CENTRAL BANK INDEPENDENCE ACCOUNTABILITY AND TRANSPARENCY LAURENS B.J. ARNONE M. SEGALOTTO J-F. / A GLOBAL PERSPECTIVE Księgarnia

In the context of the current global financial crisis, where central banks have taken a key role in preserving systemic stability, this book brings together the three pillars of central bank governance and provides a joint analysis of central bank independence, accountability and transparency.

It offers a comprehensive review of the literature, and proposes new indices and calculates new measures of the three pillars of central bank governance, which are afterwards applied to global central banks. This timely volume argues that, while it may not always be desirable for the central bank to supervise financial institutions, there is a strong case for all central banks not to overlook financial stability issues.

This book offers the largest data sets ever published on these topics, and discusses the evolving role of central banks. The global trends that are identified should help policy-makers in countries in which legal frameworks have fallen behind to fill the gap by bringing their central bank legislation in line with actual practice.

BERNARD J. LAURENS is currently Deputy Chief, Monetary and Capital Markets Department, International Monetary Fund, US. He began his career in the IMF in 1992. During his tenure, he has been extensively involved in domestic and external financial sector issues, and modernization and liberalization of countries monetary frameworks and exchange and capital account issues. He has authored several articles and publications on monetary and financial sector issues. Prior to joining the Fund, Bernard Laurens worked for the Bank of France. He also holds a degree in economics from the Institut d'Études Politiques of Paris.

MARCO ARNONE is Adjoint Professor of Economics and Finance of Emerging Markets (University of Eastern Piedmont) and Director of CeMaFiR, Italy. He has worked as an economist in the IMF's Monetary and Financial Systems and African departments, and has taught at Milan's Catholic and State Universities. Recent publications include: Primary Dealers in Government Securities (IMF 2005), Venture Capital for Development (V&P 2006), Banking Supervision: Quality and Governance, and Financial Supervisors Architecture and Banking Supervision (EE 2007), External Debt Sustainability and Domestic Debt in Heavily Indebted Poor Countries (RISS 2007), Central Bank Autonomy: Lessons from Global Trends (IMF 2008).

JEAN FRANÇOIS SEGALOTTO is a research fellow at the Centre for Macroeconomics& Finance Research (CeMaFiR), Italy. His research work and interests focus on monetary economics and institutions. Publications include: Central Bank Autonomy, Macroeconomic Performance, and Monetary Frameworks: a Global Comparison (Rubbettino, 2005); Measures of Central Bank Autonomy: Empirical Evidence for OECD, Developing, and Emerging Market Economies (IMF 2006); Central Bank Autonomy: Lessons from Global Trends (IMF 2008).

Table of Contents

Foreword
Acknowledgements
Introduction

PART I: SURVEY OF MODELS AND INDICATORS OF INDEPENDENCE

Introduction
Base Indicators of Independence
Subsequent Literature and Empirical Studies on Base Indicators
Conclusions

PART II: SURVEY OF MODELS AND INDICATORS OF ACCOUNTABILITY

Responsibility and Accountability
The Concept of Accountability in the Literature
Accountability Indices: Comparison of Empirical Results

PART III: SURVEY OF MODELS AND INDICATORS OF TRANSPARENCY

Introduction
Rationale for Transparency
The Concept of Transparency in the Literature
Indicators and Measures in the Literature
Conclusions

PART IV: NEW INDICATORS OF INDEPENDENCE, ACCOUNTABILITY AND TRANSPARENCY

Methodology for Assessing Central Bank Independence
Methodology for Assessing Central Bank Accountability and Transparency

PART V: RELATIONSHIPS BETWEEN INDEPENDENCE, ACCOUNTABILITY AND TRANSPARENCY

Accountability and Transparency
Accountability and Independence
Transparency and Independence
Conclusions

PART VI: INDEPENDENCE AND INFLATION PERFORMANCE: NEW EMPIRICAL EVIDENCE

PART VII: GLOBAL TRENDS AND POLICY LESSONS

Global Trends in Central Bank Independence
Global Trends in Central Bank Accountability and Transparency
Global Trends in Central Bank Governance
Lessons from Global Trends

References

296 pages, Hardcover

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