NDLI: Independence and Accountability in the European Central Bank

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Independence and Accountability in the European Central Bank

Content Provider	Semantic Scholar
Copyright Year	2017
Abstract	Bank Candidate: Nicolò Fraccaroli Supervisor: prof. Marcello Messori In the last years, many studies attempted to create an index capable of measuring central bank independence (CBI). The aim of these works was to verify the existence of an inverse relationship between CBI and inflation; or, in other words, if it is true that the more independent a central bank is, the lower is the inflation in the central bank's country. Bade and Parkin (1988) defined the first index through the analysis of twelve central banks’ statutes, and found four degrees of CBI. Their most important finding was that the average rate of inflation is “significantly lower in countries that have highly independent central banks compared with those that do not”, confirming the hypothesis of the inverse relationship. However, this index was too superficial, as the number of features analysed per each central bank was too low, and did not distinguish political (the capacity to choose the final goals of policy) from economic independence (the autonomy of choosing the instruments of monetary policy), but consider it as a whole. In order to overcome these limits, Grilli, Masciandaro and Tabellini (GMT, 1991) developed a new index, which was obtained adding together two separate indices: the political independence index and the economic independence index. GMT’s index was more precise, as it considered fifteen features in total, against the three features selected by Bade and Parkin. Although it had significant differences with the former, this index presented a negative relation with inflation too. The same result was obtained by Eijffinger and Schaling’s index (1993), which, in addition to GMT’s, took 1
File Format	PDF HTM / HTML
Alternate Webpage(s)	https://tesi.luiss.it/13045/2/fraccaroli-nicol%C3%B2-sintesi-2014.pdf
Alternate Webpage(s)	https://transparency.eu/wp-content/uploads/2017/03/TI-EU_ECB_Report_DIGITAL.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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