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Does the central bank contribute to the political monetary cycles in Bangladesh?

Content Provider	Springer Nature Link
Author	Joarder, Mohammad Abdul Munim Hossain, A. K. M. Nurul Ahmed, Monir Uddin
Copyright Year	2015
Abstract	This study aims to explore the impact of elections on the inflationary process in Bangladesh i.e., to observe whether elections have any influence on monetary variables like money supply, exchanges rate and thus inflation. We used quarterly data as the incumbent in Bangladesh must give a maximum of 3 months’ time to the caretaker government to accomplish the election. Our full ARDL estimation suggested that an appreciation of the exchange rate just before the election reduced inflation significantly and an effective way of incumbent’s to gain popularity. We found that current inflation was positively associated (though not significantly) with the previous quarter’s money supply measured by M1. The incumbent took policies to reduce the inflation during election period as voters place more importance in the recent history. We find evidence of political monetary cycles in Bangladesh. Bangladesh Bank’s independence should be given priority so that it can withstand political pressure to stimulate the economy before elections or finance election-related increases in government spending.
Starting Page	365
Ending Page	394
Page Count	30
File Format	PDF
ISSN	15739414
Journal	Economic Change and Restructuring
Volume Number	49
Issue Number	4
e-ISSN	15740277
Language	English
Publisher	Springer US
Publisher Date	2015-12-30
Publisher Place	New York
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Political monetary cycles Central bank independence ARDL bounds testing, Bangladesh Development Economics International Economics Economic Systems Macroeconomics/Monetary Economics//Financial Economics Economic Growth Economic Policy
Content Type	Text
Resource Type	Article
Subject	Economics and Econometrics

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