welfare through their decisions. Yet, cases of central bank corruption abound. The dissertation provides examples of ?pure …? corruption in central banks. Only a few studies address corruption and similar, but not necessarily criminal, behavior of central … bank employees and governors, even though corruption in the central bank is obviously possible. By the very nature of their …

Corruption among central banks induces distorted policies by, first, increasing the inflation bias and, second … bankers with similar preferences, corruption might be tolerated as an instrument of bringing factual policies more in line …