The idea of central bank independence (CBI) has been widely accepted over the last several decades by many countries around the world, both developed and developing. As such, many countries around the world granted autonomy to their central banks during the 1980s and 1990s. Although the majority of past studies have primarily examined the impact of central bank independence on inflation, there is only now sufficient date to empirically determine whether many of these claims are true. This study examines central bank independence over the long-term (1960 to 2015) to determine to what extent central bank independence has helped to ameliorate not only inflation, but interest rates and unemployment in Latin America, Asia, and selected developed countries.
GRIFFIN, CARROLL and Cheng, Yun
"Central Bank Independence: An Examination of Monetary and Economic Stability through Ordinary and Extraordinary Times,"
Southern University College of Business E-Journal: Vol. 12:
2, Article 1.
Available at: https://digitalcommons.subr.edu/cbej/vol12/iss2/1