Detail Central bank independence, budget deficits, seigniorage and inflation Bibliografi Author: Ratti, Ronald A. (Advisor); Bang, Kisun Topik: ECONOMICS; GENERAL|BUSINESS ADMINISTRATION; BANKING Bahasa: (EN )    ISBN: 0-599-24420-8     Penerbit: UNIVERSITY OF MISSOURI - COLUMBIA     Tahun Terbit: 1998     Jenis: Theses - Dissertation Fulltext: 9924863.pdf (0.0B; 3 download) Abstract This paper analyzes the role of central bank independence (CBI) for the inflation rate using a set of panel data. In industrial countries, CBI measured by legal index shows a significant negative relationship with inflation in the supply shock driven high inflation period of the 1970s. In the Bretton Woods period and in the post oil price shock period (after 1981) the link between inflation and CBI is much weaker. It seems that the finding of a negative connection between CBI and inflation is driven by data for the 1970s when policy makers faced the problem of dealing with rising inflation and unemployment at the same time. For developing countries, CBI measured by the turnover rate of central bank governor has a positive relationship with inflation when cross section data is examined. However, if countries for which inflation average over 100% per year are excluded, there is no statistically significant relationship between turnover rate and inflation. Use of panel data when outliers are excluded also gives the result that turnover rate is not statistically significant in explaining inflation. This implies that high inflation countries whose turnover rate is very high (such as Argentina and Brazil) influence the well-known result due to Cukierman that turnover rate and inflation are positively related. This paper finds a positive relationship between the lagged seigniorage and inflation in industrial countries. In developing countries when high inflation countries are excluded, seigniorage is also a significant determinant of inflation. Government deficits are only significant in explaining inflation when the high inflation outliers are included. The effect of other variables such as political instability and openness on inflation varies between sample periods. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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