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CBI is the seemed contradiction between independence and democracy, known as the problem of accountability of the monetary … democracy. This would, in turn, attribute to reconciling the presumed contradiction between CBI and democracy, besides … disentangling the impact of independence and transparency on democracy. To this end, we regress democracy on both CBI and CB …
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Central bank independence (CBI) is a very important precondition for price stability. However, the empirical evidence for a correlation between both is relatively weak. In this paper, this weakness is countered with a) an extended measure of monetary commitment, which includes well-known...
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