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Survey of Models and Indicators of Accountability

  • Bernard J. Laurens
  • Marco Arnone
  • Jean-François Segalotto
Chapter
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Part of the Procyclicality of Financial Systems in Asia book series (IMF)

Abstract

As discussed in Chapter 1, the standard policy response to the inflationary bias caused by discretionary monetary policy-making is the delegation of monetary policy to an independent institution. Directly linked and complementary to independence is the concept of accountability. Research on CB accountability is relatively recent and the literature is still evolving. Relatively few authors have focused on empirical measures of accountability, including Briault, Haldane, and King (1996), de Haan, Amtenbrink, and Eijffinger (1998), Bini-Smaghi and Gros (2000 and 2001), Stasavage (2003), and Siklos (2002). The literature we survey spans eight years, a period during which accountability indices have been refined. While there is still a lack of consensus among academics and practitioners, progress has been made in understanding the contributions of the different variables to a measure of CB accountability.

Keywords

Monetary Policy Central Bank Price Stability Intermediate Target Democratic Accountability 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© International Monetary Fund 2009

Authors and Affiliations

  • Bernard J. Laurens
    • 1
  • Marco Arnone
    • 2
    • 3
  • Jean-François Segalotto
    • 2
  1. 1.Monetary and Capital Markets DepartmentInternational Monetary FundUSA
  2. 2.The Centre for Macroeconomics & Finance Research (CeMaFiR)Italy
  3. 3.University of Eastern PiedmontItaly

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