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Inflation Dynamics in Bulgaria: The Role of Policies

Nguyen, Anh - 2023

This paper analyses inflation dynamics in Bulgaria using different complementary econometrics technics. We find that …-specific factors. Greater weight of energy and food in Bulgaria's CPI basket amplifies the impact of shocks on headline inflation …. Furthermore, second-round effects in Bulgaria are likely pronounced, associated with a higher inflation persistence compared to …

Persistent link: https://www.econbiz.de/10015059056

Inflation Performance and Constitutional Central Bank Independence; Evidence From Latin America and the Caribbean

Gutierrez, Eva - International Monetary Fund (IMF) - 2003

This paper explores the relationship between the constitutional entrenchment of central bank independence and inflation performance. Empirical studies for developing countries have not found a relationship between central bank independence, proxied by the "de jure" independence established in...

Persistent link: https://www.econbiz.de/10005248207

Legal Central Bank Independence and Inflation in Latin America During the 1990's

Jácome, Luis Ignacio - International Monetary Fund (IMF) - 2001

This paper reviews central banks’ legal reform in Latin America during the 1990s and discusses the status of central bank independence in the region. Based on this information, it builds a simplified index of central bank independence which, in addition to the commonly used criteria of...

Persistent link: https://www.econbiz.de/10005263781

Central Bank Credit to the Government; What Can We Learn From International Practices?

Matamoros-Indorf, Marcela; Sharma, Mrinalini; Townsend, … - International Monetary Fund (IMF) - 2012

Using a central bank legislation database, this paper documents and analyzes worldwide institutional arrangements for central bank lending to the government and identifies international practices. Key findings are: (i) in most advanced countries, central banks do not finance government...

Persistent link: https://www.econbiz.de/10009650634

Independent Currency Authorities; An Analytic Primer

Osband, Kent; Villanueva, Delano - International Monetary Fund (IMF) - 1992

This paper provides an analytic overview of independent currency authorities (ICAs), sometimes called currency boards. ICAs issue and redeem domestic currency against an exchange standard on demand and back such operations through a 100 percent marginal foreign reserve cover. They also impose...

Persistent link: https://www.econbiz.de/10005826316

Central Bank Governance; A Survey of Boards and Management

Morris, JoAnne; Lybek, Tonny - International Monetary Fund (IMF) - 2004

This paper identifies issues to consider when designing the structure, size, and composition of the governing boards and management of a central bank. While central bank autonomy and accountability are generally accepted as good practice, there is less consensus regarding the structure, size,...

Persistent link: https://www.econbiz.de/10005826504

Any Link Between Legal Central Bank Independence and Inflation? Evidence From Latin America and the Caribbean

Jácome, Luis Ignacio; Vázquez, Francisco F. - International Monetary Fund (IMF) - 2005

This paper reviews central bank legislation in 24 countries in Latin America and the Caribbean during the 1990s. Using panel regressions, we find a negative relationship between legal central bank independence (CBI) and inflation. This result holds for three alternative measures of CBI and after...

Persistent link: https://www.econbiz.de/10005769257

Unconventional Central Bank Measures for Emerging Economies

Stone, Mark R.; Yehoue, Etienne B.; Ishi, Kotaro - International Monetary Fund (IMF) - 2009

Unconventional central bank measures are playing a key policy role for many advanced economies in the 2007-09 global crisis. Are they playing a similar role for emerging economies? Emerging economies have widely used unconventional foreign exchange and domestic short-term liquidity easing...

Persistent link: https://www.econbiz.de/10008540919

Implementing official Dollarization

Lönnberg, Åke; Jácome, Luis Ignacio - International Monetary Fund (IMF) - 2010

This paper identifies key aspects that countries willing to officially dollarize must necessarily address. Based on country experiences, it discusses the critical institutional bases that are necessary to unilaterally introduce a new legal tender, describes the relevant operational issues to...

Persistent link: https://www.econbiz.de/10008533236

Latin American Central Bank Reform; Progress and Challenges

International Monetary Fund (IMF); International … - 2005

This study takes stock of the institutional reform of monetary policy in Latin America since the early 1990s. It argues that strengthening the legal independence of central banks, together with macroeconomic policies, was instrumental in reducing inflation from three-digit annual rates in the...

Persistent link: https://www.econbiz.de/10005605076

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