicators Budgeting Developing countries |
| Kieli: | eng |
| Tiivistelmä: | Using various indicators for central bank independence, the relationship btw. central bank independence and government budget deficits are examined. In addition, using a two-stage procedure it is analyzed whether central bank independence affects the monetization of deficits. First, the monetization relation in each country is estimated and then the resulting accommodation coefficients are related to central bank independence. It is concluded that only if the turnover rate of central bank governors or the political vulnerability index is used monetary accommodation of deficits is negatively related to central bank independence. There is no relationship between independence and the level of budget deficits. |
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