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The effects of central bank independence on inflation: A study on OECD-countries
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
2018 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

The ever-growing trends of globalization and open capital markets have changed world economics and the cooperation of monetary and political institutions. Since the breakdown of the Bretton-Woods system, defending the home currency has no longer been the main target for central banks. While flexible exchange rate regimes started dominating the area of economics, the role of the central banks changed simultaneously. Central banks nowadays focus on price stabilization, which has led to the targeting of low and stable inflation rates. Simultaneously, these new policies have increased the need for independence for central banks, in order for them to pursue their new policies. This paper analyzes whether central bank independence has an effect on inflation. The test is applied on 31 OECD-countries, over the time-span of 1998-2010. By the use of both fixed and random effects regression, higher central bank independence appears to have negative effect on inflation.

Place, publisher, year, edition, pages
2018.
National Category
Economics
Identifiers
URN: urn:nbn:se:umu:diva-149610OAI: oai:DiVA.org:umu-149610DiVA, id: diva2:1223130
Available from: 2018-06-25 Created: 2018-06-25 Last updated: 2018-06-25Bibliographically approved

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf