Download PDF by Robert Elgie, Helen Thompson: The Politics of Central Banks (Routledge Advances in

By Robert Elgie, Helen Thompson

ISBN-10: 0415144221

ISBN-13: 9780415144223

This e-book is a research of energy. particularly, it's a examine of governmental energy in Britain and France. Its concentration is the altering dating among the govt and the crucial financial institution within the nations, and it examines the politics of this dating because the time whilst the financial institution of britain and the financial institution of France have been first created. The ebook starts through contemplating the difficulty of governmental keep watch over in general. It then makes a speciality of financial coverage making, and asks what has been the position of governments during this quarter and what freedom have important banks loved? After a close historic research of this factor in Britain and France, the authors finish by way of contemplating the most likely position of the ecu relevant financial institution.

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Additional resources for The Politics of Central Banks (Routledge Advances in International Relations and Politics, 7)

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Instead, they reflect the practice of core executive/central bank relations. In this sense, they reflect the behavioural relationship between the central bank and the core executive rather than just the statutory relationship (Woolley 1994:62–3). So, in the chapters which follow, the comparative measurements of central bank independence will be derived both from formal statutes and, where appropriate, from core executive/central bank behaviour as well. On the basis of the above indicators, it should be possible to compare the independence of central banks.

Persistent disagreements of this sort led Woolley (1994:63) to conclude that, as yet, there is ‘no ability to say that some institutional features are necessary or sufficient for behavioral independence’, and Bénassy and Pisani-Ferry (1994:83) to state that: ‘la mesure de l’indépendance d’une banque centrale est loin d’être une science exacte! )’. In fact, these disagreements simply demonstrate that the choice of indicators is the result of an essentially subjective process. As Eijffinger and Schaling (1993:51) note: ‘there is no non-arbitrary way of choosing criteria’.

Questions might also be raised concerning the way in which economic performance is measured. Different performance indicators may produce different results (Epstein 1992). Finally, even if there is a correlation between central bank independence and low inflation, questions might be raised concerning the line of causality from one to the other. Do countries such as Germany actually adopt independent central banks because they are already more inflation-averse? To summarise, whatever the validity of the economic rationale for central bank independence, it is apparent that it has been promoted by an Core executive/central bank relations 21 increasingly large number of people in the professional and political classes over the course of the last couple of decades.

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The Politics of Central Banks (Routledge Advances in International Relations and Politics, 7) by Robert Elgie, Helen Thompson


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