Global Trends in Central Bank Governance
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This chapter1 discusses global trends in CB governance based on the indicators of independence, accountability, and transparency presented in Chapter 4, and which are applied to CBs from advanced countries, emerging markets, and developing countries. Our analysis is based on the levels of CB independence, accountability, and transparency observed in the recent period. Furthermore, we analyze the evolution of CB independence over time (i.e., since the late 1980s) on the basis of measurements reported in GMT (1991) and Cukierman (1992). Given that such measurements do not exist for the other pillars of CB governance (i.e., transparency and accountability) an analysis of their evolution over time is not possible.
KeywordsMonetary Policy Euro Area Transition Economy Advanced Economy Advanced Country
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