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Measuring the independence of central banks and its effect on policy outcomes (الإنجليزية)

Making the central bank an agency with the mandate and reputation for maintaining price stability is a means by which a government can choose the strength of its commitment to price stability. This article develops four measures of central bank independence and explores their relation with inflation outcomes. An aggregate legal index is developed for four decades in 72 countries. Three indicators of actual independence are developed: the rate...
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نسخة رسمية من الوثيقة (قد تضم توقيعات، الخ)


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