Many studies have found strong negative correlations between central bank independence and inflation but the casual significance of this relationship is often challenged. The authors find that the negative relationship remains even when a number of other explanatory variables are considered....

Recent attempts to explain the implementation of conditionality incorporated in IMF-supported programmes have used the concept of ‘ownership’. A literature on ownership has begun to emerge and, alongside this, policy changes in the form of streamlining conditionality and broadening...

The authors use principal component analysis to reassess the link between different attributes of central bank independence and inflation performance. They suggest that coding problems may account for the fact that almost none of the attributes included in the Cukierman index has a systematic,...