Central bank characteristics are important determinants of stock market returns and their volatility. While the literature has examined the effects of transparency and independence, no research has been conducted so far on the effect of central bank credibility on stock market returns'...

This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...

There is a widespread agreement among central bankers around the world that the stability of the national currency should be entrusted to independent central banks. There are two arguments supporting this idea: 1. to achieve macroeconomic stability, a low and stable inflation is required, an...